Indian Metals & Ferro Alloys Limited (IMFA)

IMFA is a fully integrated ferrochrome producer founded in 1961 by Dr. Bansidhar Panda and Mrs. Ila Panda, with operations spanning captive chromite mining, captive power, smelting, and exports from Odisha, India, to stainless steel makers across Asia and Europe as well as other key markets. The company operates two manufacturing complexes in Odisha with six submerged arc furnaces and 2,84,000 TPA smelting capacity, supported by captive chromite mines at Sukinda and Mahagiri and captive power of 204.55 MW, enabling cost competitiveness and reliability of supply. IMFA’s revenue in FY 2024-25 was Rs 2,564.57 crore with EBITDA of Rs 530.51 crore and PAT of Rs 378.09 crore; exports contributed 91.35% of turnover, reflecting strong international presence alongside a growing domestic focus. The company is executing a greenfield 1,00,000 TPA ferrochrome project at Kalinganagar targeted by H1 FY 2026-27 and entering ethanol with a 120 KLPD plant at Therubali for commissioning in early 2026 as part of diversification and energy transition. IMFA had one subsidiary, IMFA Alloys & Finlease Limited (76% owned), while Indmet Mining Pte. Ltd., Singapore, was struck off on February 20, 2025; Utkal Coal Limited, a wholly owned subsidiary, was amalgamated into IMFA effective March 28, 2025, pursuant to regulatory approvals, simplifying the structure.

IMFA Business Segment

• IMFA’s principal activity is manufacturing of metals and metal products, with ferro chrome contributing 99.61% of turnover as per BRSR disclosures, underscoring a single core segment focus in reporting.

• Export contribution to turnover was 91.35%, indicating the pre-eminence of international markets in FY 2024-25 while the planned capacity expansion is aimed largely at the Indian market going forward as per management commentary.

Geographic Split 

• India — Rs 221.30 crore (8.6%) based on export share implying the balance domestic share; derived strictly from stated export contribution of 91.35% to turnover of Rs 2,564.57 crore.

• International — Rs 2,343.27 crore (91.4%) aligning to export contribution disclosed; USA split not disclosed in the report and thus omitted.

IMFA Key Management

• Nalini Ranjan Mohanty — Padma Shri, Non‑Executive Chairman

• Baijayant Panda — Vice Chairman

• Subhrakant Panda — Managing Director

• Bijayananda Mohapatra — Whole‑time Director & COO

• Saunak Gupta — Chief Financial Officer (w.e.f. March 8, 2025)

• Smruti Ranjan Ray — Company Secretary & Compliance Officer (w.e.f. March 8, 2025)

Latest Updates on IMFA

• Commenced first‑phase construction of greenfield 1,00,000 TPA ferrochrome capacity at Kalinganagar; both furnaces expected operational by H1 FY 2026‑27, increasing smelting capacity by ~40%.

• Entered ethanol production with a 120 KLPD plant at Therubali, targeted commissioning in early 2026 to align with national blending goals.

• Signed long‑term hybrid renewable energy PPAs totaling 110 MW with two leading RE companies; expected online by June 2026 to significantly reduce Scope 2 emissions.

• Implemented a best‑in‑class ERP and initiated broader digitalisation across operations and support functions to enable data‑driven decision‑making.

• Corporate restructuring: Utkal Coal Limited amalgamated into IMFA effective March 28, 2025; Indmet Mining Pte. Ltd., Singapore, struck off on February 20, 2025, streamlining overseas structure.

• Leadership changes: Re‑appointment of Baijayant Panda (Vice Chairman) and Subhrakant Panda (Managing Director) for three years from October 28, 2024; appointment of Bijayananda Mohapatra as Whole‑time Director & COO effective January 31, 2025; CFO and CS transitions on March 8, 2025; Board approved re‑appointment of Latha Ravindran as Independent Director for a second five‑year term from July 23, 2025, subject to members’ approval.

• Awards and mine safety recognition: Sukinda and Mahagiri mines secured 2nd and 3rd positions at All India Mines Safety Awards 2024, reflecting safety excellence.