IMFA - Indian Metals & Ferro Alloys Limited Share Price

Ferrous Metals

₹616.75-16.45(-2.60%)

Market Closed as of Apr 28, 2025, 15:30 IST

What does Indian Metals & Ferro Alloys Limited do?

Ferro & Silica Manganese•Metals & Mining•Small Cap

Indian Metals and Ferro Alloys Limited engages in the production and sale of ferro chrome in India and internationally. The company operates through three segments: Ferro Alloys, Power, and Mining segments. It operates a power generation plant with a total capacity of 204.55 MW, including 4.55 MWp from solar; and two chrome ore mines, as well as manufacturing plant for low density aggregates and fly ash bricks for use in road construction and cement manufacturing units. The company offers its products to stainless steel manufacturers and international traders. It exports its products to South Korea, China, Taiwan, and Japan. The company was incorporated in 1961 and is headquartered in Bhubaneswar, India.

Industry Group:Ferrous Metals

Employees:2,101

Website:www.imfa.in

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Category	IMFA	Ferrous
PE	8.64	42.72
PS	1.24	1.37
Growth	0.2 %	-1 %

Summary of Latest Earnings Report from Indian Metals & Ferro Alloys

Summary of Indian Metals & Ferro Alloys's latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.

Earnings Outlook

Last updated: Feb 25

Management Outlook:
IMFA anticipates near-term challenges in Q4 FY25 due to persistent market headwinds but expects ferrochrome prices to recover from March 2025/Q1 FY26, driven by reduced Chinese oversupply and improved demand. Long-term growth is anchored on capacity expansion (Kalinganagar Phase-1 starting construction in Feb 2025, Phase-2 later) to double ferrochrome production (0.5 million tons) in 3"“4 years. Ethanol production (120 KL plant) is set to commence by Dec 2025/Jan 2026, leveraging idle assets for diversification.

Key Points:

Operational Resilience: Integrated model (mines, power, smelters) ensures cost leadership (EBITDA cost: ~Rs.77,827/ton vs. Rs.110,000/ton for non-integrated players).
Market Dynamics: Ferrochrome prices bottomed out (~Rs.96,943/ton in Q3) with recovery expected post-Q1 FY26. Export focus (90% sales) with long-term contracts (60-70% of exports).
Expansion Plans:
- Mining: Targeting 1.2 million tons/year (vs. 600k tons) via Sukinda (underground) and Mahagiri mines by FY27/32.
- CAPEX: Rs.1,750 crore allocated; Kalinganagar Phase-1 (96,000 tons) operational by June 2026.
Financial Strength: Debt-free with Rs.890 crore treasury investments; FY25 CAPEX ~Rs.300 crore, rising to Rs.450"“500 crore in FY26.
Diversification: Ethanol project (Rs.150 crore investment) to generate Rs.300 crore revenue with 10% EBITDA margins.
Cost Pressures: Stable input costs (power: Rs.5.27/unit; coke: Rs.14,628/ton) and freight softening post-Q3.
Inorganic Growth: Open to acquisitions but no active discussions disclosed.

Management remains confident in long-term growth, underpinned by cost efficiency, expansion, and market recovery.

Q&A Session

Last updated: Feb 25

Major Questions and Answers:

Question 1:
"What are the production and sale volume figures of ferro chrome this quarter?"
Answer:
Production was 65,865 tons, and sales were 65,490 tons for Q3 FY25.

Question 2:
"What is the cost of chrome ore per ton for this quarter?"
Answer:
Chrome ore cost was Rs.9,085 per ton landed at Choudwar.

Question 3:
"What is the average selling price of ferrochrome this quarter?"
Answer:
Average selling price was Rs.96,943 per ton, impacted by market volatility. Future pricing depends on spot and contract trends.

Question 4:
"What is our EBITDA cost per ton for Q3?"
Answer:
EBITDA cost per ton was Rs.77,827, expected to remain stable in Q4.

Question 5:
"Can we double mining output with CTE/CTO approvals?"
Answer:
CTE/CTO permits doubling output to 1.2 million tons, but expansion requires phased underground mining in Sukinda (5-year timeline) and gradual Mahagiri mine ramp-up to 6 lakh tons by FY27.

