Financial Performance (₹ Crore, Standalone)

  • Q1 FY27 Revenue: ₹960.45 crore, compared to ₹641.54 crore in Q1 FY26 (50% increase) and ₹763.29 crore in Q4 FY26.
  • Q1 FY27 EBITDA: ₹281.27 crore, compared to ₹125.47 crore in Q1 FY26 (124% increase) and ₹159.09 crore in Q4 FY26.
  • Q1 FY27 PAT: ₹191.49 crore, compared to ₹91.48 crore in Q1 FY26 (109% increase) and ₹103.44 crore in Q4 FY26.
  • Q1 FY27 Exports: ₹793.61 crore.
  • Full Year FY26 Revenue: ₹2,826.31 crore.
  • Full Year FY26 EBITDA: ₹587.23 crore.
  • Full Year FY26 PAT: ₹424.36 crore.
  • Full Year FY26 Exports: ₹2,396.21 crore.
  • Earnings Per Share (Q1 FY27, not annualized): ₹35.49.

Operational Highlights (Tonnes, unless specified)

  • Ferro Chrome Production (Q1 FY27): 80,690 tonnes, exceeding 80,000 tonnes for the first time. This compares to 65,929 tonnes in Q1 FY26 and 68,506 tonnes in Q4 FY26.
  • Ferro Chrome Sales (Q1 FY27): 79,268 tonnes, compared to 66,580 tonnes in Q1 FY26 and 68,977 tonnes in Q4 FY26.
  • Power Generation (Q1 FY27): 289 Million Units, compared to 278 Million Units in Q1 FY26 and 294 Million Units in Q4 FY26.
  • Chrome Ore Raising (Q1 FY27): 272,555 tonnes, compared to 103,780 tonnes in Q1 FY26 and 271,749 tonnes in Q4 FY26.

Project Updates & Strategic Developments

KNR 1 Greenfield Project (100k TPA capacity addition):

  • The project is on track. Consent to Operate (CTO) and Factory License have been received.
  • The process of switching on the first furnace is underway.
  • Hot metal tapping from the first furnace is expected in the third week of August 2026.
  • The second furnace is likely to be commissioned in September 2026.
  • The project will be fully commissioned and stabilized by Q3 FY27.
  • This will increase total operating smelting capacity to over 500,000 tonnes.

KNR 2 Acquisition:

  • The acquisition has been fully integrated.
  • All four furnaces are operational.
  • Approximately 14,000 tonnes of material were dispatched from the plant in Q1 FY27.

Mining Expansion:

  • The company has received approvals for 1.2 million tonnes per annum (Mn TPA) ore capacity.
  • This is backed by a ₹1,000 crore investment to scale up mining operations.

Renewable Energy:

  • A long-term offtake arrangement was signed with Enfinity Global for an additional 65 MWp hybrid renewable energy.
  • This energy is expected to be available by June 2027.
  • With this, IMFA's contracted renewable energy capacity increased from 70 MW to 135 MW in Q1 FY27.
  • A separate 29-year agreement was signed with EG Urja Strot Pvt. Ltd. for this 65 MW hybrid power capacity.
  • By the middle of 2027, approximately 40% of IMFA's energy consumption will be from non-fossil sources.

Ethanol Project (120 kLD facility at Therubali):

  • The project is nearing completion and is in an advanced stage of mechanical erection.
  • It has faced delays attributable to the second-degree effect of geopolitical uncertainty and monsoon-related disruptions.
  • The trial run (pre-commissioning) of the unit is now expected in October 2026.
  • Commissioning is expected in November 2026.
  • The financial impact of the delay is stated as not material.

Capacity Guidance

  • FY26 Installed Ferro Chrome Capacity: 384,000 TPA
  • FY27 Installed Ferro Chrome Capacity: 484,000 TPA (post KNR-1 commissioning)
  • FY28 Installed Ferro Chrome Capacity: 534,000 TPA (full capacity)

Management Commentary

Mr. Subhrakant Panda, Managing Director, attributed the record performance to higher ferro chrome output from the strategic acquisition (KNR-2), firm prices, and a focus on operational efficiency. He stated the company is focused on creating a future-ready, diversified business and is confident about market fundamentals due to its fully-integrated, net debt-free business model. He highlighted significant investments in captive chrome ore raising, doubling ferro chrome smelting capacity, pivoting to hybrid renewable energy, and diversifying into ethanol.

Company Overview

IMFA is India's largest fully integrated producer of value-added ferro chrome. It was founded in 1961 and is headquartered in Bhubaneswar, Odisha. Its installed furnace capacity is 289 MVA (434,000 TPA), which will reach 355 MVA (534,000 TPA) after the Kalinganagar expansion. The company operates captive chrome ore mines at Sukinda and Mahagiri and manufacturing complexes at Therubali, Choudwar, and Kalinganagar. It has a captive power generation capacity of 200 MW coal-based and 4.55 MWp solar. Operations are ISO 9001 certified. The company has an 'AA' credit rating from ICRA.