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Indian Metals & Ferro Alloys Results: Latest Quarterly Results & Analysis

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Indian Metals & Ferro Alloys Ltd. 27 May 2026 14:16 PM
Result PDF

Q4FY26 & FY26 Result Announced for Indian Metals & Ferro Alloys Ltd.

Iron & Steel Products company Indian Metals & Ferro Alloys announced Q4FY26 & FY26 results

Financial Highlights:

  • Revenue from operations:
    • For the quarter ended Q4FY26, the company reported revenue of Rs 763.29 crore, reflecting a QoQ increase of 8.60% (vs Q3FY26: Rs 702.83 crore) and a YoY increase of 34.58% (vs Q4FY25: Rs 567.15 crore).
    • For the full year FY26, the revenue from operations stood at Rs 2,826.31 crore, an annual growth of 9.26% over FY25 (Rs 2,564.57 crore).
  • Total Income:
    • Total income for Q4FY26 was Rs 770.17 crore, a QoQ increase of 6.37% (vs Q3FY26: Rs 724.06 crore) and a YoY increase of 31.81% (vs Q4FY25: Rs 584.31 crore).
    • For the full year FY26, total income stood at Rs 2,893.05 crore, a YoY growth of 9.05% compared to FY25 (Rs 2,631.31 crore).
  • Net Profit for the Period:
    • The net profit for Q4FY26 was Rs 103.44 crore, a QoQ decrease of 20.84% (vs Q3FY26: Rs 130.67 crore) and a YoY increase of 119.75% (vs Q4FY25: Rs 47.07 crore).
    • For the full year FY26, the net profit stood at Rs 424.36 crore, an annual growth of 10.90% over FY25 (Rs 378.09 crore).

Business Highlights:

  • Segment-wise Performance:
    • Ferro alloys: Revenue of Rs 762.81 crore.
    • Power: Revenue of Rs 144.36 crore.
    • Mining: Revenue of Rs 167.10 crore.
    • Others: Revenue of Rs 0.47 crore.
  • Dividend: The Board of Directors has recommended a final dividend of Rs 7.50 per equity share of Rs 10/- each, subject to approval of shareholders in the forthcoming Annual General Meeting.

Subhrakant Panda, Managing Director said: “IMFA delivered a robust operational and financial performance on the back of firm ferro chrome prices and sharp focus on operational efficiency. Despite uncertainty due to the geopolitical situation, the Company drew on a strong Balance Sheet to pursue growth through a strategic acquisition alongside the greenfield project. Ferro Chrome output will reach an annualised level of 5 lakh tpa by the end of the calendar year, backed by 10 lakh tonnes of chrome ore raising in FY27 which is in itself a momentous milestone. Simultaneously, we are pivoting to renewable energy which will account for ~40% of the energy mix next fiscal.

The long term trend for stainless steel remains firm, and we are ideally positioned to cater to rising per capita domestic consumption. Moreover, while the primary focus is on the core business, we are exploring opportunities especially in the critical minerals space which will provide impetus to our growth trajectory.”

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Iron & Steel Products company Indian Metals & Ferro Alloys announced Q3FY26 results

  • Exports: Rs 603.15 crore against Rs 568.52 crore during Q3FY25, change 6%.
  • Revenue: Rs 702.83 crore against Rs 643.22 crore during Q3FY25, change 9%.
  • EBITDA: Rs 164.33 crore against Rs 128.15 crore during Q3FY25, change 28%.
  • PAT: Rs 130.67 crore against Rs 93.14 crore during Q3FY25, change 40%.

Subhrakant Panda, Managing Director, said: “IMFA has delivered a robust set of numbers in Q3FY26 supported by improved realisations and stable operating costs with a sharp focus on efficiency. We expect the present market dynamics to maintain a similar trajectory going ahead, with a potential for improved margins if demand for ferro chrome improves further. The100,000 tpa greenfield expansion project at Kalinganagar is on track for commissioning by June 2026 and, along with the strategic acquisition, will position IMFA as the country’s largest producer of ferro chrome.”

