IFGL Refractories Limited (IFGLEXPOR) Fair Value & Analysis
Basic Materials · IN · Market cap ₹15.6B (≈ $166M) · ISIN INE133Y01011
What is IFGL Refractories Limited really worth?
Below-average quality, and trading another 151% above our fair value of ₹81.83.
As of Aug 21, 2026, the fair value of IFGL Refractories Limited is ₹81.83 per share against a price of ₹205.50, so the fair value sits 60% below the price. A model estimate blended from multiple valuation models, recalculated regularly.
Risks
Fair value as of: Aug 21, 2026
From 15 valuation models · updated 16 days ago
Share price −5.8% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case (₹102.29). The favourable scenario is already priced in.
- Solid but not exceptional quality (46/100) and above fair value, neither a clear bargain nor a standout compounder.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 21, 2026.
How to read this chart
60‑month range ₹95.52 – ₹435.83 · fair‑value band ₹61.37 – ₹102.29 · the ₹205.50 price screens above the ₹81.83 fair value. Dashed = 300-day average. As of Aug 21, 2026.
Analysis
IFGL Refractories Limited (IFGLEXPOR) currently trades at ₹205.50, while our model-based Fair Value estimate is ₹81.83, implying the stock looks roughly 151.1% overvalued today. The Quality Score stands at 46/100 (below-average quality), in the Basic Materials sector. Bull case: the DCF Models group reads highest at a median of ₹165.23 per share, and 1 of the 15 models we run sit above the ₹205.50 price. Bear case: the Earnings-Based group reads lowest at ₹56.46, and 14 of the 15 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, IFGL Refractories Limited generated revenue of ₹19.5B at a net margin of 2.1%. Revenue grew 12.9% year over year. It earns a return on equity of 3.0%. Net debt stands at ₹1.4B. Fundamentals as of Aug 21, 2026
Our scenario range runs from ₹61.37 (bear case) to ₹102.29 (bull case); at ₹205.50, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 39% below its 52-week high and 73% above its 52-week low, currently above its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at −56% fair-value upside, at −60%, IFGLEXPOR screens richer than that median.
Fair Value models
This estimate rests on fiscal year 2026 figures, and about 5 months have passed since. In that time the company retained roughly ₹2.47 per share, which is 2.5 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 15 models by family
Widest divergence: DCF Models (₹165.23) versus Earnings-Based (₹56.46). Highest evidence: Residual Income (76).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 21, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 48 · Market factors (momentum, volatility) 42
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
IFGL Refractories Limited engages in the manufacturing, trading, and selling of refractory items and related equipment and accessories used in steel plants in India and internationally. The company provides specialized refractories and total refractory solution provider primarily for iron and steel.
Full company description
IFGL Refractories Limited engages in the manufacturing, trading, and selling of refractory items and related equipment and accessories used in steel plants in India and internationally. The company provides specialized refractories and total refractory solution provider 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 has 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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2022 – FY2026 · reported fiscal years
IFGL Refractories Limited reported revenue of ₹18.9B in FY2026 versus ₹12.4B in FY2022, a compound +11.1%/yr. Reported net income was ₹347M in FY2026, compounding −18.2%/yr from FY2022.
IFGLEXPOR screens 151% overvalued. Compare with CRH plc →
Peer Group
Building Materials · 258 stocks
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.
Valuation Multiples vs Building Materials median · lower = cheaper
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Building Materials stocks, each showing price versus our Fair Value estimate (as of Aug 21, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| CRH plc CRH | $96.05 | $69.69 | −27% |
| Holcim AG HOLN | CHF 71.04 | CHF 20.00 | −72% |
| Vulcan Materials Company VMC | $259.69 | $114.48 | −56% |
| UltraTech Cement Limited ULTRACEMCO | ₹11,408 | ₹4,718 | −59% |
| Heidelberg Materials AG HEI | €166.60 | €167.96 | +1% |
| Martin Marietta Materials, Inc MLM | $543.90 | $215.31 | −60% |
| China Jushi Co 600176 | ¥40.56 | ¥13.22 | −67% |
| Amrize AG AMRZ | CHF 37.65 | CHF 29.67 | −21% |
| Grasim Industries Limited GRASIM | ₹3,293 | ₹1,245 | −62% |
| CEMEX, S.A. CX | $11.24 | $11.31 | +1% |
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