Indian Metals & Ferro Alloys (IMFA) announced strong Q3 FY26 results, driven by improved realisations and stable operating costs. Q3 FY26 revenue stood at ₹702.83 cr, with an EBITDA of ₹164.33 cr. The company’s greenfield expansion at Kalinganagar and strategic acquisition are progressing as planned, expected to significantly increase FeCr capacity. Commissioning of the first furnace is expected in June 2026.
Financial Performance Highlights
IMFA reported a strong financial performance for Q3 FY26:
- Revenue: ₹702.83 cr
- EBITDA: ₹164.33 cr
- EBITDA Margin: 23.38%
- PAT: ₹130.67 cr
- PAT Margin: 18.59%
- EPS: ₹24.22
- Exports: ₹603.15 cr
Comparative financial performance:
| Performance Indicators | Q3 FY26 | Q2 FY26 | Q3 FY25 | YTD Dec 25 | YTD Dec 24 |
| Revenue | 702.83 | 718.65 | 643.22 | 2063.02 | 1997.42 |
| EBITDA | 164.33 | 138.34 | 128.15 | 428.14 | 459.99 |
| PAT | 130.67 | 98.77 | 93.14 | 320.92 | 331.02 |
| Exports | 603.15 | 603.96 | 568.52 | 1763.37 | 1848.41 |
Operational Performance
Key operational highlights for the period:
| Performance Indicators | Q3 FY26 | Q2 FY26 | Q3 FY25 | YTD Dec 25 | YTD Dec 24 |
| Ferro Chrome production (Tonnes) | 67,196 | 65,671 | 65,865 | 198,795 | 195,089 |
| Ferro Chrome sales (Tonnes) | 64,802 | 69,765 | 65,490 | 201,147 | 195,476 |
| Power generation (Million Units) | 256 | 309 | 254 | 844 | 807 |
| Chrome Ore raising (Tonnes) | 265,468 | 169,615 | 174,515 | 538,862 | 481,615 |
Strategic Developments & Expansion
- Definitive agreements signed on November 4, 2025, to acquire Tata Steel Limited’s ferro chrome plant at Kalinganagar. The base consideration is ₹610 crores. Transfer of ownership is expected in Q4 FY26.
- The 100,000 tpa greenfield expansion at Kalinganagar is on track; the first furnace is expected to be commissioned in June 2026.
- The ethanol project at Therubali is progressing, with commissioning expected in March 2026.
Management Commentary
Mr. Subhrakant Panda, Managing Director, stated that IMFA delivered robust Q3 FY26 results due to improved realisations and stable operating costs. The expansion project at Kalinganagar is expected to commission by June 2026, positioning IMFA as the country’s largest producer of ferro chrome.
Mr. Panda added that IMFA intends to increase exposure to the domestic market and reduce the blended cost of production.
Source: BSE
