IFGL Refractories Limited — Investor Meet, 22-02-2026: Analysts/Institutional Investor Meet/Con. Call Updates

IFGL Refractories reported Q3 FY26 consolidated revenue up 23% YoY to 470 Cr, with standalone revenue at 272 Cr (+16%). Consolidated EBITDA was 25 Cr (5.3% margin), standalone at 17.8 Cr (7% margin), impacted by product mix and temporary employee costs. Management targets standalone EBITDA margins of 12%+.

India's "India-made and India-sold" strategy drives strong growth (+25% for 9M). US operations showed strong revenue growth (+37%) and improved profitability. Europe remains challenging, impacting consolidated margins, though management aims for breakeven next fiscal year. Significant capex plans for Khordha (325 Cr) and a Gujarat JV (300 Cr) are underway, promising higher future margins. Mihir Bajoria has been appointed as the new Managing Director. The company expects margin recovery as cost optimizations yield results and UK operations improve.