Indian Metals & Ferro Alloys Ltd (IMFA) Stock Analysis: Valuation, Latest Results, Financial Ratios & DeciZen Rating

BSE: 533047 | NSE: IMFA | Ferro & Silica Manganese | Small Cap

Indian Metal & Ferro Share Price

1,339.30 -62.85 -4.48%
as on 05-Dec'25 12:17

Indian Metals & Ferro Alloys Ltd (IMFA) Stock Analysis: Valuation, Latest Results, Financial Ratios & DeciZen Rating

BSE: 533047 | NSE: IMFA | Ferro & Silica Manganese | Small Cap

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1. Quality


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2. Valuation


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3. Price Trend


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Indian Metals & Ferro Alloys stock performance -

Key Ratios
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P/E Ratio (SA):
23.39
Market Cap:
7,565.2 Cr.
52-wk low:
550.9
52-wk high:
1,407

Is Indian Metals & Ferro Alloys Ltd an attractive stock to invest in?


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10 Year X-Ray of Indian Metal & Ferro: Login to view analysis.

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Indian Metals & Ferro Alloys Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation

Value Creation Index Colour Code Guide

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 0.4%24%17.9%6.3%0.3%15.9%35.3%18%25.5%21.7%-
Value Creation
Index
-1.00.70.3-0.6-1.00.11.50.30.80.6-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 1,2111,6721,7661,6341,6121,8442,6032,6762,7802,5652,571
Sales YoY Gr.-38.1%5.6%-7.5%-1.3%14.4%41.1%2.8%3.9%-7.8%-
Adj EPS -341.965.133.7-9.524.191.845.267.570.360
YoY Gr.-NA55.5%-48.2%-128.3%NA280.6%-50.8%49.3%4.2%-
BVPS (₹) 155.7193.3452.6437.5198227.3315.2344.5385.4430.4460.6
Adj Net
Profit
-15.522617088-51.5130495244364379323
Cash Flow from Ops. 231423290228225207389518332586-
Debt/CF from Ops. 4.42.22.93.53.13.21.20.60.70.6-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 8.7%9.7%-0.5%-7.8%
Adj EPS NANA-8.5%4.2%
BVPS12%16.8%10.9%11.7%
Share Price 33.7% 53.9% 70.7% 39.9%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
-1.924.415.27.5-4.611.333.813.718.517.213.5
Op. Profit
Mgn %
12.430.82419.97.317.830.918.921.920.817.8
Net Profit
Mgn %
-1.313.59.65.4-3.27.1199.113.114.812.6
Debt to
Equity
1.30.90.70.70.70.50.30.20.10.20
Working Cap
Days
318212232279275233193186167176136
Cash Conv.
Cycle
6842505861545772607584

Recent Performance Summary

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Latest Financials - Indian Metals & Ferro Alloys Ltd.

Standalone Consolidated
TTM EPS (₹) 60 61.2
TTM Sales (₹ Cr.) 2,571 2,571
BVPS (₹.) 460.6 465.3
Reserves (₹ Cr.) 2,431 2,456
P/BV 3.04 3.01
PE 23.39 22.90
From the Market
52 Week Low / High (₹) 550.85 / 1407.00
All Time Low / High (₹) 46.00 / 1394.15
Market Cap (₹ Cr.) 7,565
Equity (₹ Cr.) 54
Face Value (₹) 10
Industry PE 13.4

Management X-Ray of Indian Metal & Ferro:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Valuation of Indian Metal & Ferro - Standalone Basis

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Event Update

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Analyst's Notes

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Key Ratios of Indian Metal & Ferro

