Indian Metals & Ferro Alloys Limited — Investor Meet, 29-05-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Indian Metals & Ferro Alloys reported Q4 with ferrochrome realization at INR87,000/ton, down from INR96,943, pressuring margins despite a 12% revenue decline. EBITDA cost per ton improved slightly due to lower chrome ore and met coke costs. The Kalinganagar expansion is on track for June 2026 with 50,000–60,000 ton output expected in FY27. FY26 capex is INR800–900 Cr covering furnace expansion and a 120 KLD ethanol project. Energy costs are being stabilized via 110 MW hybrid renewable PPAs. Ferrochrome prices bottomed in Q4 and rebounded to ~INR1 lakh/ton in early Q1 FY26, supported by better stainless steel demand and supply cuts from South Africa. Management is focused on operational efficiencies and expects steady margin recovery with a cautiously optimistic outlook.