IFGL Refractories names Mihir Bajoria MD after vote

Shareholders clear Managing Director appointment

IFGL Refractories Limited said it has completed the e-voting process to appoint Mr Mihir Prakash Bajoria as Managing Director through a postal ballot. The special resolution was passed on May 2, 2026, with 96.16% shareholder approval. The company positioned the outcome as a corporate governance milestone because the appointment required shareholder oversight. The postal ballot route also ensured wider participation through remote e-voting. The decision formalises a leadership transition the board had already initiated earlier in the year. Bajoria’s appointment is for a fixed term and is part of a succession plan disclosed in earlier filings. The company has also made regulatory disclosures around the process under the SEBI listing framework.

Postal ballot process and regulatory filings

The company published its postal ballot notice in Business Standard and Pratidin on April 2, 2026. It also filed the required disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Remote e-voting opened on April 3, 2026 and remained available until May 2, 2026. IFGL Refractories sought shareholder approval through a special resolution specifically for Bajoria’s appointment as Managing Director. In a separate communication around the same exercise, the company had indicated results were expected by May 5, 2026. The later disclosure confirms the special resolution was passed on May 2, 2026. The company also referenced the scrutiniser process as part of its voting and disclosure framework for postal ballots.

Board decision and tenure details

The board approved Bajoria’s appointment at its meeting held on February 14, 2026, based on recommendations from the Nomination and Remuneration Committee. The appointment covers a three-year period from March 1, 2026 to February 28, 2029. IFGL Refractories stated that the Managing Director will be liable to retire by rotation, aligning the role with standard governance provisions under company law. An agreement detailing the terms was executed on March 24, 2026. The company’s disclosures describe the compensation structure as having multiple components. However, the key governance step remained shareholder approval via postal ballot. With the special resolution now passed, the appointment has the shareholder backing required for implementation.

Leadership transition from James Leacock McIntosh

IFGL Refractories had earlier announced that James Leacock McIntosh would cease as Managing Director effective March 1, 2026. Bajoria was identified as his successor for a three-year term, while McIntosh was expected to continue with the company as a consultant. The transition was presented as a planned succession to ensure continuity in operations. In earlier developments, the company had extended McIntosh’s tenure as Managing Director until February 29, 2026. The succession plan itself has been on the company’s agenda since at least February 2025, when it communicated that Bajoria would assume the Managing Director position pending finalisation of terms and approvals. Separately, the company also disclosed the resignation of its Chief Human Resource Officer Abhay Kapoor effective January 27, 2026, citing personal reasons.

Who is Mihir Prakash Bajoria

IFGL Refractories described Mihir Prakash Bajoria as a 40-year-old executive with 16 years of experience. He currently served as a Non-Executive Non-Independent Director of the company and is the son of Executive Chairman Shishir Kumar Bajoria. His education includes a diploma in International Relations, Politics and Economy from Oxford Brookes University and International Baccalaureate completion at Sevenoaks School. The company also noted his association with the IFGL Group for over a decade. Bajoria served on the board of Monocon International Refractories Limited, the group’s UK subsidiary, from February 2010 to August 2025. Company disclosures also say he has been involved in overseeing global operations and international business initiatives within the group.

Related-party angle and remuneration disclosures

Because Bajoria is the son of the Executive Chairman, the appointment is treated as involving related-party considerations and therefore requires transparent shareholder oversight. In the postal ballot context, the company also disclosed a proposed remuneration element that included a basic monthly salary of ₹21.66 lakh for the Managing Director role. The agreement executed on March 24, 2026 sets out the broader remuneration package, with multiple components referenced in the disclosure. Alongside the Managing Director appointment, the company had also sought shareholder approval for senior management re-appointments through postal ballot. Those included re-appointing Executive Chairman Shishir Kumar Bajoria at a monthly salary of ₹20,00,000 plus benefits for April 2026 to March 2029. It also included re-appointing Director-General Counsel Rajesh Agarwal at ₹2,09,88,288 annual salary for November 2025 to November 2028.

Snapshot of operations and footprint

IFGL Refractories is engaged in manufacturing, trading, and selling refractory items and related equipment and accessories used in steel plants. The company operates through the specialised refractories and ceramics segment, and also provides services related to refractory goods. Its manufacturing facilities are located in Kandla Special Economic Zone (SEZ) in Gujarat, Kalunga Industrial Estate near Rourkela in Odisha, and Industrial Park APIIC De-Notified Area at Atchutapuram in Visakhapatnam district, Andhra Pradesh. The sector classification cited in the provided material places it under Construction Materials. The company’s operational profile, with multiple plants and domestic and international markets, forms the backdrop for the management transition. It also explains why continuity planning has been repeatedly highlighted in disclosures around the change.

Financial context and investor reference points

The Managing Director appointment comes against the company’s standalone financial performance for FY 2024-25. IFGL Refractories reported total income of ₹1,013.86 crore, profit before tax of ₹74.55 crore, and profit for the year of ₹57.60 crore on a standalone basis. At its 18th AGM on August 27, 2025, shareholders approved a final dividend of ₹1.00 per share, taking the total dividend for FY 2024-25 to ₹7.00 per share. At the same AGM, Bajoria was appointed as a Non-Executive Non-Independent Director. In market data included in the material, the stock was shown at ₹137.20 with a +4.29% move on the referenced day, alongside other period performance figures. For investors, the more immediate disclosures are the appointment term, remuneration framework, and the company’s timeline for implementing the leadership handover.

Key facts table

What to watch next

With the shareholder vote completed, the next formal steps are operational execution under the new Managing Director’s tenure and ongoing regulatory updates where required. The company has already set out the term, rotation clause, and remuneration structure through its agreement and disclosures. Investors typically track such transitions for evidence of continuity in strategy and governance compliance, especially when related-party considerations are involved. The March 1, 2026 start date places the change firmly within FY 2026 planning and execution. The company’s previous disclosures show this was a managed succession rather than an abrupt change. Future filings and periodic results will provide the clearest, verified signals on how the transition is translating into operating performance.