Mukul Agrawal-Backed Metal Stock Reports Record Q1 FY27 Results; Revenue Jumps 50% YoY, PAT Surges 109%

On Tuesday, Indian equity benchmark indices traded lower, with the benchmark Nifty 50 index falling 310.85 points, or 1.25 per cent, to 24,463.45. Amid the weak market sentiment, Indian Metals & Ferro Alloys (IMFA) share price fell 1.68 per cent to Rs 1,467.00 despite the company reporting its best-ever quarterly financial performance for the quarter ended June 30, 2026.

Indian Metals & Ferro Alloys Q1 FY27 Results

The company reported revenue from operations of Rs 960.45 crore in Q1 FY27, compared with Rs 641.54 crore in Q1 FY26, registering a 49.71 per cent YoY and 25.83 per cent QoQ growth.

Total income increased to Rs 972.42 crore from Rs 662.68 crore in the corresponding quarter last year, resulting in a 46.74 per cent YoY and 26.26 per cent QoQ growth.

EBITDA surged to Rs 281.27 crore from Rs 125.47 crore in Q1 FY26, registering a 124.17 per cent YoY and 76.80 per cent QoQ growth. EBITDA margin improved to 29.29 per cent from 19.56 per cent in the year-ago quarter.

Profit after Tax (PAT) increased to Rs 191.49 crore from Rs 91.48 crore in Q1 FY26, registering a 109.32 per cent YoY and 85.13 per cent QoQ growth. PAT margin improved to 19.69 per cent from 13.81 per cent in Q1 FY26.

Operational Highlights

The company achieved record ferro chrome production of 80,690 tonnes and sales of 79,268 tonnes during the quarter. Chrome ore production stood at 2,72,555 tonnes, while exports increased to Rs 793.61 crore. Higher production volumes and firm ferro chrome prices supported the company's record quarterly performance.

Expansion and Growth Initiatives

IMFA said its 100,000 TPA KNR-1 Greenfield Ferro Chrome Project remains on track, with the first furnace expected to commence operations in August 2026 and the second furnace likely to be commissioned in September 2026. The company also confirmed that all four furnaces at the KNR-2 facility are now operational.

The company signed a long-term renewable energy offtake agreement for an additional 65 MW hybrid renewable energy capacity with Enfinity Global, taking the share of non-fossil energy to around 40 per cent by mid-2027. In addition, its 120 KLD ethanol project at Therubali is nearing completion, with the trial run expected in October 2026.
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Management Commentary

Commenting on the results, Subhrakant Panda, Managing Director, said, "The record performance during the quarter is on account of higher ferro chrome output, boosted by the strategic acquisition, and firm prices coupled with a continuing focus on operational efficiency. With the Greenfield Project expected to be fully commissioned and stabilised by Q3, we will close out the year with operating SMElting capacity of more than half a million tonnes."

He added, "IMFA is focussed on creating a future-ready, diversified business, and we are confident about the market fundamentals and our own resilience based on a fully integrated, net debt-free business model. Significant investment to increase captive chrome ore raising, double ferro chrome smelting capacity, and pivot to hybrid renewable energy alongside a diversification into ethanol will enable us to deliver superior performance going ahead."

About Indian Metals & Ferro Alloys

Indian Metals & Ferro Alloys Ltd (IMFA) is India's largest fully integrated producer of value-added ferro chrome. The company operates captive chrome ore mines, ferro chrome manufacturing facilities and captive power plants, with a strong export presence and an expanding renewable energy and ethanol business. Mukul Mahavir Agrawal held a 1.07 per cent stake in Indian Metals & Ferro Alloys Limited (IMFA) as of the June 2026 quarter, according to the latest shareholding pattern.

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Disclaimer: The article is for informational purposes only and not investment advice.