IFGL Refractories Limited (IFGLEXPOR.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-101.2%

-₹2.08

vs ₹167.74 price

Levered DCF

-₹81.58

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	25.57×	30.88×	25.65×	9.53×	12×	8.62×	16.78×	16.53×
P/B	0.76×	1.2×	0.98×	0.38×	0.5×	0.64×	0.4×	1.05×
P/S	0.47×	0.79×	0.64×	0.28×	0.38×	0.56×	0.36×	0.89×
EV / EBITDA	7.41×	10.11×	6.65×	2.89×	2.81×	2.74×	3.44×	7.45×
Gross margin	26.4%	50.5%	48.6%	19.9%	47.1%	53.0%	46.2%	46.8%
Operating margin	3.0%	33.7%	5.2%	32.3%	5.9%	9.7%	7.8%	9.6%
Net margin	1.8%	2.6%	5.0%	5.8%	6.3%	6.5%	2.2%	5.4%
Current ratio	2.34×	2.28×	2.68×	2.71×	2.82×	3.22×	3.1×	2.61×
Debt / equity	0.18×	0.19×	0.16×	0.16×	0.11×	0.07×	0.08×	0.11×
Interest coverage	3.56×	40.89×	7.74×	91.54×	21.58×	31.92×	19.47×	20.27×
Dividend yield	2.8%	1.9%	2.4%	6.7%	7.8%	0.0%	6.7%	1.0%
Payout ratio	72.7%	58.7%	30.9%	31.9%	46.5%	0.0%	111.7%	17.2%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	3.0%	3.9%	7.6%	7.9%	8.3%	7.4%	2.4%	6.4%
Return on invested capital	3.1%	29.9%	5.6%	27.3%	5.1%	5.2%	6.3%	8.0%
Return on assets	2.1%	2.7%	5.5%	5.6%	6.0%	5.5%	1.9%	5.0%
Free cash flow yield	-1.6%	-3.4%	1.7%	-34.5%	-13.3%	19.1%	38.3%	8.4%
Earnings yield	3.9%	3.2%	7.8%	21.0%	16.7%	11.6%	6.0%	6.1%
Enterprise value	₹10.4B	₹14.8B	₹11.5B	₹4.8B	₹4.4B	₹4.8B	₹2.8B	₹8.5B
Net debt / EBITDA	1.1×	1.02×	0.6×	0.62×	-0.13×	-0.48×	-0.55×	0.11×
Cash conversion cycle (days)	129	153	126	152	123	93	100	112