Indian Metals & Ferro Alloys Limited shareholders approved all five resolutions placed before them at its 64th Annual General Meeting (AGM) held on August 4, 2026. The meeting, conducted via Video Conferencing/Other Audio-Visual Means (VC/OAVM), saw the adoption of audited financial statements for FY26, confirmation of interim and declaration of final dividends, and the reappointment of director Bijayananda Mohapatra. The voting results, verified by scrutinizer Sourjya Prakash Mohapatra of R K P Associates, indicate strong shareholder support for management’s proposals, with over 99% approval for financial and dividend matters.

The AGM commenced at 3:00 PM IST and concluded at 3:40 PM IST. Of the 52,372 shareholders on record as of July 28, 2026, 47 participated in the meeting through VC/OAVM, comprising three promoters and 44 public shareholders. Remote e-voting was facilitated via the National Securities Depository Limited (NSDL) portal from July 31, 2026, to August 3, 2026. Dr Barada Kanta Mishra, Chairman, presided over the proceedings, while Smruti Ranjan Ray, Company Secretary & Compliance Officer, managed compliance aspects under Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Voting Results by Resolution

All resolutions were passed with the requisite majority. The promoter group, holding 31,663,712 shares, voted unanimously in favor of the first four resolutions but abstained from voting on the fifth resolution regarding remuneration enhancement. Public institutional investors showed significant opposition to the reappointment of Bijayananda Mohapatra, voting against it by 80.89%, though the resolution still passed due to overwhelming support from non-institutional public shareholders.

Key Governance Developments

The reappointment of Mr Bijayananda Mohapatra (DIN: 09489095), who retires by rotation, was approved with 97.32% support. While promoters voted entirely in favor, public institutions voted against the resolution with 80.89% opposition. However, non-institutional public shareholders supported the move with 99.85% approval, ensuring the resolution’s passage. This divergence highlights differing views between institutional and retail investors on board continuity.

Shareholders also approved the enhancement in remuneration payable to Mrs Shaifalika Panda, Chief of CSR. This special business item received 99.51% support overall. Promoters abstained from voting on this resolution, likely due to conflict of interest or policy guidelines. Public institutions supported it with 96.75% approval, while non-institutional shareholders backed it with 99.99% support.

What the Numbers Show

The near-unanimous approval of financial statements and dividend declarations underscores shareholder confidence in the company’s fiscal health for FY26. The significant opposition from public institutions to the reappointment of Bijayananda Mohapatra warrants monitoring, as it may reflect broader concerns about board composition or governance practices among larger investors. Meanwhile, the high support for CSR remuneration enhancement suggests alignment with stakeholder expectations on corporate social responsibility leadership compensation.

Indian Metals & Ferro Alloys Limited reported a standalone net profit of ₹191.49 crore for the quarter ended June 30, 2026 (Q1FY27), marking a 109% year-on-year increase from ₹91.48 crore in Q1FY26. The surge was driven by a 49.71% rise in revenue from operations to ₹960.45 crore, supported by higher ferro chrome production volumes and firm average realizations. This strong performance underscores the company’s operational leverage and improved cost efficiency in a favorable market environment, delivering significant value to shareholders through enhanced earnings per share.

The Board of Directors approved the unaudited financial results on August 4, 2026. Statutory auditors Walker Chandiok & Co LLP issued a limited review report confirming compliance with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The results were prepared in accordance with Indian Accounting Standard 34 (Ind AS 34) under section 133 of the Companies Act, 2013. In addition to financial approvals, the Board reconstituted the Audit, Stakeholders Relationship, Risk Management, and Finance Committees effective August 5, 2026.

Financial Performance Highlights

On a consolidated basis, net profit stood at ₹192.59 crore compared to ₹92.54 crore in Q1FY26, while revenue came in at ₹973.36 crore versus ₹663.53 crore in the year-ago period. Earnings per share (basic) rose to ₹35.49 from ₹16.96 in the previous year. Total income increased to ₹972.42 crore from ₹662.68 crore, while total expenses rose to ₹679.18 crore from ₹516.07 crore. Exports contributed significantly to the revenue growth, reflecting strong international demand.

Operational Highlights

Ferro chrome production reached 80,690 tonnes in Q1FY27, exceeding 80,000 tonnes for the first time, compared to 65,929 tonnes in Q1FY26. Sales volume was 79,268 tonnes against 66,580 tonnes in the prior year. Average realization per tonne of ferro chrome increased to ₹119,888 from ₹95,165 in Q1FY26. Chrome ore raising surged to 272,555 tonnes from 103,780 tonnes, supporting backward integration benefits. Power generation stood at 289 million units.

Strategic Developments

The KNR-2 acquisition is fully integrated, with all four furnaces operational; approximately 14,000 tonnes were dispatched from this plant in Q1FY27. The greenfield KNR-1 project is nearing completion, with Consent to Operate and Factory License received. Hot metal tapping from the first furnace is expected in late August 2026, with the second furnace likely to be commissioned in September 2026. Upon stabilization by Q3FY27, total operating smelting capacity will exceed 500,000 tonnes annually.

Additionally, IMFA signed a long-term offtake arrangement with Enfinity Global for an additional 65 MWp hybrid renewable energy, expected by June 2027. This increases contracted renewable capacity from 70 MW to 135 MW, aiming for approximately 40% non-fossil energy consumption by mid-next year. The 120 kLD ethanol plant at Therubali is in advanced mechanical erection, with trial runs expected in October 2026 despite delays from geopolitical and monsoon disruptions.

Corporate Governance Updates

The Board appointed Mr Sanjaya Kumar Satapathy as Chief Human Resources Officer and Mr G V Rakesh as Senior General Manager-Manufacturing (FA) & EIC, Therubali, as Senior Management Personnel effective August 4, 2026. Mr Satapathy brings over 26 years of HR leadership experience, while Mr Rakesh offers 33 years in mining and ferro alloys manufacturing. The Board also approved a draft Postal Ballot Notice seeking shareholder approval for the appointment of Dr Deepak Kumar Mohanty as Non-Executive Independent Director and an enhancement in commission payments to Independent Directors for FY27 onwards.

What the Numbers Show

The disproportionate rise in net profit compared to revenue growth indicates significant margin expansion. While revenue grew by nearly 50%, net profit more than doubled, driven by a combination of higher volumes and a 26% increase in average realizations per tonne. The EBITDA margin widened by 973 basis points to 29.29%, suggesting that cost efficiencies and favorable pricing outweighed the rise in EBITDA cost per MT, which increased to ₹85,884 from ₹77,575 in Q1FY26. The surge in chrome ore raising supports the company’s backward integration strategy, reducing dependency on external raw material supply.