Key Financial Figures - Standalone (₹ lakhs)

Quarter Ended September 30, 2026:

  • Revenue from Operations: 32,329
  • Other Income: 204
  • Total Income: 32,533
  • Profit Before Tax: 2,448
  • Tax Expense: 616 (Current Tax: 622, Deferred Tax Credit: (6))
  • Profit for Period: 1,832
  • EPS: ₹2.54

Quarter Ended September 30, 2025 (Comparison):

  • Revenue from Operations: 28,679
  • Profit Before Tax: 1,997
  • Profit for Period: 1,486
  • EPS: ₹2.06

Six Months Ended September 30, 2026:

  • Revenue from Operations: 61,987
  • Profit Before Tax: 4,550
  • Profit for Period: 3,410
  • EPS: ₹4.73

Six Months Ended September 30, 2025 (Comparison):

  • Revenue from Operations: 56,226
  • Profit Before Tax: 3,950
  • Profit for Period: 2,960
  • EPS: ₹4.11

Key Financial Figures - Consolidated (₹ lakhs)

Quarter Ended September 30, 2026:

  • Revenue from Operations: 55,314
  • Other Income: 230
  • Total Income: 55,544
  • Profit Before Tax: 3,403
  • Tax Expense: 831 (Current Tax: 920, Deferred Tax Credit: (89))
  • Profit for Period Attributable to Equity Holders: 2,572
  • EPS: ₹3.57

Quarter Ended September 30, 2025 (Comparison):

  • Revenue from Operations: 48,863
  • Profit Before Tax: 1,670
  • Profit for Period: 1,269
  • EPS: ₹1.76

Six Months Ended September 30, 2026:

  • Revenue from Operations: 1,06,551
  • Profit Before Tax: 5,717
  • Profit for Period: 4,278
  • EPS: ₹5.94

Six Months Ended September 30, 2025 (Comparison):

  • Revenue from Operations: 94,264
  • Profit Before Tax: 3,187
  • Profit for Period: 2,350
  • EPS: ₹3.26

Balance Sheet Highlights - Standalone (₹ lakhs)

As at September 30, 2026:

  • Total Assets: 1,07,344
  • Equity Share Capital: 7,208
  • Other Equity: 65,474
  • Total Equity: 72,682
  • Non-Current Liabilities: 3,519
  • Current Liabilities: 31,143

As at March 31, 2026 (Comparison):

  • Total Assets: 1,01,251
  • Other Equity: 63,592
  • Total Equity: 70,800

Cash Flow Highlights - Standalone (₹ lakhs)

Six Months Ended September 30, 2026:

  • Cash from Operating Activities: 4,587
  • Cash from/(used in) Investing Activities: (2,305)
  • Cash used in Financing Activities: (418)
  • Net Increase in Cash: 362
  • Cash at End: 416

Tax and Legal Matters

Income Tax Dispute - Goodwill Depreciation:

  • Assessment Year 2020-21: Claim of ₹2,816 lakhs (tax impact ₹984 lakhs) disallowed by Income Tax authorities
  • Commissioner of Income-tax (Appeals) upheld disallowance vide order dated November 4, 2026
  • Company evaluating further legal action

Reopened Assessments:

  • Assessment Year 2018-19: ₹5,006 lakhs (tax impact ₹1,732 lakhs)
  • Assessment Year 2019-20: ₹3,755 lakhs (tax impact ₹1,312 lakhs)
  • Writ petitions filed before Hon'ble High Court at Calcutta on May 21, 2024
  • Considered as contingent liabilities

Section 10AA(1) Explanation Challenge:

  • Tax amount involved: ₹832 lakhs as at September 30, 2026
  • Appeal pending before Division Bench of Hon'ble High Court at Calcutta since January 10, 2024
  • Considered as possible liability based on legal opinion

Subsidiary Updates

New Subsidiary:

  • IFGL Monocon Saudi Company Ltd incorporated on July 11, 2026 in Kingdom of Saudi Arabia

Joint Venture Termination:

  • Joint Venture Agreement with Marvels International Group Co Ltd (Seychelles) and Marvel Refractories (Anshan) Company Limited (China) terminated by mutual consent effective October 14, 2026
  • Other expenses include ₹169 lakhs (standalone) and ₹153 lakhs (consolidated) charged off from investment/capital work-in-progress of IFGL-Marvels Refractories Limited

Liquidation Completed:

  • Hofmann Ceramic CZ s.r.o. (Czech Republic) liquidation completed with effect from July 1, 2026

Segment Information

Geographical Revenue (Consolidated) - Q2 FY27:

  • India: ₹31,971 lakhs
  • Asia excluding India: ₹740 lakhs
  • Europe: ₹11,724 lakhs
  • America: ₹10,879 lakhs

Customer Location Revenue - Q2 FY27:

  • Within India: ₹23,935 lakhs
  • Outside India: ₹31,379 lakhs

Auditor Review

  • Statutory Auditors: SR Batliboi & Co. LLP (ICAI Firm registration number: 301003E/E300005)
  • Review conducted under SRE 2410
  • Unmodified conclusion with Emphasis of Matter regarding tax uncertainty
  • Limited review report dated November 13, 2026

Board Meeting Details

  • Meeting held on November 13, 2026
  • Commenced at 12:00 PM, concluded at 3:25 PM
  • Approved by Audit Committee and Board of Directors