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Indian Metals & Ferro Alloys Q2 FY27 results: net profit up 51.5% to ₹147.76 crore, revenue up 34.7%
Indian Metals & Ferro Alloys Limited reported consolidated revenue of ₹968.17 crore and a net profit of ₹147.76 crore for Q2 FY27, up 34.7% and 51.5% year on year. EBITDA rose 69.8% to ₹234.87 crore and margin expanded to 24.3%, although profit and margin fell from Q1 FY27.
Key points
- Consolidated revenue was ₹968.17 crore in Q2 FY27, up ₹249.52 crore or 34.7% from Q2 FY26.
- EBITDA was ₹234.87 crore, up ₹96.54 crore or 69.8% year on year, with margin rising 5.1 percentage points to 24.3%.
- Net profit was ₹147.76 crore, up ₹50.20 crore or 51.5%, while basic EPS increased ₹9.30 to ₹27.37.
- Against Q1 FY27, revenue rose ₹7.72 crore, but EBITDA fell ₹46.40 crore and net profit declined ₹44.83 crore.
- H1 FY27 revenue was ₹1,928.62 crore and net profit was ₹340.35 crore, up 41.8% and 79.0% respectively.
How did Indian Metals & Ferro Alloys perform in Q2 FY27?
Indian Metals & Ferro Alloys reported consolidated revenue of ₹968.17 crore for Q2 FY27, up ₹249.52 crore or 34.7% from ₹718.65 crore in Q2 FY26. EBITDA rose ₹96.54 crore or 69.8% to ₹234.87 crore, lifting margin by 5.1 percentage points to 24.3%. Profit before tax was ₹198.96 crore and net profit was ₹147.76 crore, after tax of ₹51.20 crore.
Basic EPS increased ₹9.30 to ₹27.37 from ₹18.07 a year earlier. Against Q1 FY27, revenue rose ₹7.72 crore or 0.8% to ₹968.17 crore, but EBITDA fell ₹46.40 crore or 16.5% to ₹234.87 crore. Net profit declined ₹44.83 crore or 23.3% to ₹147.76 crore, while basic EPS fell ₹8.28 to ₹27.37.
On the standalone basis, revenue was ₹968.17 crore and profit for the period was ₹148.77 crore, against profit before tax of ₹199.94 crore in the filing. The board approved the unaudited standalone and consolidated results for the quarter and half year ended 30 September 2026.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 968.17 | 960.45 | 718.65 | +34.7% | +0.8% |
| Other income | 5.43 | 12.91 | 15.83 | −65.7% | −57.9% |
| Total expenses | 774.64 | 715.05 | 603.60 | +28.3% | +8.3% |
| EBITDA | 234.87 | 281.27 | 138.33 | +69.8% | −16.5% |
| EBITDA margin | 24.3% | 29.3% | 19.2% | +5.1 pp | −5.0 pp |
| Profit before tax | 198.96 | 258.31 | 130.88 | +52.0% | −23.0% |
| Tax | 51.20 | 65.72 | 33.32 | +53.7% | −22.1% |
| Net profit | 147.76 | 192.59 | 97.56 | +51.5% | −23.3% |
| EPS (₹) | 27.37 | 35.65 | 18.07 | +51.5% | −23.2% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Indian Metals & Ferro Alloys' costs and profit?
Total expenses increased ₹171.04 crore or 28.3% year on year to ₹774.64 crore. Cost of materials was ₹386.24 crore, up ₹131.84 crore or 51.8%, while other expenses rose ₹92.31 crore or 38.8% to ₹330.28 crore. Employee cost increased ₹13.79 crore or 22.6% to ₹74.68 crore, finance costs rose ₹6.27 crore or 77.5% to ₹14.36 crore, and depreciation increased ₹11.79 crore or 77.6% to ₹26.98 crore.
Other income declined ₹10.40 crore or 65.7% to ₹5.43 crore. Tax expense increased ₹17.88 crore or 53.7% to ₹51.20 crore, while profit before tax rose ₹68.08 crore or 52.0% to ₹198.96 crore. There was no exceptional item in the quarter.
