IFGL Refractories Limited , a leading manufacturer of specialized refractories, has reported its financial results for the second quarter along with significant board appointments and corporate actions.

Financial Results

IFGL Refractories reported a consolidated net profit of 126.90 million rupees for Q2, up from 120.80 million rupees in the same period last year. The company's revenue increased to 4.89 billion rupees from 4.11 billion rupees year-over-year. EBITDA rose to 380.00 million rupees compared to 326.00 million rupees previously. However, the EBITDA margin declined slightly to 7.77% from 7.93% in the prior year period.

The company's Board of Directors approved the unaudited financial results on both standalone and consolidated basis. These results were subject to a limited review by statutory auditors S.R. Batliboi Co. LLP and were also reviewed by the Audit Committee. The consolidated results include IFGL Refractories Limited and its seventeen subsidiaries, highlighting the company's expansive operational footprint.

Key Board Appointments

The Board has made two significant reappointments:

1. Shishir Kumar Bajoria has been re-appointed as Executive Chairman for a three-year term from April 1, 2026, to March 31, 2029.
2. Rajesh Agarwal has been re-appointed as Director-General Counsel for three years, starting from November 12, 2025, to November 11, 2028.

Corporate Actions and Financial Highlights

Bonus Share Issue

On July 21, 2025, IFGL Refractories issued bonus shares in a 1:1 ratio, doubling the number of outstanding shares. The company allotted 3,60,39,312 fully paid-up equity shares of ₹10.00 each to shareholders on record as of July 18, 2025.

Subsidiary Expansion

On July 4, 2025, the company's UK-based step-down subsidiary, Monocon International Refractories Limited, incorporated a wholly-owned subsidiary in Australia named Monocon Australia Pty Limited.

Ongoing Tax Matters

IFGL Refractories is currently involved in several tax-related legal proceedings:

1. A claim for deduction on goodwill depreciation for Assessment Year 2020-21, amounting to ₹2,816.00 lakhs (tax impact: ₹984.00 lakhs), which was disallowed and is under appeal.
2. Notices for reopening assessments for AY 2018-19 and 2019-20, involving claims of ₹5,006.00 lakhs and ₹3,755.00 lakhs respectively.
3. A writ petition challenging the Explanation to Section 10AA(1) of the Income Tax Act, 1961, with a tax amount of ₹832.00 lakhs involved.

The company, supported by legal opinions, believes its position is meritorious in these matters.

Business Operations

IFGL Refractories operates as a single segment business, focusing on the manufacture, trading, and sale of refractories, along with related accessories, machines, and services. The company uses geographical locations of its operations as its operating segments, in line with Ind AS 108.

IFGL Refractories , a prominent player in the refractory industry, has announced a significant addition to its executive team. Effective October 14, 2025, Manoranjan Beura has been appointed as the company's new Chief Sales Officer, bringing with him a wealth of experience in the refractory sector.

Professional Background

Manoranjan Beura comes to IFGL Refractories with an impressive educational and professional background:

Strategic Appointment

This appointment appears to be a strategic move by IFGL Refractories to strengthen its sales leadership. Beura's extensive experience in the refractory industry, coupled with his educational background, positions him well to drive the company's sales strategies and potentially expand its market presence.

Company Disclosure

In compliance with regulatory requirements, IFGL Refractories made this announcement through a formal disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has also made this information available on its official website, demonstrating transparency in its corporate communications.

Industry Implications

The refractory industry, which provides crucial materials for high-temperature applications in various sectors including steel, cement, and glass manufacturing, is known for its technical complexity. Beura's appointment may signal IFGL Refractories' intent to enhance its sales approach, potentially leveraging his technical background and industry knowledge to address the evolving needs of its clients.

As IFGL Refractories welcomes Manoranjan Beura to this crucial role, stakeholders will likely be watching closely to see how his leadership influences the company's sales performance and market position in the coming years.