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Indian Metals & Ferro Alloys Ltd (IMFA)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 533047 NSE: IMFA Ferro & Silica Manganese | Small Cap | Indian Metal & Ferro Share Price

₹1,398.75 19.40 (1.41%)

As on 12-Jun'26 16:59

Indian Metals & Ferro Alloys Ltd (IMFA)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 533047 NSE: IMFA Ferro & Silica Manganese | Small Cap | Indian Metal & Ferro Share Price

₹1,398.75 19.40 (1.41%)

As on 12-Jun'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹7,547 Cr.
Current Price
₹1,398.8
52-Week Low / High
₹681 / 1,675
TTM EPS
₹78.7
TTM Sales
₹2,826 Cr.
Book Value per Share
₹498.9
P/E Ratio
17.78
Higher than its 5-year historical median
Industry PE
15.4
Price to Book (P/B)
2.80
Higher than its 5-year historical median
Price to Sales (P/S)
2.67
Higher than its 5-year historical median
EV/EBITDA
12.88
Higher than its 5-year historical median
Dividend Yield
3.28%
Profitability Efficiency
Return on Equity (ROE)
17.18%
Outperforms industry median
Return on Capital Employed (ROCE)
21.73%
Outperforms industry median
Return on Assets (ROA)
12.45%
Operating Profit Margin
20.8%
Net Profit Margin
14.74%
Gross Profit Margin
21.9%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-7.75%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
-12.67%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
3.96%
Asset Quality
Promoter Holding
58.69%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹2,638 Cr.
Equity
₹54 Cr.
Face Value
₹10
All Time Low / High
₹46.00 / 1674.90

Indian Metals & Ferro Alloys stock performance

Key Ratios
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Quality

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Valuation

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Price Trend

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Q.1 Is Indian Metals & Ferro Alloys Ltd a good quality company?
Indian Metals & Ferro Alloys Ltd is a good quality company, based on a consistently good multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Indian Metals & Ferro Alloys Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Indian Metals & Ferro Alloys Ltd vs industry peers?
Indian Metals & Ferro Alloys Ltd revenue CAGR is 9.73%, compared to the industry median CAGR of 0.00%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of Indian Metals & Ferro Alloys Ltd?
Promoters hold 58.69% of the Indian Metals & Ferro Alloys Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Indian Metals & Ferro Alloys Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 38% based on the current price.

10 Year X-Ray : 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

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

Sales 1,2111,6721,7661,6341,6121,8442,6032,6762,7802,5652,826
Sales YoY Gr.-38.1%5.6%-7.5%-1.3%14.4%41.1%2.8%3.9%-7.8%-
Adj EPS -341.965.133.7-9.524.191.845.267.570.378.7
YoY Gr.-NA55.5%-48.2%-128.3%NA280.6%-50.8%49.3%4.2%-
BVPS (₹) 155.7193.3452.6437.5198227.3315.2344.5385.4430.4498.9
Adj Net
Profit
-15.522617088-51.5130495244364379424
Cash Flow from Ops. 231423290228225207389518332586-
Debt/CF from Ops. 4.42.22.93.53.13.21.20.60.70.6-

CAGR

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 35.2% 41.5% 70.1% 95.7%

Key Financial Parameters

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
-1.924.415.27.5-4.611.333.813.718.517.216.9
Op. Profit
Mgn %
12.430.82419.97.317.830.918.921.920.820.8
Net Profit
Mgn %
-1.313.59.65.4-3.27.1199.113.114.815
Debt to
Equity
1.30.90.70.70.70.50.30.20.10.20.1
Working Cap
Days
318212232279275233193186167176110
Cash Conv.
Cycle
6842505861545772607551

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
Exceptional Items -1700-76-200-1600
Interest 84867896996462683731
Depreciation 114109101981041041101077855
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%21.60%10.50%59.20%0%16.20%13.30%23.90%44.50%28.50%

Valuation of Indian Metal & Ferro - Standalone

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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Analyst's Notes

data not found
No data found!

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
Debt +879814741674609574472317219373
Long Term Debt6796335474153402949500
Short Term Debt201181195259268281463312219372
Minority Interest0000000000
Trade Payables139118196272186190147209281195
Others Liabilities 465509512549535534485251325278
Total Liabilities 2,2922,4842,6322,6382,3982,5252,8052,6362,9053,168

Fixed Assets

Net Fixed Assets +1,0671,0059919671,0109529129609751,028
Gross Block1,1801,2261,3111,3851,5291,5731,6411,7801,8681,969
Accumulated Depreciation113221321417520620729821893940
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

Financial 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 Days10.108.8013.6012.809.3012.4016.3015.4014.5017.70
Inventory Days109.5072.2079.20108.70110.6086.8074.9086.6088.60102.30
Payable Days8266.4071110.3088.9073.205644.6077.2085.30

Management X-Ray

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 (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Indian Metals & Ferro Alloys Ltd FAQs

The current trading price of Indian Metal & Ferro on 12-Jun-2026 16:59 is ₹1,398.8.

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 11-Jun-2026 the market cap of Indian Metal & Ferro stood at ₹7,546.8 Cr

The latest P/E ratio of Indian Metal & Ferro as of 11-Jun-2026 is 17.78.

The latest P/B ratio of Indian Metal & Ferro as of 11-Jun-2026 is 2.80.

The 52-week high of Indian Metal & Ferro is ₹1,674.9 and the 52-week low is ₹681.0.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Indian Metal & Ferro is ₹2,826 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Indian Metals & Ferro Alloys Ltd is a good quality company.

The key valuation ratios of Indian Metals & Ferro Alloys Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Indian Metals & Ferro Alloys Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

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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