Against Q1 FY27, total expenses rose ₹59.59 crore or 8.3%, led by other expenses increasing ₹54.97 crore and cost of materials increasing ₹35.52 crore. Other income fell ₹7.48 crore, while tax expense declined ₹14.52 crore; EBITDA fell ₹46.40 crore and net profit fell ₹44.83 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 386.24 | 254.40 | +131.84 | +51.8% |
| Employee cost | 74.68 | 60.89 | +13.79 | +22.6% |
| Finance costs | 14.36 | 8.09 | +6.27 | +77.5% |
| Depreciation | 26.98 | 15.19 | +11.79 | +77.6% |
| Other expenses | 330.28 | 237.97 | +92.31 | +38.8% |
| Total expenses | 774.64 | 603.60 | +171.04 | +28.3% |
| Other income | 5.43 | 15.83 | −10.40 | −65.7% |
| Tax | 51.20 | 33.32 | +17.88 | +53.7% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For H1 FY27, consolidated revenue was ₹1,928.62 crore, up ₹568.43 crore or 41.8% from ₹1,360.19 crore in H1 FY26. Total income rose ₹548.95 crore or 39.3% to ₹1,946.96 crore, and profit before tax increased ₹200.68 crore or 78.2% to ₹457.27 crore.
Net profit for the first half was ₹340.35 crore, up ₹150.25 crore or 79.0% from ₹190.10 crore. Basic EPS increased ₹27.85 or 79.2% to ₹63.02 from ₹35.17.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 1,929 | 1,360 | +41.8% |
| Profit before tax | 457.27 | 256.59 | +78.2% |
| Net profit | 340.35 | 190.10 | +79.0% |
| EPS (₹) | 63.02 | 35.17 | +79.2% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹5,015.68 crore, compared with ₹4,316.53 crore on 31 March 2026, while total equity rose to ₹3,011.23 crore from ₹2,726.37 crore. Borrowings increased to ₹1,209.70 crore from ₹923.69 crore and cash to ₹65.97 crore from ₹34.23 crore.
Inventories increased to ₹964.62 crore from ₹815.34 crore, trade receivables to ₹242.40 crore from ₹239.05 crore, and trade payables to ₹430.77 crore from ₹276.91 crore. In H1 FY27, operating cash flow was ₹326.63 crore, compared with ₹330.87 crore in H1 FY26, while capital expenditure was ₹393.36 crore against ₹262.67 crore.
Investing cash flow was negative ₹513.00 crore in H1 FY27, compared with negative ₹328.72 crore a year earlier, and financing cash flow was ₹218.11 crore against ₹3.56 crore. The company’s board also approved a ₹25 crore investment in wholly owned subsidiary Metallix Aviation Private Limited.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 5,016 | 4,317 |
| Total equity | 3,011 | 2,726 |
| Borrowings | 1,210 | 923.69 |
| Cash and equivalents | 65.97 | 34.23 |
| Inventories | 964.62 | 815.34 |
| Trade receivables | 242.40 | 239.05 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 326.63 | 330.87 |
| Cash from investing | −513 | −328.72 |
| Cash from financing | 218.11 | 3.56 |
| Capital expenditure | 393.36 | 262.67 |
Source: Company's results filing (XBRL).
How has Indian Metals & Ferro Alloys done over the last 8 quarters?
Revenue rose year on year in each of the last five quarters, while profit rose year on year in each of the last four quarters. In the available series, revenue bottomed at ₹567.15 crore in Q4 FY25 and peaked at ₹968.17 crore in Q2 FY27.
Net profit bottomed at ₹47.40 crore in Q4 FY25 and reached its peak of ₹192.59 crore in Q1 FY27 before falling to ₹147.76 crore in Q2 FY27. EBITDA margin bottomed at 12.4% in Q4 FY25, peaked at 29.3% in Q1 FY27 and eased to 24.3% in Q2 FY27.
Which businesses drove the quarter?
Ferro alloys remained the principal reported business, generating revenue of ₹967.65 crore in Q2 FY27, up 34.8% from ₹718.07 crore in the year-ago quarter. Segment EBIT rose to ₹220.49 crore from ₹146.55 crore, with an EBIT margin of 22.8%.
Power segment revenue fell 12.7% to ₹133.14 crore from ₹152.57 crore, while EBIT was negative ₹0.65 crore compared with negative ₹1.27 crore. Mining revenue increased 49.9% to ₹159.41 crore from ₹106.37 crore, and EBIT was ₹0.73 crore against negative ₹1.92 crore.
