IMFA consolidated PAT surges 108% YoY to ₹192.6 Cr on record margins in Q1 FY27
PAT +108.12% YoY · revenue +49.71% · margins expanding
₹960.45 Cr
+49.71% YoY
₹192.59 Cr
+108.12% YoY
19.79%
+5.8pp YoY
₹35.65
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.
Q1 FY-2027 vs prior quarters
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 stock went into the print at ₹1,471, up 8.1% over the past month of trading.
For context: this is the highest quarterly PAT in the last 6 quarters on our records; revenue is at a 6-quarter high.
Management is optimistic for the ongoing Q1 FY'27, expecting higher margins and prices compared to Q4 FY'26, driven by increased output and strong industry fundamentals. Expansion projects, KNR 1 and KNR 2, are on track, contributing to increased production capacity and a strategic shift towards domestic sales. Renewab
— This quarter: beat
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.
W1
Q2 FY27 trajectory — management guides a quarter 'similar to Q1'; confirm ferro chrome realisations hold near Q1 levels
W2
Greenfield project commissioning/stabilisation by Q3 FY27, targeted to lift operating smelting capacity beyond 500,000 tonnes
W3
KNR1/KNR2 stabilisation cost benefits and the renewable power ramp-up (agreement signed this quarter) feeding through to margins in H2 FY27
Clean, clearly legible typed statements; standalone and consolidated are near-identical since the two subsidiaries contribute only ₹0.55 Cr revenue and ₹1.11 Cr PAT combined (per auditor's review report); consolidated PAT of ₹192.59 Cr splits into ₹192.34 Cr owners' share + ₹0.25 Cr NCI (EPS 35.65 is computed on owners' share). No exceptional items in current or year-ago quarter, so no adjusted-growth line is needed. The ₹110.18 Cr captive renewable power equity commitment (tranches to Jun-2027) is a future capex item with no P&L impact this quarter.
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