Question 6:
"What is the ferrochrome expansion plan timeline?"
Answer:
Kalinganagar Phase-1 (96,000 tons) construction starts Feb 2025, with first furnace operational by June 2026. Phase-2 aims to double capacity in 3"“4 years.

Question 7:
"Have ferrochrome prices bottomed out? What's the outlook?"
Answer:
Prices stabilized at ~75"“84 cents (benchmark). Recovery expected from March 2025 due to Chinese steel demand revival and reduced oversupply.

Question 8:
"Why invest in ethanol despite being a metals company?"
Answer:
Ethanol utilizes idle Therubali capacity, leverages local agri-raw materials, and targets Rs.300 crore revenue with 10% EBITDA margin (Rs.150 crore investment).

Question 9:
"Are we exploring South African chromite mines?"
Answer:
No plans due to sufficient domestic reserves and operational focus on Indian expansions. Past global scouting yielded no viable options.

Question 10:
"How does IMFA's cost compare to non-integrated producers?"
Answer:
IMFA's integrated model ensures EBITDA cost of Rs.77,000/ton vs. ~Rs.110,000/ton for non-integrated players, driven by captive ore, power, and rupee depreciation benefits.

Question 11:
"What explains higher "˜other expenses' in Q3?"
Answer:
Increased repair/maintenance and freight costs drove expenses to Rs.106 crore vs. Rs.88 crore YoY. Freight rates have since softened.

Question 12:
"What is the treasury strategy and cash position?"
Answer:
Rs.890 crore invested in bonds/FDs generates steady returns. CAPEX of Rs.150 crore spent in 9M FY25; another Rs.150"“500 crore planned for FY25"“26, reducing liquidity to ~Rs.700 crore.

Question 13:
"How much ferrochrome is sold domestically vs. exports?"
Answer:
90% exported (60"“70% long-term contracts, balance spot), 10% domestic. Realization averaged Rs.96,943/ton with no grade difference between markets.

Question 14:
"What benchmark determines long-term contract pricing?"
Answer:
Prices follow Tsingshan (monthly) and POSCO (quarterly) benchmarks. Current contracts at ~~84 cents (POSCO) vs. Chinese spot (~~75 cents).

Question 15:
"Will physical AGMs resume post-COVID?"
Answer:
Management acknowledged demand for physical AGMs and will consider it for FY25.

Valuation
Market Cap	3.33 kCr
Price/Earnings (Trailing)	8.41
Price/Sales (Trailing)	1.21
EV/EBITDA	5.32
Price/Free Cashflow	10.62
MarketCap/EBT	6.07

Fundamentals
Revenue (TTM)	2.76 kCr
Rev. Growth (Yr)	-4.98%
Rev. Growth (Qtr)	-7.12%
Earnings (TTM)	395.49 Cr
Earnings Growth (Yr)	-14.3%
Earnings Growth (Qtr)	-25.43%

Profitability
Operating Margin	19.88%
EBT Margin	19.88%
Return on Equity	16.93%
Return on Assets	13.03%
Free Cashflow Yield	9.41%

Shareholder Name	Holding %
SUBHRAKANT PANDA, TRUSTEE, B PANDA TRUST	51.59%
LITEC COMPANY LIMITED	12.77%
BP DEVELOPERS PRIVATE LTD	2.25%
NIVEDITA GANAPATHI	1.2%
BAIJAYANT PANDA	1.2%
PARAMITA PANDA	1.2%
SUBHRAKANT PANDA	1.2%
MUKUL MAHAVIR AGRAWAL	1.11%
SUBHRAKANT PANDA, MANAGING TRUSTEE, SHAISAH FOUNDATION	0.05%

Description	Share	Value
Ferro Alloys	73.0%	643.2 Cr
Power	14.7%	129.7 Cr
Mining	12.3%	108.3 Cr
Total		881.2 Cr

