IMFA

Indian Metals & Ferro Alloys Limited

Ferro-chrome and charge chrome producer with captive power and smelting facilities

Commodities›Metals & Mining›Ferrous Metals›Ferro & Silica Manganese

imfa.in(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹1179.80
Market cap
6,365 Cr
Stock P/E
12.1
P/B
2.34
Dividend yield
0.9%
ROE (FY26)
15.6%
ROCE (FY26)
16.2%
Operating margin (FY26)
18.5%
Debt / equity (FY26)
0.34
OCF / EBITDA (FY26)
54.2%
OCF / EBITDA (3Y)
83.0%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

IMFA (Indian Metals & Ferro Alloys) makes ferro chrome, an alloy whose demand management links to stainless steel growth, using its own chrome ore and captive power, and sells it to steel makers in India and overseas.

Company snapshot

1stBy market cap

Ranked among 5 companies in Ferro & Silica Manganese.

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 99.9% of revenue

SegmentRevenue shareRevenuePBTAssets
Ferro Alloys
99.9%
1,995 Cr454 Cr—
Mining
15.3%
305 Cr-5 Cr—
Others
0.1%
2 Cr-3 Cr—
Power
17.6%
351 Cr-4 Cr—

Shares add up to 133% because segment revenues are before inter-segment eliminations.

What we see

Positives
  • ✓Net margin of 15.0% — the business keeps a healthy share of every rupee it earns.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales693 Cr685 Cr701 Cr662 Cr692 Cr643 Cr567 Cr642 Cr719 Cr703 Cr763 Cr960 Cr
Operating expenses (approx.)542 Cr526 Cr596 Cr501 Cr521 Cr515 Cr497 Cr516 Cr580 Cr539 Cr604 Cr679 Cr
EBITDA150 Cr159 Cr105 Cr161 Cr170 Cr128 Cr71 Cr125 Cr138 Cr164 Cr159 Cr281 Cr
OPM %21.7%23.2%15.0%24.4%24.6%19.9%12.4%19.6%19.2%23.4%20.8%29.3%
Other income12 Cr10 Cr11 Cr13 Cr19 Cr17 Cr17 Cr22 Cr16 Cr22 Cr6 Cr13 Cr
Interest13 Cr8 Cr5 Cr4 Cr6 Cr8 Cr10 Cr7 Cr8 Cr9 Cr11 Cr12 Cr
Depreciation26 Cr15 Cr13 Cr14 Cr13 Cr14 Cr14 Cr15 Cr15 Cr15 Cr18 Cr23 Cr
Profit before tax123 Cr146 Cr98 Cr157 Cr170 Cr123 Cr64 Cr126 Cr131 Cr161 Cr136 Cr258 Cr
Tax %27.5%25.2%35.1%27.7%26.5%24.4%25.6%26.4%25.5%18.6%24.2%25.4%
Net profit89 Cr109 Cr64 Cr113 Cr125 Cr93 Cr47 Cr93 Cr98 Cr131 Cr103 Cr193 Cr
EPS (₹)₹16.53₹20.15₹15.99₹20.95₹23.17₹17.30₹8.77₹17.10₹18.07₹24.33₹19.13₹35.65

