Indian Metals & Ferro Alloys Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Ferro Chrome: 98.8% • Other Operating Revenues: 1.1% • Low Density Aggregate: 0.1%
AI Sector View
AI GENERATEDMetals & Mining
The sector backdrop is mixed. Iron ore output was very strong at 29.5% YoY (2026-07), but steel slowed to 2.9% YoY (2026-07), finished steel consumption was 8.0% YoY (2026-06), and headline mining production was still -0.9% (Jul/26). FPI outflows of INR -2349 crore over 3 months to 2026-08-31 also argue against an aggressive overweight.
PROS
- Company has delivered good profit growth of 20.5% CAGR over last 5 years
- Company has a healthy return on capital (ROCE) of 22.0%
- Latest quarter profit grew 109.3% YoY, showing strong momentum
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.06x)
- Working capital cycle has improved - days down from 170 to 65
- Company has a consistent dividend-paying track record
CONS
- Receivables are growing faster than sales - a possible quality concern
- Total debt has risen sharply - up 147.8% year on year
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| NAVA | 551.85 | 20.68 | 15634.61 | 1.54 | 332.82 | -16.60 | 1211.80 | 1.56 | 15.55 | 43.45 |
| IMFA | 1243.40 | 12.79 | 6708.65 | 1.01 | 192.59 | 108.12 | 960.45 | 49.71 | 18.54 | 29.29 |
| MAITHANALL | 1043.40 | 10.45 | 3037.50 | 1.63 | 395.72 | -26.43 | 539.53 | -14.67 | 23.38 | 16.84 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 702 | 693 | 685 | 701 | 662 | 692 | 643 | 567 | 642 | 719 | 703 | 763 | 960 | |
| 531 | 547 | 526 | 575 | 501 | 521 | 515 | 497 | 516 | 580 | 538 | 604 | 716 | |
| Operating Profit | 171 | 146 | 159 | 125 | 161 | 171 | 128 | 71 | 125 | 138 | 164 | 159 | 245 |
| OPM % | 24.31% | 21.05% | 23.20% | 17.90% | 24.36% | 24.64% | 19.92% | 12.43% | 19.56% | 19.25% | 23.38% | 20.84% | 25.49% |
| 12 | 13 | 9 | 11 | 12 | 20 | 18 | 17 | 21 | 17 | 21 | 7 | 12 | |
| Interest | 9 | 9 | 9 | 6 | 5 | 6 | 9 | 11 | 8 | 9 | 10 | 12 | 13 |
| Depreciation | 25 | 26 | 15 | 13 | 14 | 13 | 14 | 14 | 15 | 15 | 15 | 18 | 23 |
| Profit before Tax | 149 | 124 | 144 | 118 | 155 | 171 | 123 | 63 | 124 | 132 | 160 | 136 | 257 |
| Tax % | 26.06% | 27.16% | 25.16% | 52.65% | 27.68% | 26.29% | 24.39% | 25.56% | 26.40% | 25.16% | 18.52% | 24.20% | 25.44% |
| Net Profit | 110 | 90 | 108 | 56 | 112 | 126 | 93 | 47 | 91 | 99 | 131 | 103 | 191 |
| 20.39 | 16.67 | 19.99 | 10.36 | 20.79 | 23.30 | 17.26 | 8.72 | 16.96 | 18.31 | 24.22 | 19.17 | 35.49 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,672 | 1,766 | 1,634 | 1,612 | 1,844 | 2,603 | 2,676 | 2,780 | 2,565 | 2,826 | 3,145 | |
| 1,157 | 1,342 | 1,353 | 1,523 | 1,516 | 1,799 | 2,188 | 2,173 | 2,034 | 2,239 | 2,439 | |
| Operating Profit | 515 | 424 | 281 | 89 | 329 | 804 | 489 | 608 | 531 | 587 | 707 |
| OPM % | 30.81% | 24.00% | 17.17% | 5.54% | 17.82% | 30.87% | 18.26% | 21.85% | 20.69% | 20.78% | 22.47% |
| 49 | 37 | -56 | 20 | 67 | 25 | 10 | 42 | 67 | 67 | 58 | |
| Interest | 86 | 78 | 96 | 99 | 64 | 62 | 68 | 37 | 31 | 38 | 43 |
| Depreciation | 109 | 101 | 98 | 104 | 104 | 110 | 107 | 78 | 55 | 63 | 72 |
| Profit before Tax | 370 | 282 | 30 | -94 | 227 | 657 | 323 | 534 | 512 | 553 | 686 |
| Tax % | 32.42% | 33.82% | 63.14% | 27.08% | 26.67% | 22.71% | 30.13% | 31.95% | 26.16% | 23.28% | 23.52% |
