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Indian Metals & Ferro Alloys Ltd

IMFA

NSE

₹1,131.80-4.07%19 Oct 2026

Reports

Mining and Minerals

Indian Metals & Ferro Alloys Ltd

IMFA

NSE

₹1,131.80

-4.07%

19 Oct 2026

SOICxStockScans Reports

Ask AI

Mining and Minerals

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Indian Metals & Ferro Alloys Ltd (IMFA) is the world’s most cost-efficient maker of ferrochrome - the alloy that makes stainless steel stainless - built on a simple, self-reliant formula it has followed since 1961: own the mine, generate the power, and run the furnaces yourself. Founded by Dr Bansidhar Panda and Mrs Ila Panda in Odisha, the company has spent six decades turning captive chromite ore into high-carbon ferrochrome for the world’s biggest steel mills, never selling raw ore and never relying on anyone else’s electricity grid. That obsession with vertical integration - and a recent move to lock in cheap renewable power - is the recurring approach that explains everything it does.

Business segments

Three engines, one integrated chain - captive mines feed captive smelters powered by captive electricity, with a new ethanol plant under construction as the first step outside the core.

1. Ferro Alloys: the main engine and the reason the company exists

IMFA makes high-carbon ferrochrome and sells over 90% of it to the world’s top stainless steel producers under long-term contracts, with a cost structure that stays profitable even when global prices fall.

The product is a stainless steel essential - ferrochrome is an alloy of chromium and iron, with chrome content between 50% and 70%, and over 80% of all the ferrochrome consumed globally goes into stainless steel to give it corrosion resistance, strength and shine.
Sold on contracts, not spot markets - more than 70% of sales are under long-term agreements with giants like POSCO, Tsingshan and Marubeni that fix tonnages and reset prices monthly or quarterly, so the company gets assured offtake while still tracking market trends.
Two plants, soon to be three - the existing smelting complexes at Therubali and Choudwar in Odisha run six submerged arc furnaces with a combined 190 MVA capacity, producing 260,190 tonnes in the latest year.
Doubling down on scale - a greenfield project at Kalinganagar (66 MVA, 100,000 tonnes) was nearing cold trials by mid-2026, and the acquired Tata Steel ferro alloys plant next door (99 MVA, 100,000 tonnes existing plus 50,000 tonnes under construction) was already producing 6,000 tonnes a month, together set to make IMFA India’s largest and the world’s sixth-largest ferrochrome producer.
Waste becomes a product - fly ash from the captive power plants is turned into bricks (up to 200,000 a day) and lightweight aggregate, achieving 100% ash utilisation, while slag is used for road construction inside the plant.

2. Mining: the ore that feeds the furnaces

Two captive chromite mines in Odisha’s Sukinda Valley - where 95% of India’s chrome ore lies - supply every tonne of raw material the smelters need, with leases running to 2049 and 2055.

Ore is for conversion, not sale - all 701,863 tonnes of chrome ore raised in the latest year from the Sukinda and Mahagiri mines was used in IMFA’s own furnaces, because the real margin comes from turning ore into ferrochrome, not selling the raw mineral.
Underground and expanding - IMFA was the first to start underground mining in the region, and has a captive mining capacity of 651,000 TPA.
Safety as a differentiator - the mines use real-time strata monitoring and blast-vibrometers, and the company runs its own rescue room, earning national safety awards.

3. Power: the electricity that makes the economics work

Smelting ferrochrome is brutally power-hungry, so IMFA generates its own - 204.55 MW of captive capacity today, with a deliberate pivot to hybrid renewable energy to lock in future costs.

Captive means control - the 200 MW of coal-based thermal power and 4.55 MWp of solar generated 1,092 million units in the latest year, all consumed inside the company with no external sales, insulating the furnaces from grid outages and price swings.
Waste heat, not wasted - off-gas from the ferrochrome furnaces is captured and used for power generation, ore drying and sintering, squeezing more energy out of the same raw material.
Zero liquid discharge - all manufacturing sites recycle treated wastewater for cooling and dust suppression, and rainwater harvesting is deployed across operations.

Group structure and partners

A simplified, promoter-led holding company with a clean balance sheet, a single new diversification bet, and renewable energy partnerships structured as captive equity stakes.

