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IFGL Refractories: Firmly on growth curve, valuation reasonable

Higher capex will lead to greater visibility in earnings for IFGL Refractories

September 23, 2021 / 01:33 PM IST
IFGL Refractories: Firmly on growth curve, valuation reasonable

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

IFGL Refractories (IFGL; CMP: Rs 301; Market Capitalisation: Rs 1,085 crore) is into the manufacturing of special refractories for the iron and steel industry. It has manufacturing facilities at Kalunga, Odisha, and Kandla SEZ, Gujarat, and one upcoming plant in Visakhapatnam. IFGL has presence across the US, the UK and Europe through its 100 per cent subsidiaries. June quarter results Revenues increased by 35 per cent year on year (YoY) on the back of strong demand from the iron and steel...

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