Indian Metals & Ferro Alloys Limited — PPTs, 08-07-2025: Investor Presentation

1. Financial Highlights:

Revenue stood at ₹2,564.57 Cr in FY25, down slightly from ₹2,780.17 Cr in FY24. EBITDA declined to ₹530.51 Cr (21% margin) from ₹649.83 Cr (23%), while PAT increased to ₹378.09 Cr (14% margin) from ₹363.69 Cr (13%). EPS improved to ₹70.08 from ₹67.41. Free cash flow remained robust at ₹432.69 Cr. The company remains net debt free, supporting strong financial health despite some margin pressure.

2. Strategic Initiatives & Growth Drivers:

IMFA is scaling up ferro chrome production with Phase I (100K TPA) Kalinganagar plant commissioning by mid-2026 and Phase II (200K TPA) already receiving in-principle approval. Chrome ore mining capacity is set to expand to 1.2 Mn TPA by FY31 from current 0.7 Mn TPA. A significant ₹2,050 Cr capex is ongoing across ferro chrome and mining expansions. Renewable power capacity (110 MW) is under execution, targeting operational status by mid-2026. New ethanol production (120 KLD) slated for Q1 FY26 aims to add ₹300 Cr revenue with 8-10% EBITDA margins.

3. Business Developments:

IMFA is diversifying into ethanol production leveraging existing infrastructure, adding value through downstream product exploration. Investments include ₹150 Cr for ethanol and ₹1,000 Cr for the Sukinda underground mining project. The company signed a large renewable energy PPA for 110 MW, strengthening its clean energy footprint.

4. Market Position & Competitive Advantage:

IMFA is India’s leading fully integrated ferro chrome producer, contributing 25% of national production with a cost-competitive, low-debt model. Its vertical integration—spanning mining, power, and production—provides scale and reliability advantages versus non-integrated Indian peers. Focus on renewable power and sustainable operations further enhance its competitive positioning.

5. Investor Implications:

The company’s clear growth trajectory through capacity expansions and diversification into ethanol supports positive growth potential. Robust balance sheet and strong cash flows reduce execution risk, while margin pressures and capex execution warrant monitoring. IMFA’s blend of scale, integration, and sustainability initiatives position it well for long-term value creation.