Promoter-held and debt-free - the founding family holds 58.69% of the equity, and the company was net debt-free as of the latest year, having absorbed its holding company and coal subsidiary through amalgamations that streamlined the corporate structure.
The ethanol experiment - a 120 kilolitres-per-day ethanol plant at Therubali, targeting India’s fuel-blending programme, was expected to produce its first output around August 2026, marking the first investment outside ferro alloys in the company’s history.
Renewable partners, not related parties - the special-purpose vehicles supplying hybrid power (JSW Renew Energy Twelve and EG URJA STROT) are independent of the promoter group, with IMFA’s 26% equity stake giving it consent rights over major decisions while keeping the assets off its own balance sheet.
A foundation that runs deep - the Bansidhar & Ila Panda Foundation, established in 2011, reached over 180,000 people across 420 villages in six Odisha districts in the latest year, handling the company’s community obligations at scale.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹6,093Cr

Close Price

₹1,129.30

Industry

Mining and Minerals

Price To Earnings

11.62

Price To Sales

1.94

Revenue

₹3,145Cr

Rev Gr TTM

Revenue Growth TTM

23.64%

PAT Gr TTM

PAT Growth TTM

46.37%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	693	685	701	662	692	643	567	642	719	703	763	960
Growth YoY Revenue Growth YoY%	3.0	9.9	10.0	-5.6	-0.1	-6.1	-19.0	-3.1	3.9	9.3	34.6	49.7
Expenses ExpensesCr	542	526	596	501	521	515	497	516	580	539	604	679
Operating Profit Operating ProfitCr	150	159	105	161	170	128	71	125	138	164	159	281
OPM OPM%	21.7	23.2	15.0	24.4	24.6	19.9	12.4	19.6	19.3	23.4	20.8	29.3
Other Income Other IncomeCr	12	10	11	13	19	17	17	22	16	22	6	13
Interest Expense Interest ExpenseCr	13	8	5	4	6	8	10	7	8	9	11	12
Depreciation DepreciationCr	26	15	13	14	13	14	14	15	15	15	18	23
PBT PBTCr	123	146	98	157	170	123	64	126	131	161	136	258
Tax TaxCr	34	37	62	43	45	30	16	33	33	30	33	66
PAT PATCr	89	109	36	113	125	93	47	93	98	131	103	193
Growth YoY PAT Growth YoY%	444.8	886.9	-44.6	2.5	40.1	-14.3	33.5	-18.4	-22.1	40.8	117.6	108.1
NPM NPM%	12.9	15.9	5.1	17.1	18.1	14.5	8.4	14.4	13.6	18.7	13.5	20.1
EPS EPS₹	16.5	20.1	6.5	20.9	23.2	17.3	8.8	17.1	18.1	24.3	19.1	35.6

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	693	685	701	662	692	643	567	642	719	703	763	960
Growth YoY Revenue Growth YoY%	3.0	9.9	10.0	-5.6	-0.1	-6.1	-19.0	-3.1	3.9	9.3	34.6	49.7
Expenses ExpensesCr	542	526	596	501	521	515	497	516	580	539	604	679
Operating Profit Operating ProfitCr	150	159	105	161	170	128	71	125	138	164	159	281
OPM OPM%	21.7	23.2	15.0	24.4	24.6	19.9	12.4	19.6	19.3	23.4	20.8	29.3
Other Income Other IncomeCr	12	10	11	13	19	17	17	22	16	22	6	13
Interest Expense Interest ExpenseCr	13	8	5	4	6	8	10	7	8	9	11	12
Depreciation DepreciationCr	26	15	13	14	13	14	14	15	15	15	18	23
PBT PBTCr	123	146	98	157	170	123	64	126	131	161	136	258
Tax TaxCr	34	37	62	43	45	30	16	33	33	30	33	66
PAT PATCr	89	109	36	113	125	93	47	93	98	131	103	193
Growth YoY PAT Growth YoY%	444.8	886.9	-44.6	2.5	40.1	-14.3	33.5	-18.4	-22.1	40.8	117.6	108.1
NPM NPM%	12.9	15.9	5.1	17.1	18.1	14.5	8.4	14.4	13.6	18.7	13.5	20.1
EPS EPS₹	16.5	20.1	6.5	20.9	23.2	17.3	8.8	17.1	18.1	24.3	19.1	35.6

