| Ferro Alloys | Production and sale of ferro chrome alloy primarily used in stainless steel manufacture. | Vertical integration with captive mines and power; largest installed capacity in India; global customer base. | B2B customers; stainless steel plants in Korea, China, Japan, Taiwan. | Integrated captive power and mining contribute to higher margins. | 2562 | 100 | Revenue from sales of ferro chrome largely through exports to East Asia. | Direct sales with prices linked to global ferro chrome market. | Rising global stainless steel demand and capacity expansion at Kalinganagar. | IMFA Ferro Chrome |
| Power | Captive power plants supplying electricity for ferro chrome smelting and other operations. | Own power generation ensures cost competitiveness and operational reliability. | Internal captive users and power off-takers under PPAs. | Renewable power generation has favourable margins. | 0 | 0 | Cost saving through captive consumption and sale of excess power; supports ferro alloy business. | Cost-based and contractual agreements. | Renewable energy investments and energy efficiency initiatives. | Captive Thermal and Renewable Power Plants |
| Mining | Mining of chromite ore to feed smelting operations and support exports. | Exclusive captive mining rights in Odisha ensuring raw material security. | Primarily internal use for ferro chrome production. | Captive mining reduces raw material cost significantly. | 0 | 0 | Extraction and captive use of ore, with cost benefits and supply security. | Cost accounting for captive consumption. | Capacity enhancement projects expanding ore availability. | Sukinda and Mahagiri Chrome Ore Mines |
