Indian Metals and Ferro Alloys (533047) Q4 24/25 earnings summary

Executive summary

• FY25 resilience amid subdued ferrochrome demand and weak pricing, supported by cost optimization, operating efficiency and integrated operations.

• FY25 free cash flow was ₹430 crore before dividends; consolidated net profit was ₹379.32 crore, up from ₹344.34 crore, while revenue declined to ₹2,564.57 crore.

• The board recommended a final dividend of ₹5 per equity share, subject to shareholder approval.

Financial highlights

• FY25 standalone revenue was ₹2,564.57 crore vs ₹2,780.17 crore; net profit was ₹378.09 crore vs ₹363.69 crore YoY. Consolidated net profit was ₹379.32 crore vs ₹344.34 crore.

• Q4 standalone revenue was ₹567.15 crore and net profit ₹47.07 crore; consolidated net profit was ₹47.40 crore vs ₹35.52 crore YoY, with PBT of ₹63.67 crore vs ₹97.94 crore.

• Q4 FY25 net ferrochrome realization was ₹87,021/tonne vs ₹96,943 in Q3 FY25 and ₹101,771 in Q4 FY24.

• Q4 FY25 EBITDA cost was ₹76,980/tonne, down from ₹82,836/tonne in FY24; sequential reduction from Q3 was ~₹800/tonne.

• Q4 gross prime realization for long-term contracts averaged ~₹93,500/tonne; net realization reflects selling, freight and related costs.

Outlook and guidance

• FY26 production guidance was ~65,000 tonnes in Q1 and ~130,000 tonnes in H1; production and sales are expected to track closely.

• Kalinganagar’s first furnace is scheduled for commissioning in June 2026 and the second in September 2026; first-year output is expected at 50,000–60,000 tonnes.

• FY26 chrome ore production plan is 8.25 lakh tonnes, following 7.02 lakh tonnes in FY25.

• Ferrochrome realization is expected to improve from Q4 levels, but market uncertainty and a 1.5–2-month pricing lag limit near-term precision.