Indian Metals & Ferro Alloys Limited (IMFA) has released the transcript of its investor/analyst call held on May 27, 2026, concerning the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026. The call featured insights from Managing Director Mr. Subhrakant Panda and CFO Mr. Saunak Gupta. During the call, Mr. Panda highlighted a strong operational performance in Q4 FY26, with production reaching approximately 68,500 tons, including output from the recently acquired KNR 2 facility. Realizations were substantially higher compared to the previous year, leading to a significant jump in Profit After Tax (PAT) from ₹47 crore to ₹103 crore. Costs saw a marginal increase due to higher royalty on chrome and elevated thermal coal prices. IMFA is expanding its renewable energy portfolio, with 70 MW from JSW Energy expected by July 2026 and an additional 65 MW from Enfinity Global by June 2027, bringing the total hybrid renewable energy capacity to 135 MW. Project updates include the KNR 1 greenfield project, which is on track, with cold trials and pre-commissioning activities starting around May 30, 2026, and furnace switch-on expected around July 10-15, 2026. The ethanol project is also on schedule, with commissioning in Q2 FY27 and output expected by late August. Regarding market outlook, IMFA noted stable stainless steel demand globally, though ferrochrome output saw a decline. The company plans to pivot towards more domestic sales, aiming for a 60-40 export-domestic split from the current 90-10. Capex for FY27 is estimated at ₹450 crore, to be managed through internal accruals and a ₹170 crore unutilized term loan. For FY28, ongoing capex, primarily for mines, is expected, with a substantial portion allocated to that year. The company also discussed its hedging policy, noting that while mark-to-market losses on forex hedging were recorded due to rupee depreciation, overall foreign exchange earnings embedded in revenue remain positive. The benefits of operational synergies from the KNR complex (KNR 1 and 2) are expected to materialize fully by Q4 FY27, leading to a reduction in EBITDA cost per ton.
