---
title: "Balasore Alloys Ltd (ISPATALLOY) — Share Price, Financials & Analysis"
symbol: "ISPATALLOY"
company: "Balasore Alloys Ltd"
canonical: "https://tapetide.com/stocks/ISPATALLOY"
sector: "Commodities"
industry: "Ferrous Metals"
generated_at: "2026-09-13T18:26:30.421Z"
---

# Balasore Alloys Ltd (ISPATALLOY)

Canonical page: https://tapetide.com/stocks/ISPATALLOY

## Company

- **Sector:** Commodities
- **Industry:** Ferrous Metals
- **Macro Sector:** Commodities
- **Stock Type:** EQUITY
- **Face Value:** ₹5
- **F&O Eligible:** No
- **Website:** balasorealloys.com

## About

Balasore Alloys is principally engaged in extraction of chrome ore from its captive mines n Odisha and manufacturing and selling of Ferro Chromes of various grades.

## Latest Price

## Key Insights

### Strengths

- Stock is trading at 0.11 times its book value
- Debtor days have improved from 163 to 43.4 days.

### Weaknesses

- Company has low interest coverage ratio.
- Company has a low return on equity of -7.20% over last 3 years.
- Contingent liabilities of Rs.52.9 Cr.
- Company might be capitalizing the interest cost

## Growth Rates

| Metric | 1Y | 3Y | 5Y |
| --- | --- | --- | --- |
| net income growth | 87% | 21% | — |
| revenue growth | 194% | 124% | -2% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Dec 2020 | Jun 2021 | Sep 2021 | Dec 2021 | Mar 2022 | Jun 2022 | Sep 2022 | Dec 2022 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 2 | 28 | 46 | 3 | 25 | 53 | 6 | 33 | 401 | 335 | 190 | 223 |
| Expenses | 26 | 32 | 38 | 9 | 46 | 37 | 29 | 71 | 394 | 376 | 167 | 197 |
| Operating Profit | -24 | -5 | 9 | -6 | -20 | 16 | -23 | -39 | 7 | -41 | 23 | 26 |
| OPM % | -1070 | -17 | 19 | -195 | -82 | 31 | -372 | -118 | 1.8 | -12 | 12 | 12 |
| Other Income | 0 | 0 | 0 | 0 | 10 | 2 | 1 | 1 | 2 | 2 | 0 | 0 |
| Interest | 9 | 7 | 7 | 7 | 7 | 11 | 14 | 17 | 8 | 7 | 0 | 0 |
| Depreciation | 7 | 7 | 7 | 1 | 11 | 6 | 6 | 6 | 6 | 6 | 0 | 0 |
| Profit before tax | -40 | -18 | -5 | -14 | -29 | 1 | -42 | -61 | -4 | -52 | 23 | 26 |
| Tax % | -24 | -24 | -24 | -24 | 3 | 95 | 46 | 26 | 0 | -23 | -190 | 28 |
| Net Profit | -30 | -14 | -4 | -10 | -30 | 0 | -61 | -77 | -4 | -40 | 67 | 19 |
| EPS in Rs | -3.24 | -1.49 | -0.41 | -1.1 | -3.21 | 0 | -6.58 | -8.24 | -0.38 | -4.29 | 7.22 | 1.99 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 848 | 838 | 1012 | 1210 | 1261 | 767 | 100 | 102 | 382 | 1123 |
| Expenses | 733 | 756 | 832 | 1091 | 1193 | 838 | 93 | 125 | 432 | 1215 |
| Operating Profit | 115 | 82 | 179 | 119 | 69 | -71 | 7 | -23 | -50 | -92 |
| OPM % | 14 | 10 | 18 | 10 | 5 | -9 | 7 | -22 | -13 | -8 |
| Other Income | -17 | 7 | 22 | 34 | -25 | 1 | 6 | 10 | -78 | 0 |
| Interest | 35 | 32 | 39 | 46 | 44 | 50 | 38 | 27 | 72 | 0 |
| Depreciation | 21 | 22 | 27 | 30 | 32 | 30 | 29 | 26 | 24 | 0 |
| Profit before tax | 42 | 35 | 135 | 77 | -32 | -149 | -54 | -66 | -225 | -92 |
| Tax % | 31 | 47 | 38 | 56 | -11 | -27 | -24 | -12 | -24 | -90 |
| Net Profit | 29 | 19 | 84 | 34 | -29 | -109 | -41 | -58 | -171 | -9 |
| EPS in Rs | 4.11 | 2.36 | 9.41 | 3.65 | -3.08 | -11.68 | -4.36 | -6.23 | -18.37 | -0.99 |
| Dividend Payout % | 15 | 26 | 8 | 21 | -13 | 0 | 0 | 0 | 0 | 0 |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Sep 2023 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 37 | 41 | 44 | 47 | 47 | 47 | 47 | 47 | 47 | 47 |
| Reserves | 869 | 856 | 888 | 919 | 882 | 771 | 738 | 683 | 513 | 470 |
| Borrowings | 116 | 132 | 215 | 181 | 178 | 196 | 203 | 202 | 577 | 559 |
| Other Liabilities | 345 | 397 | 524 | 552 | 627 | 692 | 775 | 746 | 772 | 816 |
| Total Liabilities | 1367 | 1426 | 1671 | 1699 | 1734 | 1706 | 1763 | 1678 | 1909 | 1892 |
| Fixed Assets | 934 | 880 | 846 | 864 | 867 | 902 | 874 | 847 | 823 | 813 |
| CWIP | 73 | 90 | 94 | 120 | 134 | 117 | 117 | 117 | 117 | 121 |
| Investments | 12 | 12 | 17 | 18 | 18 | 18 | 17 | 16 | 16 | 16 |
| Other Assets | 347 | 444 | 714 | 698 | 716 | 669 | 755 | 697 | 952 | 941 |
| Total Assets | 1367 | 1426 | 1671 | 1699 | 1734 | 1706 | 1763 | 1678 | 1909 | 1892 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 66 | 63 | 90 | 110 | 83 | 44 | -9 | -9 | -289 | — |
| Cash from Investing Activity | 143 | -65 | -119 | -36 | -57 | -47 | 26 | 26 | 3 | — |
| Cash from Financing Activity | -208 | 8 | 30 | -66 | -36 | 1 | -19 | -19 | 307 | — |
| Net Cash Flow | 1 | 6 | 0 | 9 | -10 | -2 | -2 | -2 | 21 | — |
| Free Cash Flow | 9 | -6 | -17 | 61 | 29 | 2 | -6 | -6 | -284 | — |
| CFO/OP | 57 | 98 | 53 | 117 | 123 | -65 | -88 | 27 | 570 | — |

