Indian Metals & Ferro Alloys Ltd
IMFA NSE
Indian Metals & Ferro Alloys Ltd
Metals & MiningNSE: IMFA BSE: 533047 Ferro & Silica Manganese
Key Fundamentals
MicrocapFerro & Silica ManganeseMetals & MiningMarket Cap
₹7,566 Cr
Volatility
Moderate
P/E Ratio
14.6
EBITDA
₹653 Cr
Return on Equity
15.58%
Debt to Equity
0.35
Book Value
₹503.67
EPS
₹73.62
52W High
₹1,679.9
52W Low
₹815
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Indian Metals & Ferro Alloys Ltd insights
43 extracted metrics + investor summaries across FY15–FY26.
Tapetide Score
Data-driven rating, 0–100. How it works →
Technical Indicators
Key Insights
Strengths
4- Company is expected to give good quarter
- Company has delivered good profit growth of 21.7% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 18.7%
- Company's working capital requirements have reduced from 41.8 days to 13.7 days
Weaknesses
1- The company has delivered a poor sales growth of 8.91% over past five years.
Growth Rate
Revenue Growth
9.91% ↘
Net Income Growth
11.97% ↘
Cash Flow Change
-45.66% ↘
ROE
-3.17% ↘
ROCE
-14.69% ↘
EBITDA Margin (Avg.)
-0.53% ↘
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 18d agoAI opinion · based on fundamentals
Risk high
Indian Metals & Ferro Alloys Ltd (IMFA) is India's largest integrated ferro chrome producer with ~434,000 TPA capacity, trading at a market cap of ₹7,681 Cr with a P/E of 17.6x. The company has delivered strong profit CAGR of ~22% over 5 years but revenue growth has been modest at ~9% CAGR over the same period, reflecting commodity price cyclicality in the ferro alloys business.
Bull Case 8
- Largest ferro chrome producer in India with installed capacity of 434,000 TPA and expansion plans to exceed 500,000 TPA, providing significant scale advantages
- Strong profit growth of 21.7% CAGR over the last 5 years, significantly outpacing revenue growth and indicating improving margins and operational efficiency
- Consistent return on equity averaging 17% over 3 years and 19% over 5 years, demonstrating efficient capital deployment in a cyclical business
- Working capital days reduced sharply from 41.8 days to 13.7 days, freeing up cash and improving capital efficiency
- Stock CAGR of 89% over 1 year and 56% over 3 years reflects strong re-rating driven by earnings momentum
- Global ferrochrome market projected to grow at 5-6.7% CAGR through 2034 driven by stainless steel demand, with Asia Pacific holding ~75% market share
- Integrated operations with captive chrome ore mines in Odisha reduce raw material cost volatility and provide margin protection versus non-integrated peers
- Healthy dividend payout of 18.7% with current yield of 0.91%, providing income in a capital-intensive sector
Bear Case 8
- Poor revenue growth of only 8.91% over 5 years and just 2% CAGR over 3 years, indicating volume or pricing headwinds in the core business
- Ferro chrome prices hit multi-year lows in early 2025 at ~6,995 yuan/mt in China due to severe supply surplus in 2024, pressuring near-term realizations
- Debt-to-equity ratio of approximately 0.34 with total debt of ₹9.2 billion, and the ₹610 Cr Tata Steel Kalinganagar plant acquisition will add further leverage
- P/B ratio of 2.75x is elevated for a commodity business with cyclical earnings, leaving limited margin of safety if ferro chrome prices decline further
- Highly cyclical business dependent on global stainless steel demand and chrome ore pricing, with limited pricing power in export markets
- TTM sales growth of only 10% despite capacity additions, suggesting utilization or pricing constraints are limiting top-line expansion
- Q1 FY25 revenue declined to ₹6,623 million from ₹7,017 million year-on-year, a 5.6% drop signaling near-term demand softness
- Stock has appreciated 89% in one year, creating valuation risk if commodity cycle turns and earnings compress from current levels
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 15d ago Positives 1
- Kalinganagar ferro chrome CTO secured Jul 24
IMFA obtained Consent to Operate and Factory License for its greenfield ferro chrome expansion at Kalinganagar. First furnace startup next week with hot metal tapping expected between Aug 15-20, 2026.
