CMP: Rs265, MCap: Rs9.5 bn l Fair Value: Rs600 Coming of Age and ready to re-rate IFGL Refractories is a well-established player in a hard to master refractories business and has marquee client relationships with a track record spanning 4 decades. The company has come of age in last few years and is likely to re-rate materially led by the following: Blowout Earnings growth after 4-5 years of consolidation IFGL is expected to deliver blowout earnings growth with Consolidated EBITDA expected to double to Rs180-200cr (in FY22-23E) vs Rs90-100cr range of last 3-4 years. This is led by i.) several proactive steps taken by the management (capacity expansion at all domestic plants of Kandla/Orissa/Vizag and recruitment of industry veterans from peers at key positions), ii) gain in market share in...