IFGL Refractories Limited (IFGLEXPOR) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of IFGL Refractories Limited ₹91.15, price ₹190, upside -51.9%, quality 47 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Watch IFGL Refractories Limited for free, get notified when fair value or trend changes. Plus fair value for all 35,000+ stocks, 14 days of Pro free, no card.Watch for freePro now: $1 first month
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.
How to read this chart
60‑month range ₹93.61 – ₹442.47 · fair‑value band ₹63.82 – ₹107.49 · the ₹189.57 price screens above the ₹91.15 fair value. Dashed = 300-day average. As of Sep 27, 2026.
Follow IFGL Refractories in your weekly email
Every Wednesday you see whether IFGL Refractories is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
IFGL Refractories Limited manufactures, trades in, and sells refractory items and related equipment and accessories used in steel plants in India and internationally. The company provides specialized refractories and total refractory solutions primarily for iron and steel.
Show more
IFGL Refractories Limited manufactures, trades in, and sells refractory items and related equipment and accessories used in steel plants in India and internationally. The company provides specialized refractories and total refractory solutions primarily for iron and steel. It offers iron and steel solutions, such as raker plate, granshot tundish, desulphurisation lances, torpedo, basic oxygen furnance, electric arc furnance, electric steel making, ladle, tundish, and fluxes. The company also provides ceramics products, including round hole filters, hipercast, EXHOF feeder heads, and SiC-DC casting. In addition, it offers continuous casting refractories, slide gate refractories, monolithics, precast shapes, zircon and zirconia nozzles, casting flux, and mechanism section. The company was formerly known as IFGL Exports Limited and changed its name to IFGL Refractories Limited in October 2017. IFGL Refractories Limited was founded in 1979 and is headquartered in Kolkata, India. IFGL Refractories Limited is a subsidiary of Bajoria Financial Services Private Limited.
Stock analysis
IFGL Refractories Limited (IFGLEXPOR) currently trades at ₹189.57, while our model-based Fair Value estimate is ₹91.15, 51.9% below the price, so the stock looks overvalued today.
Show more
Valuation
Bull case: the DCF Models group reads highest at a median of ₹124.62 per share, and 1 of the 17 models we run sit above the ₹189.57 price.
Bear case: the Dividend Discount group reads lowest at ₹38.73, and 16 of the 17 models stay below the price. Evidence for this calculation is medium.
Scenario range: ₹63.82 (bear) to ₹107.49 (bull), the price of ₹189.57 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 47/100 (below-average quality), in the Basic Materials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
IFGL Refractories Limited reported revenue of ₹18.9B in FY2026 versus ₹12.4B in FY2022, a compound +11.2%/yr. Reported net income was ₹347M in FY2026, compounding −18.2%/yr from FY2022.
Key figures
Market cap ₹15.1B (≈ $157M) · P/E ratio 39.4 · P/S ratio 0.72 · EPS (TTM) ₹4.81 · Dividend yield 1.7% · Net margin 1.8% · Return on equity 3.0% · Return on assets (EBIT) 16.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 37 out of 100 (low confidence).
What moves the price
The share trades about 37% below its 52-week high and 54% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −46% fair-value upside, at −52%, IFGLEXPOR screens richer than that median.
Fair Value models
Bear ₹63.82Fair Value ₹91.15Bull ₹107.49
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (₹2.42 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.57/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+13.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+13.4%
Start year 2021 (pandemic). Over 10 years: +10.2% a year
Revenue growth 20 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.1%
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
’26
What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
−21.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year−23.4%
Dividend (yield on the price)1.7%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−23.4% vs −8.9%, slowing
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.10% → 3%
Compare IFGL Refractories Limited with another stock
Price, fair value, quality and upside side by side.
Free, no sign-up
Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Building Materials · 251 stocks
Beats the industry median on 3/13 measures
Overall it trails its industry peers.
Valuation
Quality Score47 · Below median
Fair Value upside−51.9% · Bottom 25%
Profitability
Return on equity (TTM)3.0% · Below median
Return on assets2.1% · Below median
Net margin (TTM)1.8% · Below median
Operating margin (TTM)3.8% · Below median
Growth and dividend
Revenue growth7.7% · Above median
Dividend yield (TTM)1.7% · Below median
Balance sheet
Debt / equity0.03× · Below median
Valuation Multiplesvs Building Materials median · lower = cheaper
P/E (TTM)39.4× · Priciest 25%
P/B1.28× · Pricier than median
P/S (TTM)0.80× · Cheaper than median
EV/EBITDA10.9× · Pricier than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 25
FUTURE (revenue growth)39· sector 4
PAST (return on equity)12· sector 17
HEALTH (low debt)99· sector 92
DIVIDEND (yield)34· sector 42
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is IFGL Refractories Limited (IFGLEXPOR) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of ₹91.15 versus a price of ₹189.57, about −52% upside (overvalued).
What is the fair value of IFGLEXPOR?
Our model-based fair value for IFGL Refractories Limited is ₹91.15 (as of Sep 27, 2026), built from audited fundamentals. The current price: ₹189.57.
What is the quality score of IFGLEXPOR?
IFGL Refractories Limited has a Quality Score of 47/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for IFGL Refractories Limited (IFGLEXPOR)?
Our model-based price target is the fair value of ₹91.15 (as of Sep 27, 2026) from 17 valuation models. Cautious scenario ₹63.82, optimistic scenario ₹107.49. It is a calculation from audited fundamentals, not an analyst target.
What is the IFGL Refractories Limited stock forecast for 2026?
Our models put fair value at ₹91.15, about −52% upside versus a price of ₹189.57 (overvalued). Cautious scenario ₹63.82, optimistic scenario ₹107.49. The calculation is refreshed regularly with new filings.
