IMFA

Indian Metals & Ferro Alloys share price & financials

Price
₹1,429.1
Market cap
₹8.0k Cr
Sector
Metals & Mining
Calls analysed
7
Latest concall · Q1 FY27 · call held 04 Aug 2026

Indian Metals & Ferro Alloys Limited Q1 FY27

Production Volume 80,000 tons Blended Selling Price ₹1,20,000 Forex Gain ₹32 cr

What went well

  • Q1 FY27 achieved highest ever revenues and profitability, marking a 'real breakthrough quarter'.
  • Production volume increased to 80,000 tons in Q1 FY27, compared to an average of 65,000 tons in previous quarters.
  • Blended selling price was strong, 'just shy of INR120,000' per ton.

What to watch

  • FY27 production guidance has been toned down from 400,000 tons to 380,000 tons due to issues with KNR-2 transformers and gas cleaning plant (GCP) work.
  • KNR-2 acquisition presented 'unexpected surprises' requiring replacement of two transformers and additional work on the GCP.
Read the full call →

What Indian Metals & Ferro Alloys Limited does

Indian Metals & Ferro Alloys (IMFA) is a fully integrated ferrochrome producer that controls the entire value chain from captive chromite mining and captive power generation through to smelting and export of ferro chrome. It runs manufacturing complexes at Choudwar and Therubali in Odisha, housing six submerged arc furnaces, and is backed by its own chromite mines at Sukinda and Mahagiri and captive thermal power plants that keep production running uninterrupted. Most of its high-carbon ferrochrome (charge chrome) output is exported to stainless-steel manufacturers across Asia and Europe. The company is expanding its footprint through the acquired Tata Steel ferrochrome plant at Kalinganagar, a greenfield furnace project at the same site, a growing hybrid renewable power portfolio, and a new ethanol business.

Segments

  • Ferro alloys
  • Power
  • Mining
  • Others
Ferro alloy (ferrochrome) production capacity
284,000 tonnes per annum
Furnace capacity
190 MVA across six submerged arc furnaces
Manufacturing complexes
2 in Odisha — Choudwar and Therubali
Kalinganagar ferrochrome plant
Acquired from Tata Steel Limited (transaction closed 27 February 2026), now contributing to production
Captive power generation capacity
204.55 MW from captive thermal power plants
Captive chromite mines
Sukinda and Mahagiri mines, Odisha
Founded 1961Headquarters Bhubaneswar, Odisha, India Company website

Guidance record · Q1 FY27

what the last two calls moved 20 tracked 3 delivered 9 missed 8 open
  • Total Ferrochrome Capacity delivered said Q3 FY25 Promised: 0.5 million tons in 3 to 4 years Q1 FY27: Promise remains achieved. Total capacity is above 0.5 million tons.
  • Kalinganagar Greenfield Project Capex went quiet said Q3 FY25 Promised: Total project cost of Rs. 650-700 crores, with specific annual outlays. Q1 FY27: The overall project cost was not addressed. A minor additional budget of INR 15-20 crores was approved for KNR-2 environmental work, but this does not clarify the total project capex.
  • FY27 Ferrochrome Production revised down said Q4 FY25 Promised: 3.1 lakh to 3.2 lakh tons Q1 FY27: Guidance toned down from 400,000 tons to 380,000 tons due to operational issues (transformer limitations, GCP work) at the acquired KNR-2 plant.

All 20 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 49.5%, net profit up 109.9% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue692 643 567 642 719 +4%703 +9%763 +35%960 +50%
EBITDA171 128 71 125 138 −19%164 +28%159 +124%281 +125%
Net profit126 93 47 91 99 −21%131 +41%103 +119%191 +110%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +22.9% 1Y

₹1.0k₹1.2k₹1.4k₹1.6kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 7 Nov 2025Q3 FY26 — 6 Feb 2026Q4 FY26 — 27 May 2026Q1 FY27 — 4 Aug 2026

1Y: ₹1,011.4 on 10 Sept 2025 → ₹1,243.5. High ₹1,653.9 (29 Apr 2026), low ₹1,011.4 (10 Sept 2025).

How the price took the results

close before → close after

Q1 FY27
−1.7%
4 Aug
Q4 FY26
−0.2%
27 May
Q3 FY26
−0.7%
6 Feb
Q2 FY26
+6.0%
7 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 1.8% a year over 3 years, FY23 to FY26. Operating margin widened to 20.7%.