“In line with rising demand as the Indian economy grows, we intend to increase our exposure to the domestic market when additional ferro chrome capacity comes on line. Moreover, the blended cost of production will reduce on account of proximity to chrome ore mines resulting in an improvement in margins. We are committed to work towards positioning IMFA as a sustainability-focused, highly reliable and globally competitive producer of value added ferro chrome that is well positioned to cater to both domestic and international customers.”

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Iron & Steel Products company Indian Metals & Ferro Alloys announced Q2FY26 results

  • Revenue: Rs 718.65 crore compared to Rs 691.92 crore during Q2FY25.
  • EBITDA: Rs 138.34 crore compared to Rs 170.51 crore during Q2FY25.
  • PAT: Rs 98.77 crore compared to Rs 125.72 crore during Q2FY25.
  • Exports: Rs 603.96 crore compared to Rs 652.97 crore during Q2FY25.

Subhrakant Panda, Managing Director, IMFA, said: “I am delighted to announce this transformational acquisition which will fast track our expansion plans. Along with our ongoing greenfield expansion, it will take total installed capacity beyond 0.5 million tonnes enabling us to increase our market share with a particular focus on domestic sales at a time when demand for ferro chrome is increasing due to India’s rapid economic growth.”

“We are committed to creating value for stakeholders and, building on the strong foundation of a fully integrated business model, will work to realise cost savings and operational synergies which will have a positive impact on the bottom line. Further, the acquisition is being funded from internal accruals which speaks to the strength of the Balance Sheet.”

“Ferro Chrome prices moved up noticeably towards the end of the second quarter due to elevated chrome ore costs for non-integrated producers and a sharp cutback in output in South Africa. This is partially reflected in the current results, and we expect to see the full impact in the ongoing quarter with the increase in benchmark as well as higher spot prices.”

Result PDF

Iron & Steel Products company Indian Metals & Ferro Alloys announced Q1FY26 results

  • Revenue declined by 3% YoY, from Rs 662 crore in Q1FY25 to Rs 642 crore in Q1FY26
  • EBITDA dropped by 25% YoY, from Rs 167 crore to Rs 125 crore
  • PAT decreased by 18% YoY, from Rs 112 crore to Rs 91 crore
  • Exports declined by 11% YoY, from Rs 627 crore to Rs 556 crore
  • EPS Stood at Rs 16.96

Subhrakant Panda, Managing Director, IMFA said: “Ferro Chrome prices picked up during the first quarter of FY26 reflecting a trend reversal and, combined with steady operations sharply focused on efficiency and cost control, led to an improved financial performance. With reciprocal tariff related uncertainty starting to settle down, we expect a positive impact on global trade especially if inflation continues to remain relatively muted.”

Panda added: “Keeping in mind constraints in chrome ore procurement by non-integrated producers in India and cutbacks in alloy production worldwide, we expect the baseline price of ferro chrome to move up as market conditions improve further. This lines up very well with our ongoing capacity expansion which is on track to be commissioned starting mid-2026.”

Result PDF

Iron & Steel & Products company Indian Metals & Ferro Alloys announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Revenue stood at Rs 567.15 crore vs Rs 700.56 crore in Q4FY24 — down 19% YoY
  • EBITDA stood at Rs 70.52 crore vs Rs 125.38 crore in Q4FY24 — down 44% YoY
  • PAT stood at Rs 47.07 crore vs Rs 55.91 crore in Q4FY24 — down 16% YoY
  • Exports stood at Rs 473.86 crore vs Rs 630.77 crore in Q4FY24 — down 25% YoY

FY25 Financial Highlights:

  • Revenue stood at Rs 2,564.57 crore vs Rs 2,780.17 crore in FY24 — down 8% YoY
  • EBITDA stood at Rs 530.51 crore vs Rs 607.50 crore in FY24 — down 13% YoY
  • PAT stood at Rs 378.09 crore vs Rs 363.69 crore in FY24 — up 4% YoY
  • Exports stood at Rs 2,322.29 crore vs Rs 2,597.12 crore in FY24 — down 11% YoY

Commenting on the results, Subhrakant Panda, Managing Director said: “Despite a challenging macroeconomic environment and depressed commodity prices during Q4, IMFA demonstrated resilience by leveraging its fully integrated business model and long term debt free Balance Sheet along with a sharp focus on operational efficiency. With ferro chrome prices recovering from its recent lows, we are seeing improved margins in the ongoing quarter which will translate into better financial performance going ahead.”

