Indian Metals & Ferro Alloys Limited (IMFA)

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Indian Metals & Ferro Alloys Limited (IMFA) · mywealthgrid

About

IMFA Limited manufactures ferro alloys and silica manganese for India's steel and industrial sectors. Recent quarterly revenue reached ₹960.45 Cr with operating margins at 20.77% (TTM), reflecting the commodity economics of ferrous metals production. The company's ₹7,584.3 Cr market capitalization positions it as a key participant in the domestic ferrous alloys industry.

Face value: ₹10

Market cap

₹6,355 Cr

P/E

12.1×

P/B

2.3×

Dividend yield

1.1%

ROE

16.8%

ROCE

21.1%

Debt / equity

0.34

OPM

20.8%

EPS (TTM)

₹97.3

Book value

₹503.6

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

OPM volatility from 19.25% (Sep 2025) to 29.29% (Jun 2026) indicates acute sensitivity to ferrous metal commodity input and output prices
Revenue swings from ₹702.83 Cr (Dec 2025) to ₹960.45 Cr (Jun 2026) suggest cyclical business dynamics; verify the sustainability of recent revenue growth
D/E ratio of 0.34 provides limited financial cushion if ferrous metal demand declines; verify covenant headroom and refinancing risk
Verify competitive positioning, market share, and pricing power relative to larger domestic and global producers

Generated analysis · source review pending

Growth drivers

Jun 2026 revenue of ₹960.45 Cr marks 34% sequential growth from Sep 2025 (₹718.65 Cr); verify if this reflects structural demand recovery or cyclical commodity pricing
OPM expanded to 29.29% in Jun 2026 from 19.25% in Sep 2025; verify sustainability and operational drivers of margin improvement
Moderate leverage (D/E 0.34) combined with ROE of 16.75% indicates capacity to fund growth capex without financial stress
Jun 2026 net profit of ₹192.59 Cr marks highest quarter in recent periods, exceeding Sep-Mar average of ~₹110 Cr; verify sustainability of earnings

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹1,176.8-2.5%1Y

Quick read

rule-based

Pros

+High return on capital employed of 23.6%
+Healthy operating margin of 20.8%
+Profit CAGR of 20.5% over the last 5 years
+Comfortable interest coverage of 16.5×

Cons

−Modest revenue growth of 8.9% a year over the last 5 years

Research score

Structured signal from quality, growth, valuation and momentum.

75/100

Business quality: 67
Growth: 71
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MICROCAP 250 NIFTY TOTAL MARKET

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,227	1,697	1,769	1,634	1,612	1,844	2,603	2,676	2,780	2,565	2,826
COGS	684	705	815	775	940	935	1,097	1,458	1,465	1,018	1,052
Gross profit	542	992	954	858	672	909	1,506	1,219	1,315	1,546	1,774
	419	479	522	596	583	571	696	730	728	1,016	1,187
	123	513	432	262	89	338	810	488	587	531	587
OPM %	10%	30.3%	24.4%	16%	5.5%	18.3%	31.1%	18.3%	21.1%	20.7%	20.8%
Depreciation	114	109	101	98	104	104	110	107	78	55	63
Interest	81	83	75	78	97	55	59	66	35	28	36
	16	48	27	14	21	50	17	9	42	66	65
Profit before tax	-73	369	283	19	-90	228	658	324	516	514	554
Tax	-30	121	96	20	-25	61	150	98	144	135	129
Tax %	-40.4%	32.7%	34%	103%	-27.3%	26.9%	22.8%	30.3%	27.9%	26.2%	23.3%
	-44	249	187	-1	-66	167	508	226	372	379	425
PAT margin %	-3.6%	14.7%	10.5%	-0%	-4.1%	9.1%	19.5%	8.4%	13.4%	14.8%	15%
EPS (₹)	—	—	—	—	-24.6	61.7	94	41.8	73.1	70.2	78.6
EPS adjusted (₹)	-8.5	46.1	71.3	-0.4	-12.3	31	94	41.8	73.1	70.2	78.6
	—	—	—	—	—	16.2%	13.3%	24%	41%	28.5%	15.9%
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	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	27	13	13	27	27	54	54	54	54	54
Reserves	854	1,037	1,189	1,143	—	1,215	1,661	1,819	2,066	2,294	2,664
Minority interest	—	—	—	44	—	30	30	30	8	9	9
	986	783	711	644	—	664	476	321	168	373	924
	638	657	739	810	—	605	599	429	536	448	666
Total equity & liabilities	2,503	2,504	2,652	2,655	—	2,541	2,821	2,654	2,832	3,177	4,317
	1,364	1,264	1,245	1,166	1,206	1,145	1,101	980	975	1,028	1,549
CWIP	209	236	273	304	—	248	266	64	66	74	792
Investments	23	161	148	69	—	130	164	274	394	931	405
	906	843	985	1,115	—	1,019	1,290	1,335	1,397	1,144	1,571
Total assets	2,503	2,504	2,652	2,655	—	2,541	2,821	2,654	2,832	3,177	4,317

