Analysts/Institutional Investor Meet/Con. Call Updates

INDIAN METALS & FERRO ALLOYS LIMITED imfa i1.Jt,_August 2026 IMFA Building Bhubaneswar -751010 Odisha, India Corporate Identity No. The Listing Department The Deputy General Manager L27101ORl961PLC000428 National Stock Exchange of India Ltd. (Corporate Services) Exchange Plaza BSE Limited TEL +91 674 2611000 +91 674 2580100 Plot No.C/1, G. Block Floor 25, P.J. Towers FAX +916742580020 Bandra-Kurla Complex Dalal Street, Fort +91 674 2580145 Bandra (E) Mumbai-400001 mail@imfa.in Mumbai-400051 Stock Code : 533047 Stock Symbol & Series : IMFA, EQ www.imfa.in ------'----------------- Sub : Earnings Call Transcripts Dear Sir / Madam, Pursuant to Regulation 46(2)(oa) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the transcript of the audio call recording of the Company's Investor/ Analyst Call held on 4th August, 2026 on the Unaudited Standalone and Consolidated Financial Results of the Company for the quarter ended 30th June, 2026 is attached herewith. You are requested to take the same on record. Thanking you Yours faithfully For INDIAN METALS & FERRO ALLOYS LTD (Smr::t.anjan Ray) Company Secretary & Compliance Officer Membership No: F4001 Encl : As above. imfa “Indian Metals & Ferro Alloys Limited Q1 FY27 Earnings Conference Call” August 04, 2026 imfa MANAGEMENT: MR. SUBHRAKANT PANDA – MANAGING DIRECTOR MR. SAUNAK GUPTA –CHIEF FINANCIAL OFFICER MR. BIJAYANANDA MOHAPATRA – WHOLE-TIME DIRECTOR AND CHIEF OPERATING OFFICER MR. SURESHBABU CHIGURUPALLI – HEAD, FERRO ALLOYS BUSINESS MODERATOR: MR. VAIBHAV GUPTA – ADFACTORS PR Page 1 of 21 Indian Metals & Ferro Alloys Limited lfflfa August 04, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Indian Metals and Ferro Alloys Limited Q1 FY27 Earnings Conference Call hosted by Adfactors PR. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Vaibhav Gupta from Adfactors PR. Thank you, and over to you, Mr. Gupta. Vaibhav Gupta: Thank you, Ranju. Good evening, everyone, and thank you for joining us on Indian Metal and Ferro Alloys Limited Earnings Conference Call for the first quarter ended 30th June 2026. Today we have with us Mr. Subhrakant Panda, Managing Director; Mr. Saunak Gupta, Chief Financial Officer; Mr. Bijayananda Mohapatra, Whole-Time Director and Chief Operating Officer; Mr. Sureshbabu Chigurupalli, Head of Ferro Alloys Business unit. We will begin the call with the opening remarks by MD, Mr. Subhrakant Panda, who will provide an overview of the company's business performance, the operational developments and the outlook of the business. This will be followed by the question-and-answer session. Before we begin, I would like to remind everyone that certain statements made or discussed on today's call may be forward-looking in nature and should be viewed in the conjunction of the risks and the uncertainties that the company faces. A detailed explanation of this risk is included in the earnings presentation that has already been shared on the stock exchanges. The company does not undertake any obligation to publicly update these forward-looking statements. With that, I would now like to hand over the call to Mr. Subhrakant Panda. Over to you, sir. Page 2 of 21 Indian Metals & Ferro Alloys Limited lfflfa August 04, 2026 Subhrakant Panda: Thank you, Vaibhav. At the outset, let me welcome all of you who have taken time out from your busy schedules to attend this investor con call to discuss IMFA's Q1 FY27 results. As I'm sure you will agree, this is a real breakthrough quarter where in terms of both revenues as well as profitability, it's the highest ever. And that's a reflection of not just firm prices but also tonnage from our KNR- 2 acquisition coming into play. I will not get into the details of output and all of that because that's shared as part of the presentation, which we have uploaded to the stock exchanges. But suffice it to say that as against average output of about 65,000 tons in a quarter, in Q1, we have touched 80,000 tons. As you know that going ahead, we are also looking to commission the KNR-1 greenfield project, where the first furnace we have already initiated the process of heating the refractory lining, so we expect first tapping around the third week of this month. What we are looking at from the core business, which is ferro alloys, is that there is substantially more tonnage waiting to come online. That will help us going ahead, deliver record performance. Just to put that in perspective that, as I mentioned in Q1 FY27, we are looking at about 80,000 tons. But when all furnaces are up and running, which we expect by in fourth quarter when everything is stabilized that we will be looking at about 120,000 odd tons. So, there is a full 50% increase in tonnage, which is coming. One point here I would like to point out that in all our interactions, we had, we generally don't give any guidance with regard to tonnage, but given that there is so much happening in terms of greenfield, in terms of the acquisition, etc., so we had given some indications. As far as FY27 is concerned, we had indicated 400,000 tons, but we going to tone it down a little bit because while we were able to switch on all furnaces at KNR-2 in the month of March and, in fact, got a little bit of production, but some of the transformers we have, we feel should not be loaded beyond a certain point. So, we are taking it a little safe, if I can put it that way. Page 3 of 21 Indian Metals & Ferro Alloys Limited lfflfa August 04, 2026 We have already ordered 2 sets of transformers plus a spare. Sometimes in Q2 or Q3, we will be looking to replace the 2 sets of transformers where we have a little bit of concern. And secondly, as far as the gas cleaning plant is concerned, again, some work needs to be done on that. And therefore, we are restricting load a little bit to ensure that we comply with emission norms. When all of that is sorted out, I think we will be able to push the load higher as we had indicated. But as I said, just to be transparent and clear, we're toning down the guidance a little bit for FY27. I think there will be a lot of questions. So, let's go into the Q&A mode, and I'll do my best along with my team to respond to your queries. Thank you. Moderator: Shall we open the line for questions? Subhrakant Panda: Yes, please. Go ahead. Moderator: Thank you. We will now begin the question-and-answer session. The first question comes from the line of Joe Shah with Seven Seas. Joe Shah: A bit busy day because after AGM, we are starting with the con call. Anyways, Mr. Panda, I understand we expect to sell ferrochrome to India, and I understand that ferrochrome demand in India is a bit weak, mainly because of stainless steel flats are imported from China and stainless-steel producers are happy converting them into finished products. So, benefit of ferrochrome, even though is going to China and not to India. So right now, in steel product, there should be restrictions on imports of stainless steel, especially stainless-steel flats. So, they will have to import stainless steel flats to India using Indian ferrochrome. This is one suggestion. I need your comments? Subhrakant Panda: I would not like to comment on that because there are multiple issues in terms of demand-supply and other issues. It would not be prudent of me to comment. But yes, in general, I have always held a view that whether it comes to stainless steel or any other commodity or any other product Indian industry is confident and wants a level playing field. So, if there is unfair competition, then that is something that should be looked into. But I would just like to limit my co [Showing first 8,000 characters — download PDF for full document]