Panda added: “The Kalinganagar Project, which will increase production capacity by 40%, is on track and we expect to start operations in Q2FY27. We have tied up with leading RE companies for hybrid renewable energy timed with our expansion plans, and this will substantially reduce our carbon footprint. Similarly, the diversification into ethanol looks to effectively utilise available infrastructure and will be value accretive.”

Result PDF

Iron & Steel Products company Indian Metals & Ferro Alloys announced Q3FY25 results

  • Revenue: Rs 643.22 crore compared to Rs 685.27 crore during Q3FY24.
  • EBITDA: Rs 122.97 crore compared to Rs 158.98 crore during Q3FY24.
  • PAT: Rs 86.13 crore compared to Rs 107.87 crore during Q3FY24.
  • Exports: Rs 568.52 crore comoared to Rs 649.82 during Q3FY24.

Subhrakant Panda, Managing Director said: “Commodity markets in general are under pressure due to weak global demand and poor economic data emanating from China. However, we have minimised the impact of softening ferro chrome prices on Q3FY25 results through long term contracts and declining input costs. Further, margins have been bolstered by treasury operations.”

“The power supply situation in South Africa seems to have stabilised, there is significant upward pressure on tariffs with ESKOM having proposed a ~36% increase which is under consideration by the Regulator. Pricing pressure on ferro chrome continues in the ongoing quarter and current conditions are unsustainable for nonintegrated producers. However, feedback from customers indicates revival in ferro chrome demand going ahead. As such, taking all things into consideration, the fall in ferro chrome prices has been arrested and we expect an improvement hereon.”

Result PDF

Iron & Steel Products company Indian Metals & Ferro Alloys announced Q2FY25 results

  • Revenue: Rs 691.92 crore compared to Rs 692.61 during Q2FY24.
  • EBITDA: Rs 175.62 crore compared to Rs 150.27 during Q2FY24.
  • PAT: Rs 132.73 crore compared to Rs 89.96 during Q2FY24.
  • Exports: Rs 652.97 crore compared to Rs 653.77 during Q2FY24.

Subhrakant Panda, Managing Director said: “Higher output, continued focus on operating efficiency, and stable input costs and selling prices have led to improved margins in the second quarter results.

On the global front, demand for stainless steel has marginally dropped largely due to economic uncertainty. However, the long awaited stimulus measures announced in China coupled with the recent uptick in PMI are positive signs for the metals sector in general.

“Domestic ferro chrome prices have softened recently, making it unviable for non-integrated producers. In this context, access to captive ore and a debt-free Balance Sheet give us confidence and we are focused on leveraging it to register superior performance.”

Result PDF

Iron & Steel Products company Indian Metals & Ferro Alloys announced Q1FY25 results:

  • Revenue: Rs 662.28 million, a slight decrease compared to Q4FY24 (Rs 700.56 million) and Q1FY24 (Rs 701.73 million).
  • EBITDA: Rs 167.31 million, an increase from Q4FY24 (Rs 125.65 million) but a decline compared to Q1FY24 (Rs 172.92 million).
  • Profit After Tax (PAT): Rs 117.52 million, up from Rs 82.65 million in Q4FY24 and slightly higher than Rs 110.00 million in Q1FY24.
  • Exports: Rs 626.97 million, showing a slight decrease from Q4FY24 (Rs 630.77 million) and a larger drop from Q1FY24 (Rs 662.76 million).

