Indian Metals & Ferro Alloys Ltd has closed its trading window for all directors, key managerial personnel, and designated persons effective from July 1, 2026, until August 6, 2026. This measure is implemented to prevent insider trading ahead of the declaration of the unaudited financial results for the quarter ending June 30, 2026. The closure ensures compliance with the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulation, 2015.

The restriction applies to all individuals with access to unpublished price-sensitive information (UPSI), including connected persons. The company stated that the trading window will remain shut until the financial results are officially declared. The specific date for the board meeting to review and approve the results for the quarter ending June 30, 2026, has not yet been announced and will be communicated in due course.

Key Dates

The notice, signed by Company Secretary & Compliance Officer S R Ray, was addressed to the National Stock Exchange of India Ltd and BSE Limited. The company's stock symbol is IMFA on the NSE and the code is 533047 on the BSE.

Indian Metals & Ferro Alloys Limited has reported a 12.20% year-on-year increase in consolidated net profit to ₹424.72 crore for the financial year ended March 31, 2026, driven by firm ferro chrome prices and operational efficiency. The company's revenue from operations for FY26 rose 9.3% to ₹2,891.78 crore compared to ₹2,564.57 crore in the previous year. The Board has recommended a final dividend of ₹7.50 per equity share, subject to shareholder approval.

FY26 Financial Performance

The company delivered a robust operational performance, with EBITDA for the year growing 9.7% to ₹587.23 crore from ₹530.51 crore in FY25. The EBITDA margin for the year improved to 20.69% from 20.28% in the prior year. For the fourth quarter of FY26, net profit surged to ₹103.16 crore from ₹47.40 crore in the same period last year, while revenue increased 34.60% to ₹769.20 crore compared to ₹570 crore in Q4 FY25.

Operational Highlights

Ferro chrome production for FY26 reached 267,301 tonnes, up from 260,190 tonnes in FY25, while sales volume increased to 270,124 tonnes. Chrome ore raising achieved a record 810,612 tonnes, including 536,000 tonnes from underground mines. The company successfully completed the acquisition of a 100,000 tonnes per annum ferro chrome facility at Kalinganagar (KNR 2) from Tata Steel Limited for a base consideration of ₹610 crore, which became fully operational in March 2026.

Production Targets and Outlook

Looking ahead, Indian Metals & Ferro Alloys plans to boost ferrochrome output to 400,000 tons in FY27, with a further ramp-up to 475,000–500,000 tons targeted in FY28. The company expects its performance in Q1 FY27 to improve compared to Q4 FY26, with Q2 FY27 anticipated to be similar to Q1 FY27. On the sales mix, the company targets a 60-40 split between exports and domestic sales, with approximately 200,000 tons earmarked for the local market. The following table summarises the key production and cost outlook:

When both KNR 1 and KNR 2 facilities are fully operational, expected from Q4 FY27, the EBITDA cost per ton is anticipated to decrease by ₹3,000–4,000, reflecting the efficiency gains from the expanded capacity.

Strategic Developments

The Greenfield Expansion Project (KNR 1) is on track, with pre-commissioning activities scheduled for June 2026. Upon completion, the total production capacity will exceed 5 lakh tonnes per annum. Additionally, the company is constructing a 120 kLD grain-based ethanol project at Therubali, expected to be commissioned in Q2 FY27. The Board also approved the appointment of Mr. Partha Satpathy as an Additional Director (Independent Director) and M/s S.S. Sonthalia & Co. as Cost Auditors for FY26-27.

Earnings Call Insights

Management provided updates on its renewable energy strategy, confirming a hybrid portfolio of 135 megawatts. This includes 70 megawatts with JSW Energy, expected to flow from July 2026, and 65 megawatts with Enfinity Global, scheduled for June 2027. The company noted that domestic ferrochrome prices are currently in the ₹118,000 to ₹120,000 per ton range, with export realizations exceeding ₹120,000 per ton. Regarding the KNR 2 facility, management reported current production of approximately 6,000 tons per month and highlighted plans to commission a partially built 33 MVA furnace by June 2027 to add 50,000 tons of capacity. The company also clarified that the EBITDA cost reduction benefits will fully materialize once steady-state operations are achieved across both KNR facilities by Q4 FY27.