Balance Sheet for Indian Metals & Ferro Alloys

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Sep-2024	Mar-2024	Sep-2023	Mar-2023	Sep-2022	Mar-2022
Cash and cash equivalents	-89.5%	6.34	52	31	7.21	23	6.7
Current investments	114.1%	774	362	308	263	180	148
Loans, current	-97.3%	7.03	221	243	243	263	263
Total current financial assets	35.1%	1,036	767	742	618	591	582
Inventories	-11.5%	630	712	658	647	683	622
Current tax assets	-	38	0	0	0	0	0
Total current assets	13.5%	1,881	1,657	1,555	1,392	1,442	1,384
Property, plant and equipment	2.2%	996	975	921	960	923	912
Capital work-in-progress	-24.6%	50	66	83	64	53	69
Investment property	0%	22	22	22	9.55	9.66	9.82
Non-current investments	0%	2.57	2.57	114	114	114	114
Loans, non-current	-	0	0	0	0	0	0
Total non-current financial assets	0%	16	16	127	126	126	122
Total non-current assets	-1.9%	1,152	1,174	1,223	1,245	1,423	1,420
Total assets	7.1%	3,033	2,832	2,778	2,636	2,866	2,805
Borrowings, non-current	-11.2%	0.11	0.2	3.69	5.39	7.44	9.45
Total non-current financial liabilities	-102.2%	0.11	41	45	50	176	183
Provisions, non-current	5.9%	19	18	16	16	15	16
Total non-current liabilities	10.1%	88	80	104	111	231	245
Borrowings, current	67.1%	280	168	353	316	420	467
Total current financial liabilities	-4.1%	580	605	618	637	786	833
Provisions, current	661.3%	38	5.86	6.83	6.59	7.91	7.79
Current tax liabilities	-	0	-	0.59	0	0	-
Total current liabilities	-2.3%	635	650	641	666	822	859
Total liabilities	-0.8%	724	730	745	778	1,053	1,104
Equity share capital	0%	54	54	54	54	54	54
Total equity	9.9%	2,309	2,102	2,033	1,859	1,813	1,701
Total equity and liabilities	7.1%	3,033	2,832	2,778	2,636	2,866	2,805

Consolidated figures (in Rs. Crores) / View Standalone Data

Description	(%) Q/Q	Sep-2024	Mar-2024	Sep-2023	Mar-2023	Sep-2022	Mar-2022
Cash and cash equivalents	-89.5%	6.38	52	32	8.06	23	7.41
Current investments	111.3%	785	372	315	264	180	154
Total current financial assets	87.5%	1,040	555	507	383	329	326
Inventories	-11.5%	630	712	658	647	683	622
Current tax assets	-	0	0	0	0	0	0
Total current assets	11.2%	1,846	1,660	1,665	1,502	1,180	1,129
Property, plant and equipment	2.2%	996	975	921	960	1,090	1,081
Capital work-in-progress	-24.6%	50	66	83	64	251	266
Investment property	0%	22	22	22	9.55	9.66	9.82
Goodwill	-	0	0	20	20	20	20
Non-current investments	0%	0.27	0.27	0.32	0.32	0.31	0.31
Loans, non-current	-	0	0	0	0	0	0
Total non-current financial assets	0%	14	14	13	13	18	8.75
Total non-current assets	1.4%	1,188	1,172	1,130	1,152	1,701	1,692
Total assets	7.2%	3,035	2,832	2,795	2,654	2,881	2,821
Borrowings, non-current	-11.2%	0.11	0.2	3.69	5.39	7.44	9.45
Total non-current financial liabilities	0%	16	16	19	23	148	143
Provisions, non-current	5.9%	19	18	16	16	15	16
Total non-current liabilities	16.7%	64	55	78	85	203	218
Borrowings, current	67.1%	280	168	353	316	420	467
Total current financial liabilities	-4.1%	579	604	617	636	786	833
Provisions, current	661.3%	38	5.86	6.83	6.59	7.91	7.79
Current tax liabilities	-	0	-	0.58	0	0	0
Total current liabilities	-2.3%	634	649	640	665	822	858
Total liabilities	-0.9%	698	704	718	750	1,025	1,076
Equity share capital	0%	54	54	54	54	54	54
Non controlling interest	-15.3%	6.76	7.8	30	30	30	30
Total equity	9.8%	2,337	2,128	2,077	1,903	1,856	1,746
Total equity and liabilities	7.2%	3,035	2,832	2,795	2,654	2,881	2,821