Neutral 2
- Q1 FY27 earnings call Aug 4 Jul 28
IMFA scheduled its Q1 FY27 earnings conference call for August 4, 2026, featuring MD and CFO.
- 64th AGM set for Aug 4 Jul 8
IMFA will hold its 64th AGM on August 4, 2026 via video conferencing. Record date for dividend entitlement is July 31, 2026.
TL;DR: IMFA has no visible headwinds in recent news flow. The key positive is the Kalinganagar expansion receiving regulatory clearance, signaling imminent capacity addition in ferro chrome. Upcoming Q1 results and AGM on Aug 4 will provide visibility on financials and dividends. The trend is constructive as the company transitions from project phase to production ramp-up.
Quarterly Results
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 702 | 693 | 685 | 701 | 662 | 692 | 643 | 567 | 642 | 719 | 703 | 763 | 960 |
| Expenses | 529 | 542 | 526 | 596 | 501 | 521 | 515 | 497 | 516 | 580 | 539 | 604 | 679 |
| Operating Profit | 173 | 150 | 159 | 105 | 161 | 170 | 128 | 71 | 125 | 138 | 164 | 159 | 281 |
| OPM % | 25% | 22% | 23% | 15% | 24% | 25% | 20% | 12% | 20% | 19% | 23% | 21% | 29% |
| Other Income | 10 | 12 | 10 | 11 | 13 | 19 | 17 | 17 | 22 | 16 | 22 | 6 | 13 |
| Interest | 8 | 13 | 8 | 5 | 4 | 6 | 8 | 10 | 7 | 8 | 9 | 11 | 12 |
| Depreciation | 25 | 26 | 15 | 13 | 14 | 13 | 14 | 14 | 15 | 15 | 15 | 18 | 23 |
| PBT | 149 | 123 | 146 | 98 | 157 | 170 | 123 | 64 | 126 | 131 | 161 | 136 | 258 |
| Tax % | 26% | 27% | 25% | 64% | 28% | 26% | 24% | 26% | 26% | 25% | 19% | 24% | 25% |
| Net Profit | 111 | 89 | 109 | 36 | 113 | 125 | 93 | 47 | 93 | 98 | 131 | 103 | 193 |
| EPS in Rs | 20.46 | 16.53 | 20.14 | 6.54 | 20.95 | 23.17 | 17.3 | 8.77 | 17.11 | 18.07 | 24.33 | 19.13 | 35.65 |
Profit & Loss
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,345 | 1,211 | 1,672 | 1,766 | 1,634 | 1,612 | 1,844 | 2,603 | 2,676 | 2,780 | 2,565 | 2,826 | 3,145 |
| Expenses | 1,104 | 1,088 | 1,159 | 1,333 | 1,361 | 1,523 | 1,507 | 1,793 | 2,188 | 2,193 | 2,034 | 2,238 | 2,402 |
| Operating Profit | 241 | 123 | 513 | 432 | 272 | 89 | 338 | 810 | 488 | 587 | 531 | 588 | 743 |
| OPM % | 18% | 10% | 31% | 24% | 17% | 6% | 18% | 31% | 18% | 21% | 21% | 21% | 24% |
| Other Income | 13 | -1 | 48 | 27 | -62 | 21 | 50 | 17 | 9 | 42 | 66 | 65 | 56 |
| Interest | 106 | 81 | 83 | 75 | 94 | 97 | 55 | 59 | 66 | 35 | 28 | 36 | 41 |
| Depreciation | 122 | 114 | 109 | 101 | 98 | 104 | 104 | 110 | 107 | 78 | 55 | 63 | 72 |
| PBT | 26 | -73 | 369 | 283 | 19 | -91 | 228 | 658 | 324 | 516 | 514 | 554 | 687 |
| Tax % | 84% | -40% | 33% | 34% | 103% | -27% | 27% | 23% | 30% | 33% | 26% | 23% | — |
| Net Profit | 4 | -44 | 249 | 187 | -1 | -66 | 167 | 508 | 226 | 344 | 379 | 425 | 525 |
