IFGL Refractories Posts 18% Revenue Growth, Expands Capacity in Odisha and Gujarat

IFGL Refractories reported a strong Q2 performance with consolidated income up 18% YoY to ₹490 crore, driven by a 27% growth in domestic sales, which now account for 78% of standalone revenue. Standalone income rose 12% to ₹288 crore, while consolidated EBITDA and PAT grew 10% and 5% respectively. The company’s Indian operations delivered robust growth, supported by rising steel demand (expected ~9% annual growth in 2025–26), while U.S. operations grew 26% on improved demand and tariff benefits. European units, including Monocon (UK), showed signs of stabilization under new management. To meet growing demand, IFGL announced two major greenfield projects: A ₹300–350 crore plant in Khordha, Odisha, targeted for completion by end-FY28. A joint venture facility in Gujarat of similar scale, expected by early FY29, subject to approvals. These expansions aim to strengthen manufacturing capabilities and consolidate its position in India’s expanding refractory market. CEO Arasu Shanmugam highlighted the focus on specialization, innovation, and high-tech refractory solutions across ferrous and non-ferrous sectors. With solid domestic momentum, strategic capacity additions, and gradual international recovery, IFGL is well-positioned for sustained growth despite ongoing challenges in Europe.