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	1,211	1,672	1,766	1,634	1,612	1,844	2,603	2,676	2,780	2,565	2,826	3,145
Growth Revenue Growth%	-9.9	38.1	5.6	-7.5	-1.3	14.4	41.1	2.8	3.9	-7.8	10.2	23.6
Expenses ExpensesCr	1,088	1,159	1,333	1,361	1,523	1,507	1,793	2,188	2,193	2,034	2,239	2,402
Operating Profit Operating ProfitCr	123	513	432	272	89	338	810	488	587	531	587	743
OPM OPM%	10.2	30.7	24.5	16.7	5.5	18.3	31.1	18.3	21.1	20.7	20.8	23.6
Other Income Other IncomeCr	-1	48	27	-62	21	50	17	9	42	66	65	56
Interest Expense Interest ExpenseCr	81	83	75	94	97	55	59	66	35	28	36	41
Depreciation DepreciationCr	114	109	101	98	104	104	110	107	78	55	63	72
PBT PBTCr	-73	369	283	19	-91	228	658	324	516	514	554	687
Tax TaxCr	-30	121	96	20	-25	61	150	98	172	135	129	162
PAT PATCr	-44	249	187	-1	-66	167	508	226	344	379	425	525
Growth PAT Growth%	-1,152.3	669.5	-25.0	-100.3	-11,274.1	353.1	204.1	-55.5	52.5	10.2	12.0	46.4
NPM NPM%	-3.6	14.9	10.6	0.0	-4.1	9.1	19.5	8.4	12.4	14.8	15.0	16.7
EPS EPS₹	-8.4	47.4	34.5	-0.2	-12.3	30.9	94.0	41.8	73.1	70.2	78.6	97.2

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	1,211	1,672	1,766	1,634	1,612	1,844	2,603	2,676	2,780	2,565	2,826	3,145
Growth Revenue Growth%	-9.9	38.1	5.6	-7.5	-1.3	14.4	41.1	2.8	3.9	-7.8	10.2	23.6
Expenses ExpensesCr	1,088	1,159	1,333	1,361	1,523	1,507	1,793	2,188	2,193	2,034	2,239	2,402
Operating Profit Operating ProfitCr	123	513	432	272	89	338	810	488	587	531	587	743
OPM OPM%	10.2	30.7	24.5	16.7	5.5	18.3	31.1	18.3	21.1	20.7	20.8	23.6
Other Income Other IncomeCr	-1	48	27	-62	21	50	17	9	42	66	65	56
Interest Expense Interest ExpenseCr	81	83	75	94	97	55	59	66	35	28	36	41
Depreciation DepreciationCr	114	109	101	98	104	104	110	107	78	55	63	72
PBT PBTCr	-73	369	283	19	-91	228	658	324	516	514	554	687
Tax TaxCr	-30	121	96	20	-25	61	150	98	172	135	129	162
PAT PATCr	-44	249	187	-1	-66	167	508	226	344	379	425	525
Growth PAT Growth%	-1,152.3	669.5	-25.0	-100.3	-11,274.1	353.1	204.1	-55.5	52.5	10.2	12.0	46.4
NPM NPM%	-3.6	14.9	10.6	0.0	-4.1	9.1	19.5	8.4	12.4	14.8	15.0	16.7
EPS EPS₹	-8.4	47.4	34.5	-0.2	-12.3	30.9	94.0	41.8	73.1	70.2	78.6	97.2

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	26	27	27	27	27	27	54	54	54	54	54
Reserves ReservesCr	807	1,037	1,189	1,143	1,057	1,215	1,661	1,819	2,051	2,294	2,664
Current Liabilities Current LiabilitiesCr	621	577	640	829	737	741	858	665	716	719	1,183
Non Current Liabilities Non Current LiabilitiesCr	908	833	766	625	563	528	218	85	83	102	407
Total Liabilities Total LiabilitiesCr	2,394	2,504	2,652	2,655	2,414	2,541	2,821	2,654	2,913	3,177	4,317
Current Assets Current AssetsCr	574	776	893	921	686	901	1,129	1,502	1,726	1,935	1,706
Non Current Assets Non Current AssetsCr	1,820	1,728	1,759	1,734	1,728	1,640	1,692	1,152	1,187	1,243	2,611
Total Assets Total AssetsCr	2,394	2,504	2,652	2,655	2,414	2,541	2,821	2,654	2,913	3,177	4,317

