NSE: IMFA · BSE: 533047
INDIAN METALS & FERRO
Produces ferro chrome, the alloy used in stainless steel, from captive chrome ore and captive power at its integrated operations in Odisha. In FY26, ferro chrome accounted for 73.7% of segment revenue (₹2,824 crore) and delivered segment EBIT of ₹611.29 crore, while the captive Power and Mining segments contributed 14.2% and 12.0% of segment revenue respectively but operated near break-even. The Q3 FY26 run-rate was 67,196 tonnes of ferro chrome production and 64,802 tonnes of sales at INR118,000–120,000/tonne, supported by 265,468 tonnes of chrome ore raising and 256.17 MU of captive power in that quarter. The business is in the middle of doubling-plus its ferro chrome footprint: it acquired Tata Steel's Kalinganagar ferro chrome plant in February 2026 for ₹861 crore plus ₹25 crore of working capital, and is commissioning the KNR 1 greenfield (first furnace June 2026, total capex ~₹800 crore), with management guiding to ~400,000 tonnes in FY27 and 475,000–500,000 tonnes in FY28 against the current ~265,000-tonne base, eventually reaching 0.5 MTPA. Chrome ore raising is targeted to scale from ~850,000 tonnes in FY26 to 1 million tonnes in FY27 to feed the expanded furnaces, and an ethanol project is due to commission in March 2026 for top-line contribution from FY27. Materials (bought-out chrome ore, reductants and electrodes) are the largest external cost line at 36.8% of revenue, with capex heavy at 47.3% of revenue in FY26. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Ferro Chrome (74%), Power (14%), Mining (12%), Others (0%). Cyclical, vertically integrated ferro chrome producer with captive ore and power
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,603 | 2,676 | 2,780 | 2,565 | 2,826 |
| EBITDA (ex other income) | 810 | 473 | 587 | 531 | 587 |
| margin % | 31.1 | 17.7 | 21.1 | 20.7 | 20.8 |
| Owners' profit | 507 | 0 | 395 | 379 | 424 |
| EPS, as reported (₹) | 94.01 | 41.75 | 73.12 | 70.19 | 78.64 |
| ROE % · ROCE % | 29.1 · 36.5 | 11.9 · 19.6 | 17.5 · 25.2 | 16.1 · 22.1 | 15.6 · 18.8 |
| Debt / equity (x) | 0.27 | 0.17 | 0.08 | 0.16 | 0.34 |
| Cash from operations | 390 | 151 | 512 | 585 | 318 |
| Capex | (87) | (230) | (114) | (116) | (1,335) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 692 | 643 | 567 | 642 | 719 | 703 | 763 | 960 |
| Profit before tax | 170 | 123 | 64 | 126 | 131 | 161 | 136 | 258 |
| Net profit | 125 | 93 | 47 | 93 | 98 | 131 | 103 | 193 |
| EPS (₹) | 23.17 | 17.30 | 8.77 | 17.10 | 18.07 | 24.33 | 19.13 | 35.65 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Ferro Chrome | 763 | 19.9 |
| Power | 543 | 14.2 |
| Mining | 461 | 12.0 |
| Others | 2 | 0.1 |
| Ferro Alloys | 1,420 | 37.1 |
| Ferro alloys | 641 | 16.7 |
| Total, before eliminations | 3,830 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| INDIAN METALS & FERRO ◆ | 5,855 | 11.2 | 2.15 | 10.3 | 15.6 | 17.7 | 8.9 | 30.6 |
| MAITHAN ALLOYS LTD | 2,298 | 7.9 | 0.55 | 3.7 | 10.6 | 13.9 | 6.0 | 94.2 |
| NILACHAL CARBO METALICKS LIMIT | 234 | 22.3 | — | — | — | 11.2 | — | — |
| NAGPUR POWER & INDUSTRIES LTD. | 186 | 48.6 | 1.99 | 49.2 | (2.3) | (2.0) | 22.9 | 5.3 |
| SHYAM CENTURY FERROUS LTD | 98 | 7.0 | 0.62 | 38.1 | 3.7 | 3.0 | — | 8.9 |
| INDSIL HYDRO POWER AND MANGANE | 91 | 10.3 | 0.46 | 4.8 | 7.6 | 7.2 | 19.9 | 15.3 |
| Chrome Silicon Limited | 62 | — | 4.10 | — | (64.8) | (10.8) | — | — |
| FACOR ALLOYS LTD. | 59 | — | 0.69 | — | (17.2) | (23.0) | (60.0) | (977.9) |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 11.2 | 10.8 | 4 of 6 | 40% |
| P/B | 2.1 | 0.7 | 6 of 7 | 17% |
| ROCE | 17.7 | 5.1 | 1 of 8 | 100% |
| ROE | 15.6 | 3.7 | 1 of 7 | 100% |
| Debt / Equity | 0.3 | 0.1 | 6 of 7 | 17% |
| EBITDA margin | 30.6 | 12.1 | 2 of 6 | 80% |
| Revenue growth | 49.7 | 49.7 | 4 of 7 | 50% |
| Profit growth | 108.1 | 96.7 | 3 of 7 | 67% |
| Market cap | 5855 | 142 | 1 of 8 | 100% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · IMFA schedules Q2 and H1 FY27 earnings call for 4 November 2026 | board shareholder meetings | low | — | — |
| 28 Oct 2026 · Board to review September 2026 results and consider interim dividend | results | low | — | — |
| 14 Oct 2026 · Postal Ballot Notice: Appointment of Independent Director | compliance | minimal | — | — |
| 13 Oct 2026 · Postal ballot to appoint new Independent Director | management changes | medium | — | — |
| 6 Oct 2026 · IMFA board approves postal ballot notice for new independent director appointment | board shareholder meetings | low | — | — |
| 24 Sept 2026 · Trading Window Closure for Q2 FY26 Financial Results | compliance | minimal | — | — |
| 22 Sept 2026 · Income Tax Penalty of Rs 38.98 Lacs on IMFA for FY22-23 Capital Gains | regulatory legal | high | — | — |
| 22 Sept 2026 · Income Tax penalty of Rs 38.98 Lacs; company to appeal | regulatory legal | high | — | — |
| 16 Sept 2026 · IMFA to attend Anand Rathi G-200 Summit 2026 on Sept 21 | board shareholder meetings | low | — | — |
| 11 Sept 2026 · Postal ballot results: Independent Director appointed, director commission hike approved | management changes | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.