| EPS in Rs | 0.71 | -8.47 | 46.1 | 34.46 | -0.19 | -12.31 | 30.84 | 94.01 | 41.75 | 63.68 | 70.19 | 78.64 | 97.18 |
| Div. Payout % | 106% | -12% | 22% | 22% | -1323% | 0% | 16% | 13% | 24% | 12% | 28% | 16% | — |
Balance Sheet
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 26 | 26 | 27 | 27 | 27 | 27 | 27 | 54 | 54 | 54 | 54 | 54 |
| Reserves | 855 | 807 | 1,037 | 1,189 | 1,143 | 1,057 | 1,215 | 1,661 | 1,819 | 2,051 | 2,294 | 2,664 |
| Borrowings | 1,128 | 1,060 | 910 | 822 | 766 | 713 | 679 | 490 | 341 | 237 | 389 | 958 |
| Other Liabilities | 539 | 501 | 530 | 614 | 719 | 617 | 620 | 616 | 440 | 571 | 441 | 641 |
| Total Liabilities | 2,548 | 2,394 | 2,504 | 2,652 | 2,655 | 2,414 | 2,541 | 2,821 | 2,654 | 2,913 | 3,177 | 4,317 |
| Fixed Assets | 1,372 | 1,330 | 1,275 | 1,256 | 1,177 | 1,216 | 1,155 | 1,111 | 990 | 997 | 1,050 | 1,571 |
| CWIP | 193 | 226 | 236 | 273 | 304 | 264 | 248 | 267 | 70 | 78 | 75 | 794 |
| Investments | 0 | 35 | 161 | 148 | 69 | 33 | 120 | 155 | 264 | 372 | 909 | 383 |
| Other Assets | 983 | 803 | 832 | 974 | 1,104 | 901 | 1,019 | 1,290 | 1,330 | 1,466 | 1,144 | 1,568 |
| Total Assets | 2,548 | 2,394 | 2,504 | 2,652 | 2,655 | 2,414 | 2,541 | 2,821 | 2,654 | 2,913 | 3,177 | 4,317 |
Cash Flow
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 174 | 218 | 485 | 290 | 217 | 221 | 207 | 390 | 151 | 460 | 585 | 318 |
| Investing | -43 | -101 | -162 | -88 | -31 | -49 | -106 | -106 | 140 | -209 | -562 | -753 |
| Financing | -113 | -161 | -322 | -191 | -187 | -182 | -99 | -284 | -291 | -207 | -68 | 462 |
| Net Cash Flow | 18 | -44 | 2 | 10 | -2 | -11 | 2 | 0 | 1 | 44 | -44 | 27 |
| Free Cash Flow | 102 | 131 | 443 | 173 | 113 | 127 | 182 | 303 | 387 | 347 | 471 | -1,016 |
| CFO/OP | 75 | 187 | 101 | 85 | 96 | 247 | 69 | 75 | 45 | 107 | 135 | 77 |
Ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 14 | 4 | 15 | 13 | 11 | 7 | 18 | 20 | 12 | 18 | 16 | 31 |
| Inventory Days | 208 | 177 | 176 | 192 | 256 | 168 | 174 | 207 | 162 | 224 | 264 | 283 |
| Days Payable | 86 | 74 | 61 | 88 | 128 | 72 | 74 | 49 | 52 | 88 | 70 | 96 |
| Cash Conversion Cycle | 137 | 107 | 130 | 117 | 140 | 103 | 118 | 178 | 122 | 153 | 210 | 218 |
| Working Capital Days | 3 | -39 | 1 | 12 | -8 | -29 | -2 | 13 | 74 | 71 | 41 | 14 |
| ROCE % | 7% | 1% | 23% | 17% | 9% | 0% | 14% | 34% | 18% | 24% | 21% | 18% |
Documents
1
Order From Regional Director (South East Region), Hyderabad, Ministry Of Corporate Affairs, In The Matter Of Compounding Of Offences Under The Companies Act, 2013 For FY 2019-20 & 20-21
27 Apr - MCA Regional Director levied Rs15 lakh compounding fee on IMFA KMPs for FY20-21, received 27 April 2026. 27 Apr - MCA Regional Director levied Rs15 lakh compounding fee on IMFA KMPs for FY20-21, received 27 April 2026.
