IMFA Annual Report 2025-26: Integration in Motion; expansion via KNR, ethanol, and renewables; strongest ferro chrome position in India Reg. 34 (1) Annual Report
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. View source