Indian Metals and Ferro Alloys (533047) Q1 25/26 earnings summary

Executive summary

• Q1 FY26 revenue and margins improved sequentially, while consolidated revenue of ₹641.54 crore and net profit of ₹92.54 crore remained below the year-ago quarter; the June 2025 balance sheet was net debt-free.

• Kalinganagar ferrochrome expansion, Sukinda underground mine expansion and the Therubali ethanol project progressed during the quarter.

Financial highlights

• Consolidated revenue from operations was ₹641.54 crore, versus ₹662.28 crore YoY and ₹567.15 crore in the prior quarter; total income was ₹663.53 crore, expenses ₹537.82 crore and profit before tax ₹125.71 crore.

• Consolidated net profit was ₹92.54 crore, versus ₹113.34 crore YoY and ₹47.40 crore in the prior quarter; standalone net profit was ₹91.48 crore, versus ₹112.16 crore YoY and ₹47.07 crore in the prior quarter.

• Other income of ₹21 crore included returns on surplus, including Utkal Coal profits; total surplus, including internal accruals, was ₹910 crore.

• EBITDA cost was ~INR 77,500 per ton; management cited a ~INR 500 sequential increase, mainly from higher chrome ore and planned repairs and maintenance.

• Consolidated basic and diluted EPS were ₹17.10, versus ₹20.95 YoY and ₹8.77 in the prior quarter; finance costs were ₹7.01 crore.

Outlook and guidance

• Kalinganagar’s first unit is expected to begin operations in June 2026 and the second in September 2026; full-scale costs are expected to be broadly similar to current levels, adjusted for inflation.

• Therubali’s 120 KLD ethanol plant is targeted for commissioning by Q4 FY26; construction began in Q1.

• Mine production is planned to ramp up in Q3 and Q4 as requirements increase; the wider mine expansion is expected to continue over four to five years.

• Kalinganagar may offer a slight logistics advantage at full scale; its cost impact was not quantified.