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales1,2111,6721,7661,6341,6121,8442,6032,6762,7802,565
Operating Expenses 1,0881,1571,3421,3531,5231,5161,7992,1882,1732,034
Manufacturing Costs107127176165159191198221508496
Material Costs6827068087759409351,0971,4581,1611,018
Employee Cost 135170177162155166207196222238
Other Costs 164153182251268223297313282282
Operating Profit 12351542428189329804489608531
Operating Profit Margin (%) 10.2%30.8%24.0%17.2%5.5%17.8%30.9%18.3%21.9%20.7%
Other Income 16493720226725264267
Interest 84867896996462683731
Depreciation 114109101981041041101077855
Exceptional Items -1700-76-200-1600
Profit Before Tax -7537028230-94227657323534512
Tax -311209519-256114997171134
Profit After Tax -4525018711-69167508226364378
PAT Margin (%) -3.7%14.9%10.6%0.7%-4.3%9.0%19.5%8.4%13.1%14.7%
Adjusted EPS (₹)-8.646.371.54.2-12.730.994.141.867.470.1
Dividend Payout Ratio (%)0%22%11%59%0%16%13%24%45%29%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund 8091,0431,1821,1431,0681,2271,7011,8592,0792,322
Share Capital 26271313272754545454
Reserves 7831,0161,1691,1301,0421,2001,6471,8052,0252,268
Minority Interest0000000000
Debt879814741674609574472317219373
Long Term Debt6796335474153402949500
Short Term Debt201181195259268281463312219372
Trade Payables139118196272186190147209281195
Others Liabilities 465509512549535534485251325278
Total Liabilities 2,2922,4842,6322,6382,3982,5252,8052,6362,9053,168

Fixed Assets

Gross Block1,1801,2261,3111,3851,5291,5731,6411,7801,8681,969
Accumulated Depreciation113221321417520620729821893940
Net Fixed Assets 1,0671,0059919671,0109529129609751,028
CWIP 605690118745570707875
Investments 190327314181141228262377364899
Inventories331340428545432445622647712736
Trade Receivables15676550339214186137113
Cash Equivalents 47274052424922279721
Others Assets 582662705725667703776471542295
Total Assets 2,2922,4842,6322,6382,3982,5252,8052,6362,9053,168

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity 231423290228225207389518332586
PBT -7537028230-94227657323534512
Adjustment 1921841422822351491651607729
Changes in Working Capital 126-101-56-4082-145-220101-110173
Tax Paid -11-29-78-442-25-213-66-169-128
Cash Flow From Investing Activity -125-248-86-26-51-103-105-222-75-560
Capex -86-41-117-103-93-25-87-143-113-114
Net Investments -21-134277238-83-21-108-101-455
Others -18-7345453281399
Cash Flow From Financing Activity -137-174-193-205-184-101-283-296-212-71
Net Proceeds from Shares 01600000000
Net Proceeds from Borrowing -36-51-101-124-78-45-284-4-8-1
Interest Paid -89-88-79-95-87-61-63-68-38-30
Dividend Paid -5-27-18-40-13-8-32-67-68-192
Others -8-25553-61396-156-99152
Net Cash Flow -32211-2-1120144-45

Finance Ratio

PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)-5.3526.9816.770.95-6.214.5334.712.6818.4717.18
ROCE (%)0.4423.9517.866.320.2915.9235.3317.9725.5221.73
Asset Turnover Ratio0.50.710.690.620.640.750.980.981.010.85
PAT to CFO Conversion(x)N/A1.691.5520.73N/A1.240.772.290.911.55
Working Capital Days
Receivable Days109141391216151518
Inventory Days110727910911187758789102
Payable Days826671110897356457785

Indian Metals & Ferro Alloys Ltd Stock News

Indian Metals & Ferro Alloys Ltd FAQs

The current trading price of Indian Metal & Ferro on 05-Dec-2025 12:17 is ₹1,339.3.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 04-Dec-2025 the market cap of Indian Metal & Ferro stood at ₹7,565.2.
The latest P/E ratio of Indian Metal & Ferro as of 04-Dec-2025 is 23.39.
The latest P/B ratio of Indian Metal & Ferro as of 04-Dec-2025 is 3.04.
The 52-week high of Indian Metal & Ferro is ₹1,407 and the 52-week low is ₹550.9.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Indian Metal & Ferro is ₹2,571 ( Cr.) .