2
PCS Certificate Under Regulation 40(10)
20 Apr - Filed Regulation 40(9)/(10) certificate for FY2026; no transfer requests received. 20 Apr - Filed Regulation 40(9)/(10) certificate for FY2026; no transfer requests received.
3
Submission Of Certificate Under Regulation 7(3)
20 Apr - Confirmed in-house physical and electronic share transfer facilities under Regulation 7(3). 20 Apr - Confirmed in-house physical and electronic share transfer facilities under Regulation 7(3).
4
Order From Regional Director (South East Region), Hyderabad, Ministry Of Corporate Affairs, In The Matter Of Compounding Of Offences Under The Companies Act, 2013 For FY 2019-20 & 20-21
7h - MCA Regional Director levied Rs15 lakh compounding fee on IMFA KMPs for FY20-21, received 27 April 2026. 7h - MCA Regional Director levied Rs15 lakh compounding fee on IMFA KMPs for FY20-21, received 27 April 2026.
5
Update
15 Apr - Greenfield ferro chrome project pre-commissioning starts June 2026; ethanol project commissioning delayed to July 2026. 15 Apr - Greenfield ferro chrome project pre-commissioning starts June 2026; ethanol project commissioning delayed to July 2026.
Frequently Asked Questions about Indian Metals & Ferro Alloys Ltd
What does Indian Metals & Ferro Alloys Ltd do?
Indian Metals and Ferro Alloys Limited (IMFA) is a leading, fully integrated producer of Ferro Chrome in India which is primarily used in the production of stainless steel. It was set up in 1961. [1]
Where is Indian Metals & Ferro Alloys Ltd (IMFA) listed?
Indian Metals & Ferro Alloys Ltd is listed on the Indian stock exchanges. It is listed on NSE: IMFA and BSE: 533047. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Indian Metals & Ferro Alloys Ltd belong to?
Indian Metals & Ferro Alloys Ltd operates in the Metals & Mining sector within the Ferro & Silica Manganese industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Indian Metals & Ferro Alloys Ltd?
Indian Metals & Ferro Alloys Ltd has a market capitalisation of approximately ₹7565.98 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of Indian Metals & Ferro Alloys Ltd?
The Price-to-Earnings (PE) ratio of Indian Metals & Ferro Alloys Ltd is 14.60. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Indian Metals & Ferro Alloys Ltd?
Over the past 52 weeks, Indian Metals & Ferro Alloys Ltd has traded between a low of ₹815 and a high of ₹1,679.9. This range helps investors understand the stock's price volatility and recent trading levels.
Does Indian Metals & Ferro Alloys Ltd pay dividends?
Yes, Indian Metals & Ferro Alloys Ltd has a dividend yield of 0.89%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Indian Metals & Ferro Alloys Ltd?
Indian Metals & Ferro Alloys Ltd has a Return on Equity (ROE) of 15.58%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Indian Metals & Ferro Alloys Ltd on Tapetide?
On Tapetide, you can view Indian Metals & Ferro Alloys Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.
Company Information
Indian Metals and Ferro Alloys Limited (IMFA) is a leading, fully integrated producer of Ferro Chrome in India which is primarily used in the production of stainless steel. It was set up in 1961. [1]
Website imfa.in
CEO Mr. Subhrakant Panda
Employees 2,072
Listed 2010-07-23
Face Value ₹ 10
Issued Size 5,39,54,106