Others revenue declined 18.3% to ₹0.49 crore from ₹0.60 crore, with EBIT of negative ₹1.98 crore compared with negative ₹1.10 crore. Segment figures reported for the reported businesses cover ferro alloys, power, mining and others.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Ferro alloys | 967.65 | +34.8% | 220.49 | 22.8% |
| Power | 133.14 | −12.7% | −0.65 | -0.5% |
| Mining | 159.41 | +49.9% | 0.73 | 0.5% |
| Others | 0.49 | −18.3% | −1.98 | -404.1% |
Source: Company's results filing (XBRL segment data).
What did Indian Metals & Ferro Alloys' management say?
Management said Q3 margins may tighten because of softer ferrochrome prices and higher metallurgical coke costs, while it expected volume to offset the pressure. It identified startup inefficiencies, royalties, underground-ore mix, a prolonged severe monsoon affecting open-cast ore raising, and faster South African recovery as risks. Management also said the first 70MW renewable tranche was expected by end-November 2026.
Managing Director Shubhakant Panda said: “We are still seeing a per ton EBITDA of about twenty-eight thousand rupees in this quarter, which is, which is significantly above our long-term average.” He also said: “But net net we will you know we will be producing twenty thousand tons of low carbon ferrochrome, which has a significantly higher price per ton and and margins.” No analyst concerns were recorded.
How did Indian Metals & Ferro Alloys shares react?
Indian Metals & Ferro Alloys rose 4.3% within five minutes of the filing appearing, then was up 2.8% after 15 minutes and 1.3% after 30 minutes. The stock closed the reaction day up 3.5% from its pre-results close, and by the next day’s close it was up 3.9% from that close. The industry median moved 2.1% on the reaction day and was down 0.9% by the next day’s close.
Earlier reaction-day moves were mixed: the stock fell 1.6% on 4 August 2026, 0.6% on 27 May 2026 and 0.5% on 5 February 2026, rose 1.2% on 4 November 2025 and fell 1.2% on 30 July 2025. The largest move in the supplied history was a fall of 13.4% on 29 January 2025, while the stock rose 8.0% on 7 November 2024.
| After the filing | Stock | Ferro & Silica Manganese median |
|---|---|---|
| 5 minutes | +4.3% | |
| 15 minutes | +2.8% | |
| 30 minutes | +1.3% | |
| Reaction day | +3.5% | +2.1% |
| Next day | +3.9% | −0.9% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 4 August 2026 | −1.6% |
| 27 May 2026 | −0.6% |
| 5 February 2026 | −0.5% |
| 4 November 2025 | +1.2% |
| 30 July 2025 | −1.2% |
| 21 May 2025 | −4.2% |
| 29 January 2025 | −13.4% |
| 7 November 2024 | +8.0% |
Source: MarketPing price-reaction measurement.
Quick answers
What was Indian Metals & Ferro Alloys' revenue in Q2 FY27?
Revenue from operations was ₹968.17 crore, up 34.7% from ₹718.65 crore in Q2 FY26 (consolidated).
Did Indian Metals & Ferro Alloys make a profit in Q2 FY27?
Yes. Net profit was ₹147.76 crore, against a net profit of ₹97.56 crore in Q2 FY26.
What was Indian Metals & Ferro Alloys' EPS in Q2 FY27?
Basic earnings per share were ₹27.37, against ₹18.07 in Q2 FY26.
How did Indian Metals & Ferro Alloys shares react to the Q2 FY27 results?
On the reaction day the stock moved +3.5% from the previous close; the median Ferro & Silica Manganese stock moved +2.1%.
When did Indian Metals & Ferro Alloys announce its Q2 FY27 results?
On 4 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Board Meeting And Intimation Of Record Date (BSE, 28 October 2026) · PDF
- Unaudited Financial Result For The Quarter Ended 30Th September 2026 (BSE, 4 November 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting (BSE, 4 November 2026) · PDF
- Record Date For Interim Dividend Is 12Th November 2026 (BSE, 4 November 2026) · PDF
- Announcement under Regulation 30 (LODR)-Acquisition (BSE, 4 November 2026) · PDF
- The earnings call (4 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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