IFGL Refractories Limited — Investor Meet, 20-08-2025: Analysts/Institutional Investor Meet/Con. Call Updates

IFGL Refractories reported record Q1 FY26 standalone revenue of INR 278 Cr (+14% YoY), fueled by strong India growth (+32%). Consolidated revenue grew 8% to INR 457 Cr. Profitability dipped (standalone EBITDA -15%, consolidated -26%) due to higher raw material & employee costs, but raw material prices are stabilizing. Expect gross margins to improve from Q3 FY26; aiming for double-digit consolidated EBITDA margins. US operations notably improved, boosted by new steel tariffs. Strategic priorities include UK tech transfers, new products like Magnesia Carbon Bricks in India, and significant non-ferrous expansion capex by FY29. Management remains confident in India's strong growth and ongoing global operational turnarounds.