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	26	27	27	27	27	27	54	54	54	54	54
Reserves ReservesCr	807	1,037	1,189	1,143	1,057	1,215	1,661	1,819	2,051	2,294	2,664
Current Liabilities Current LiabilitiesCr	621	577	640	829	737	741	858	665	716	719	1,183
Non Current Liabilities Non Current LiabilitiesCr	908	833	766	625	563	528	218	85	83	102	407
Total Liabilities Total LiabilitiesCr	2,394	2,504	2,652	2,655	2,414	2,541	2,821	2,654	2,913	3,177	4,317
Current Assets Current AssetsCr	574	776	893	921	686	901	1,129	1,502	1,726	1,935	1,706
Non Current Assets Non Current AssetsCr	1,820	1,728	1,759	1,734	1,728	1,640	1,692	1,152	1,187	1,243	2,611
Total Assets Total AssetsCr	2,394	2,504	2,652	2,655	2,414	2,541	2,821	2,654	2,913	3,177	4,317

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	218	485	290	217	221	207	390	151	460	585	318
Investing Cash Flow Investing Cash FlowCr	-102	-161	-88	-31	-50	-106	-106	140	-209	-562	-753
Financing Cash Flow Financing Cash FlowCr	-161	-322	-191	-187	-182	-99	-284	-291	-207	-68	462
Net Cash Flow Net Cash FlowCr	-45	2	10	-2	-11	2	0	1	44	-45	27
Free Cash Flow Free Cash FlowCr	131	443	173	113	127	182	303	387	347	471	-1,016
CFO To PAT CFO To PAT%	-498.9	195.2	155.4	-37,339.7	-334.3	124.0	76.8	66.8	133.5	154.3	74.9
CFO To EBITDA CFO To EBITDA%	177.1	94.5	67.0	79.5	248.1	61.3	48.1	30.9	78.3	110.3	54.2

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	218	485	290	217	221	207	390	151	460	585	318
Investing Cash Flow Investing Cash FlowCr	-102	-161	-88	-31	-50	-106	-106	140	-209	-562	-753
Financing Cash Flow Financing Cash FlowCr	-161	-322	-191	-187	-182	-99	-284	-291	-207	-68	462
Net Cash Flow Net Cash FlowCr	-45	2	10	-2	-11	2	0	1	44	-45	27
Free Cash Flow Free Cash FlowCr	131	443	173	113	127	182	303	387	347	471	-1,016
CFO To PAT CFO To PAT%	-498.9	195.2	155.4	-37,339.7	-334.3	124.0	76.8	66.8	133.5	154.3	74.9
CFO To EBITDA CFO To EBITDA%	177.1	94.5	67.0	79.5	248.1	61.3	48.1	30.9	78.3	110.3	54.2

