Indian Metals & Ferro Alloys Ltd

Indian Metals & Ferro Alloys Limited — Trading Window closed from 1 October 2026 till 48 hours after the declaration of the unaudited financial results for the quarter ending 30 September 2026 (both days inclusive).

Filing Status

• Income Tax Department Assessment Unit levied Rs 38.98 lakh penalty under Sec 270A for higher capital gains tax.
• Date of receipt: 22.09.2026; company will appeal; no material impact on finances or operations.

Meeting Details

• Date: Monday, September 21, 2026; Group meeting; physical in Mumbai, India.
• Event: Anand Rathi Annual Flagship Conference G-200 Summit2026.
• Purpose: Analyst/institutional investor interaction.
• Key participants: Company Secretary & Compliance Officer.

Resolutions and outcomes

• Resolution 1 (Special): Appoint Dr Deepak Mohanty as Independent Director for five years from 30 June 2026 (independent).
• Resolution 2 (Ordinary): Enhance Independent Directors' Commission; approved 99.92% in favour, 0.08% against.

Resolutions

• Item 1 (Special): Appointment of Deepak Mohanty as Non-Executive Independent Director for 5 years from 30 Jun 2026.
• Item 2 (Ordinary): Increase independent directors' commission to up to 0.5% of net profits, max ₹1.50 crore; passed.

Appointment of Independent Director

• Appointment of Independent Director (Non-Executive) on the Board.
• Partha Satpathy, Independent Director (Non-Executive).
• Effective from 08 September 2026 for a term of 3 years.
• Subject to shareholders' approval.
• Security clearance from DGCA enabled appointment.
• Former Indian Foreign Service diplomat; 35+ years; governance, ESG, and international relations.
• No relationship with other directors.
• Not debarred by SEBI or other authorities.

Operational update

• First tapping of hot metal from the first furnace at KNR-1 commenced on 25 August 2026.
• Volume to be gradually increased in due course.

Subject and board update

• Unaudited standalone and consolidated results for quarter ended 30 June 2026 released.
• Board approved the results on 4 August 2026.

Standalone financial highlights

• Standalone revenue from operations: ₹960.45 crore; total income: ₹972.42 crore.
• Standalone profit before tax: ₹256.82 crore; profit after tax: ₹191.49 crore.
• Standalone EPS: ₹35.49.

Consolidated financial highlights

• Consolidated total income: ₹973.36 crore; revenue from operations: ₹960.45 crore.
• Consolidated profit before tax: ₹258.31 crore; profit for the quarter: ₹192.59 crore; EPS: ₹35.65.

Renewable power agreement

• Definitive agreement to procure renewable power; aggregate consideration ₹110.18 crore payable in tranches through June 2027.

Financial Performance

• Q1 FY27 reported highest ever revenues and profitability.
• Q1 output reached 80,000 tonnes versus about 65,000 tonnes quarterly average.
• Realization around INR 119,000 per tonne in Q1; Q2 expected similar.
• Q4 forex MTM impact: INR 32 crores; Q1 forex gains; lower other expenses via cost efficiencies.
• Chrome ore stock on hand about 6 lakh tonnes; ferrochrome stock targeted 17–18k tonnes.
• FY27 tonnage guidance reduced from 400,000 to a lower level due to load limits.
• FY27 annual production guidance around 380,000 tonnes; FY28 475,000–500,000.

Operating Update

• KNR-1 first tapping expected around the third week of the month.
• KNR-2 now has four furnaces; run-rate targeted near 120,000 tonnes by Q4.
• Total capacity from KNR-1/2 about 0.5 million tonnes; ramp to 380k (FY27) and 475k–500k (FY28).
• Two transformer sets plus a spare ordered; 15 MVA capacity added; replacement planned in Q2/Q3.
• Gas cleaning plant work pending; load restricted to meet emission norms.

Q&A Highlights

• South Africa ferrochrome supply impact: tariff may affect chrome units; price outcome uncertain.
• Domestic sales mix around 19% in Q1; mix can shift between domestic and export.
• EBITDA per ton uplift not guided; full ramp could add INR 1,500–2,000 per ton.
• West Asia crisis: no material impact; 95% exports to Far East; freight costs up offset by prices.
• Met coke prices moved up slightly; potential Q3 impact on margins.

Outlook and Guidance

• FY27 production guidance ~380,000 tonnes; previously ~400,000.
• KNR-1/2 ramp to support higher volumes; first tapping this month; full commissioning by Q4.
• Annual capacity outlook: ~0.5 million tonnes; FY28 target 475,000–500,000.

Risks and Watchpoints

• Transformer loading constraints and gas cleaning plant work affecting load ramp.
• Power availability constraints; 15 MVA addition; potential partial load in near term.
• Environmental clearance for KNR-2 50k-ton furnace; clarity by mid-2027.
• Met coke and ore price volatility; currency and freight cost movements.