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IFGL Refractories: Demand from steel industry, completion of capex to drive earnings

IFGL has recommended a dividend of Rs 2.50 per share in FY20, and we expect a higher dividend payout or a buyback, thanks to higher cash surplus

April 06, 2021 / 06:03 PM IST
IFGL Refractories: Demand from steel industry, completion of capex to drive earnings

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

In our discovery series, we are covering IFGL Refractories (IFGL; CMP: Rs 322; Market Capitalisation: Rs 1,160 crore), which is into the manufacturing of special refractories for the steel industry. IFGL has eight manufacturing plants, strategically located across the globe, including India, China, Europe and America. The promoters hold a 72 per cent stake while institutions hold a 17 per cent stake as on December 31, 2020. Refractories are inorganic non-metallic material which can withstand high temperature without undergoing physical or...

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