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Ferro Chrome	2,824	611.29	2,562.61	519.35	2,043.26	29.92
Power	542.61	-3.83

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	52.5%	41.7%	49.3%	57.9%	45.5%	47.3%	60.3%	62.8%
EBITDA margin %	16%	5.5%	18.3%	31.1%	18.3%	21.1%	20.7%	20.8%
EBIT margin %	10%	-0.9%	12.7%	26.9%	14.2%	18.3%	18.6%	18.5%
PAT margin %	-0%	-4.1%	9.1%	19.5%	8.4%	13.4%	14.8%	15%
Working capital
Receivable days	14	—	18	20	12	11	16	31
Inventory days	256	—	174	207	162	177	264	283
Payable days	2	—	74	49	52	59	70	96
NWC days	268	—	118	178	122	129	210	218
Leverage
Current ratio	1.11	—	1.22	1.32	2.26	2.56	2.69	1.44
Debt to EBITDA	2.46	—	1.97	0.59	0.66	0.29	0.7	1.57
Debt to equity	0.56	—	0.53	0.28	0.17	0.08	0.16	0.34
Interest coverage	2.3	0.1	5.2	12.2	6.1	15.8	19.2	16.5
Asset turnover	0.62	—	0.73	0.92	1.01	0.98	0.81	0.65
Return ratios
Return on assets %	-0%	—	6.6%	18%	8.5%	13.2%	11.9%	9.8%
Return on capital employed %	8.3%	—	15.7%	38.1%	20.5%	26.4%	23.4%	21.1%
Return on equity %	-0.1%	—	13.4%	29.6%	12.1%	17.6%	16.2%	15.6%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	58.69%	58.69%	58.69%	58.69%	58.69%	58.69%	58.69%	58.69%	58.69%	58.69%	58.69%	58.69%
	2.48%	2.93%	2.87%	2.89%	3.1%	4.03%	3.81%	3.4%	3.69%	3.35%	3.87%	3.59%
	0.08%	0.09%	0.09%	1.35%	0.92%	0.82%	0.81%	0.18%	0.22%	0.64%	0.82%	0.88%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	38.75%	38.29%	38.35%	37.07%	37.29%	36.46%	36.69%	37.73%	37.4%	37.32%	36.62%	36.84%
No. of shareholders	—	—	—	—	—	—	—	—	46,652	55,725	52,983	55,347

Promoter holding up 0 percentage points since Sep 2023.