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales1,697 Cr1,769 Cr1,634 Cr1,612 Cr1,844 Cr2,603 Cr2,676 Cr2,780 Cr2,565 Cr2,826 CrSign in free for the trailing twelve months
Operating expenses (approx.)1,184 Cr1,346 Cr1,372 Cr1,523 Cr1,507 Cr1,793 Cr2,188 Cr2,193 Cr2,034 Cr2,239 CrSign in free for the trailing twelve months
EBITDA513 Cr423 Cr262 Cr89 Cr338 Cr810 Cr488 Cr587 Cr531 Cr587 CrSign in free for the trailing twelve months
OPM %30.3%23.9%16.0%5.5%18.3%31.1%18.3%21.1%20.7%20.8%Sign in free for the trailing twelve months
Other income48 Cr36 Cr14 Cr21 Cr50 Cr17 Cr24 Cr42 Cr66 Cr65 CrSign in free for the trailing twelve months
Interest83 Cr75 Cr78 Cr97 Cr55 Cr59 Cr66 Cr35 Cr28 Cr36 CrSign in free for the trailing twelve months
Depreciation109 Cr101 Cr98 Cr104 Cr104 Cr110 Cr107 Cr78 Cr55 Cr63 CrSign in free for the trailing twelve months
Profit before tax369 Cr283 Cr19 Cr-90 Cr228 Cr658 Cr324 Cr516 Cr514 Cr554 CrSign in free for the trailing twelve months
Tax %32.7%34.0%103.0%27.3%26.9%22.8%30.3%27.8%26.2%23.3%Sign in free for the trailing twelve months
Net profit249 Cr187 Cr-0.58 Cr-66 Cr167 Cr508 Cr226 Cr372 Cr379 Cr425 CrSign in free for the trailing twelve months
EPS (₹)₹94.70₹69.08₹-0.38₹-24.58₹61.74₹94.01₹41.75₹73.12₹70.19₹78.64Sign in free for the trailing twelve months
Dividend payout %————5.2%6.5%0.0%18.2%50.8%12.8%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital27 Cr27 Cr27 Cr27 Cr27 Cr54 Cr54 Cr54 Cr54 Cr54 Cr
Reserves1,037 Cr1,189 Cr1,143 Cr1,057 Cr1,215 Cr1,661 Cr1,819 Cr2,066 Cr2,294 Cr2,664 Cr
Borrowings783 Cr709 Cr644 Cr609 Cr574 Cr476 Cr321 Cr168 Cr373 Cr924 Cr
Other liabilities626 Cr695 Cr810 Cr691 Cr695 Cr599 Cr429 Cr536 Cr448 Cr666 Cr
Total liabilities2,504 Cr2,650 Cr2,655 Cr2,414 Cr2,541 Cr2,821 Cr2,654 Cr2,832 Cr3,177 Cr4,317 Cr
Fixed assets (net)1,187 Cr1,170 Cr1,144 Cr1,184 Cr1,124 Cr1,081 Cr960 Cr975 Cr1,018 Cr1,539 Cr
CWIP236 Cr273 Cr304 Cr264 Cr248 Cr266 Cr64 Cr66 Cr74 Cr792 Cr
Investments161 Cr148 Cr80 Cr43 Cr140 Cr164 Cr274 Cr394 Cr931 Cr405 Cr
Inventories340 Cr428 Cr545 Cr432 Cr445 Cr622 Cr647 Cr712 Cr736 Cr815 Cr
Trade receivables78 Cr77 Cr50 Cr33 Cr92 Cr141 Cr86 Cr85 Cr113 Cr239 Cr
Cash & bank7 Cr17 Cr18 Cr5 Cr7 Cr7 Cr8 Cr52 Cr7 Cr34 Cr
Other assets494 Cr538 Cr513 Cr453 Cr484 Cr541 Cr615 Cr549 Cr298 Cr493 Cr
Total assets2,504 Cr2,650 Cr2,655 Cr2,414 Cr2,541 Cr2,821 Cr2,654 Cr2,832 Cr3,177 Cr4,317 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity485 Cr299 Cr217 Cr221 Cr232 Cr390 Cr151 Cr512 Cr585 Cr318 Cr
Cash from investing-161 Cr-88 Cr-31 Cr-50 Cr-131 Cr-106 Cr140 Cr-209 Cr-562 Cr-753 Cr
Cash from financing-322 Cr-201 Cr-187 Cr-182 Cr-99 Cr-284 Cr-291 Cr-259 Cr-68 Cr462 Cr
Net cash flow2 Cr9 Cr-2 Cr-11 Cr2 Cr-0.05 Cr0.65 Cr44 Cr-44 Cr27 Cr
Free cash flow (OCF − Capex)441 Cr178 Cr112 Cr125 Cr196 Cr303 Cr151 Cr399 Cr470 Cr-1,017 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %24.1%18.3%5.3%0.4%15.3%32.2%17.5%24.0%19.9%16.2%
ROE %22.7%15.0%-0.1%-5.9%13.1%29.1%11.9%18.5%16.1%15.6%
Debtor days1716117182012111631
Inventory days175192241168178204160180261286
Days payable618812072764852606997
Cash conversion cycle131119132103121176120131208219
OCF / EBITDA %94.5%70.7%82.7%247.3%68.6%48.1%30.9%87.3%110.3%54.2%
OCF / EBITDA % (3 years)——83.5%95.1%97.1%68.1%47.2%55.8%77.7%83.0%
Debt / equity0.740.580.550.560.460.280.170.080.160.34
Current ratio——1.120.931.221.322.262.562.691.44
Net debt / EBITDA1.511.642.396.771.680.580.640.200.691.51