Indsil Hydro Power and Manganese Ltd (522165)
📢 Recent Corporate Announcements
Indsil Hydro Power and Manganese Limited has scheduled its 36th Annual General Meeting for Thursday, September 17, 2026, at 12:00 PM IST via Video Conferencing. Pursuant to SEBI Listing Regulations, the company sent communication providing the web-link to the Annual Report 2025-26 to shareholders whose email addresses are not registered, based on the cut-off date of August 14, 2026. This is a routine administrative compliance filing with no impact on operations or financial performance.
- 36th Annual General Meeting scheduled for Thursday, September 17, 2026 at 12:00 PM IST
- Dispatched FY26 Annual Report link to shareholders without registered emails as of August 14, 2026
- Intimation submitted under Regulation 36(1)(b) of SEBI LODR Regulations, 2015
Indsil Hydro Power and Manganese Ltd has issued notice for its 36th Annual General Meeting scheduled for September 17, 2026, via Video Conferencing. Key agenda items include the adoption of FY26 financial statements, declaration of dividend for FY26, and director re-appointments. Special business resolutions include approval of non-executive director compensation capped at Rs 10 Lakh per annum for three years from April 1, 2027, and cost auditor remuneration of Rs 20,000.
- 36th Annual General Meeting scheduled for September 17, 2026, at 12:00 PM IST via VC/OAVM
- Shareholder approval sought for declaration of dividend for the financial year ended March 31, 2026
- Proposed approval of annual commission up to Rs 10,00,000 for Non-Executive Directors for 3 years starting April 1, 2027
- Ratification of Cost Auditor remuneration of Rs 20,000 for FY27
Indsil Hydro Power and Manganese Limited has submitted its 36th Annual Report for FY 2025-26 pursuant to Regulation 34(1) of SEBI LODR Regulations. The 36th Annual General Meeting is scheduled for Thursday, September 17, 2026, at 12:00 PM IST via video conferencing. Key AGM agenda items include the adoption of FY26 financial statements, declaration of dividend, director re-appointments, and ratification of cost auditor remuneration of Rs 20,000.
- 36th Annual General Meeting scheduled for September 17, 2026 at 12:00 PM IST via VC/OAVM
- AGM agenda includes declaration of dividend for the financial year ended March 31, 2026
- Proposed ratification of Cost Auditor remuneration of Rs 20,000 for FY ending March 31, 2027
- Re-appointment of Independent Directors Smt. T Kalaivani and Smt. Gayatri Vijaikumar for a second term of 5 years from August 19, 2027
Indsil Hydro Power and Manganese reported a standalone Profit After Tax (PAT) of Rs 5.02 Cr for Q1 FY27, representing a 17.7% decline from Rs 6.10 Cr in the year-ago period. Revenue from operations remained stable at Rs 39.59 Cr compared to Rs 40.79 Cr YoY. The core Ferro Alloys segment continues to operate at a loss of Rs 0.52 Cr, though this is an improvement from the Rs 1.44 Cr loss in Q1 FY26. The company remains debt-free with a total capital employed of Rs 216.54 Cr.
- Standalone PAT stood at Rs 5.02 Cr for the quarter ended June 30, 2026, down from Rs 6.10 Cr YoY.
- Ferro Alloys segment revenue was Rs 40.43 Cr, while the segment result was a loss of Rs 0.52 Cr.
- Power segment profit decreased to Rs 5.49 Cr from Rs 7.68 Cr in the corresponding quarter of the previous year.
- Total standalone expenses for the quarter were Rs 35.16 Cr, compared to Rs 34.54 Cr YoY.
- Earnings Per Share (EPS) for the quarter was Rs 1.81, down from Rs 2.19 in Q1 FY26.
Indsil Hydro Power and Manganese reported a sharp 82% year-on-year decline in net profit to ₹1.09 Cr for Q1 FY27, down from ₹6.10 Cr in Q1 FY26. While revenue remained relatively stable at ₹39.59 Cr (down 1.3% YoY), profitability was severely impacted by a 47% increase in 'Other Expenses' and a 28.5% decline in Power segment profits. The core Ferro Alloys segment continues to operate at a loss, although the segment loss narrowed to ₹0.52 Cr from ₹1.44 Cr in the previous year.
- Net Profit plummeted 82% YoY to ₹1.09 Cr from ₹6.10 Cr in the same quarter last year.
- Power segment profit, a key margin driver, decreased to ₹5.49 Cr from ₹7.68 Cr YoY.
- Other Expenses surged by ₹3.93 Cr (47% increase) to ₹12.30 Cr compared to ₹8.36 Cr in Q1 FY26.
- Ferro Alloys segment reported a loss of ₹0.52 Cr on revenue of ₹40.43 Cr.
- Earnings Per Share (EPS) fell to ₹0.39 from ₹2.19 in the year-ago period.
Indsil Hydro Power and Manganese Ltd has scheduled a board meeting for August 12, 2026, to consider and approve its unaudited financial results for the quarter ended June 30, 2026. The company, which has a market capitalization of ₹112 crore, recently transitioned to a debt-free status following a successful JV stake sale. Investors will be monitoring if the company can maintain the 10% operating margins achieved in FY26. The trading window for designated persons remains closed until August 14, 2026.
