Operational Review
The Indian market for nickel metal and nickel sulphate is primarily driven by stainless steel and electroplating industries, with growing demand from the electric vehicle (EV) sector. The domestic market currently stands at 48 KTPA for primary nickel metal and 2 KTPA for nickel sulphate. Globally, Nickel market is expected to grow at the CAGR of ~6%. 80% of our metal production was sold in the domestic market while 20% in the international market. Our market share in the domestic nickel cathode market is currently close to 5%. We have also captured 40% of total Nickel sulphate domestic market. Further, Nickel sulphate is exported to the EV battery makers in South Korea.
The volume decline was driven by a fall in LME nickel prices, leading to the closure of several global nickel mines. This resulted in reduced raw material availability, impacting volumes compared to the previous year.
Nickel CSP for the year stood at US$ 16,559 per tonne, a decline of 13.23%, primarily due to global market rebalancing.
Revenue for the year stood at ₹ 370 crore, marking a 19% Y-o-Y decline. EBITDA was ₹ (52) crore.
We commissioned a new rectifier to improve power efficiency, which is expected to reduce energy consumption and deliver annual savings of ₹ 4 million. As part of our environmental commitment, we achieved 44% green belt coverage, aligning with regulatory requirements and our sustainability goals.
We firmly believe that every incident is preventable. Our Lost Time Injury Frequency Rate (LTIFR) significantly improved to 1.63 in FY 2024-25 from 6.92 in the previous year. We promote a culture of felt leadership, with senior leaders actively involved in strengthening safety systems. Safety stand-downs and regular engagement help reinforce a behaviour-based safety culture on the ground.
With growing demand from the EV battery market, the outlook for global nickel remains strong. We are progressing with our planned capacity enhancement as follows:
