Indian Metals and · forward-looking guidance across the available source record.
Guidance tracker
Management acknowledged 400,000 tonne target was unrealistic given transformer constraints at KR2 requiring Q2-Q3 replacement and gas cleaning plant upgrades; maintains focus on full ramp-up to 500,000 tonne annual capacity by FY28.
First furnace at KN&R1 has initiated refractory heating; first tapping expected around third week of July 2026. Second furnace expected by end September-early October 2026.
By Q4 FY27 (January-March 2027), full 120,000 tonnes per quarter run-rate expected as all furnaces stabilize at KN&R1, KN&R2, and Therubali; ferrochrome inventory levels also expected to normalize at higher output.
Despite FY27 shortfall, management reconfirmed FY28 production target of 475-500,000 tonnes, implying ~26-32% growth over revised FY27 guidance.
Management expects total ferrochrome output to reach approximately 400,000 tons in FY27, up from 265,000 tons in FY26, driven by K&R1 and K&R2 ramp-up.
Q1 FY27 sales volume is expected to be around 80,000 tons, compared to the normal 65,000-67,000 tons per quarter, due to K&R2 contribution.
Once K&R1 and K&R2 reach steady state operations (expected by Q4 FY27), weighted average EBITDA cost is expected to reduce by ₹3,000-4,000 per ton due to logistics synergies.
Management targets 35-40% of total energy consumption from renewable sources by FY28, supported by 135 MW hybrid renewable capacity.