Indian Metals Q1 FY27 Results (NSE: IMFA)
Signal: Margins at cyclical peak
The read
The key inflection is a third consecutive quarter of YoY margin expansion: EBITDA margin rose to 30.6% from 20.0% in Q1FY26 and 21.0% in Q4FY26, while revenue grew 49.71% and ferrochrome production 22.39%; the combination points to both higher volumes and firmer realisations rather than a purely cost-cutting-led profit increase.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹960.45 Cr | 49.71% | 25.88% |
| EBIT | ₹270.77 Cr | N/A | |
| Net profit | ₹192.34 Cr | 107.84% | |
| EPS | ₹35.65 | +108.48% | |
| EBIT margin | 30.6% |
P&L walk
Consolidated revenue rose to ₹960.45 Cr, up 49.71% YoY and 25.88% QoQ, while EBITDA margin expanded to 30.6% from 20.0% YoY on 22.39% higher ferrochrome production; PAT grew 107.84% YoY to ₹192.34 Cr and tracked the operating improvement.
Segments
Consolidated PAT of ₹192.34 Cr was only ₹0.85 Cr above standalone PAT of ₹191.49 Cr, showing that subsidiaries contributed little to the quarter's earnings.
Key positives
- Revenue reached ₹960.45 Cr, up 49.71% YoY, while ferrochrome production increased 22.39% to 80,690 MT, with revenue growth ahead of volume growth indicating firmer realisations.
- EBITDA margin expanded 1,060bps YoY to 30.6% and 960bps QoQ from 21.0%, extending the margin recovery seen in the prior two quarters.
- PAT rose 107.84% YoY to ₹192.34 Cr and EPS rose 108.48% to ₹35.65, with EPS tracking PAT and no dilution signal.
- Other income of ₹12.91 Cr was below 20% of PBT, supporting a clean earnings-quality assessment.
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