IFGL Refractories Ltd

Transfer to IEPF Demat

• 47,354 equity shares transferred to IEPF on 28 September 2026.
• 229 holders affected by the transfer.
• Shares Rs 10 each, fully paid up.
• Reason: dividend not claimed for seven consecutive years since FY 2018-19.
• Total value of transferred shares: Rs 473,540.
• Form IEPF-4 filed with Ministry of Corporate Affairs.
• Re-claim procedure for dividends/equity shares hosted on the company's website.
• Announcement hosted on company site with public link provided.

IFGL Refractories Ltd: Trading Window closed from 1 October 2026; opens 48 hours after unaudited financial results for quarter/six months ending 30 September 2026 are approved by the Board.

Purpose

• To obtain approval for Mr Mukesh Rawal's appointment as Whole-time Director and CEO India.

Resolution Details

• Special Resolution to appoint Mr Rawal for a three-year term.
• Term: 16 August 2026 to 15 August 2029.
• Role: Whole-time Director and Chief Executive Officer India.
• Remuneration: Rs 2.60 crore per annum plus perquisites.
• Includes accommodation, travel reimbursement, car, club membership, and other perquisites.
• Minimum remuneration payable despite profit/loss within Schedule V limits.
• Subject to Central Government approval; 71-year-old appointment.
• Non-Executive Non-Independent; liable to rotate.
• Board authorized to modify terms within Board discretion.
• Appointment subject to Central Government Form MR-2 approval.
• Remuneration and perquisites are minimum; may exceed limits in loss year.
• Age 71; associated with IFGL since 1983.
• Remuneration may be varied by the Board.
• Subject to approvals and regulatory clearances.

Outcome

• Results will be declared on or before 12 October 2026.
• Voting period Sep 9, 2026 to Oct 8, 2026 via NSDL e-voting.

Director profile

• Role and term described above; 71-year-old with 45 years in refractory industry.
• Experience: longtime IFGL associate since 1983; former head Americas operations.
• Age and residency status noted; Indian central approvals required.
• Independence: Non-Independent; no KMP conflicts disclosed.
• Education: BE Metallurgy.

Governance and approvals

• Special resolution subject to Central Government approval.
• Cut-off: 4 Sep 2026; e-voting window Sep 9–Oct 8, 2026.
• Results to be displayed on company website and stock exchanges.

ESG rating disclosure

• CRISIL ESG 54 rating (Adequate) assigned for year ended 31 March 2026.
• Company did not engage Crisil; rating performed voluntarily and independently.
• Disclosure hosted on company website; available via investor/announcement link.
• Date of communication: 29 August 2026.

ISO certifications renewal

• Management systems renewed for ISO 9001:2015, ISO 14001:2015, ISO 45001:2018.
• Scope covers design, development, manufacture, marketing and sales of industrial ceramic products.
• Locations included: Unit I and II Kalunga, Sundargarh, Odisha; head office Kolkata.
• Validity period: 02.09.2026 to 01.09.2029.
• Certificate registrations: 44100 17391472-00 (Unit II), 44100 17391472-01 (Unit I), 44100 17391472-02 (Head Office).
• Certificates issued by TÜV NORD CERT; three-year validity; conformity to ISO 17021-1:2015.

Rating Action Details

• ICRA reaffirmed AA- (Stable) for Cash Credit/Packing Credit of Rs 163.05 crore.
• ICRA reaffirmed AA- (Stable) for Term Loan of Rs 84.95 crore.
• ICRA reaffirmed A1+ for Letter of Credit/Bank Guarantee of Rs 25.00 crore.
• ICRA reaffirmed A1+ for Interchangeable LC limits of Rs (61.00) crore.
• Total facilities rated: Rs 273.00 crore.

Rating Agency

• ICRA Limited.

Outlook

• Outlook: Stable.

Financial Performance

• Standalone revenue: INR297 crores in Q1 FY27, up 8% YoY.
• Standalone domestic revenue up 7%; export revenue up 9%.
• Standalone EBITDA: INR31 crores, down 17% YoY.
• Standalone PAT: INR16 crores, up 7% YoY.
• Consolidated total income: INR515 crores, up 13% YoY.
• Consolidated gross margin: 48%.
• Consolidated EBITDA: INR40 crores, up 2% YoY.
• Consolidated PAT: INR17 crores, up 58% YoY; PAT margin 3%.
• R&D spend: INR20 crores in Q1 FY27.

Operating Update

• Overseas subsidiaries show growth; Americas margins robust; company-wise margins not disclosed.
• Monocon: aggressive product push; UK improving; aim to breakeven by FY27.
• Sheffield/Europe: lower offtake due to British Steel downtime; Q2 normalization expected.
• New product efforts: Phase 1 plastic ramming mass produced in Vizag; trials ongoing.
• R&D focus: materials development and tundish SEN design for USA market; moving toward foundry applications.

Q&A Highlights

• Q: Overseas subsidiaries growth; A: Americas margins robust; no company-wise margin details disclosed.
• Q: Monocon performance; A: Aggressive product push; UK improving; aim to breakeven by FY27.
• Q: European margins; A: UK plant improvement; Q2 normalization expected for Sheffield.
• Q: Price hikes and margins; A: Increases not across all contracts; temporary; benefits depend on input costs.
• Q: Long-term margin guidance; A: Consol double-digit EBITDA margin, conditional on geopolitics and overseas demand.

Outlook and Guidance

• Consolidated EBITDA margin targeted to double-digit; depends on geopolitical situation and overseas demand.
• Momentum expected to be maintained across all subsidiaries; US and UK/Europe contributing as steps taken.
• Liberty Steel restart could lift Monocon volumes if operations resume (late 2026).
• R&D and new product launches to support foundry market growth in the US and India.