Investor Care
Dividend Yield	6.08%
Dividend/Share (TTM)	37.5
Shares Dilution (1Y)	0.00%
Diluted EPS (TTM)	77.41

Financial Health
Current Ratio	2.91
Debt/Equity	0.12
Debt/Cashflow	3.04

Cash Flow for Indian Metals & Ferro Alloys

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022
Finance costs	-46.3%	37	68	62
Change in inventories	-148.8%	-64.36	-25.27	-176.86
Depreciation	-27.4%	78	107	110
Impairment loss / reversal	-133.5%	0.25	3.24	1.29
Unrealised forex losses/gains	-155.3%	-0.42	3.57	3.59
Dividend income	-	1.27	0	1.73
Adjustments for interest income	4364.3%	226	6.04	2.23
Net Cashflows from Operations	-5.6%	553	586	602
Dividends received	64.8%	0	-1.84	0
Income taxes paid (refund)	158.5%	169	66	213
Net Cashflows From Operating Activities	-25.9%	384	518	389
Proceeds from sales of PPE	-108.1%	0.59	6.04	0
Purchase of property, plant and equipment	-23.6%	114	149	87
Proceeds from sales of investment property	-	0	0	0.15
Purchase of investment property	-	0	0	761
Proceeds from sales of intangible assets	-	0	0	736
Cash receipts from repayment of advances and loans made to other parties	-	154	0	0
Dividends received	-67.9%	1.27	1.84	1.73
Interest received	-3.6%	5.86	6.04	2.23
Other inflows (outflows) of cash	68.2%	-27.11	-87.46	3.95
Net Cashflows From Investing Activities	66%	-74.84	-222.08	-105.01
Proceeds from borrowings	-	0	0	104
Repayments of borrowings	0%	154	154	291
Payments of lease liabilities	-18.8%	5.28	6.27	0
Dividends paid	1.5%	68	67	32
Interest paid	-44.8%	38	68	63
Net Cashflows from Financing Activities	10.5%	-264.56	-295.79	-283.48
Net change in cash and cash eq.	9079.6%	45	0.51	0.03

Consolidated figures (in Rs. Crores) / View Standalone Data

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022
Finance costs	-47.7%	35	66	62
Change in inventories	-148.8%	-64.36	-25.27	-176.86
Depreciation	-27.4%	78	107	110
Impairment loss / reversal	762.1%	21	3.32	1.29
Unrealised forex losses/gains	-155.3%	-0.42	3.57	3.59
Dividend income	-	0	0	0.29
Adjustments for interest income	-118.4%	0	6.43	2.23
Net Cashflows from Operations	216.6%	688	218	604
Interest received	-	-5.96	0	0
Income taxes paid (refund)	156.1%	170	67	214
Net Cashflows From Operating Activities	240.7%	512	151	390
Proceeds from sales of PPE	-108.1%	0.59	6.04	0.15
Purchase of property, plant and equipment	148.9%	114	-230.31	87
Proceeds from sales of investment property	-	0	0	736
Purchase of investment property	-	0	0	761
Interest received	-8.7%	5.96	6.43	2.23
Other inflows (outflows) of cash	99%	0	-102.59	3.95
Net Cashflows From Investing Activities	-251.2%	-209.21	140	-106.03
Proceeds from borrowings	-	0	0	104
Repayments of borrowings	0%	154	154	291
Payments of lease liabilities	-	1.92	0	1.02
Dividends paid	-	68	0	33
Interest paid	-47.6%	34	64	62
Other inflows (outflows) of cash	98.6%	0	-69.63	0
Net Cashflows from Financing Activities	10.8%	-259.17	-290.53	-284.04
Effect of exchange rate on cash eq.	-5.3%	0	0.05	0.02
Net change in cash and cash eq.	12385.7%	44	0.65	-0.05