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	288	2,070	1,159	704	306	1,220	2,236	1,532	3,453	3,293	6,486	6,093
Price To Earnings Price To Earnings		8.3	6.2			7.3	4.4	6.8	10.1	8.7	15.3	11.6
Price To Sales Price To Sales	0.2	1.2	0.7	0.4	0.2	0.7	0.9	0.6	1.2	1.3	2.3	1.9
Price To Book Price To Book	0.3	1.9	0.9	0.6	0.3	1.0	1.3	0.8	1.6	1.4	2.4	2.2
EV To EBITDA EV To EBITDA	9.2	5.5	4.2	4.7	10.0	5.5	3.3	3.8	6.1	6.9	12.6	9.8
Profitability Ratios Profitability Ratios
GPM GPM%	33.2	48.4	41.6	39.5	28.4	36.0	48.0	35.1	37.7	38.6	40.0	40.0
OPM OPM%	10.2	30.7	24.5	16.7	5.5	18.3	31.1	18.3	21.1	20.7	20.8	23.6
NPM NPM%	-3.6	14.9	10.6	0.0	-4.1	9.1	19.5	8.4	12.4	14.8	15.0	16.7
ROCE ROCE%	0.4	24.5	18.6	6.2	0.3	14.7	32.5	17.6	23.5	19.8	16.1	16.1
ROE ROE%	-5.2	23.4	15.3	-0.1	-6.1	13.4	29.6	12.1	16.4	16.1	15.6	15.6
ROA ROA%	-1.8	9.9	7.0	0.0	-2.7	6.6	18.0	8.5	11.8	11.9	9.8	9.8
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	288	2,070	1,159	704	306	1,220	2,236	1,532	3,453	3,293	6,486	6,093
Price To Earnings Price To Earnings		8.3	6.2			7.3	4.4	6.8	10.1	8.7	15.3	11.6
Price To Sales Price To Sales	0.2	1.2	0.7	0.4	0.2	0.7	0.9	0.6	1.2	1.3	2.3	1.9
Price To Book Price To Book	0.3	1.9	0.9	0.6	0.3	1.0	1.3	0.8	1.6	1.4	2.4	2.2
EV To EBITDA EV To EBITDA	9.2	5.5	4.2	4.7	10.0	5.5	3.3	3.8	6.1	6.9	12.6	9.8
Profitability Ratios Profitability Ratios
GPM GPM%	33.2	48.4	41.6	39.5	28.4	36.0	48.0	35.1	37.7	38.6	40.0	40.0
OPM OPM%	10.2	30.7	24.5	16.7	5.5	18.3	31.1	18.3	21.1	20.7	20.8	23.6
NPM NPM%	-3.6	14.9	10.6	0.0	-4.1	9.1	19.5	8.4	12.4	14.8	15.0	16.7
ROCE ROCE%	0.4	24.5	18.6	6.2	0.3	14.7	32.5	17.6	23.5	19.8	16.1	16.1
ROE ROE%	-5.2	23.4	15.3	-0.1	-6.1	13.4	29.6	12.1	16.4	16.1	15.6	15.6
ROA ROA%	-1.8	9.9	7.0	0.0	-2.7	6.6	18.0	8.5	11.8	11.9	9.8	9.8
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	KIOCL	BHARATCOAL	GMDCLTD	IMFA	MOIL	ASHAPURMIN	CMLL
Market CapitalizationMkt CapCr	21,211	14,628	14,521	6,093	4,698	4,351	3,645
Close PriceClose₹	349.00	31.41	456.65	1,129.30	230.90	455.45	557.50
IndustryIndustry	Mining and Minerals	Mining and Minerals	Mining and Minerals	Mining and Minerals	Mining and Minerals	Mining and Minerals	Mining and Minerals
Price To EarningsPE	536.92		15.19	11.62	15.48	10.69	22.18
Price To SalesPS	31.17	1.13	5.14	1.94	3.11	0.79	2.17
RevenueRevenueCr	681	12,911	2,827	3,145	1,511	5,498	1,678
Revenue Growth TTMRev Gr TTM%	27.4%		2.3%	23.6%	4.9%	62.6%
PAT Growth TTMPAT Gr TTM%	120.3%		43.7%	46.4%	8.1%	20.9%

	KIOCL	BHARATCOAL	GMDCLTD	IMFA	MOIL	ASHAPURMIN	CMLL
Market CapitalizationMkt CapCr	21,211	14,628	14,521	6,093	4,698	4,351	3,645
Close PriceClose₹	349.00	31.41	456.65	1,129.30	230.90	455.45	557.50
IndustryIndustry	Mining and Minerals	Mining and Minerals	Mining and Minerals	Mining and Minerals	Mining and Minerals	Mining and Minerals	Mining and Minerals
Price To EarningsPE	536.92		15.19	11.62	15.48	10.69	22.18
Price To SalesPS	31.17	1.13	5.14	1.94	3.11	0.79	2.17
RevenueRevenueCr	681	12,911	2,827	3,145	1,511	5,498	1,678
Revenue Growth TTMRev Gr TTM%	27.4%		2.3%	23.6%	4.9%	62.6%
PAT Growth TTMPAT Gr TTM%	120.3%		43.7%	46.4%	8.1%	20.9%

FY2026

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Jun 26

Result PPT Transcript Summary

Mar 26