---
title: "IFGL Refractories Ltd(Merged) (532133) — Share Price, Financials & Analysis"
symbol: "532133"
company: "IFGL Refractories Ltd(Merged)"
canonical: "https://tapetide.com/stocks/532133"
isin: "INE023B01012"
bse_code: "532133"
generated_at: "2026-10-13T11:00:15.341Z"
---

# IFGL Refractories Ltd(Merged) (532133)

Canonical page: https://tapetide.com/stocks/532133

## Company

- **BSE Code:** 532133
- **ISIN:** INE023B01012
- **Stock Type:** DELISTED
- **Listed Since:** 2017-11-14
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** ifglref.biz

## About

IFGL Refractories offers refractories and requisite operating systems for iron and steel Industry. The Company offers refractory mortars, refractory ceramic products and others.

## Latest Price

## Key Insights

### Strengths

- Company has reduced debt.

### Weaknesses

- The company has delivered a poor sales growth of 8.76% over past five years.
- Dividend payout has been low at 13.0% of profits over last 3 years

## Growth Rates

| Metric | 1Y | 3Y | 5Y |
| --- | --- | --- | --- |
| net income growth | 24% | 14% | 12% |
| revenue growth | 7% | 2% | 9% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Jun 2014 | Sep 2014 | Dec 2014 | Mar 2015 | Jun 2015 | Sep 2015 | Dec 2015 | Mar 2016 | Jun 2016 | Sep 2016 | Dec 2016 | Mar 2017 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 204 | 198 | 192 | 193 | 185 | 185 | 171 | 176 | 181 | 193 | 183 | 208 |
| Expenses | 174 | 175 | 169 | 176 | 160 | 171 | 152 | 158 | 160 | 164 | 162 | 180 |
| Operating Profit | 30 | 24 | 22 | 16 | 25 | 14 | 19 | 18 | 21 | 29 | 21 | 28 |
| OPM % | 15 | 12 | 12 | 8 | 14 | 8 | 11 | 10 | 11 | 15 | 12 | 14 |
| Other Income | 1 | 1 | 1 | 3 | 1 | 2 | 1 | 1 | 1 | 1 | 0 | 1 |
| Interest | 1 | 2 | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 4 | 4 | 4 | 3 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 5 |
| Profit before tax | 26 | 20 | 18 | 15 | 21 | 10 | 15 | 15 | 17 | 25 | 16 | 22 |
| Tax % | 26 | 30 | 32 | 46 | 24 | 33 | 28 | 21 | 30 | 21 | 22 | 27 |
| Net Profit | 19 | 14 | 13 | 8 | 16 | 7 | 11 | 12 | 12 | 20 | 13 | 16 |
| EPS in Rs | 5.33 | 4.01 | 3.58 | 2.42 | 4.4 | 1.71 | 2.95 | 3.07 | 2.89 | 5.16 | 3.08 | 3.95 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2008 | Mar 2009 | Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | TTM |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 378 | 398 | 415 | 471 | 604 | 671 | 778 | 787 | 717 | 766 |
| Expenses | 325 | 371 | 357 | 428 | 528 | 613 | 668 | 695 | 641 | 666 |
| Operating Profit | 53 | 27 | 58 | 43 | 75 | 58 | 110 | 92 | 76 | 99 |
| OPM % | 14 | 7 | 14 | 9 | 12 | 9 | 14 | 12 | 11 | 13 |
| Other Income | 3 | 3 | 4 | 5 | 2 | 5 | 3 | 7 | 5 | 3 |
| Interest | 8 | 10 | 5 | 6 | 7 | 8 | 7 | 6 | 5 | 5 |
| Depreciation | 6 | 7 | 8 | 9 | 13 | 13 | 15 | 14 | 15 | 17 |
| Profit before tax | 41 | 13 | 50 | 33 | 58 | 41 | 91 | 79 | 61 | 80 |
| Tax % | 30 | 52 | 31 | 26 | 32 | 39 | 27 | 32 | 26 | — |
| Net Profit | 29 | 6 | 34 | 24 | 40 | 25 | 66 | 53 | 45 | 60 |
| EPS in Rs | 8.23 | 1.77 | 9.91 | 7.02 | 11.52 | 8.15 | 18.5 | 15.35 | 12.13 | 15.08 |
| Dividend Payout % | 24 | 0 | 10 | 7 | 13 | 18 | 9 | 13 | 16 | — |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2007 | Mar 2008 | Mar 2009 | Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 35 | 35 | 35 | 35 | 35 | 35 | 35 | 35 | 35 | 35 |
| Reserves | 44 | 62 | 79 | 103 | 127 | 173 | 196 | 280 | 310 | 352 |
| Borrowings | 95 | 87 | 100 | 79 | 140 | 145 | 143 | 131 | 116 | 84 |
| Other Liabilities | 58 | 68 | 39 | 71 | 85 | 102 | 106 | 128 | 134 | 128 |
| Total Liabilities | 231 | 252 | 253 | 287 | 386 | 454 | 480 | 574 | 595 | 598 |
| Fixed Assets | 76 | 77 | 112 | 110 | 178 | 221 | 230 | 258 | 248 | 258 |
| CWIP | 6 | 5 | 5 | 3 | 2 | 5 | 2 | 1 | 4 | 2 |
| Investments | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 8 |
| Other Assets | 149 | 170 | 136 | 174 | 205 | 228 | 247 | 314 | 343 | 330 |
| Total Assets | 231 | 252 | 253 | 287 | 386 | 454 | 480 | 574 | 595 | 598 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2007 | Mar 2008 | Mar 2009 | Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 26 | 28 | 80 | 35 | 24 | 52 | 18 | 53 | 64 | 83 |
| Cash from Investing Activity | -18 | -6 | -54 | -12 | -67 | -9 | -17 | -6 | -19 | -21 |
| Cash from Financing Activity | -9 | -26 | -25 | -24 | 41 | -33 | -9 | -27 | -27 | -55 |
| Net Cash Flow | 0 | -4 | 2 | -1 | -3 | 10 | -8 | 19 | 18 | 7 |
| Free Cash Flow | 16 | 19 | 71 | 24 | 24 | 48 | 20 | 53 | 64 | 83 |
| CFO/OP | 81 | 75 | 325 | 84 | 72 | 87 | 65 | 70 | 98 | 132 |

