IFGL Refractories down 2% after foreign promoter Krosaki Harima Corp’s exit

Foreign promoter Krosaki Harima Corporation, Japan has exited IFGL Refractories by selling its entire personal holding, by way of off-market transaction, for Rs 111.8 crore. Indian promoter Bajoria Financial Services was the buyer.

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Shares of IFGL Refractories fell 2 percent on August 18 after a Japan-based foreign promoter Krosaki Harima Corporation exited the company.

Krosaki Harima Corporation has sold its entire personal holding of 55.90 lakh equity shares, equivalent to 15.51% of total paid-up equity in IFGL Refractories, through an off-market transaction for Rs 111.8 crore.

Indian promoter Bajoria Financial Services bought this stake.

At 9:27 am, shares of the company were trading 1.1 percent lower at Rs 484.4 on the BSE.

The Promoter and Promoter Group together own a 72.43 percent stake in the company. As of June end of 2023, the shareholding pattern suggested that Krosaki Harima Corporation held 15.51 percent stake while Bajoria Financial Services owned 51.21 percent of IFGL Refractories.

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In the quarter that ended June 2023, the company’s consolidated net sales rose 18 percent YoY to Rs 423.85 crore whereas as net profit jumped 104 percent to Rs 29.61 crore. EBITDA (Earnings Before Interest Tax Depreciation and Amortisation) also witnessed a growth of 72 percent on year at Rs 59.44 crore in the June quarter.

Monarch Networth Capital has valued the overseas business at 2.8 times its June 2025 Enterprise Value/EBITDA which is a 60 percent discount to global peers, and domestic business at 11 times June 2025 EV/EBITDA which is a 40 percent discount to its domestic peer, to arrive at the target price of Rs 610 and retains its ‘buy’ call on the refractories maker.

“IFGL is still undervalued and remains our top pick in the refractory space,” said the brokerage firm.

Going ahead, the brokerage firm expects the domestic business to scale up due to the addition of new capacities and high-margin products through large capex (Rs 310 crore), thereby reducing exposure to volatile overseas business.

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