### Ratios

| Item | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 6 | 11 | 14 | 16 | 15 | 27 | 194 | 316 | 128 | — |
| Inventory Days | 172 | 178 | 258 | 155 | 116 | 166 | — | 1426 | 454 | — |
| Days Payable | 301 | 344 | 370 | 214 | 228 | 252 | — | 1055 | 444 | — |
| Cash Conversion Cycle | -123 | -155 | -98 | -44 | -98 | -60 | 194 | 688 | 138 | — |
| Working Capital Days | -63 | -80 | -86 | -59 | -71 | -132 | -676 | -922 | -22 | — |
| ROCE % | 11 | 6 | 16 | 13 | 4 | -7 | -2 | -4 | -5 | — |

## Shareholding Pattern

### annual

| Category | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Dec 2023 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 61.35% | 61.44% | 61.44% | 61.44% | 61.44% | 61.44% | 61.44% | 61.44% |
| FIIs | 1.91% | 1.82% | 1.82% | 1.82% | 2.45% | 2.45% | 1.82% | 1.82% |
| DIIs | 0.68% | 0.65% | 0.65% | 0.65% | 0.01% | 0.01% | 0.64% | 0.64% |
| Public | 36.06% | 36.09% | 36.09% | 36.09% | 36.09% | 36.09% | 36.1% | 36.09% |
| No. of Shareholders | 125261 | 132450 | 120871 | 117958 | 115190 | 114464 | 114437 | 114382 |

