BSE: 522165
INDSIL HYDRO POWER AND MANGANE
Makes silico manganese and ferro manganese alloys that are used as additives in steel-making, and runs hydro power generation, partly for captive use at its plants. Operates two manufacturing units — at Pallatheri in Palakkad, Kerala, and at Garbham in Vizianagaram, Andhra Pradesh — and is headquartered in Coimbatore. The Ferro Alloys and Power segments are reported separately in quarterly disclosures, with Power posting positive EBIT across FY26 quarters while Ferro Alloys posted negative EBIT in each quarter of the year. In FY26, revenue from operations stood at Rs. 151.52 crore and net profit at Rs. 14.9971 crore, with materials and consumables the biggest cost at 58.6% of revenue. Capital expenditure was Rs. 3.29 crore (2.2% of revenue) and the balance sheet carried zero debt-to-equity. The equity is listed on BSE and Sunmet Holdings is classified as an associate with a 49.95% stake. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Ferro Alloys, Power. Commodity-linked, asset-heavy ferro alloys and captive power
Exhibit 1: Financial summary, FY21–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY21 | FY22 | FY23 | FY24 | FY26 |
|---|---|---|---|---|---|
| Revenue | 61 | 208 | 177 | 117 | 152 |
| EBITDA (ex other income) | (17) | 34 | 17 | (2) | 15 |
| margin % | (27.8) | 16.3 | 9.5 | (1.3) | 10.0 |
| Owners' profit | 0 | 96 | (9) | (10) | 15 |
| EPS, as reported (₹) | (16.83) | 34.39 | (3.25) | (3.58) | 5.40 |
| ROE % · ROCE % | (63.2) · (18.3) | 66.5 · 26.0 | (7.2) · 9.4 | (8.6) · 2.2 | 7.6 · 7.2 |
| Debt / equity (x) | 1.83 | 0.74 | 0.83 | 0.82 | 0.00 |
| Cash from operations | 101 | 20 | 28 | 8 | 5 |
| Capex | (310) | (19) | (0) | 0 | (3) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q4 FY23 | Q1 FY24 | Q2 FY24 | Q3 FY24 | Q4 FY24 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 59 | 46 | 21 | 20 | 30 | 36 | 38 | 40 |
| Profit before tax | 3 | 0 | (10) | 1 | 0 | 4 | 2 | 5 |
| Net profit | (5) | 3 | (11) | (1) | (1) | 4 | 1 | 5 |
| EPS (₹) | (1.74) | 1.05 | (3.81) | (0.42) | (0.41) | 1.39 | 0.39 | 1.81 |
Exhibit 3: 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 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 10.3 | 10.8 | 3 of 6 | 60% |
| P/B | 0.5 | 0.7 | 1 of 7 | 100% |
| ROCE | 7.2 | 5.1 | 4 of 8 | 57% |
| ROE | 7.6 | 3.7 | 3 of 7 | 67% |
| Debt / Equity | 0.0 | 0.1 | 1 of 7 | 100% |
| EBITDA margin | 15.3 | 12.1 | 3 of 6 | 60% |
| Revenue growth | 96.0 | 49.7 | 2 of 7 | 83% |
| Profit growth | 532.7 | 96.7 | 2 of 7 | 83% |
| Market cap | 91 | 142 | 6 of 8 | 29% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 20 Oct 2026 · Board meeting on Nov 4 to approve Q2 and H1 FY26 results | results | low | — | — |
| 13 Oct 2026 · Newspaper ad on SEBI physical share demat window published | compliance | minimal | — | — |
| 7 Oct 2026 · SEBI compliance certificate for share dematerialization for Q2 FY27 | compliance | minimal | — | — |
| 25 Sept 2026 · Trading window closure ahead of Q2 FY26 results | compliance | minimal | — | — |
| 17 Sept 2026 · 36th AGM voting results: All 8 resolutions passed with over 99.9 percent approval | board shareholder meetings | medium | — | — |
| 17 Sept 2026 · 36th AGM held on Sept 17, 2026; key resolutions include 6 percent dividend | board shareholder meetings | low | — | — |
| 22 Aug 2026 · Newspaper publication of 36th AGM Notice and Annual Report dispatch | compliance | minimal | — | — |
| 21 Aug 2026 · 36th AGM notice on 17 Sep 2026; Annual Report FY25-26 link shared | compliance | minimal | — | — |
| 21 Aug 2026 · 36th AGM notice - dividend, director re-appointments on September 17, 2026 | board shareholder meetings | low | — | — |
| 21 Aug 2026 · Annual Report FY2025-26 submitted; 36th AGM on Sep 17, 2026 | compliance | low | — | — |
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 |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
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.