Ticker	Name	Mkt Cap	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
HINDZINC	Hindustan ZincZinc	1.91 LCr	33.57 kCr	+0.63%	+8.14%	20.37	5.69	+8.14%	+13.05%
TATASTEEL	TATA STEELIron & Steel	1.77 LCr	2.22 LCr	-10.89%	-17.20%	70.21	0.8	-5.52%	+164.84%
VEDL	VedantaDiversified Metals	1.63 LCr	1.52 LCr	-10.96%	+8.46%	9.12	1.07	+1.81%	+112.67%
JINDALSTEL	Jindal Steel & PowerIron & Steel	92.57 kCr	50.2 kCr	-1.11%	-5.56%	22.67	1.84	-0.34%	-25.44%
SAIL	Steel Authority of IndiaIron & Steel	48.23 kCr	1.02 LCr	+1.34%	-30.40%	21.47	0.47	-5.18%	-27.54%

Income Statement for Indian Metals & Ferro Alloys

Standalone figures (in Rs. Crores) / View Consolidated Data

QuarterlyAnnual

Description	(%) Q/Q	Dec-2024	Sep-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023
Revenue From Operations	-7.1%	643	692	662	701	685	693
Other Income	-28.6%	16	22	17	232	8.89	13
Total Income	-7.7%	659	714	679	932	694	705
Cost of Materials	-8.5%	258	282	320	347	361	364
Employee Expense	0%	59	59	53	65	55	51
Finance costs	46.5%	8.81	6.33	4.89	5.83	9.01	14
Depreciation and Amortization	8.3%	14	13	14	13	15	26
Other expenses	5.7%	206	195	108	362	111	122
Total Expenses	1.3%	543	536	519	815	550	582
Profit Before exceptional items and Tax	-35%	116	178	160	117	144	124
Exceptional items before tax	-	0	0	0	0	0	0
Total profit before tax	-35%	116	178	160	117	144	124
Current tax	-26.3%	29	39	40	59	34	36
Deferred tax	-93.6%	1.32	5.99	2.61	-24.58	2.68	-2.82
Total tax	-34.1%	30	45	43	34	36	34
Total profit (loss) for period	-35.6%	86	133	118	83	108	90
Other comp. income net of taxes	-79.7%	-3.6	-1.56	-0.85	0.17	-0.06	1.09
Total Comprehensive Income	-36.9%	83	131	117	83	108	91
Earnings Per Share, Basic	-36.6%	15.96	24.6	21.78	15.32	19.99	16.67
Earnings Per Share, Diluted	-36.6%	15.96	24.6	21.78	15.32	19.99	16.67

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020	Mar-2019
Revenue From Operations	3.9%	2,780	2,676	2,603	1,844	1,612	1,634
Other Income	948%	263	26	18	51	22	15
Total Income	12.6%	3,043	2,702	2,621	1,896	1,634	1,648
Cost of Materials	-2%	1,446	1,475	1,108	908	940	824
Employee Expense	13.3%	222	196	207	166	155	174
Finance costs	-46.3%	37	68	62	57	99	80
Depreciation and Amortization	-27.4%	78	107	110	104	104	98
Other expenses	32.5%	707	534	488	405	427	414
Total Expenses	6.2%	2,510	2,363	1,964	1,668	1,726	1,542
Profit Before exceptional items and Tax	57.4%	533	339	657	227	-91.94	106
Exceptional items before tax	94%	0	-15.7	0	0	-1.73	-75.97
Total profit before tax	65.2%	533	323	657	227	-93.67	30
Current tax	71.1%	167	98	177	46	-1.69	27
Deferred tax	-1108.6%	-24.38	-1.1	-28.21	14	-23.65	-8.18
Total tax	47.9%	143	97	149	61	-25.34	19
Total profit (loss) for period	72.9%	390	226	508	167	-68.33	11
Other comp. income net of taxes	103.9%	1.05	-0.29	-1.33	-0.45	-3.79	-2.05
Total Comprehensive Income	74.6%	392	225	507	166	-72.12	8.99
Earnings Per Share, Basic	74.8%	72.37	41.84	94.13	30.905	-12.665	2.045
Earnings Per Share, Diluted	74.8%	72.37	41.84	94.13	30.905	-12.665	2.045

