In India, the demand for nickel metal and nickel sulphate is largely supported by the stainless steel and electroplating industries, with the electric vehicle (EV) segment steadily emerging as an important growth catalyst. The domestic market size is currently estimated at approximately 50 KTPA for primary nickel metal and around 2 KTPA for nickel sulphate.
At the global level, the nickel market is projected to expand at a CAGR of approximately 6%, driven by sustained demand across industrial and energy transition applications.
The Company has secured a strong position in the domestic nickel sulphate segment, accounting for nearly 50% of the total market. During the year, the business further strengthened its international presence by expanding into European markets. Nickel sulphate is now being exported to OEMs catering to the electroplating industry across Europe, Thailand, and Japan, enhancing the Company’s global footprint.
During the year, the Company strengthened its focus on energy efficiency, resource conservation, and community development.
These initiatives reflect the Company’s continued commitment to sustainable operations and inclusive growth.
We believe every incident can be prevented.
The Lost Time Injury Frequency Rate (LTIFR) improved significantly, reducing from 1.63 in FY 2024-25 to 0 in FY 2025-26. To enhance workplace safety, we continue to foster a culture of felt leadership by actively involving senior leaders in strengthening our safety systems and driving risk reduction, particularly in high risk areas within the plant.
Safety stand-downs were conducted to share key learnings from incidents across the group. Our safety leadership also maintains regular engagement with on-ground teams to reinforce behaviour based safety practices and further cultivate a strong, proactive safety culture.
| Particulars (Nickel) | FY 2025-26 | FY 2024-25 | % Change |
|---|---|---|---|
| Production (MT) | 1,397 | 2,493 | (44%) |
| Sales (MT) | 1,365 | 2,470 | (45%) |
The lower volume is primarily attributable to the decline in LME nickel prices, which resulted in the shutdown of several nickel mines globally. Consequently, the reduced availability of raw material adversely impacted production volumes compared to last year.
(US$ per tonne)
| Particulars | FY 2025-26 | FY 2024-25 | % Change |
|---|---|---|---|
| Average LME CSP | 15,604 | 16,559 | (6%) |
(₹ crore, unless stated)
| Particulars | FY 2025-26 | FY 2024-25 | % Change |
|---|---|---|---|
| Revenue | 253 | 370 | (31%) |
| EBITDA | (87) | (52) | - |
| EBITDA margin | - | - |
Revenue for the year was ₹ 253 crore, down 31% Y-o-Y due to lower LME and volumes. EBITDA for the year was ₹ (87) crore.
To address the scarcity of raw materials arising from lower LME prices, we have identified alternative raw materials in the form of scrap and alloys available at lower cost. Laboratory tests and pilot trials have been conducted, which have demonstrated operational compatibility and processing efficiency. As a result, the use of these alternative raw materials is poised to improve our EBITDA and strengthen the business performance going forward.
In line with our Chairman’s vision, as a part of our long-term plan, we shall be setting up a “state-of-the-art” Nickel plant with an annual capacity of ~50 KTPA to meet the Indian demand for Nickel Metal.
