IFGL Refractories Limited — Investor Meet, 02-06-2025: Analysts/Institutional Investor Meet/Con. Call Updates

IFGL Refractories reported 1% consolidated income growth for FY25 with EBITDA at 8.7%. Stand-alone revenue rose 11% to INR 1,014 Cr, EBITDA margin at 13.8%, led by 26% Q4 growth and 15% margin. Domestic sales now 72%, fueled by iron & steel and new alumina bricks/monolithics. Annual capex of INR 100-150 Cr planned, including a JV for cement, glass, and non-ferrous sectors launching by FY29. Management notes early recovery signs in the U.S. but cautious Europe outlook. They expect 20%+ stand-alone revenue growth and sustained 14% EBITDA margins, driven by high-margin products and efficiency gains.