- Board meeting scheduled for August 12, 2026, to review Q1 FY27 performance
- Trading window closure period from July 1, 2026, to August 14, 2026
- Company reported a significant turnaround in FY26 with a net profit of ₹15.0 crore
- Current market capitalization stands at ₹112 crore against TTM revenue of ₹124 crore
- Company maintains a debt-free status (D/E of 0.00) as of the latest financial context
Financial Performance
Revenue Growth by Segment
Total revenue grew by 9.38% YoY, reaching INR 127.55 Cr in FY25 compared to INR 116.61 Cr in FY24. The Ferro Alloy segment contributed INR 127.55 Cr, while the Hydro Power segment generated INR 21.39 Cr in revenue.
Profitability Margins
Net Profit Margin significantly improved to 59.65% in FY25 from -7.68% in FY24. This massive jump was primarily driven by the exceptional profit from the sale of the 50% stake in the Al-Tamman Indsil Ferro Chrome LLC joint venture. Operating Profit Margin (EBIDTA ratio) improved from 0.06 to 0.77.
EBITDA Margin
EBITDA margin stood at 76.35% in FY25 (INR 97.39 Cr) compared to 5.94% (INR 6.93 Cr) in FY24, representing a YoY increase of 1183.33% in operating profit levels due to the JV stake sale and improved operational efficiencies.
Capital Expenditure
The company recently invested in the expansion of its Metal Recovery Plant (MRP) at the Palakkad location and is currently evaluating further investment opportunities at its Vizianagaram location.
Credit Rating & Borrowing
The company became 100% debt-free in FY25, reducing secured loans from INR 94.74 Cr in FY24 to zero. Consequently, the Debt-Equity ratio improved from 0.74 to Nil.
Operational Drivers
Raw Materials
Primary raw materials include Manganese Ore and Power (Hydroelectric and Grid). While specific cost percentages for ore are not listed, power is a critical input for the smelting process.
Capacity Expansion
Current production for Ferro Alloys is 17,894 MT (up 8.2% YoY from 16,531 MT) and Power generation is 44.20 Million Units (up 20.7% YoY from 36.61 Million Units).
Manufacturing Efficiency
Power generation efficiency improved by 20.7% YoY. Ferro alloy production increased by 8.2% despite market fluctuations, indicating high capacity utilization.
Strategic Growth
Growth Strategy
The company plans to achieve growth by deploying significant cash reserves (created from the JV stake sale) into related activities at the Vizianagaram location. It is also evaluating new business opportunities and has already expanded its Metal Recovery Plant (MRP) to improve resource efficiency.
Products & Services
High carbon silico manganese (Ferro Alloys) and Hydroelectric Power.
Brand Portfolio
Indsil
New Products/Services
The company is exploring the monetization of its freehold lands in Palakkad for real estate development as the area urbanizes, which could provide a new revenue stream after the hydro plant BOOT period.
Market Expansion
Targeting expansion at the Vizianagaram location and evaluating other business opportunities to deploy surplus cash accruals.
Strategic Alliances
Previously held a 50% stake in Al-Tamman Indsil Ferro Chrome LLC (Oman), which was sold in the previous calendar year to generate cash reserves and eliminate debt.
External Factors
Industry Trends
The ferro alloy industry is currently stable. The future direction involves a shift toward sustainability and value-added recovery (like the Metal Recovery Plant). The company is positioning itself as a debt-free entity with high cash reserves to navigate industry cycles.
Competitive Landscape
Operates in a competitive ferro alloy market where margins are sensitive to power costs and raw material (manganese ore) prices.
Competitive Moat
The primary moat is the captive Hydro Electric Power plant which provides low-cost energy for smelting. This advantage is sustainable as long as monsoon levels are adequate and the BOOT period remains active. Cost leadership is further supported by the new Metal Recovery Plant.
Macro Economic Sensitivity
Highly sensitive to the performance of the steel industry and monsoon cycles. Strong monsoons directly correlate with higher captive power generation and lower operating costs.
Consumer Behavior
Demand is driven by industrial steel producers rather than individual consumers; thus, it follows the cyclical nature of the global infrastructure and steel sectors.
Geopolitical Risks
Exposure to international trade dynamics in the ferro alloy industry, particularly regarding the dumping of steel and alloys which necessitates regulatory protection.
Regulatory & Governance
Industry Regulations
Operations are subject to pollution norms and industrial standards for smelting and hydro power generation. The company must also comply with SEBI Listing Obligations and the Companies Act 2013.
Environmental Compliance
The company is endeavoring to become a leading advocate for sustainability; however, specific ESG compliance costs are not disclosed.
Taxation Policy Impact
Taxes for FY25 amounted to INR 15.08 Cr compared to INR 0.65 Cr in FY24, reflecting the higher taxable income from the JV sale.
Risk Analysis
Key Uncertainties
The primary uncertainty is monsoon performance, which could impact hydro power generation and increase operational costs by an undisclosed percentage if grid power must be substituted.
Geographic Concentration Risk
Operations are concentrated in Palakkad (Kerala) and Vizianagaram (Andhra Pradesh).
Third Party Dependencies
Dependency on the steel industry for demand and the state power grid for supplementary energy needs.
Technology Obsolescence Risk
The company is mitigating technology risks by investing in Metal Recovery Plants to improve yield from waste.
Credit & Counterparty Risk
Receivables quality is high, evidenced by the Debtors Turnover decreasing to just 3 days in FY25.
