IMFA Q2 FY27: Consolidated PAT up 51% YoY to ₹148 Cr; margins cool off record Q1

IMFA's consolidated PAT rose 51.5% YoY to ₹147.76 Cr (from ₹97.56 Cr) on revenue of ₹968.17 Cr, up 34.7% YoY, with consolidated basic EPS at ₹27.37 against ₹18.07 a year ago. Sequentially, profit eased 23.3% from Q1 FY27's record ₹192.59 Cr even as revenue was roughly flat, +0.8% QoQ — a softer-but-expected quarter rather than a fresh setback, since YoY profit growth (51.5%) still outpaced YoY revenue growth (34.7%). No reliable street estimate for this specific print could be sourced, so the result cannot be benchmarked against consensus. Margins expanded YoY — net margin at 15.3% versus 13.3% a year ago, and EBITDA margin (PBT + finance costs + depreciation, less other income, over revenue) at 24.3% versus 19.2% — but both cooled from Q1 FY27's 19.8% NPM and 29.3% OPM. That sequential pullback lines up with what management told the Q1 call: Q2 prices were expected near Q1 levels with a "slight correction," and volumes would be "marginal" due to ferrochrome inventory build. The near-flat QoQ revenue confirms the volume call, and the margin give-back is consistent with the flagged price correction — the quarter reads as management meeting its own (deliberately unquantified) steer rather than missing it. Segment data shows the core ferro alloys business generated ₹220.49 Cr of segment EBIT on ₹967.65 Cr revenue (22.8% margin), down from 27.1% in Q1 but up from 20.4% a year ago, so the trend sits in the core business rather than power or mining. Separately, FY27 production guidance had already been cut from 400,000 to 380,000 tons on transformer loading constraints and gas-cleaning-plant work — a capacity-side drag that predates this quarter and was reaffirmed, not worsened, by these numbers. Alongside results, the board declared an interim dividend of ₹5/share (record date 12 November 2026) and approved a ₹25 Cr investment in wholly-owned subsidiary Metallix Aviation — an unusual capital allocation outside the core ferro-alloys/power/mining businesses. The quarter also saw the first furnace tapping at the Kalinganagar expansion (25 August 2026), which, if it ramps as planned, could offset part of the trimmed FY27 production guidance in the second half of the year.