- Q2 FY27 revenue at ?968.17 crore vs ?718.65 crore in Q2 FY26, registering a YoY growth of 34.72%
- Q2 FY27 EBITDA at ?235.04 crore vs ?138.34 crore in Q2 FY26, reflecting a tighter operating environment even as IMFA remains resilient on account of its fully integrated business model
- Q2 FY27 PAT at ?148.77 crore, up 50.62% YoY vs ?98.77 crore in Q2 FY26
- H1 FY27 revenue stood at ?1928.62 crore (vs ?1360.19 crore in H1 FY26), EBITDA at ?516.31 crore (vs ?263.81 crore in H1 FY 26), and PAT at ?340.26 crore (vs ?190.25 crore in H1 FY 26)
- Kalinganagar Greenfield Project inaugurated, taking total installed capacity of ferro chrome to 534,000 tpa and reinforcing IMFA’s position as India’s largest producer; commissioning activity relating to the second furnace has commenced and hot metal tapping is expected soon
- Board approves ?375 crore capex for increasing chrome ore raising and Low Carbon Ferro Chrome production
Mumbai: Indian Metals & Ferro Alloys Ltd (IMFA), India’s largest producer of value-added ferro chrome, reported revenue of ?968.17 crore, EBITDA of ?235.04 crore and profit after tax (PAT) of ?148.77 crore for the quarter ended 30 September 2026. Performance during the quarter was supported by higher volumes on account of increased capacity, alongside continued progress on energy diversification and operational efficiency.
Exports, a key contributor to IMFA’s business, stood at ?817.54 crore in Q2 FY27 as compared with ?603.96 crore in Q2 FY26. For H1 FY27, exports stood at ?1611.15 crore as compared with ?1160.22 crore in H1 FY26.
IMFA’s Greenfield Project at Kalinganagar (KNR 1) was formally inaugurated by the Hon’ble Chief Minister of Odisha Shri Mohan Charan Majhi on 14 October 2026. While the first furnace is operational, commissioning activity relating to the second furnace has commenced and hot metal tapping is expected soon. With this, the company’s total installed capacity will increase to 534,000 tonnes per annum reinforcing its position as India’s largest producer of ferro chrome and amongst the foremost globally.
Financial Performance (Rs in Crore)
| Performance indicators | Q2 FY27 | Q1 FY27 | Q2 FY26 | H1FY27 | H1FY26 | FY26 |
| Revenue | 968.17 | 960.45 | 718.65 | 1928.6 | 1360.2 | 2826.3 |
| EBITDA | 235.04 | 281.27 | 138.34 | 516.31 | 263.81 | 587.23 |
| PAT | 148.77 | 191.49 | 98.77 | 340.26 | 190.25 | 424.36 |
| Exports | 817.54 | 793.61 | 603.96 | 1611.2 | 1160.2 | 2396.2 |
Operational Highlights
| Performance indicators | Q2 FY27 | Q1 FY27 | Q2 FY26 | H1FY27 | H1FY26 | FY26 |
| Ferro Chrome production (Tonnes) | 86,652 | 80,690 | 65,671 | 1,67,342 | 1,31,600 | 2,67,301 |
| Ferro Chrome sales (Tonnes) | 81,998 | 79,268 | 69,765 | 1,61,265 | 1,36,345 | 2,70,124 |
| Power generation | 301 | 289 | 309 | 589 | 588 | 1138 |
| (Million Units) | ||||||
| Chrome Ore raising (Tonnes) | 1,44,697 | 2,72,555 | 1,69,615 | 4,17,253 | 2,73,395 | 8,10,612 |
Management Comment
Commenting on earnings Mr Subhrakant Panda, Managing Director said, “While keeping our focus on a fully integrated business model that remains resilient and competitive across market cycles, a substantial expansion in smelting capacity after the commissioning of the Kalinganagar Greenfield Project will cater to rising demand. We also remain confident about supportive ferro chrome prices given cost pressures faced by non-integrated producers. Alongside capacity growth and a shift to hybrid renewable energy, production of niche grades and a proposed diversification into Low Carbon Ferro Chrome will broaden the product range and bolster margins. Our aim remains to grow responsibly, supported by our distinctive strengths.”
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