What is the revenue of IFGL Refractories Limited (IFGLEXPOR)?
IFGL Refractories Limited reported trailing-twelve-month revenue of about ₹18.9B (latest available figure, as of Sep 27, 2026).
Does IFGL Refractories Limited pay a dividend?
IFGL Refractories Limited currently shows a dividend yield of about 1.68% relative to its recent price (as of Sep 27, 2026).
What is the intrinsic value of IFGL Refractories Limited (IFGLEXPOR)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For IFGL Refractories Limited it is ₹91.15 per share (as of Sep 27, 2026), against a price of ₹189.57. It is the blended result of 17 valuation models (cash flow, earnings, asset, dividend).
Is IFGL Refractories Limited stock overvalued or undervalued in 2026?
As of Sep 27, 2026, IFGLEXPOR trades above its calculated fair value: price ₹189.57, fair value ₹91.15, a gap of about −52% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of IFGLEXPOR?
No. The price is what the market pays today (₹189.57); the fair value is what the company's own numbers justify (₹91.15). For IFGL Refractories Limited the two are ₹98.42 per share apart. That gap is exactly why we show both numbers side by side.
How much is IFGL Refractories Limited worth?
The market values IFGL Refractories Limited at about ₹15.1B (market capitalisation, as of Sep 27, 2026). Per share that is ₹189.57; our models calculate a fair value of ₹91.15 per share.
What do the bullish and bearish scenarios say about IFGLEXPOR?
Our models span a range for IFGL Refractories Limited: cautious scenario ₹63.82, base ₹91.15, optimistic ₹107.49 per share (as of Sep 27, 2026, price ₹189.57). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of IFGLEXPOR?
IFGL Refractories Limited trades at a price-to-earnings ratio of 39.4 (as of Sep 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹91.15 is built from several models across several years. Other multiples: P/B 1.3, P/S 0.8, EV/EBITDA 10.9.
How solid is the balance sheet of IFGL Refractories Limited (IFGLEXPOR)?
Balance-sheet figures for IFGL Refractories Limited (as of Sep 27, 2026): return on equity 3.0%, debt of 0.03 per unit of equity. They feed the Quality Score of 47/100, which measures business quality independently of the share price.
How far is IFGLEXPOR from its 52-week high?
IFGL Refractories Limited trades at ₹189.57, about 37% below its 52-week high of ₹303.00 and 54% above the low of ₹123.00 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of ₹91.15 is for.
Which stocks are comparable to IFGL Refractories Limited?
From the same area (Basic Materials) we also value CRH plc, Holcim AG, Martin Marietta Materials, Inc, UltraTech Cement Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is IFGL Refractories Limited stock attractive at the current price?
The data as of Sep 27, 2026: price ₹189.57, calculated fair value ₹91.15 (−52%), Quality Score 47/100, from 17 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of IFGLEXPOR calculated?
We run IFGL Refractories Limited through 17 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹91.15, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.7 % above its aggregate fair value. IFGL Refractories Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of IFGL Refractories Limited (IFGLEXPOR)?
The closing price on Oct 1, 2026 was ₹189.57. Our model-based fair value is ₹91.15, about −52% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with IFGL Refractories Limited right now?
The price sits above even our optimistic bull case (₹107.49). The favourable scenario is already priced in. Solid but not exceptional quality (47/100) and above fair value, neither a clear bargain nor a standout compounder.
Where does the earnings growth of IFGL Refractories Limited (IFGLEXPOR) come from?
Earnings per share at IFGL Refractories Limited grew −4.4 % a year from 2015 to 2026. Broken into its drivers: revenue per share +3.3 %, EBIT margin +5.8 %, tax rate +0.5 %, residual (interest, one-offs) −12.9 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of IFGL Refractories Limited
How large is the market capitalisation of IFGL Refractories Limited (IFGLEXPOR)?
The market capitalisation of IFGL Refractories Limited is ₹15.1B (≈ $157M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of IFGL Refractories Limited (IFGLEXPOR)?
The price-to-sales ratio of IFGL Refractories Limited is 0.72 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of IFGL Refractories Limited (IFGLEXPOR)?
Earnings per share at IFGL Refractories Limited are ₹4.81 (price ÷ EPS = P/E 39.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of IFGL Refractories Limited (IFGLEXPOR)?
The dividend yield of IFGL Refractories Limited is 1.7% (payout 66.0%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of IFGL Refractories Limited (IFGLEXPOR)?
The net margin of IFGL Refractories Limited is 1.8% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of IFGL Refractories Limited (IFGLEXPOR)?
The return on equity (ROE) of IFGL Refractories Limited is 3.0% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of IFGL Refractories Limited (IFGLEXPOR)?
On an EBIT basis the return on assets of IFGL Refractories Limited is 16.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of IFGL Refractories Limited (IFGLEXPOR)?
The operating margin of IFGL Refractories Limited is 3.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at IFGL Refractories Limited (IFGLEXPOR)?
Revenue at IFGL Refractories Limited is growing +7.7% versus a year earlier (3y avg +11.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at IFGL Refractories Limited (IFGLEXPOR)?
Earnings per share at IFGL Refractories Limited are growing +69.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does IFGL Refractories Limited (IFGLEXPOR) generate?
The free cash flow of IFGL Refractories Limited is −₹145M (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does IFGL Refractories Limited (IFGLEXPOR) carry?
The net debt of IFGL Refractories Limited is ₹1.5B (fiscal year 2026). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
Free · no account needed
Watch IFGL Refractories Limited in the live analysis
One click puts IFGL Refractories Limited on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 35,000+ stock screener. You can also try 14 days of Pro there, no card.
