IMFA Q2 FY27 Guidance vs Delivery (IMFA Management Mirror)

FY27 Production Guidance Reaffirmed at 380,000 Tonnes Amid Kalinganagar Ramp-Up

In Sep'26 Qtr, management reported that the KNR 1 greenfield site's first furnace achieved hot metal tapping on 25th Aug'26, while the KNR 2 unit reached an 84,000 tonnes per annum run-rate in Oct'26 after facing initial load constraints. The KNR 1 tapping was slightly deferred from the mid-Jul'26 timeline initially guided in the Mar'26 Qtr concall and the third week of Aug'26 guided in the Jun'26 Qtr concall. Looking ahead, management reaffirmed its FY27 production volume guidance of 380,000 tonnes, cut in the Jun'26 Qtr concall from an initial 400,000 tonnes, and reaffirmed its FY28 volume guidance of approximately 475,000 tonnes. For Q3 FY27, quarterly ferrochrome output is targeted to cross 100,000 tonnes for the first time, aided by the second KNR 1 furnace tapping around 15th Nov'26 and KNR 2 reaching its full 100,000 tonnes per annum rated capacity by Dec'26 following transformer replacements, with smelting capacity projected to expand beyond 500,000 tonnes by Jul'27.