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What the record says.
Indian Metals and Ferro Alloys reported a strong Q4 FY26 with PAT surging to ₹103 crore from ₹47 crore YoY, driven by higher realizations (~₹1,09,000/ton vs ₹87,000/ton) and the initial contribution from the K&R2 acquisition (2,200 tons). Production reached 68,500 tons, including K&R2 output. Management highlighted robust demand, a pivot towards domestic sales (targeting 60:40 export:domestic mix), and cost-saving initiatives including hybrid renewable energy tie-ups (135 MW) and fresh coal linkages expected to reduce costs by ₹4-500/ton from H2 FY27. Guidance indicates Q1 FY27 will be better than Q4, with output rising to ~80,000 tons and prices elevated. Risks include potential South African ferrochrome capacity restart pressuring prices and startup costs at new facilities.
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Guidance to track
- Management expects total ferrochrome output to reach approximately 400,000 tons in FY27, up from 265,000 tons in FY26, driven by K&R1 and K&R2 ramp-up.
- Q1 FY27 sales volume is expected to be around 80,000 tons, compared to the normal 65,000-67,000 tons per quarter, due to K&R2 contribution.
- Once K&R1 and K&R2 reach steady state operations (expected by Q4 FY27), weighted average EBITDA cost is expected to reduce by ₹3,000-4,000 per ton due to logistics synergies.
- Management targets 35-40% of total energy consumption from renewable sources by FY28, supported by 135 MW hybrid renewable capacity.
Risks flagged
- If South Africa approves a special power tariff of 62 cents/kWh for ferrochrome producers, it could restart idled capacity, increasing global supply and pressuring prices.
- K&R1 and K&R2 ramp-up involves heating periods, discom power costs, and fixed charges for transmission corridor, which may temporarily impact margins.
- The company hedges 25-30% of forex exposure; sharp rupee depreciation led to a notional MTM loss of ~₹28 crore in Q4, which could reverse if rupee appreciates.
- Input costs for met coke and thermal coal remain volatile; any sharp increase could offset cost reduction benefits from renewable energy and coal linkages.
Key quotes
- We are looking to pivot towards more domestic sales and some of that was evident in Q4 itself.
- If ferocrome production in South Africa ticks up and Chinese feroc production doesn't go down then you will certainly see pressure on prices.
- We are confident about industry fundamentals, about our own resilience and cost structure, and we will keep an eagle's eye on operational efficiency.
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