Subhrakant Panda, Managing Director, Indian Metals & Ferro Alloys Ltd (IMFA)
Indian Metals & Ferro Alloys Ltd (IMFA) reported a profit after tax of ₹130.67 crore on revenues of ₹702.83 crore for the quarter ended December 31, 2025, marking an 18.59 per cent profit margin. The Bhubaneswar-based ferro chrome producer’s EBITDA stood at ₹164.33 crore with a margin of 23.38 per cent.
The company is set to double its ferro chrome capacity through two initiatives. A greenfield expansion adding 100,000 tonnes per annum capacity at Kalinganagar is on schedule, with the first furnace expected to be commissioned in June 2026. Additionally, IMFA signed agreements in November 2025 to acquire Tata Steel’s ferro chrome plant at Kalinganagar for ₹610 crore, adding 150,000 tpa capacity. The acquisition is pending regulatory approvals and is expected to close in the current quarter.
These expansions will increase IMFA’s total production capacity from 284,000 tpa to 534,000 tpa, positioning it as India’s largest ferro chrome producer. The company produced 67,196 tonnes of ferro chrome in Q3 and sold 64,802 tonnes, with exports accounting for ₹603.15 crore of quarterly revenue.
Managing Director Subhrakant Panda attributed the results to improved realizations and stable operating costs. He indicated plans to increase domestic market exposure as new capacity comes online, while benefiting from reduced production costs due to proximity to captive chrome ore mines at Sukinda and Mahagiri.
The shares of Indian Metals & Ferro Alloys Ltd ended on the NSE today at ₹1,326, up by ₹2.30 or 0.17 per cent.
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Published on February 5, 2026