Consolidated figures (in Rs. Crores) / View Standalone Data

QuarterlyAnnual

Description	(%) Q/Q	Dec-2024	Sep-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023
Revenue From Operations	-7.1%	643	692	662	701	685	693
Other Income	-11.1%	17	19	13	11	9.75	12
Total Income	-7.2%	660	711	675	712	695	704
Cost of Materials	-8.5%	258	282	320	347	361	364
Employee Expense	0%	59	59	53	65	55	51
Finance costs	52.2%	8.23	5.75	4.29	5.23	8.4	13
Depreciation and Amortization	8.3%	14	13	14	13	15	26
Other expenses	0.5%	201	200	109	161	111	122
Total Expenses	-0.7%	537	541	519	614	549	581
Profit Before exceptional items and Tax	-27.8%	123	170	157	98	146	123
Exceptional items before tax	-	0	0	0	0	0	0
Total profit before tax	-27.8%	123	170	157	98	146	123
Current tax	-26.3%	29	39	40	59	34	37
Deferred tax	-95.4%	1.23	6.01	2.85	-24.54	2.88	-2.72
Total tax	-34.1%	30	45	43	34	37	34
Total profit (loss) for period	-25.8%	93	125	113	64	109	89
Other comp. income net of taxes	-79.7%	-3.6	-1.56	-0.85	0.17	-0.06	1.09
Total Comprehensive Income	-27.6%	90	124	112	64	109	90
Earnings Per Share, Basic	-26.5%	17.3	23.17	20.95	15.99	20.15	16.53
Earnings Per Share, Diluted	-26.5%	17.3	23.17	20.95	15.99	20.15	16.53

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020	Mar-2019
Revenue From Operations	3.9%	2,780	2,676	2,603	1,844	1,612	1,634
Other Income	78.3%	42	24	17	50	21	14
Total Income	4.5%	2,822	2,701	2,620	1,894	1,633	1,648
Cost of Materials	-2%	1,446	1,475	1,108	908	940	824
Employee Expense	13.3%	222	196	207	166	155	174
Finance costs	-47.7%	35	66	59	55	97	78
Depreciation and Amortization	-27.4%	78	107	110	104	104	98
Other expenses	-5.3%	506	534	488	405	428	422
Total Expenses	-2.3%	2,306	2,361	1,962	1,666	1,724	1,548
Profit Before exceptional items and Tax	51.9%	516	340	658	228	-90.49	100
Exceptional items before tax	94%	0	-15.7	0	0	0	-80.67
Total profit before tax	59.4%	516	324	658	228	-90.49	19
Current tax	70.4%	168	99	178	47	-0.94	28
Deferred tax	-1098.1%	-24.04	-1.09	-28.19	14	-23.77	-8.15
Total tax	47.4%	144	98	150	61	-24.71	20
Total profit (loss) for period	64.9%	372	226	508	167	-65.78	-0.58
Other comp. income net of taxes	103.8%	1.05	-0.3	-1.34	-0.55	-3.73	3.76
Total Comprehensive Income	66.1%	373	225	506	166	-69.51	3.18
Earnings Per Share, Basic	77%	73.12	41.75	94.013	30.87	-12.29	-0.19
Earnings Per Share, Diluted	77%	73.12	41.75	94.013	30.87	-12.29	-0.19

IMFA - Indian Metals & Ferro Alloys Limited Share Price

What does Indian Metals & Ferro Alloys Limited do?

Sector Comparison: IMFA vs Ferrous Metals

Comparative Metrics

Performance Comparison

Summary of Latest Earnings Report from Indian Metals & Ferro Alloys

Valuation

Fundamentals

Profitability

Share Holdings

Holding Pattern

Share Holding Details

Overall Distribution

Ownership Distribution

Revenue Breakdown

Balance Sheet for Indian Metals & Ferro Alloys

Investor Care

Financial Health

Cash Flow for Indian Metals & Ferro Alloys

Is Indian Metals & Ferro Alloys Better than it's peers?

Price to Sales Ratio

Revenue (Last 12 mths)

Net Income (Last 12 mths)

Income Statement for Indian Metals & Ferro Alloys