IMFAIndian Metals & Ferro Alloys Ltd.
Indian Metals & Ferro Alloys Q2 FY27 Results: Consolidated Net Profit ₹148 Crore on Total Income of ₹973 Crore
- Earnings
- Ferro alloys
Reviewed byKeshav SehgalBlacklitt Research
Indian Metals & Ferro Alloys (NSE: IMFA) reported consolidated total income of ₹973.40 crore and net profit of ₹147.76 crore for the quarter ended 30 Sep 2026, it said in a filing on 04 Nov 2026. Standalone total income was ₹974.95 crore and standalone net profit ₹148.77 crore for the same quarter.
Key highlights
Consolidated
Including its subsidiaries
- Total income: ₹973.40 crore, up 36.2% YoY and 6.6% QoQ
- Net profit and EPS: ₹147.76 crore, up 51.5% YoY; basic EPS ₹27.37
- Finance costs: ₹14.46 crore, up 89.0% YoY from ₹7.65 crore
- Net profit margin: 15.18%, against 13.65% in Q2 FY26
Standalone
The company on its own, without its subsidiaries
- Total income: ₹974.95 crore, up 32.4% YoY and 0.3% QoQ
- Net profit and EPS: ₹148.77 crore, up 50.6% YoY; basic EPS ₹27.57
- Other income: ₹6.78 crore, down 61.2% YoY from ₹17.49 crore
- Interim dividend: ₹5 per share, record date 12 Nov 2026
Summary
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 973.40 | 714.48 | +36.2% | 913.36 | +6.6% | |
| Revenue from operations | 968.17 | 718.65 | +34.7% | 960.45 | +0.8% |
| Other income | 5.23 | 15.83 | -67.0% | 12.91 | -59.5% |
| 147.76 | 97.56 | +51.5% | 192.59 | -23.3% | |
| Profit before tax | 198.96 | 130.88 | +52.0% | 258.31 | -23.0% |
| Finance costs | 14.46 | 7.65 | +89.0% | 12.46 | +16.1% |
| Depreciation | 26.90 | 15.19 | +77.1% | 23.41 | +14.9% |
| Tax expense | 51.20 | 33.32 | +53.7% | 65.72 | -22.1% |
| Net profit margin | 15.18% | 13.65% | +1.53 pp | 21.09% | -5.91 pp |
| EPS, basic (₹) | 27.37 | 18.07 | +51.5% | 35.65 | -23.2% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Consolidated net profit rose 51.5% YoY, faster than total income at 36.2%, while profit before tax rose 52.0%.
Against the June quarter, consolidated net profit fell 23.3% while total income rose 6.6%. Tax expense of ₹51.20 crore is 25.7% of profit before tax of ₹198.96 crore, and finance costs of ₹14.46 crore are 1.5% of total income, up from ₹12.46 crore in Q1 FY27.
The consolidated figures include subsidiaries IMFA Alloys Finlease Limited and Metallix Aviation Private Limited and associate Ferro Chrome Producers Private Limited. Net profit attributable to owners of the parent is ₹147.70 crore against ₹147.76 crore for the period.
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 974.95 | 736.14 | +32.4% | 972.42 | +0.3% | |
| Revenue from operations | 968.17 | 718.65 | +34.7% | 960.45 | +0.8% |
| Other income | 6.78 | 17.49 | -61.2% | 11.97 | -43.4% |
| 148.77 | 98.77 | +50.6% | 191.49 | -22.3% | |
| Profit before tax | 199.94 | 131.98 | +51.5% | 256.82 | -22.1% |
| Finance costs | 14.90 | 8.22 | +81.3% | 13.01 | +14.5% |
| Depreciation | 26.98 | 15.19 | +77.6% | 23.41 | +15.2% |
| Tax expense | 51.17 | 33.21 | +54.1% | 65.33 | -21.7% |
| Net profit margin | 15.26% | 13.42% | +1.84 pp | 19.69% | -4.43 pp |
| EPS, basic (₹) | 27.57 | 18.31 | +50.6% | 35.49 | -22.3% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone net profit rose 50.6% YoY, slower than profit before tax at 51.5%. Total income rose 32.4%, with revenue from operations up 34.7% and other income down 61.2%.
Standalone other expenses rose to ₹151.85 crore from ₹121.87 crore a year earlier. The company attributes this to higher production, planned preventive maintenance and a mark-to-market forex impact from the rupee's fall against the dollar, from ₹94.60 per USD at end-Q1 to ₹95.98 at end-Q2 FY27.
Standalone net profit is ₹1.01 crore higher than consolidated net profit. The press release says the Kalinganagar Greenfield Project was inaugurated on 14 Oct 2026 and the first furnace is operational, with hot metal tapping from the second furnace expected soon.
Inference
The Board recommended an interim dividend of ₹5 per equity share of face value ₹10, a 50% rate, with record date 12 Nov 2026 and payment on or before 3 Dec 2026. The Board also approved an investment of ₹25 crore in wholly owned subsidiary Metallix Aviation Private Limited by subscription to equity shares.
The statutory auditor, Walker Chandiok & Co LLP, issued an unmodified limited review report on both sets of results. Note 3 says ₹7.00 crore of R&R compensation was received in the previous financial year, and a land compensation claim is pending before the Coal Tribunal, Talcher; the filing does not say what the outcome of that dispute will be or how it could affect the company.
Filed with BSE on . Reference: Original filing (PDF)
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