Indian Metals & Ferro Alloys Limited has informed the Exchange about Transcript
IMFA · price
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IMFA filed the transcript of its Q3 FY26 earnings call. The company reported strong results with EBITDA margins above 23% in Q3 FY26, up from 18-19% in Q2, driven by ferrochrome realizations rising by roughly INR6,000 per tonne. Q3 production stood at 67,196 tonnes of ferrochrome and sales at 64,802 tonnes. Management expects similar EBITDA margins in Q4 as domestic prices have moved back up to INR118,000-120,000 per tonne after a brief dip. The Kalinganagar greenfield project (KNR 1) is on track with first furnace commissioning expected by June 2026. The INR610 crore Tata Steel ferrochrome plant acquisition (KNR 2), adding 99 MVA capacity, is expected to close in February 2026, making IMFA India's largest ferrochrome producer. Ethanol project commissioning pushed to March 2026. Ore raising is targeted at 850,000 tonnes in FY26 and 1 million tonnes in FY27. Total capex of INR1,000 crores is planned over the next two years.
The 400 basis points EBITDA margin expansion and visibility of similar margins in Q4, combined with capacity addition through both the greenfield project and Tata Steel acquisition, signals strong earnings growth ahead. The acquisition will significantly boost scale and market position. Short-term positive momentum is likely as the deal closure nears in February 2026, while the stock remains a key play on the global ferrochrome supply-demand tightness.