IFGL Refractories Limited — PPTs, 10-02-2025: Investor Presentation

**Investor Presentation Summary**

**Financial Highlights:**

In Q3FY25, total revenue reached Rs. 235 crore, marking an 18% increase year-on-year. However, the company reported a decline in EBITDA, which dropped 21% to Rs. 22 crore for the quarter, with EBITDA margins falling to 9%. For the first nine months of FY25, overall revenue grew 6% to Rs. 728 crore, while the EBITDA decreased by 24% to Rs. 100 crore.

**Strategic Initiatives and Growth Drivers:**

A new entity, IFGL Marvel Refractories Limited, has been established, aimed at diversifying into the Cement, Glass, Non-Ferrous, and Gasification industries through a greenfield project valued at Rs. 300 crore, expected to commence production by March 2026. The company is also focusing on strengthening its position in the domestic market, where it experienced an 18% revenue growth due to robust industrial activity in India.

**Business Developments:**

In line with its growth strategy, IFGL has set up a joint venture with Marvels International Group to enhance brick production capabilities and expand its product offerings in the refractory segment. This initiative is significant for increasing domestic manufacturing and reducing reliance on imports.

**Market Position and Competitive Advantage:**

Despite facing a slowdown in exports due to international market challenges, IFGL's strong focus on the domestic market positions it well for future growth amid ongoing infrastructure projects in India.

**Investor Implications:**

While near-term pressures exist in international markets, the solid performance domestically offers a positive outlook. Investors should watch developments in the new joint venture and domestic expansion efforts closely, as these could significantly boost future revenues and market share.