IFGL Refractories vs UltraTech Cement: Fair Value & Quality
Both stocks run through our valuation models. Here is how IFGL Refractories (IFGLEXPOR) and UltraTech Cement (ULTRACEMCO) compare, as of Aug 17, 2026.
As of Aug 17, 2026, Fair Value Calculator sees IFGL Refractories as the less overvalued of the two: IFGL Refractories trades at ₹225 versus a fair value of ₹98.69 (-56%), while UltraTech Cement trades at ₹11,619 versus ₹4,718 (-59%).
IFGL Refractories
IFGLEXPOR.NSE · INR · Materials
-56%
upside to fair value
overvalued
Price₹225
Fair Value₹98.69
Quality47/100
UltraTech Cement
ULTRACEMCO.NSE · INR · Materials
-59%
upside to fair value
overvalued
Price₹11,619
Fair Value₹4,718
Quality55/100
Head-to-head numbers
Green value = the better side for that row (for valuation multiples: lower = cheaper).
IFGL RefractoriesUltraTech Cement
Valuation
46.8×P/E (TTM)42.2×
0.80×P/S (TTM)3.89×
1.28×P/B4.50×
10.9×EV/EBITDA21.0×
—PEG1.22×
1.7%Dividend yield0.7%
Profitability
2%Net margin9%
4%Operating margin17%
3%Return on equity11%
2%Return on assets6%
Growth
8%Revenue growth (YoY)3%
11.3%Avg. growth/yr (3Y)11.9%
13.4%Avg. growth/yr (5Y)14.6%
Balance & size
0.03×Debt / equity0.20×
$158MMarket cap$36B
expensiveGrowth qualitymixed
UltraTech Cement leads: 6 to 7 metric wins.
Dash = not meaningfully computable, for example with negative equity.
Quality in detail
The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.
IFGL Refractoriesof which business quality 48 · market factors 49UltraTech Cementof which business quality 54 · market factors 52
ProfitabilityMargins and returns on capital today
42
46
Quality GrowthAre margins and returns improving?
48
60
CashflowEarnings quality: real cash, not paper profit
InvestmentDisciplined investing over empire-building
80
37
Low VolatilityCalm price path (market factor)
38
91
MomentumPrice trend over the last 3–12 months (market factor)
62
35
52W MomentumDistance to the 52-week high (market factor)
40
37
Net IssuanceBuybacks instead of dilution
40
73
What the models say
The median fair value (base case) per model family, each in the currency of its trading venue. Green = above the current price, red = below.
IFGL Refractories
DCF Models₹155
Earnings-Based₹61.97
Dividend Discount₹61.59
Multiples₹93.30
Asset-Based₹109
Economic Profit₹95.30
Growth Earnings₹75.59
17 of 17 models see the stock below the current price.
UltraTech Cement
DCF Models₹4,856
Earnings-Based₹3,953
Dividend Discount₹1,476
Multiples₹4,719
Asset-Based₹1,745
Growth DCF₹4,014
Economic Profit₹3,582
Growth Earnings₹5,271
26 of 26 models see the stock below the current price.
Scenario ranges
From our cautious bear case to the optimistic bull case. The white tick is the current price: left of fair value means room to run.
IFGL Refractories
Bear ₹74.02Fair Value ₹98.69Bull ₹103
₹225 = current price (white tick)
UltraTech Cement
Bear ₹2,402Fair Value ₹4,718Bull ₹5,899
₹11,619 = current price (white tick)
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Ranked within their sector
Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.
IFGL Refractories · Materials
Quality score47 · below median
Fair value upside-56% · below median
UltraTech Cement · Materials
Quality score55 · above median
Fair value upside-59% · bottom 25%
Bottom line
As of Aug 17, 2026, Fair Value Calculator sees IFGL Refractories as the less overvalued of the two: IFGL Refractories trades at ₹225 versus a fair value of ₹98.69 (-56%), while UltraTech Cement trades at ₹11,619 versus ₹4,718 (-59%).
UltraTech Cement has the higher quality score (55/100).
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A model-based valuation snapshot from 21 models. Values change with price and fundamentals; the date shown above applies.