Year endingFY23FY24FY25FY26
Revenue₹2.7k Cr₹2.8k Cr₹2.6k Cr₹2.8k Cr
Operating profit₹489 Cr₹607 Cr₹532 Cr₹586 Cr
Operating margin18.3%21.8%20.7%20.7%
Interest₹67 Cr₹38 Cr₹31 Cr₹39 Cr
Depreciation₹108 Cr₹79 Cr₹55 Cr₹63 Cr
Net profit₹225 Cr₹364 Cr₹384 Cr₹424 Cr
Net margin8.4%13.1%15.0%15.0%
Cash from operations₹518 Cr₹332 Cr₹586 Cr₹319 Cr
Free cash flow₹376 Cr₹219 Cr₹472 Cr₹-1.0k Cr
ROCE18.0%25.0%21.0%18.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹27 Cr₹54 Cr₹54 Cr₹54 Cr₹54 Cr₹54 Cr
Reserves₹1.2k Cr₹1.6k Cr₹1.8k Cr₹2.0k Cr₹2.5k Cr₹2.6k Cr
Borrowings₹708 Cr₹518 Cr₹368 Cr₹263 Cr₹435 Cr₹982 Cr
Other liabilities₹590 Cr₹585 Cr₹410 Cr₹563 Cr₹450 Cr₹633 Cr
Total liabilities₹2.5k Cr₹2.8k Cr₹2.6k Cr₹2.9k Cr₹3.4k Cr₹4.3k Cr
Fixed assets₹962 Cr₹922 Cr₹969 Cr₹997 Cr₹1.1k Cr₹1.6k Cr
Capital work in progress₹55 Cr₹70 Cr₹70 Cr₹78 Cr₹197 Cr₹794 Cr
Investments₹228 Cr₹262 Cr₹377 Cr₹364 Cr₹1.0k Cr₹374 Cr
Other assets₹1.3k Cr₹1.6k Cr₹1.2k Cr₹1.5k Cr₹1.1k Cr₹1.6k Cr
Total assets₹2.5k Cr₹2.8k Cr₹2.6k Cr₹2.9k Cr₹3.4k Cr₹4.3k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public trimmed −0.88 pp while DIIs added +0.69 pp. The shareholder count grew 10% to 55,347.

Promoters
58.7%
FIIs
3.6%
DIIs
0.9%
Public
36.9%

Since Jun 2025

  • Public −0.88 pp
  • DIIs +0.69 pp
  • FIIs +0.19 pp

How it drifted, 12 quarters

Over this window the public fell from 38.7% to 36.9% — −1.9 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 58.7%, FIIs 2.5%, DIIs 0.1%, Public 38.7%.Dec '23: Promoters 58.7%, FIIs 2.9%, DIIs 0.1%, Public 38.3%.Mar '24: Promoters 58.7%, FIIs 2.9%, DIIs 0.1%, Public 38.3%.Jun '24: Promoters 58.7%, FIIs 2.9%, DIIs 1.4%, Public 37.1%.Sep '24: Promoters 58.7%, FIIs 3.1%, DIIs 0.9%, Public 37.3%.Dec '24: Promoters 58.7%, FIIs 4.0%, DIIs 0.8%, Public 36.5%.Mar '25: Promoters 58.7%, FIIs 3.8%, DIIs 0.8%, Public 36.7%.Jun '25: Promoters 58.7%, FIIs 3.4%, DIIs 0.2%, Public 37.7%.Sep '25: Promoters 58.7%, FIIs 3.7%, DIIs 0.2%, Public 37.4%.Dec '25: Promoters 58.7%, FIIs 3.4%, DIIs 0.6%, Public 37.3%.Mar '26: Promoters 58.7%, FIIs 3.9%, DIIs 0.8%, Public 36.6%.Jun '26: Promoters 58.7%, FIIs 3.6%, DIIs 0.9%, Public 36.9%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Indian Metals & Ferro Alloys Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Subhrakant Panda, Trustee, B Panda Trust 51.59%unchanged
Litec Company Limited 12.77%unchanged
Bp Developers Private Ltd 2.25%unchanged
Nivedita Ganapathi 1.20%unchanged
Paramita Panda 1.20%unchanged
Baijayant Panda 1.20%unchanged
Subhrakant Panda 1.20%unchanged
Manisha Lodha 1.08%newly disclosed
Mukul Mahavir Agrawal 1.07%unchanged
Subhrakant Panda, Managing Trustee, Shaisah Foundation 0.05%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse Indian Metals & Ferro Alloys Limited

Guides on how to read this kind of business and the numbers that matter.