### Quarterly

| Category | Mar 2021 | Jun 2021 | Sep 2021 | Dec 2021 | Mar 2022 | Jun 2022 | Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 61.44% | 61.44% | 61.44% | 61.44% | 61.44% | 61.44% | 61.44% | 61.44% | 61.44% | 61.44% | 61.44% | 61.44% |
| FIIs | 2.45% | 2.45% | 2.45% | 2.45% | 2.45% | 1.82% | 1.82% | 1.82% | 1.82% | 1.82% | 1.82% | 1.82% |
| DIIs | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.64% | 0.64% | 0.64% | 0.64% | 0.64% | 0.64% | 0.64% |
| Public | 36.09% | 36.09% | 36.09% | 36.09% | 36.09% | 36.08% | 36.09% | 36.09% | 36.1% | 36.09% | 36.1% | 36.09% |
| No. of Shareholders | 115190 | 114907 | 114601 | 114457 | 114464 | 114434 | 114437 | 114447 | 114437 | 114404 | 114388 | 114382 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Buy
- **Buy / Neutral / Sell:** 7 / 6 / 6

### Moving Averages — summary: **Neutral**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 12.51 | Buy |
| EMA (10) | 12.72 | Buy |
| SMA (20) | 12.59 | Buy |
| EMA (20) | 12.74 | Buy |
| SMA (50) | 13.45 | Sell |
| EMA (50) | 13.17 | Buy |
| SMA (100) | 13.82 | Sell |
| EMA (100) | 13.57 | Sell |
| SMA (200) | 13.9 | Sell |
| EMA (200) | 13.92 | Sell |

### Oscillators — summary: **Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 54.16 | Neutral |
| MACD (12,26,9) | -0.13 | Buy |
| Stochastic (14,3,3) | 65.22 | Neutral |
| ADX (14) | 19.15 | Neutral |
| Williams %R (14) | -22.71 | Neutral |
| ATR (14) | 0.54 | High Volatility |
| ROC (12) | 11.76 | Buy |
| Stoch RSI (14) | 100 | Sell |
| UO (7,14,28) | 51.7 | Neutral |

## Filings & Documents

### Annual Reports

| Date | Document |
| --- | --- |
| from bse | [Annual Report 2019 from bse](https://www.bseindia.com/bseplus/AnnualReport//5131420319.pdf) |
| from bse | [Annual Report 2018 from bse](https://www.bseindia.com/bseplus/AnnualReport//5131420318.pdf) |
| from bse | [Annual Report 2017 from bse](https://www.bseindia.com/bseplus/AnnualReport//5131420317.pdf) |
| from bse | [Annual Report 2016 from bse](https://www.bseindia.com/bseplus/AnnualReport//5131420316.pdf) |
| from bse | [Annual Report 2015 from bse](https://www.bseindia.com/bseplus/AnnualReport//5131420315.pdf) |
| from bse | [Annual Report 2014 from bse](https://www.bseindia.com/bseplus/AnnualReport//5131420314.pdf) |
| from bse | [Annual Report 2013 from bse](https://www.bseindia.com/bseplus/AnnualReport//5131420313.pdf) |
| from bse | [Annual Report 2012 from bse](https://www.bseindia.com/bseplus/AnnualReport//5131420312.pdf) |
| from bse | [Annual Report 2011 from bse](https://www.bseindia.com/bseplus/AnnualReport//5131420311.pdf) |
| from bse | [Annual Report 2010 from bse](https://www.bseindia.com/bseplus/AnnualReport//5131420310.pdf) |

### Earnings Call Documents

| Date | Document |
| --- | --- |
| Mar 2018 | [Concall - Mar 2018](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=fc908f46-6f0f-48a7-89db-4874accb8256.pdf) |
| Mar 2018 | [Concall - Mar 2018](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2018/3/fc908f46-6f0f-48a7-89db-4874accb8256.pdf) |
| Jan 2018 | [Concall - Jan 2018](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=c8c3cff8-d395-4079-96c9-b7f751553c95.pdf) |
| Jan 2018 | [Concall - Jan 2018](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=31fefd4d-676a-430b-a96a-40d85a38d971.pdf) |
| Jan 2018 | [Concall - Jan 2018](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2018/1/c8c3cff8-d395-4079-96c9-b7f751553c95.pdf) |
| Jan 2018 | [Concall - Jan 2018](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2018/1/31fefd4d-676a-430b-a96a-40d85a38d971.pdf) |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T18:26:30.421Z.