Indian Metals & Ferro Alloys Ltd11:41 pm IST
IMFA Annual Report 2025-26: Integration in Motion; expansion via KNR, ethanol, and renewables; strongest ferro chrome position in India
Financial performance
- Revenue from operations: ₹2,826.31 Cr; prior year ₹2,564.57 Cr.
- PAT: ₹424.36 Cr; EPS: ₹78.65.
- EBITDA (pre-exceptional): ₹587.23 Cr; margin ~20.8%.
- Total Income: ₹2,893.05 Cr; Cash Profit: ₹487.30 Cr.
- Net worth: ₹2,691.73 Cr; Debt/Equity: 0.36.
- Interim dividend ₹5 per share; final ₹7.50 per share proposed.
Expansion and milestones
- KNR-2 Tata Steel ferro chrome plant acquired; 150,000 MT capacity.
- Four furnaces in KNR-2 operational; fifth furnace under construction.
- KNR-1 greenfield expansion progressing; commissioning in H1 FY27.
- Ethanol plant Therubali: 120 KLD; commissioning in Q2 FY27.
- 135 MW hybrid renewable energy programme; 70 MW PPA with JSW Renew Energy Twelve Ltd.
- 65 MW hybrid PPA contracted with EG URJA STROT for renewables.
- AmpIn Energy project terminated; ₹12.32 Cr refunded.
Operations and production
- Ferro Chrome production: 267,301 tonnes; domestic sales 48,769; exports 221,355.
- Chrome ore ramp-up to 810,612 tonnes; captive ore supply fully meeting needs.
- Power generation: 1,138 MU; total capacity ~204.5 MW; 135 MW under execution.
- Post-expansion ferro chrome capacity ~534,000 MT; total furnace capacity 256 MVA; 99 MVA under construction.
- Mining: Sukinda 273,802 t; Mahagiri 536,810 t; output growth toward 1.2 MT by FY31.
Capital structure and liquidity
- Equity share capital: ₹53.96 Cr; promoters hold 58.69%.
- Net worth: ₹2,691.73 Cr; Debt-to-Equity: 0.36.
- Long-term borrowings ₹293.41 Cr; current borrowings ₹630.28 Cr.
- Cash and cash equivalents ₹32.32 Cr; CWIP ₹794.46 Cr; gross block ₹2,563.56 Cr.
- Interim dividend ₹5 per share; final ₹7.50 per share proposed.
Governance and risk
- Board changes: Dr Barada Kanta Mishra appointed Non-Executive Chair in 2025.
- Nalini Mohanty retired; Bijay Das retired; Kiran Dhingra appointed Feb 2026.
- Independent Directors: Ravindran, Mishra, Amrein, Dhingra; MD Subhrakant Panda; MD & COO Mohapatra.
- Internal controls: Protiviti India engaged for 2026-27; 4 Board meetings in 2025-26.
- Secretarial: Sunita Jyotirmoy & Associates; statutory auditors Walker Chandiok.
ESG and CSR
- ESG: Scope 1&2 emissions reduced by 11%; 33.01% Renewable Purchase Obligation achieved via RECs.
- Renewables: 70 MW PPA with JSW Renew Energy Twelve; 65 MW with EG URJA STROT.
- ZLD: Zero liquid discharge across all sites; 100% fly ash utilisation.
- CSR reach: 27,11,170 beneficiaries across 690 villages; five CSR pillars.
- LTIFR: 0.170; no fatalities; 9,000 safety trainings conducted.
CSR and social impact
- CSR in aspirational Rayagada district: ₹23.20 Cr allocated.
- CSR spend FY2025-26: ₹10.12 Cr; approved ₹9.79 Cr; no unspent CSR liability.
- Bansidhar & Ila Panda Foundation and IMPaCT active in education, healthcare, infrastructure.
- Community impact: infrastructure, water, sanitation, livelihoods; education and women empowerment.
- CSR governance: CSR Committee chaired by Kiran Dhingra.
Audits and assurances
- Statutory audit: Walker Chandiok & Co; no material irregularities reported.
- Secretarial audit: Sunita Jyotirmoy & Associates; no qualification.
- Internal audit: Protiviti India for 2026-27; IFC and RCMM in place.
Outlook and risks
- India GDP growth forecast 6.8%-7.2% for FY2026-27; stainless steel demand supports ferro chrome.
- Material security: captive chrome ore; cost benefits from energy transition and renewables.
- Risks: commodity price volatility; energy costs; currency and policy shifts; geopolitical dynamics.
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