INDIAN METALS & FERRO

Produces ferro chrome, the alloy used in stainless steel, from captive chrome ore and captive power at its integrated operations in Odisha. In FY26, ferro chrome accounted for 73.7% of segment revenue (₹2,824 crore) and delivered segment EBIT of ₹611.29 crore, while the captive Power and Mining segments contributed 14.2% and 12.0% of segment revenue respectively but operated near break-even. The Q3 FY26 run-rate was 67,196 tonnes of ferro chrome production and 64,802 tonnes of sales at INR118,000–120,000/tonne, supported by 265,468 tonnes of chrome ore raising and 256.17 MU of captive power in that quarter. The business is in the middle of doubling-plus its ferro chrome footprint: it acquired Tata Steel's Kalinganagar ferro chrome plant in February 2026 for ₹861 crore plus ₹25 crore of working capital, and is commissioning the KNR 1 greenfield (first furnace June 2026, total capex ~₹800 crore), with management guiding to ~400,000 tonnes in FY27 and 475,000–500,000 tonnes in FY28 against the current ~265,000-tonne base, eventually reaching 0.5 MTPA. Chrome ore raising is targeted to scale from ~850,000 tonnes in FY26 to 1 million tonnes in FY27 to feed the expanded furnaces, and an ethanol project is due to commission in March 2026 for top-line contribution from FY27. Materials (bought-out chrome ore, reductants and electrodes) are the largest external cost line at 36.8% of revenue, with capex heavy at 47.3% of revenue in FY26.