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

Indian Metals & Ferro Alloys (IMFA) saw Q4 ferrochrome average realization dip to ~INR87,000/ton from ~INR97,000 in Q3 due to weak global demand; EBITDA cost stood at ~INR77,000/ton. Record chrome ore output surpassed 7 lakh tons, with Kalinganagar expansion ramping up to ~50,000-60,000 tons in FY27. FY26 capex is INR800-900 Cr, including the expansion and ethanol project. The company is adding 110 MW hybrid renewable power, supporting cost competitiveness and sustainability. Ferrochrome prices show early recovery with spot near INR1 lakh/ton; exports remain 90-95% of sales. Management is cautious but optimistic on FY26 growth, citing stainless steel demand, supply rationalization, and operational efficiency as key drivers.