IMFA Plans Rs 20 Billion Expansion, Eyes Mining & Ethanol

04 Aug 2025 CW Team

The investment will be largely funded through internal accruals, with some reliance on term loans. The company's debt-to-equity ratio will remain below 0.5 per cent, reaffirming its position as a long-term net debt-free firm, according to Managing Director Subhrakant Panda.

A Rs 9 billion greenfield expansion at IMFA’s Kalinganagar facility in Odisha forms the cornerstone of this capex plan. It will see two new furnaces with a combined annual capacity of 100,000 tonnes, alongside a waste heat recovery power plant. The first furnace is set for commissioning by June 2026, with the second following shortly after. Around Rs 1.5–2 billion has already been deployed.

In parallel, IMFA is investing over Rs 10 billion to scale up mining operations, targeting 900,000 tonnes per annum capacity by 2026 and a further ramp-up to 1.2 million tonnes in Phase II. FY25 production stood at 700,000 tonnes, with FY26 targeted at 800,000 tonnes from the Sukinda and Mahagiri mines.

The company is also entering ethanol production with a Rs 1.6 billion investment in a 120 KLD plant at its Therubali site, expected to be operational in Q1 FY26. Panda described it as a value-accretive B2B business that leverages existing infrastructure and complements IMFA’s core strengths.

Internationally, the company continues to explore chromite opportunities while avoiding high-cost markets.

In Q1 FY26, IMFA produced 65,929 tonnes of ferrochrome and sold 66,580 tonnes—90 to 95 per cent of which were exports. Revenues stood at Rs 6.42 billion with a profit after tax of Rs 920 million.

Ferrochrome prices rose Rs 10,000 per tonne over Q4 FY25 levels, with July showing a further 3 to 3.5 per cent increase. Panda noted that improving global trade sentiment and domestic expansion through Kalinganagar would help IMFA diversify revenue and reduce reliance on volatile international markets.

Indian Metals & Ferro Alloys Ltd (IMFA), one of India’s leading ferrochrome producers, has announced a Rs 20 billion expansion strategy, including greenfield capacity addition, enhanced chromite ore mining, and a new foray into ethanol production.The investment will be largely funded through internal accruals, with some reliance on term loans. The company's debt-to-equity ratio will remain below 0.5 per cent, reaffirming its position as a long-term net debt-free firm, according to Managing Director Subhrakant Panda.A Rs 9 billion greenfield expansion at IMFA’s Kalinganagar facility in Odisha forms the cornerstone of this capex plan. It will see two new furnaces with a combined annual capacity of 100,000 tonnes, alongside a waste heat recovery power plant. The first furnace is set for commissioning by June 2026, with the second following shortly after. Around Rs 1.5–2 billion has already been deployed.In parallel, IMFA is investing over Rs 10 billion to scale up mining operations, targeting 900,000 tonnes per annum capacity by 2026 and a further ramp-up to 1.2 million tonnes in Phase II. FY25 production stood at 700,000 tonnes, with FY26 targeted at 800,000 tonnes from the Sukinda and Mahagiri mines.The company is also entering ethanol production with a Rs 1.6 billion investment in a 120 KLD plant at its Therubali site, expected to be operational in Q1 FY26. Panda described it as a value-accretive B2B business that leverages existing infrastructure and complements IMFA’s core strengths.Internationally, the company continues to explore chromite opportunities while avoiding high-cost markets.In Q1 FY26, IMFA produced 65,929 tonnes of ferrochrome and sold 66,580 tonnes—90 to 95 per cent of which were exports. Revenues stood at Rs 6.42 billion with a profit after tax of Rs 920 million.Ferrochrome prices rose Rs 10,000 per tonne over Q4 FY25 levels, with July showing a further 3 to 3.5 per cent increase. Panda noted that improving global trade sentiment and domestic expansion through Kalinganagar would help IMFA diversify revenue and reduce reliance on volatile international markets.

Infrastructure Urban

05 Nov 2025

TBO Tek Q2 Profit Climbs 12%, Revenue Surges 26% YoY

TBO Tek Limited one of the world’s largest travel distribution platforms, reported a solid performance for Q2 FY26 with a 26 per cent year-on-year increase in revenue to Rs 5.68 billion, reflecting broad-based growth and improving profitability.The company recorded a Gross Transaction Value (GTV) of Rs 8,901 crore, up 12 per cent YoY, driven by strong performance across Europe, MEA, and APAC regions. Adjusted EBITDA before acquisition-related costs stood at Rs 1.04 billion, up 16 per cent YoY, translating into an 18.32 per cent margin compared to 16.56 per cent in Q1 FY26. Profit after tax r..

Infrastructure Energy

05 Nov 2025

Northern Graphite, Rain Carbon Secure R&D Grant for Greener Battery Materials

Northern Graphite Corporation and Rain Carbon Canada Inc, a subsidiary of Rain Carbon Inc, have jointly received up to C$860,000 (€530,000) in funding under the Canada–Germany Collaborative Industrial Research and Development Programme to develop sustainable battery anode materials.The two-year, C$2.2 million project aims to transform natural graphite processing by-products into high-performance, battery-grade anode material (BAM). Supported by the National Research Council of Canada Industrial Research Assistance Programme (NRC IRAP) and Germany’s Federal Ministry for Economic Affairs a..

Infrastructure Urban

05 Nov 2025

Antony Waste Q2 Revenue Jumps 16%; Subsidiary Wins Rs 3,200 Cr WtE Projects

Antony Waste Handling Cell Limited (AWHCL), a leading player in India’s municipal solid waste management sector, announced a 16 per cent year-on-year increase in total operating revenue to Rs 2.33 billion for Q2 FY26. The growth was driven by higher waste volumes, escalated contracts, and strong operational execution.EBITDA rose 18 per cent to Rs 570 million, with margins steady at 21.6 per cent, while profit after tax stood at Rs 173 million, up 13 per cent YoY. Revenue from Municipal Solid Waste Collection and Transportation (MSW C&T) reached Rs 1.605 billion, and MSW Processing re..