12 deals · 25 Sept 2023 – 8 Nov 2024

Date	Client	Type	Venue	Side	Quantity	Price	Value
8 Nov 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	3,24,365	₹780.17	₹25.31 Cr
8 Nov 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	3,24,365	₹779.03	₹25.27 Cr
11 Jun 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	3,11,432	₹826.94	₹25.75 Cr
11 Jun 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	3,11,432	₹826.94	₹25.75 Cr
3 Apr 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	3,43,770	₹711.08	₹24.44 Cr
3 Apr 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	3,43,770	₹709.97	₹24.41 Cr
31 Jan 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	3,03,954	₹637.97	₹19.39 Cr
31 Jan 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	3,03,954	₹637.61	₹19.38 Cr
30 Jan 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	3,33,095	₹592.22	₹19.73 Cr
30 Jan 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	3,33,095	₹591.84	₹19.71 Cr

1–10 of 12

1 / 2

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. BARADA KANTA MISHRANon-Executive - Independent Director-Chairperson
Mr. BAIJAYANT PANDAExecutive Director
Mr. SUBHRAKANT PANDAExecutive Director-MD
Mr. BIJAYANANDA MOHAPATRAExecutive Director
Mr. STEFAN GEORG AMREINNon-Executive - Non Independent Director
Mrs. LATHA RAVINDRANNon-Executive - Independent Director
Ms. KIRAN DHINGRANon-Executive - Independent Director
Mr. DEEPAK KUMAR MOHANTYNon-Executive - Independent Director
Mr. Deepak Kumar MohantyNon - Executive Independent Director
Smruti Ranjan RayCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 2 fund houses

Held by these funds

0.07%

of the company's equity

All mutual funds

0.1%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

3 schemes · 2 fund houses

		Shares
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	38,859	5.12	0.21%	0.072%	-850
IB18-Groww Nifty Total Market Index Fund	Groww Mutual Fund	266	0.04	0.01%	0%	+2
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	45	0.01	0.01%	0%	-0

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

16 announcementsExport CSV

22 Sept 2026, 8:19 pmCompany Update

Disclosure Under Regulation 30 Of Securities And Exchange Board Of India (Listing Obligations And Disclosure Requirements) Regulations, 2015

General PDF

16 Sept 2026, 12:18 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

11 Sept 2026, 12:41 pmAGM/EGM

Indian Metals & Ferro Alloys Ltd - 533047 - Shareholder Meeting / Postal Ballot-Scrutinizer"s Report