Commenting on the results, Subhrakant Panda, Managing Director said: “The results for the first quarter reflect our strong focus on maximising operating efficiency, despite lower output on account of maintenance activities, and softening input costs have also provided a boost. While ferro chrome prices are rangebound at the moment, an uptick in demand driven by global stainless steel production – which is expected to be 6% higher this year – could result in improved realisations during the second half of the current fiscal. We will, of course, continue to benefit from our fully integrated business model and long term debt free balance sheet.”

Mr Panda added: “India’s continued focus on public infrastructure coupled with revival in private sector investment augurs well for demand; and, the lending rate cut in China is also expected to bolster the economy. Meanwhile, elevated chrome ore prices for non-integrated producers will likely limit any downside to ferro chrome prices.”

Result PDF

Iron & Steel Products company Indian Metals & Ferro Alloys announced Q4FY24 results:

  • IMFA has reported its Q4 FY24 financial results, showcasing a revenue of Rs 700.56 crore with a notable EBITDA of Rs 135.21 crore.
  • The company maintained a healthy EBITDA margin at 19.30% and achieved a Profit After Tax (PAT) of Rs 82.65 crore.
  • The earnings per share (EPS) stood at Rs 15.32, indicating a robust return for shareholders.
  • Export revenue contributed significantly to the company's earnings with a figure of Rs 630.77 crore.

Operational Performance

  • Ferro chrome production reached a new milestone at 65,139 tonnes, emphasizing IMFA's operational efficiency.
  • With 67,981 tonnes sold, the ferro chrome sales volume reflects the company's strong market presence.
  • Power generation was marked at 286 million units, supporting the company's self-sufficiency in power.
  • Chrome ore raising also surpassed previous records, hitting over 6 lakh tonnes, which demonstrates a significant enhancement in mining operations.

Commenting on the annual results, Subhrakant Panda, Managing Director said: “Excellent operational performance during the year with highest ever ferro chrome production, chrome ore raising, and captive power generation set the stage for a strong financial performance. We are poised to embark on our expansion and diversification plans on the back of a robust Balance Sheet with zero debt, and this will create substantial value in times to come.”

Addressing the demand outlook, he said: “Even as there are some concerns due to ongoing geopolitical conflicts, economic stimulus measures announced by the Chinese Government augur well for commodities in general. Meanwhile, China remains a relatively high cost producer of ferro chrome which provides a base to prices. India’s focus on infrastructure with a large capital expenditure outlay in the interim budget will boost demand for stainless steel and, hence, ferro chrome.”

 

Result PDF

Iron & Steel/Intermediate Products company Indian Metals & Ferro Alloys announced Q1FY24 results:

  • Q1FY24 vs Q1FY23:
    • Revenue of Rs 701.73 crore vs Rs 743.42 crore
    • EBITDA of Rs 182.68 crore vs Rs 224.67 crore
    • PAT of Rs 110.00 crore vs Rs 133.83 crore
    • Exports of Rs 662.76 crore vs Rs 710.53 crore
  • Q1FY24 vs Q4FY23:
    • Revenue of Rs 701.73 crore vs Rs 636.90 crore
    • EBITDA of Rs 182.68 crore vs Rs 143.61 crore
    • PAT of Rs 110.00 crore vs Rs 63.65 crore
    • Exports of Rs 662.76 crore vs Rs 603.37 crore

Commenting on the results Subhrakant Panda, Managing Director said, “Despite softening commodity prices, the Q1 FY24 result is robust as we have benefited from lower input costs – primarily thermal coal and metallurgical coke. While there are global headwinds, the ongoing power crisis in South Africa along with stimulus measures to boost the Chinese economy is expected to support the ferrochrome prices. We, of course, continue to benefit from a fully integrated business model and a long-term debt-free Balance Sheet.”

Panda further added, “Our expansion project in Kalinganagar, Odisha is on track with the Public Hearing being conducted successfully recently. We are also in active discussions to tie up hybrid renewable energy to meet our requirement for the project and comply with enhanced renewable power obligations (RPO).”

 

Result PDF

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