### Ratios

| Item | Mar 2007 | Mar 2008 | Mar 2009 | Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 95 | 97 | 55 | 79 | 85 | 69 | 78 | 78 | 84 | 92 |
| Inventory Days | 96 | 94 | 90 | 104 | 104 | 103 | 88 | 100 | 90 | 78 |
| Days Payable | 98 | 101 | 45 | 82 | 109 | 88 | 83 | 93 | 90 | 99 |
| Cash Conversion Cycle | 92 | 90 | 100 | 100 | 80 | 84 | 83 | 85 | 84 | 71 |
| Working Capital Days | 95 | 95 | 81 | 84 | 88 | 71 | 78 | 81 | 83 | 85 |
| ROCE % | 28 | 27 | 11 | 25 | 15 | 20 | 13 | 23 | 18 | 14 |

## Shareholding Pattern

### annual

| Category | Mar 2017 | Jun 2017 |
| --- | --- | --- |
| Promoters | 71.3% | 71.3% |
| FIIs | 0.12% | 0.1% |
| DIIs | 4.33% | 5% |
| Public | 24.25% | 23.6% |
| No. of Shareholders | 18298 | 18227 |

### Quarterly

| Category | Jun 2016 | Sep 2016 | Dec 2016 | Mar 2017 | Jun 2017 |
| --- | --- | --- | --- | --- | --- |
| Promoters | 71.3% | 71.3% | 71.3% | 71.3% | 71.3% |
| FIIs | 0.05% | 0.13% | 0.13% | 0.12% | 0.1% |
| DIIs | 1.9% | 1.93% | 3.09% | 4.33% | 5% |
| Government | 0.37% | 0% | 0% | 0% | 0% |
| Public | 26.39% | 26.64% | 25.48% | 24.25% | 23.6% |
| No. of Shareholders | 19529 | 19351 | 19145 | 18298 | 18227 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Buy
- **Buy / Neutral / Sell:** 10 / 6 / 3

### Moving Averages — summary: **Strong Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 302.44 | Sell |
| EMA (10) | 292.14 | Sell |
| SMA (20) | 271.8 | Buy |
| EMA (20) | 280.14 | Sell |
| SMA (50) | 257.78 | Buy |
| EMA (50) | 262.43 | Buy |
| SMA (100) | 247.31 | Buy |
| EMA (100) | 247.11 | Buy |
| SMA (200) | 220.61 | Buy |
| EMA (200) | 220.74 | Buy |

