Indian Metals and Ferro Alloys (533047) Q3 24/25 earnings summary

Executive summary

• Q3 FY25 consolidated revenue was ₹643.22 crore and net profit ₹93.37 crore, down YoY; 9M net profit rose to ₹331.92 crore from ₹308.82 crore.

• Falling ferrochrome prices pressured Q3 performance; integrated operations, long-term contracts and cost optimization helped cushion the impact.

• Management expects near-term softness, with potential recovery as market conditions improve.

Financial highlights

• Consolidated Q3 total income was ₹660.43 crore versus ₹695.02 crore YoY; 9M total income was ₹2,046.89 crore versus ₹2,110.88 crore.

• Consolidated Q3 PBT was ₹123.47 crore versus ₹145.58 crore YoY; 9M PBT was ₹450.44 crore versus ₹418.18 crore.

• Consolidated Q3 EPS was ₹17.30 versus ₹20.15 YoY; 9M EPS was ₹61.42 versus ₹57.13.

• Standalone Q3 net profit was ₹86.13 crore versus ₹107.87 crore YoY; 9M net profit was ₹336.38 crore versus ₹307.83 crore.

• Other expenses rose to ₹104 crore from ₹88 crore YoY, mainly on higher repairs, maintenance and freight; 9M cash generation after tax was ~INR 370 crore.

Outlook and guidance

• Ferrochrome prices are expected to remain near current levels through February, with an uptick possible from March and into Q1 FY26.

• Q4 EBITDA cost is expected to remain near Q3’s INR 77,827/t; cost direction for Q1 FY26 is difficult to predict.

• Kalinganagar Phase One furnaces are expected to start by June 2026 and September 2026; ~40,000–45,000 tonnes of output is expected in FY27.

• Ethanol production is expected to begin in December 2025 or January 2026.

• Phase Two is planned thereafter, with a target of ~0.5 million tonnes of ferrochrome capacity within 3–4 years.