Indian Metals & Ferro Alloys Limited (IMFA) Financial Results —

Investor Takeaways

PAT increased from ₹47 crores to ₹103 crores YoY in Q4 FY26

Renewable energy capacity signed at 135 MW

KNR 2 utilization at 70% with 50,000-ton capacity addition

EBITDA synergies of ₹3,000-4,000/ton expected post-Nov-Dec 2026

FX hedging losses of ₹28 crores booked despite ₹3 crores actual loss

Overall Tone: Neutral

Key Financial Highlights

Metric	Value	YoY Change
Revenue	Not available	N/A
Net Profit	[amount context mismatch] Cr	Increased from ₹47 Cr YoY
EBITDA	Not available	N/A
EPS	Not available	N/A
OPM	Not available	N/A

What Changed

The filing reveals a significant YoY improvement in profitability with PAT rising from ₹47 crores to ₹103 crores in Q4 FY26. This growth is attributed to higher production volumes and improved realizations, though cost pressures from royalty and coal remain. The company has signed renewable energy capacity of 135 MW to reduce long-term energy costs, with projects scheduled to begin power supply in July 2026 (70 MW) and June 2027 (65 MW). KNR 2 furnace utilization stands at 70% with 50,000-ton capacity addition, targeting EBITDA synergies of ₹3,000-4,000/ton post-Nov-Dec 2026. FX hedging resulted in a ₹28 crore loss despite actual losses being only ₹3 crores. FY27 capex is planned at ₹450 crores and FY28 at ₹700 crores, with renewable energy expected to cover 35-40% of consumption by FY28. Export share is projected to decline from 90% to 60-40% by next year.

Peer Comparison

Company	P/E	ROE	ROCE	Market Cap (₹ Cr)
IMFA	19.07	Not available	Not available	7,966.32
Adani Enterprises	34.61	11.54%	9.63%	3,50,878.2
JSW Steel	41.9	9.37%	10.23%	3,12,724.65
Tata Steel	29.46	10.06%	10.86%	2,70,692.8

IMFA trades at a lower P/E multiple compared to peers, suggesting potential relative valuation advantage, though peers have higher market capitalizations.

Risks & Concerns

FX hedging losses of ₹28 crores booked despite actual losses of ₹3 crores

Cost pressures from royalty and coal persist

KNR 2 stabilization delayed until late 2026, with EBITDA synergies expected only post-Nov-Dec 2026

Quarterly Trend

[Not included – quarterly trend data provided does not align with the filing’s Q4 FY26 timeframe and contains inconsistent metrics (e.g., Q4FY24 profit of ₹63.57 Cr contradicts the reported Q4 FY26 PAT of ₹103 Cr; the filing references Q4 FY26, not FY24)]

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