Indian Metals and Ferro Alloys (533047) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 revenue rose 34.72% YoY to ₹968.17 crore, EBITDA increased 69.90% to ₹235.04 crore and PAT rose 50.62% to ₹148.77 crore.

• H1 FY27 revenue was ₹1,928.62 crore, EBITDA ₹516.31 crore and PAT ₹340.26 crore; higher output followed capacity additions.

Financial highlights

• Q2 FY27 revenue from operations was ₹968.17 crore versus ₹718.65 crore; EBITDA was ₹235.04 crore versus ₹138.34 crore.

• Q2 FY27 PAT was ₹148.77 crore versus ₹98.77 crore; H1 FY27 PAT was ₹340.26 crore versus ₹190.25 crore.

• H1 FY27 revenue from operations was ₹1,928.62 crore versus ₹1,360.19 crore; EBITDA was ₹516.31 crore versus ₹263.81 crore.

• H1 exports were ₹1,611.15 crore versus ₹1,160.22 crore; Q2 exports were ₹817.54 crore versus ₹603.96 crore.

• Consolidated Q2 PBT/PAT were ₹198.96 crore/₹147.76 crore; H1 PBT/PAT were ₹457.27 crore/₹340.35 crore.

Outlook and guidance

• Production guidance is 380,000 tons for FY27 and ~475,000 tons for FY28; Q3 output is expected to exceed 100,000 tons, with all furnaces at optimal load in Q4.

• Installed ferrochrome capacity is planned to rise from 384,000 TPA in FY26 to 484,000 TPA in FY27 and 534,000 TPA in FY28.

• FY27 ore-raising target is 1 million tons; longer-term target is 1.2 million tons, with Sukinda underground expansion progressing toward completion by FY31.

• The 120 KLD ethanol plant is expected to trial in mid-November 2026 and commission in January 2027; projected revenue is ₹320 crore at ~10% EBITDA margin.

• Hybrid renewable power, niche grades and capacity growth are intended to support margins; contracted renewable capacity reached 135 MW.