Indian Metals & Ferro Alloys logo

Indian Metals & Ferro Alloys

IMFA NSE

Key Fundamentals

MicrocapFerro & Silica ManganeseMetals & Mining
Market Cap
₹6,722 Cr
Volatility
Moderate
P/E Ratio
12.8
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
₹992.9

Tapetide Score

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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% higher than 3Y
Net Income Growth
11.97% lower than 3Y
Cash Flow Change
-45.66% lower than 3Y
ROE
-3.17% lower than 3Y
ROCE
-14.69% higher than 3Y
EBITDA Margin (Avg.)
-0.53% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 44d ago
AI 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 anthropic claude-opus-4.6 42d 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

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

DIIs0.88%Promot.58.69%FIIs3.59%Others17.80%Public19.05%As ofJun 2026

Documents

Frequently Asked Questions about Indian Metals & Ferro Alloys

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 trades as IMFA on the NSE and under code 533047 on the BSE.
Which sector does Indian Metals & Ferro Alloys Ltd belong to?
Indian Metals & Ferro Alloys Ltd is classified under the Metals & Mining sector, in the Ferro & Silica Manganese industry.
What is the market capitalisation of Indian Metals & Ferro Alloys Ltd?
Indian Metals & Ferro Alloys Ltd has a market capitalisation of ₹6,722 Cr, which places it in the Mid Cap band.
What is the PE ratio of Indian Metals & Ferro Alloys Ltd?
Indian Metals & Ferro Alloys Ltd trades at a PE ratio of 12.80, on earnings per share of ₹73.62, against a book value of ₹503.67 per share.
What is the 52-week high and low of Indian Metals & Ferro Alloys Ltd?
Over the last 52 weeks Indian Metals & Ferro Alloys Ltd has traded between ₹992.9 and ₹1,679.9.
Does Indian Metals & Ferro Alloys Ltd pay dividends?
Indian Metals & Ferro Alloys Ltd has a dividend yield of 0.98%.
What is the Return on Equity (ROE) of Indian Metals & Ferro Alloys Ltd?
Indian Metals & Ferro Alloys Ltd reported a return on equity of 15.58%. Its debt-to-equity ratio is 0.35.

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

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