### Oscillators — summary: **Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 52.84 | Neutral |
| MACD (12,26,9) | 14.67 | Buy |
| Stochastic (14,3,3) | 51.39 | Neutral |
| ADX (14) | 34.53 | Buy |
| Williams %R (14) | -59.27 | Neutral |
| ATR (14) | 17.09 | High Volatility |
| ROC (12) | 16.68 | Buy |
| Stoch RSI (14) | 20.22 | Neutral |
| UO (7,14,28) | 34.79 | Neutral |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 2026-02-17 | [Announcement Under Regulation 30 Of SEBI (LODR) 2015.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/bf740c65-580d-4f7c-bb5e-550fc2e3a6c4.pdf) |
| 2026-02-13 | [Announcement under Regulation 30 (LODR)-Newspaper Publication](https://www.bseindia.com/xml-data/corpfiling/AttachHis/f809c3fe-8afa-4328-9ab5-8e4d80cd5a1f.pdf) |
| 2026-02-12 | [Board Meeting Outcome for Outcome Of Meeting Of Directors Of K.S. Oils Limited For The Quarter Ended 31 December, 2025.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/b747809b-ef4a-468e-b170-ba28ec88c11d.pdf) |
| 2026-02-12 | [Un- Audited Financial Result For The Third Quarter And Nine Months Ended.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/f3f53294-1793-424a-9e3b-7cfc7a4bbcd6.pdf) |
| 2026-02-12 | [Announcement under Regulation 30 (LODR)-Change in Management](https://www.bseindia.com/xml-data/corpfiling/AttachHis/78e8e09b-94da-40c3-af12-248743cbbdcb.pdf) |
| 2017-09-18 | [Updates](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=fc3217ac-9757-48eb-8a44-f1b24f19281a.pdf) |
| 2017-09-18 | [Allotment](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=d0d0b765-e4bc-4780-98fa-5a4ea5b7f397.pdf) |
| 2017-09-18 | [Updates](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2017/9/fc3217ac-9757-48eb-8a44-f1b24f19281a.pdf) |
| 2017-09-18 | [Allotment](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2017/9/d0d0b765-e4bc-4780-98fa-5a4ea5b7f397.pdf) |
| 2017-09-11 | [Investor Presentation](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=d55a3051-e790-475f-bc15-556d7d86f4c5.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| Mar 2016 | [Financial Year 2016](https://www.bseindia.com/bseplus/AnnualReport/526209/5262090316.pdf) |
| Mar 2016 | [Annual Report 2016](https://www.bseindia.com/bseplus/AnnualReport/532133/5321330316.pdf) |
| Mar 2015 | [Financial Year 2015](https://www.bseindia.com/bseplus/AnnualReport/526209/5262090315.pdf) |
| Mar 2015 | [Annual Report 2015](https://www.bseindia.com/bseplus/AnnualReport/532133/5321330315.pdf) |
| Mar 2014 | [Financial Year 2014](https://www.bseindia.com/bseplus/AnnualReport/526209/5262090314.pdf) |
| Mar 2014 | [Annual Report 2014](https://www.bseindia.com/bseplus/AnnualReport/532133/5321330314.pdf) |
| Mar 2013 | [Annual Report 2013](https://www.bseindia.com/bseplus/AnnualReport/532133/5321330313.pdf) |
| Dec 2012 | [Financial Year 2012](https://www.bseindia.com/bseplus/AnnualReport/526209/5262091212.pdf) |
| Jun 2011 | [Financial Year 2011](https://www.bseindia.com/bseplus/AnnualReport/526209/5262090611.pdf) |
| Mar 2011 | [Annual Report 2011](https://www.bseindia.com/bseplus/AnnualReport/532133/5321330311.pdf) |

### Earnings Call Documents

| Date | Document |
| --- | --- |
| Sep 2017 | [Concall - Sep 2017](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=d55a3051-e790-475f-bc15-556d7d86f4c5.pdf) |
| May 2017 | [Concall - May 2017](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=4583f28a-0626-4648-82b4-dcb6570ce65c.pdf) |
| Nov 2016 | [Concall - Nov 2016](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=0B656075_3CD4_4861_A73E_906F0F838A17_111111.pdf) |
| Aug 2016 | [Concall - Aug 2016](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=C575B854_0284_45CB_BD13_6915961BC7FA_175702.pdf) |
| May 2016 | [Concall - May 2016](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=C5DCD429_B6DF_4C41_B5DB_168986A60E09_171029.pdf) |
| Feb 2016 | [Concall - Feb 2016](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=83A85A60_0C55_45B0_82F5_C167E5886A48_155146.pdf) |
| Nov 2015 | [Concall - Nov 2015](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=DE92E709_AB8B_4537_A686_4F63B183D6F3_145537.pdf) |
| Aug 2015 | [Concall - Aug 2015](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=86FC1DB8_133F_4748_A9B9_C8C60A7C3AD8_163011.pdf) |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-10-13T11:00:15.341Z.