IMFA consolidated PAT surges 108% YoY to ₹192.6 Cr on record margins in Q1 FY27

IMFA's consolidated revenue hit a record ₹960.45 Cr in Q1 FY27, up 49.7% YoY (₹641.54 Cr) and 25.8% QoQ (₹763.29 Cr). Consolidated PAT of ₹192.59 Cr (₹192.34 Cr owners' share, EPS ₹35.65) more than doubled YoY (+108.1%, from ₹92.54 Cr) and rose 86.7% QoQ (from ₹103.16 Cr) — the standalone print is nearly identical at ₹191.49 Cr PAT on ₹960.45 Cr revenue, confirming the group-level and standalone stories match with no material divergence. Net margin expanded to 19.8% of total income from 14.0% a year ago and 13.4% last quarter, while the operating (EBITDA) margin jumped to 29.3% of revenue from 19.6% YoY and 20.8% QoQ. The expansion sits almost entirely in the ferro alloys segment, whose result more than doubled to ₹260.40 Cr from ₹118.31 Cr a year ago on higher output and firmer prices, while Power and Mining stayed roughly flat to marginally loss-making. This matches management's own framing in its press release — record performance "on account of higher ferro chrome output, boosted by the strategic acquisition, and firm prices coupled with a continuing focus on operational efficiency" — the segment numbers bear that out directly. The print also validates the outlook management gave on the Q4 FY26 call, where it said it expected higher margins and prices in Q1 FY27 versus Q4 FY26 on increased output and strong industry fundamentals; the ~840bps QoQ jump in OPM confirms that call was met, not just directionally but by a wide margin. No formal Street PAT estimate for this specific quarter could be confirmed via search — preview commentary flagged only a qualitative expectation of a sequentially better Q1 on realisations of roughly ₹118-120k/tonne, consistent with what was delivered, but without a hard number to grade a beat/miss against. Concurrent with the results, the Greenfield project received its Consent to Operate (24 July 2026) and the company signed a ₹110.18 Cr captive renewable power equity agreement payable in tranches to June 2027, both aimed at the next leg of capacity and cost efficiency rather than this quarter's numbers. Going into Q2, management's own guidance is for a quarter "similar to Q1," with the Greenfield project targeted for full commissioning and stabilisation by Q3 to push operating smelting capacity past half a million tonnes, and the KNR1/KNR2 and renewable-power ramp-up expected to add further cost benefits through FY27.