IFGL Refractori.

IFGL Refractories Ltd Directors Report

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Aug 14, 2025|12:00:00 AM

IFGL Refractories Ltd Share Price directors Report

Information as per Section 197(12) of the Companies Act, 2013 and read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 (Rules), forming part of the Directors Report for the year ended 31st March 2025 DETAIL OF TOP TEN EMPLOYEES INCLUDING CONTRACTUAL AND WHOLE TIME DIRECTORS ON THE BASIS OF REMUNERATION (a) Employed for whole of FY 2024-25

Sl. No. Name	Designation	Remuneration ( in lakhs)	Qualification	Age (in years)	Experience (in years)	Appointment Date	Previous Employment (if any)	% of Equity Shares of the Company held as on 31st March 2025 @
1. S K Bajoria*	Chairman	309.04	B.Com (Hons)	68	49	05.08.2017	Erstwhile IFGL Refractories Ltd	4.23%
2. J L McIntosh*	Managing Director**	194.63***	Master Degree in Technological Marketing, Post Graduate Diploma in Marketing, HNC in Mechanical and Process Engineering	62	36	01.09.2021	EI Ceramics LLC, USA	-
3. Arasu Shanmugam*	Director and Chief Executive Officer India	200.95	Post Graduate M. Tech (Ceramics Technology), Life Member of the Indian Ceramic Society	58	32	23.02.2023	Dalmia OCL Refractories Ltd	-
4. R Agarwal*	Director– General Counsel	185.49	B.Sc (Bio), FCS	62	41	05.08.2017	Erstwhile IFGL Refractories Ltd	0.01%
5. Navin Kumar Das	CHRO	111.47	BE (Mechanical), Executive MBA	53	30	01.09.2023	Dalmia Cement (Bharat) Limited	-
6. Dr N K Mishra	Chief Research Officer	105.33	MSc (Chemistry), PhD (Refractories), MBA (Operation Research), Diploma in Export Management	62	39	14.02.2024	RHI Magnesita India Limited	-
7. S Chandra	VP-Marketing (Domestic)	91.77	B. Sc (Chemistry), B.Tech (Chemical Technology)	45	20	05.08.2017	Erstwhile IFGL Refractories Ltd	-
8. S Mattoo	VP- International Business	75.25	M.E	59	36	05.08.2017	Erstwhile IFGL Refractories Ltd	-
9. M Chatterjee	VP- International Business	75.95	M. Tech	55	29	05.08.2017	Erstwhile IFGL Refractories Ltd	-
10. A Bajoria	Asst. VP- Marketing (QC)	59.44	BBA-Finance & Business Administration	37	13	05.08.2017	Erstwhile IFGL Refractories Ltd	0.23%

@ Represents shares held by self, spouse and dependent children.

* Key Managerial Personnel (KMP) within meaning of Section 2(51) of the Act.

** Has tendered resignation from the office of Managing Director with effect from end of August, 2025 and at Board Meeting of the Company held on 27th February 2025 same has been accepted.

*** Excluding _ 681.82 lakhs paid from Companys Wholly Owned Subsidiary.

(b) Employed for part of FY 2024-25

Sl. No. Name	Designation	Remuneration (_ in lakhs)	Qualification	Age (in years)	Experience (in years)	Appointment Date	Previous Employment (if any)	% of Equity Shares of the Company held as on 31st March 2025
1. H Sehgal	Chief Operating Officer	69.67	B Tech-Mechanical Engg	60	37	01.08.2024	TRL Krosaki Refractories Ltd	-
2. S Yadav*	Chief Financial Officer	55.88	B.Com (Hons), FCA, CMA	54	24	03.06.2024	Dalmia Bharat Refractories Limited	0.00%

*Mr S Yadav has ceased to be Chief Financial Officer on and from 12th September 2024.

Notes :

(1) Nature of employment is contractual with usual terms and conditions as per Companys Rules.

(2) Remuneration includes Salary, Commission, Allowances, wherever applicable Companys contribution to Retirement Funds etc. and monetary value of Perquisites all evaluated as per extant provisions of Income Tax Act, 1961 and Rules framed thereunder excluding perquisite on account of Motor Car.

(3) KMPs are not related to each other or other Employees or their Relatives. (4) Rule 5(2)(iii) of Rules is not applicable to any of Employees mentioned above.

(i) Ratio of the Remuneration of each Director/Key Managerial Personnel to the Median Remuneration of all the Employees of the Company for FY 2024-25

Median Remuneration of all Employees of the Company for FY 2024-25	3,14,108
Percentage Increase/(Decrease) in the Median Remuneration of Employees as compared to last FY	12.42
Number of Permanent Employees on rolls of the Company as on 31st March 2025	1181
Average Percentage Increase in Salaries of • Employees other than the Managerial Personnel	36.67% #
• Managerial Personnel (KMP)	(11.52)% ##

Name of Director/KMP	Ratio of Remuneration to Median Remuneration of all Employees	Percentage (%) Increase in Remuneration
Independent Directors *
D K Banerji	-	-
A Gupta	-	-
S Khasnobis	-	-
D G Rajan	-	-
G Swarup	-	-

Name of Director/KMP	Ratio of Remuneration to Median Remuneration of all Employees #	Percentage (%) Increase in Remuneration #
Key Managerial Personnel
J L McIntosh	55.60 @	7.55 @
S K Bajoria	98.21	(2.96)
R Agarwal	58.87	13.94
Arasu Shanmugam	63.09	53.29
S Yadav @@	17.77	@@
A Agarwal @@	14.80	16.41
M Damani	11.07	14.90

# Overall number of Employees has increased hence not comparable with that of Previous Year 2024-25.

## Reduction in Total KMP Salary due to decrease in Commission Payment to Executive Chairman.

* Only Sitting Fees paid.

@ Excluding Remuneration of _ 681.82 lakhs paid from Companys Wholly Owned Subsidiary.

@@ Mr S Yadav was appointed as Chief Financial Officer on and from 3rd June 2024 and ceased to be Chief Financial Officer and consequently KMP on and from 12th September 2024. Prior thereto, Mr Amit Agarwal held office of Chief Financial Officer of the Company. Mr Amit Agarwal was again appointed as Chief Financial Officer of the Company on and from 9th November 2024.

Notes :

(1) Remuneration paid is in accordance with Companys Remuneration Policy.

(2) Remuneration means Gross Salary paid for the period 1st April 2024 to 31st March 2025 or part thereof.

IFGL Refractories Ltd Directors Report

IFGL Refractories Ltd Share Price directors Report

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