Indian Metals & Ferro Alloys Limited (IMFA) has successfully concluded a postal ballot process, resulting in the reappointment of two key executives to their leadership positions. The company announced that shareholders have approved new three-year terms for Mr. Baijayant Panda as Vice Chairman and Mr. Subhrakant Panda as Managing Director, effective October 28, 2024.

Leadership Reappointments

The postal ballot, which included an e-voting process from August 14 to September 12, 2024, saw both resolutions passed as special resolutions with the requisite majority. The reappointments reflect the company's commitment to maintaining stability in its top management.

Compensation Package

Both Mr. Baijayant Panda and Mr. Subhrakant Panda will receive a substantial compensation package, including:

• Monthly salary of Rs. 50.00 lakh each
• Comprehensive benefits such as:
  • Accommodation
  • Company car
  • Club membership fees
• Performance-based commission up to 3% of net profits

Voting Process

The e-voting process was conducted under the scrutiny of CA Sourjya Prakash Mohapatra, who served as the scrutinizer for the postal ballot. IMFA has stated that detailed voting results and the scrutinizer's report will be provided separately, ensuring transparency in the reappointment process.

Company Outlook

The reappointment of both Mr. Baijayant Panda and Mr. Subhrakant Panda for three-year terms signals confidence in the current leadership and suggests a continuation of the company's existing strategies and vision. Shareholders and industry observers will likely be watching closely to see how this leadership stability impacts IMFA's performance and strategic direction in the coming years.

Indian Metals & Ferro Alloys Limited, a key player in the metals and ferro alloys sector, continues to demonstrate its commitment to corporate governance through this transparent voting process and timely disclosure of leadership changes.

Indian Metals & Ferro Alloys Limited (IMFA), India's leading fully integrated ferrochrome producer, reported sequential improvement in revenue and margins for the quarter ended June 30, 2025. The company's performance was primarily driven by ferrochrome price recovery and cost optimization initiatives.

Key Operational Highlights

Financial Performance

IMFA maintained a robust financial position with a net debt-free balance sheet as of June 30, 2025. The company's focus on operational efficiency improvements and cost optimization initiatives contributed to the sequential growth in revenue and margins.

Expansion Plans

IMFA's greenfield ferrochrome expansion project at Kalinganagar remains on track, with the first furnace expected to be operational by June 2026 and the second furnace by September 2026. The company is also progressing with its underground mining expansion at Sukinda.

Market Strategy

With the upcoming capacity expansion, IMFA plans to shift its focus towards the domestic market. Currently exporting about 90% of its production, the company aims to increase its domestic market share, potentially reducing the export ratio as new capacity comes online.

Industry Outlook

The stainless steel industry in India is growing at a healthy CAGR of around 6%. IMFA sees this as an opportunity to cater more to the domestic market, especially with the reduction in ferrochrome production by some other players in India.

Niche Products

IMFA has started producing niche products such as low-silicon, low-phosphorus ferrochrome with high chromium content. These value-added products currently represent about 5-6% of the company's total capacity, with premiums ranging from Rs. 4,000 to Rs. 20,000 per ton.

Challenges and Opportunities

The early arrival of monsoon impacted chrome ore production in Q1 FY26, with production at 104,000 tons compared to 220,000 tons in Q4 FY25. However, the company maintains sufficient inventory levels and plans to ramp up production in Q3 and Q4.

IMFA's management remains cautiously optimistic about the future, citing geopolitical uncertainties and potential changes in the global ferrochrome market, including possible export taxes on chrome ore from South Africa.

Conclusion

As IMFA continues to focus on operational excellence and strategic expansion, the company is well-positioned to capitalize on the growing domestic stainless steel market while maintaining its strong presence in the global ferrochrome industry.