Indian Metals and Ferro Alloys Q1FY26 Financial Results Update

Period: April 1 – June 30, 2025
Date of Release: July 30, 2025

Performance Highlights

Positives
Strong Sequential Recovery: Revenue, EBITDA, and PAT all improved sharply vs Q4 FY25, indicating a turnaround in pricing and operations.

Improved Realizations: Higher ferrochrome prices in Q1 FY26 supported margins despite cost pressures.

Operational Efficiency: Both production and sales volumes remained steady or improved vs Q1 FY25.

Export Rebound: 17% Q-o-Q rise in export revenues shows better international traction.

Balance Sheet Strength: The company remains long-term debt-free, enhancing flexibility and investor confidence.

Challenges
Y-o-Y Decline in Profits & Margins: Despite better performance Q-o-Q, the company is still below the Q1 FY25 benchmark.

Chrome Ore Raising Dropped Significantly: Possibly due to mine development, but this may affect internal raw material supply.

Global & Domestic Demand Still Subdued: MD’s commentary confirms that demand recovery is gradual, with supply chain challenges.

– Industry Outlook
Global ferrochrome prices showed early recovery in Q1.

Trade normalization is expected as tariff-related uncertainties settle.

Supply constraints from non-integrated players and global cutbacks may support baseline pricing ahead.

Expansion Capex (Kalinganagar, Sukinda, ethanol) remains on track, with benefits expected from mid-FY26 onward.

Investor Take aways
Q1 FY26 reflects a quarter of transition, with:

Improved pricing and profitability Q-o-Q,

A stable production base, and

A cautiously optimistic tone on demand revival and exports.

While YoY numbers are still under pressure, management’s cost focus, zero debt, and forward-looking capacity expansions offer confidence
for the medium-term.

Earnings call Details
Date: 31 July 2025
Time: 4:00 PM IST

Management Participants:
• Mr. Bijayananda Mohapatra – Whole-time Director & COO
• Mr. Saunak Gupta – Chief Financial Officer
• Mr. Binoy Agarwalla – Head, Power Business Unit
• Mr. Sandeep B. Narade – Head, Mines Business Unit
• Mr. Ch. Suresh Babu – Head, Ferro Alloys Business Unit
• Mr. M Venkatesh, Head Sales & Marketing – Ferro Alloys Business Unit

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