| Net Profit | 250 | 187 | 11 | -69 | 167 | 508 | 226 | 364 | 378 | 424 | 524 |
| EPS | 95.04 | 69.18 | 4.09 | -25.40 | 30.91 | 94.13 | 41.84 | 67.40 | 70.07 | 78.64 | — |
| Dividend Payout % | 21.60% | 10.50% | 59.15% | 0.00% | 16.18% | 13.28% | 23.90% | 44.51% | 28.54% | 15.89% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 9%
- 5 Years:
- 9%
- 3 Years:
- 2%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- 21%
- 3 Years:
- 23%
STOCK PRICE CAGR
- 10 Years:
- 29%
- 5 Years:
- 30%
- 3 Years:
- 50%
- 1 Year:
- 22%
RETURN ON EQUITY
- 10 Years:
- 15%
- 5 Years:
- 20%
- 3 Years:
- 18%
- Last Year:
- 17%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 27 | 13 | 13 | 27 | 27 | 54 | 54 | 54 | 54 | 54 |
| 1,016 | 1,169 | 1,130 | 1,042 | 1,200 | 1,647 | 1,805 | 2,025 | 2,268 | 2,638 | |
| 1,084 | 997 | 938 | 874 | 838 | 650 | 366 | 260 | 412 | 977 | |
| Trade Payables | 118 | 196 | 272 | 186 | 190 | 147 | 209 | 281 | 195 | 277 |
| 238 | 256 | 285 | 269 | 270 | 307 | 203 | 284 | 239 | 360 | |
| Total Liabilities | 2,484 | 2,632 | 2,638 | 2,398 | 2,525 | 2,805 | 2,636 | 2,905 | 3,168 | 4,306 |
| 1,005 | 990 | 967 | 1,010 | 952 | 912 | 960 | 975 | 1,028 | 1,549 | |
| Capital Work in Progress | 56 | 90 | 118 | 74 | 55 | 69 | 64 | 66 | 74 | 792 |
| 327 | 314 | 181 | 141 | 228 | 262 | 377 | 364 | 899 | 374 | |
| 340 | 428 | 545 | 432 | 445 | 622 | 647 | 712 | 736 | 815 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 137 | 113 | 239 | |
| Cash & Bank | 27 | 40 | 52 | 42 | 49 | 22 | 27 | 97 | 21 | 45 |
| 728 | 770 | 774 | 699 | 795 | 917 | 562 | 555 | 295 | 492 | |
| Total Assets | 2,484 | 2,632 | 2,638 | 2,398 | 2,525 | 2,805 | 2,636 | 2,905 | 3,168 | 4,306 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 453 | 368 | 273 | 223 | 231 | 602 | 584 | 332 | 586 | 319 | |
| Cash from Investing | -248 | -86 | -26 | -51 | -103 | -105 | -222 | -75 | -560 | -753 |
| Cash from Financing | -174 | -193 | -205 | -184 | -101 | -283 | -296 | -212 | -71 | 459 |
| 2 | 11 | -2 | -11 | 2 | 0 | 1 | 44 | -44 | 25 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-11 - Indian Metals & Ferro Alloys Limited has submitted the Exchange a copy Srutinizers report of Postal Ballot. Further, the company has informed the Exchange regarding voting results.
2026-09-10 - Indian Metals & Ferro Alloys Limited has informed the Exchange regarding Proceedings of Postal Ballot
2026-09-08 - Indian Metals & Ferro Alloys Limited has informed the Exchange regarding Appointment of Mr Partha Satpathy as Non- Execut of the company w.e.f. September 08, 2026.
2026-08-25 - Indian Metals & Ferro Alloys Limited has informed the Exchange about General Updates
2026-08-12 - Indian Metals & Ferro Alloys Limited has informed the Exchange about Copy of Newspaper Publication of Postal Ballot Notice
2026-08-12 - Indian Metals & Ferro Alloys Limited has informed the Exchange about General Updates
2026-08-11 - Indian Metals & Ferro Alloys Limited has informed the Exchange about Transcript
2026-08-11 - Indian Metals & Ferro Alloys Limited has informed the Exchange regarding Notice of Postal Ballot
2026-08-07 - Indian Metals & Ferro Alloys Limited has informed the Exchange about Schedule of meet
News
Recent coverage and analyst commentary for IMFA
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