Overview

Detailed Summary

IMFA is a fully integrated Indian ferrochrome producer operating smelters, captive chrome ore mines and captive power; the company supplies high-quality ferrochrome largely to export markets and is expanding greenfield capacity while acquiring Tata Steel's Kalinganagar plant to become India’s largest ferrochrome producer with combined capacity exceeding 0.5 million tonnes.
Q3 FY'26 performance showed robust operational resilience: ferrochrome production of 67,196 tonnes, sales of 64,802 tonnes, power generation of 256.17 million units, chrome ore lifting of 265,468 tonnes and reported EBITDA margins a little above 23%, driven primarily by an uptick in ferrochrome realizations and disciplined cost management.
IMFA has provided forward-looking volume guidance and capex plans: management targets c.400,000 tonnes production in FY'27 and 475–500,000 tonnes in FY'28, backed by INR800+ crores capex for Kalinganagar greenfield, ~INR700 crores for the Tata acquisition (including GST/working capital), and an overall mining capex program of about INR1,000 crores over the medium term.
The company’s competitive edge is its fully integrated model—captive mines, captive power and proximity to ports and stainless-steel consumers—allowing logistics and raw material cost advantages; IMFA also emphasized product differentiation by producing low-phosphorus niche ferrochrome grades for premium markets, and expects incremental capacity to reduce weighted average costs by INR1,500–2,000 per tonne.

Sector: Ferrous Metals
Industry: Ferro & Silica Manganese
Market Cap: 7,402 Cr
Volatility: High Risk
P/E Ratio: 17.5
Industry P/E: 23.3
PEG Ratio: 0.4
P/B Ratio: 2.7
52W High: 1,674.90
52W Low: 681.05

Sales CAGR

1Y: 10.21%
3Y: 1.83%
5Y: 8.91%
10Y: 5.83%

Profit CAGR

1Y: 11.97%
3Y: 23.42%
5Y: 20.54%
10Y: 6.06%

ROE

TTM: 15.61%
3Y: 15.93%
5Y: 17.33%
10Y: 14.39%

ROCE

TTM: 16.05%
3Y: 21.61%
5Y: 23.76%
10Y: 19.08%

Technicals

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Analyst Target, Price, EPS and Revenue Projections
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Peers

Commodities Metals & Mining Ferrous Metals Ferro & Silica Manganese

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
IMFA		1347.10	7,402 Cr	17.45	2.72	0.91	15.61	16.05	9.84
MAITHANALL		961.65	2,808 Cr	6.48	0.68	1.76	10.46	14.78	9.01
VISACHROME		38.00	558 Cr	0.53	0.00	0.00	17.72	-3.39	196.22
JAINAM		246.75	275 Cr	42.21	1.88	0.00	4.45	6.22	3.23
NCML		78.50	203 Cr	19.29	1.86	0.00	9.65	12.28	6.26
NAGPI		140.05	192 Cr	-90.07	2.31	0.00	-2.58	0.97	-1.49
SHYAMCENT		5.11	110 Cr	-12.03	0.67	0.00	-5.60	-7.56	-5.47
Median: 7 Co.	—	140.05	275 Cr	6.48	1.86	0.00	9.65	6.22	6.26

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Sales	685	701	662	692	643	567	642	719	703	763
Expenses	526	596	501	521	515	497	516	580	539	604
Operating Profit	159	105	161	170	128	71	125	138	164	159
OPM %	23.20	14.96	24.36	24.63	19.93	12.44	19.56	19.25	23.38	20.84
Other Income	9.75	11	13	19	17	17	22	16	22	5.91
Interest	8.40	5.23	4.29	5.75	8.23	10	7.01	8.09	9.27	11
Depreciation	15	13	14	13	14	14	15	15	15	18
Profit Before Tax	146	98	157	170	123	64	126	131	161	136
Tax %	25.16	35.09	27.65	26.48	24.38	25.55	26.39	25.46	18.57	24.15
Net Profit	109	64	113	125	93	47	93	98	131	103
EPS in Rs	20.15	15.99	20.95	23.17	17.30	8.77	17.10	18.07	24.33	19.13

