IMFA Q3 FY26 Earnings Call Transcript Released; Acquisition of Tata Steel Plant on Track
IMFA released its Q3 FY26 earnings call transcript. The company reported robust EBITDA and PAT driven by improved ferrochrome prices. The Kalinganagar greenfield project is on track for June 2026 commissioning. The acquisition of Tata Steel's ferrochrome plant for ₹610 crore is expected to close in February 2026, making IMFA India's largest ferrochrome producer. Capex for FY27 is projected at ₹600 crore.
The acquisition of Tata Steel's ferrochrome plant is a significant strategic move that will alter IMFA's market position, making it the largest ferrochrome producer in India. Progress on the greenfield project and the ethanol plant also contributes to future growth.
The company reported robust financial numbers, progress on key expansion and acquisition projects, and expressed confidence in future pricing and demand, indicating a positive outlook.
Indian Metals & Ferro Alloys Limited (IMFA) has released the transcript of its Q3 FY26 earnings conference call, held on February 6, 2026. The call discussed the company's financial performance for the quarter and nine months ended December 31, 2025.
During the call, management highlighted robust EBITDA and PAT numbers for Q3 FY26, attributed to improved ferrochrome pricing and a continued focus on productivity and efficiency. Production figures for Q3 FY26 included 67,196 tonnes of ferrochrome, 256.17 million units of power, and 265,468 tonnes of chrome ore.
Regarding expansion and acquisition plans, the greenfield project at Kalinganagar (KNR 1) is on track, with the first furnace expected to be commissioned in June 2026. The strategic acquisition of Tata Steel's ferrochrome plant (KNR 2) is nearing completion, with the deal expected to close in February 2026, subject to approvals. This acquisition will position IMFA as India's largest and the world's sixth-largest ferrochrome manufacturer.
The company also provided an update on its ethanol project, which is nearing completion and expected to be commissioned in March 2026, contributing to the top line from April 2027. Management expressed confidence in sustained ferrochrome prices and demand, citing structural shifts in the industry and production constraints in South Africa.
Capex plans include approximately ₹300-odd crores for KNR 1, residual spending on the ethanol project, and around ₹200 crores for mines in FY27. The total planned capex for the next two years is around ₹1,000 crores. The acquisition of the Tata Steel plant, with a base consideration of ₹610 crores plus GST and net working capital, will be funded entirely through internal accruals. The company maintains a strong balance sheet with a comfortable cash position.
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