Postal Ballot PDF

10 Sept 2026, 6:42 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of Postal_Ballot

Postal Ballot PDF

8 Sept 2026, 7:34 pmCompany Update

Announcement under Regulation 30 (LODR)-Change in Management

Change in Management PDF

25 Aug 2026, 6:13 pmCompany Update

Update On Greenfield Ferro Chrome Expansion Project In Kalinganagar

General PDF

11 Aug 2026, 5:44 pmCompany Update

Announcement under Regulation 30 (LODR)-Earnings Call Transcript

Earnings Call Transcript PDF

11 Aug 2026, 11:52 amAGM/EGM

Shareholder Meeting / Postal Ballot-Notice of Postal Ballot

Postal Ballot PDF

Date	Category	Subject	Filing
22 Sept 2026, 8:19 pm	Company Update General	Disclosure Under Regulation 30 Of Securities And Exchange Board Of India (Listing Obligations And Disclosure Requirements) Regulations, 2015	PDF
16 Sept 2026, 12:18 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	52.5%	41.7%	49.3%	57.9%	45.5%	47.3%	60.3%	62.8%
EBITDA margin %	16%	5.5%	18.3%	31.1%	18.3%	21.1%	20.7%	20.8%
EBIT margin %	10%	-0.9%	12.7%	26.9%	14.2%	18.3%	18.6%	18.5%
PAT margin %	-0%	-4.1%	9.1%	19.5%	8.4%	13.4%	14.8%	15%
Working capital
Receivable days	14	—	18	20	12	11	16	31
Inventory days	256	—	174	207	162	177	264	283
Payable days	2	—	74	49	52	59	70	96
NWC days	268	—	118	178	122	129	210	218
Leverage
Current ratio	1.11	—	1.22	1.32	2.26	2.56	2.69	1.44
Debt to EBITDA	2.46	—	1.97	0.59	0.66	0.29	0.7	1.57
Debt to equity	0.56	—	0.53	0.28	0.17	0.08	0.16	0.34
Interest coverage	2.3	0.1	5.2	12.2	6.1	15.8	19.2	16.5
Asset turnover	0.62	—	0.73	0.92	1.01	0.98	0.81	0.65
Return ratios
Return on assets %	-0%	—	6.6%	18%	8.5%	13.2%	11.9%	9.8%
Return on capital employed %	8.3%	—	15.7%	38.1%	20.5%	26.4%	23.4%	21.1%
Return on equity %	-0.1%	—	13.4%	29.6%	12.1%	17.6%	16.2%	15.6%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Indian Metals & Ferro Alloys LimitedIMFAIMFA	₹6,355 Cr	₹7,278 Cr	₹3,145 Cr	₹743 Cr	20.8%	₹525 Cr	15%	21.1%	16.8%	218
Maithan Alloys LimitedMAITHANALLMAITHANALL	₹2,698 Cr	₹2,933 Cr	₹2,080 Cr	₹285 Cr	11.9%	₹291 Cr	20.3%	15.5%	11%	420
Visa Chrome LimitedVISACHROMEVISACHROME	₹524 Cr	₹878 Cr	₹512 Cr	₹2 Cr	2.4%	₹1,036 Cr	187%	—	—	-3
Nilachal Carbo Metalicks LtdNCMLNCML	₹299 Cr	—	₹200 Cr	₹21 Cr	10.7%	₹10 Cr	5.2%	—	—	—
Nagpur Power & Industries LtdNAGPINAGPI	₹219 Cr	₹243 Cr	₹84 Cr	₹3 Cr	3.4%	₹3 Cr	-2.5%	1.1%	-2.5%	194
Shyam Century Ferrous LimitedSHYAMCENTSHYAMCENT	₹106 Cr	₹110 Cr	₹121 Cr	₹14 Cr	-11.1%	₹15 Cr	-8.2%	-5.6%	-5.7%	—
Indsil Hydro Power and Manganese LtdINDSILHYDINDSILHYD	₹106 Cr	₹106 Cr	₹152 Cr	₹15 Cr	10%	₹15 Cr	9.9%	8.2%	9.6%	413
Chrome Silicon LtdCHROMECHROME	₹65 Cr	₹100 Cr	₹73 Cr	₹-82 Cr	—	₹-88 Cr	-919.6%	-10%	-48.9%	-13,573
Facor Alloys LtdFACORALLFACORALL	₹59 Cr	₹71 Cr	₹1 Cr	₹-18 Cr	—	₹-0 Cr	—	-19.9%	-14.5%	-5,953
Impex Ferro Tech LimitedIMPEXFERROIMPEXFERRO	—	—	₹27 Cr	₹-33 Cr	-126.3%	₹-28 Cr	-108.5%	—	—	-2,402

₹ Cr	Mar 2016	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	218	290	217	221	232	390	151	512	585	318
	-102	-88	-31	-50	-131	-106	140	-209	-562	-753
	-161	-191	-187	-182	-99	-284	-291	-259	-68	462
Net cash flow	-45	10	-2	-11	2	-0	1	44	-45	27
Free cash flow	115	169	112	125	196	303	-79	399	470	-1,017
CFO / Operating profit %	177.1%	67%	82.7%	247.3%	68.6%	48.1%	30.9%	87.3%	110.3%	54.2%

Indian Metals & Ferro Alloys Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

27

1

1

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Ferro Alloys · revenue

Indian Metals & Ferro Alloys Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Dividends27

Board meetings1

Bonus issues1

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Ferro Alloys · revenue

27

1

1