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Sales	1,697	1,769	1,634	1,612	1,844	2,603	2,676	2,780	2,565	2,826
Expenses	1,159	1,333	1,361	1,523	1,507	1,793	2,188	2,193	2,034	2,239
Operating Profit	538	436	272	89	338	810	488	587	531	587
OPM %	31.71	24.65	16.68	5.51	18.31	31.13	18.25	21.11	20.69	20.77
Other Income	48	27	-62	21	50	17	8.61	42	66	65
Interest	83	75	94	97	55	59	66	35	28	36
Depreciation	109	101	98	104	104	110	107	78	55	63
Profit Before Tax	369	283	19	-91	228	658	324	516	514	554
Tax %	32.68	34.04	103.03	27.33	26.91	22.80	30.29	27.85	26.22	23.34
Net Profit	249	187	-0.58	-66	167	508	226	372	379	425
EPS in Rs	—	—	-0.24	-12.74	30.75	80.73	41.75	73.13	70.19	78.63
Dividend Payout %	21.12	21.75	-1,315.79	0.00	32.39	13.30	23.95	10.26	28.49	15.90

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	27	27	27	27	27	54	54	54	54	54
Reserves	1,037	1,189	1,143	1,057	1,215	1,661	1,819	2,066	2,294	2,664
Borrowings	783	711	644	625	679	490	341	184	389	958
Other Liabilities	657	725	841	705	620	616	440	527	441	641
Total Liabilities	2,504	2,652	2,655	2,414	2,541	2,821	2,654	2,832	3,177	4,317
Fixed Assets	1,264	1,245	1,166	1,205	1,145	1,101	980	975	1,028	1,549
CWIP	236	273	304	264	248	267	70	78	75	794
Investments	173	159	80	43	130	164	274	394	931	405
Other Assets	832	974	1,104	901	1,019	1,290	1,330	1,385	1,144	1,568
Total Assets	2,504	2,652	2,655	2,414	2,541	2,821	2,654	2,832	3,177	4,317

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operating Activity	485	290	217	221	207	390	151	512	585	318
Cash from Investing Activity	-161	-88	-31	-50	-106	-106	140	-209	-562	-753
Cash from Financing Activity	-322	-191	-187	-182	-99	-284	-291	-259	-68	462
Net Cash Flow	1.94	10	-1.91	-11	1.66	-0.07	0.60	44	-44	27

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Promoters	58.69%	58.69%	58.69%	58.69%	58.69%	58.69%	58.69%	58.69%	58.69%	58.69%	58.69%	58.69%
FIIs	2.48%	2.93%	2.87%	2.89%	3.10%	4.03%	3.81%	3.40%	3.69%	3.35%	3.87%	3.59%
DIIs	0.09%	0.09%	0.10%	1.35%	0.92%	0.82%	0.81%	0.18%	0.22%	0.64%	0.82%	0.88%
Public	38.75%	38.29%	38.34%	37.07%	37.29%	36.46%	36.70%	37.73%	37.41%	37.32%	36.62%	36.85%
Total Shareholders	42,947	47,705	47,636	50,850	51,525	47,715	49,688	50,152	46,652	55,725	52,983	55,347

Market Transactions

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Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q1 FY24

Investor Presentation

Q2 FY19

Investor Presentation

Q4 FY18

Investor Presentation

Q4 FY18

Investor Presentation

Q3 FY18

Investor Presentation

Q2 FY18

Investor Presentation

Q4 FY17

Investor Presentation

Q3 FY17

Showing 1 - 8 of 11

Actions

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Announcements

Last 7 days

Sentiment

Earnings Call/Transcript

6 hours ago

Indian Metals & Ferro Alloys Q1 FY2026-27 Concall

Indian Metals & Ferro Alloys Ltd scheduled an earnings conference call for Q1 FY2026-27 with analysts/investors on 2026-08-04 at 16:30 IST; senior management to participate.

Board Meeting

4 days ago

Indian Metals & Ferro Alloys Board Meeting

Indian Metals & Ferro Alloys Ltd: Board meeting on 2026-08-04 to consider and take on record unaudited standalone and consolidated financial results for quarter ended 30 June 2026; trading window closed till 2026-08-06.