About Indian Metals & Ferro Alloys Ltd

Based in the eastern State of Orissa, which is well known for its rich natural resources, Indian Metals & Ferro Alloys (IMFA) is India's largest, fully integrated producer of Ferro Alloys with 157 MVA installed furnace capacity, a 108 MW coal-based Captive Power Plant and extensive Chrome Ore mining tracts.

In October 2006, Indian Charge Chrome was merged with IMFA to create a leader in the field of Ferro Alloys. Today, IMFA produces Ferro Chrome, Ferro Silicon, High Purity Ferro Silicon, and Ferro Silicon Magnesium for the domestic market as well as major international markets. IMFA is unique from a quality perspective in that it has multi-product & multi-location ISO 9001 certification covering the entire range of its activities.

Utkal Coal (UCL) is a Special Purpose Vehicle (SPV) which has been set up by IMFA to develop the Utkal “C” captive coal block (recoverable reserves of 130 million tonne) in Orissa’s Angul district which has been allotted to the group for its existing 108 MW power plant and future expansions.

In the domestic market, IMFA's customers include Steel Authority of India Ltd. (SAIL), Jindal Group, Shah Alloys and Visakhapatnam Steel Plant (VSP) among others. As far as exports are concerned, the primary focus of the company is on the far-east markets of Japan, Korea and Taiwan where there are significant logistical advantages in supplying from the Indian east-coast. Thus, IMFA regularly exports to major companies such as Aichi, Daido, Kawasaki Steel, NMI & Nippon Yakin in Japan, POSCO in South Korea and Yieh Group in Taiwan. Today, IMFA is the largest exporter of value added Ferro Chrome in the country and also a significant supplier of Ferro Chrome to POSCO of South Korea.

Products:

1. Ferro Alloys

IMFA produces different Ferro Alloys with one thing in common - all its products are used as inputs by the steel industry with the use of a particular alloy depending upon its specific properties.

2. Mining

IMFA has extensive Chrome Ore mining tracts in Orissa’s famed Sukinda Valley in Jajpur district, which contains 98% of India's high quality deposit of the strategic raw material, as well as the Nuasahi belt.

Besides, IMFA also operates quartz mines which provide the raw material for its Silicon operations. The Chrome Ore mining operations predominantly employ the open cast method at present but will eventually shift to underground operations. In fact, a beginning has already been made in this regard.

3. Power

Since Ferro Alloys production is very power intensive operation, a state of the art 108 MW coal-based Captive Power Plant is a critical component of IMFA’s operations. Its output not only meets the entire electricity requirement of IMFA but some surplus is also supplied to the state grid. Further, plans are on the anvil to increase power generation to take locational advantage of IMFA's operation in Choudwar which is next to the major load centre of Orissa.

Divisions:

1. Ferro Alloys Division - Therubali

Located within Rayagada district in Orissa's South-Western extremity, the flagship of IMFA, Therubali is recognised within the State as its first home-grown industrial entity. Over the years the company has grown to become the largest Ferro Alloys complex in India with three furnaces totalling 82 MVA capacity, able to rub shoulders with the best in the business worldwide by dint of its size and technological capabilities.

2. Ferro Alloys Division - Choudwar

IMFA's operation is located in Choudwar across the banks of the Mahanadi river in the millennium city of Cuttack, Orissa's second largest city and erstwhile capital. It houses a 48 MVA furnace dedicated in producing Ferro Chrome.

3. Power Division 

IMFA's 108 MW coal-based Captive Power Plant is also located in Choudwar across the banks of the Mahanadi river. The Power Plant not only meets the entire electricity requirements of IMFA's but also supplies to the state grid.

4. Mines Division 

IMFA's foray into mining commenced in the 1960's when it operated several quartz mines to cater to its raw material requirement for the production of Ferro Silicon and Silicon Metal. The focus has now shifted to Chrome Ore mining which meets IMFA's large captive requirement of this vital raw material for its Ferro Chrome production.

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