Board Meeting

4 days ago

Indian Metals & Ferro Alloys Board Meeting on 2026-08-04

Indian Metals & Ferro Alloys Ltd: Board will meet on 4 Aug 2026 to consider and take on record unaudited standalone and consolidated financial results for quarter ended 30 Jun 2026. Trading window closed Jul 1–Aug 6, 2026.

Capex/Expansion

4 days ago

Indian Metals & Ferro Alloys Kalinganagar Expansion Update

Indian Metals & Ferro Alloys obtained Consent to Operate and Factory License for its greenfield Kalinganagar ferro chrome project; will switch on the first furnace next week and expects first hot metal tapping around 2026-08-15 to 2026-08-20.

Capex/Expansion

4 days ago

Indian Metals & Ferro Alloys: Kalinganagar Project Update

Indian Metals & Ferro Alloys Ltd obtained Consent to Operate and Factory License for its Kalinganagar greenfield ferro chrome expansion (KNR 1); will switch on first furnace next week and expects first tapping around Aug 15-20, 2026.

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Frequently Asked Questions about Indian Metals & Ferro Alloys Ltd

Indian Metals & Ferro Alloys Ltd (IMFA) is currently trading at 1,347.10 per share. Stock prices fluctuate during market hours on NSE and BSE based on demand, company updates, and overall market conditions. Refer to the live price chart above for the most recent price movement.

IMFA is a fully integrated Indian ferrochrome producer operating smelters, captive chrome ore mines and captive power; the company supplies high-quality ferrochrome largely to export markets and is expanding greenfield capacity while acquiring Tata Steel's Kalinganagar plant to become India’s largest ferrochrome producer with combined capacity exceeding 0.5 million tonnes. Q3 FY'26 performance showed robust operational resilience: ferrochrome production of 67,196 tonnes, sales of 64,802 tonnes, power generation of 256.17 million units, chrome ore lifting of 265,468 tonnes and reported EBITDA margins a little above 23%, driven primarily by an uptick in ferrochrome realizations and disciplined cost management. IMFA has provided forward-looking volume guidance and capex plans: management targets c.400,000 tonnes production in FY'27 and 475–500,000 tonnes in FY'28, backed by INR800+ crores capex for Kalinganagar greenfield, ~INR700 crores for the Tata acquisition (including GST/working capital), and an overall mining capex program of about INR1,000 crores over the medium term. The company’s competitive edge is its fully integrated model—captive mines, captive power and proximity to ports and stainless-steel consumers—allowing logistics and raw material cost advantages; IMFA also emphasized product differentiation by producing low-phosphorus niche ferrochrome grades for premium markets, and expects incremental capacity to reduce weighted average costs by INR1,500–2,000 per tonne.

Over the past 52 weeks, Indian Metals & Ferro Alloys Ltd has traded between a low of ₹681.05 and a high of ₹1,674.90. The 52-week high and low indicate the stock’s price range over the last year and help investors understand its volatility and recent trading levels.

Indian Metals & Ferro Alloys Ltd has a market capitalization of approximately 7,402.23. Market capitalization represents the total value of a company’s outstanding shares and helps investors understand its size, stability, and relative risk compared to other listed companies.

Indian Metals & Ferro Alloys Ltd’s investment profile depends on its business fundamentals, valuation, and long-term outlook. The stock currently trades at a PE ratio of 17.45 and operates in the its sector sector. Investors typically assess financial performance, growth prospects, and individual risk tolerance before making investment decisions.

Based on its market capitalization of 7,402.23 Cr, Indian Metals & Ferro Alloys Ltd is classified as a Small Cap stock. Large-cap stocks are generally more stable, while mid-cap and small-cap stocks tend to offer higher growth potential along with higher price volatility.

Indian Metals & Ferro Alloys Ltd operates in the its sector sector. Sector classification matters because companies in the same sector are often affected by similar economic conditions, regulatory changes, and competitive dynamics, which can influence overall stock performance.

The Price-to-Earnings (PE) ratio of Indian Metals & Ferro Alloys Ltd is 17.45. The PE ratio compares a company’s share price to its earnings and is commonly used to assess valuation. Comparing the PE ratio with sector peers and historical levels provides better context.

Standalone net sales were ₹763.29 crore and net profit was ₹103.44 crore for the quarter ended March 2026.

Indian Metals Ferro Alloys Ltd

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