Indian Metals & Ferro Alloys Ltd(IMFA)

NSE: IMFABSE: 533047

₹ 1,094.3-0.24%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 5,904 crWebsite: www. imfa.inUpdated: 24 Oct 2026

About

Indian Metals & Ferro Alloys Ltd (IMFA), established in 1961, is a fully integrated producer of high-carbon ferrochrome in India, spanning captive chromite mining, captive power generation, and smelting across three facilities in Odisha. Following the acquisition of Tata Steel's Kalinganagar plant and commissioning of a greenfield project, IMFA has doubled smelting capacity to over half a million tonnes per annum, making it India's largest and among the foremost global ferrochrome producers. It reported revenue of Rs 2,826.31 crore in FY26.^[1][2]

Business segments

Ferro Chrome contributed 73.7% of segment revenue (₹2,824 cr) in FY26, with an EBIT margin of 21.6%.^[3]
Power contributed 14.2% of segment revenue (₹542.61 cr) in FY26, with a marginal EBIT loss of ₹3.83 cr.^[3]
Mining contributed 12.0% of segment revenue (₹460.78 cr) in FY26, at breakeven EBIT of ₹0.14 cr.^[3]

Products and grades

High-carbon ferro chrome accounted for 99.57% of total turnover in FY26; the company is also entering ethanol production.^[1]
IMFA produces niche low-phosphorus (max 0.015%), low-silicon (max 1.5%) ferrochrome for specific Japanese customers, at roughly a 25% realisation premium over standard grade (Q3 FY26).^[4]
Niche low-silicon, low-phosphorus, high-chromium ferrochrome production stood at ~15,000 MT (~5-6% of capacity) as of Q1 FY26.^[5]

Operations and capacity

Three smelting plants in Odisha - Therubali (Rayagada), Choudwar (Cuttack) and Kalinganagar (Jajpur) - with captive chromite mines at Sukinda and Mahagiri, both in Jajpur.^[1]
As of Q1 FY27, installed ferrochrome capacity is 484,000 TPA, up from 384,000 TPA in FY26, after the KNR-2 acquisition became fully operational.^[6]
With the Kalinganagar greenfield (99 MVA under construction in FY26), total furnace capacity will reach 355 MVA (534,000 TPA).^[1]
Installed captive power capacity is about 204.5 MW (coal + solar) as of FY26; generation was 1138 MU in FY26 against 1092 MU the year before.^[1]
Captive mines at Sukinda and Mahagiri meet 100% of chrome ore requirements, with all ore extracted used captively (FY26).^[1]

Key operating numbers

Q1 FY27 ferrochrome production was a record 80,690 MT, the first quarter above 80,000 tonnes, versus an average of ~65,000 tonnes per quarter earlier.^[6]
Average realisation was ₹119,888/tonne in Q1 FY27, up from ₹95,165/tonne in Q1 FY26.^[6]
EBITDA cost per tonne was ₹85,884/MT in Q1 FY27.^[6]
Chrome ore raising was 272,555 MT and captive power generation 289 MU in Q1 FY27.^[6]
Coke consumption ratio was 0.65 t/t and chrome ore consumption ratio 2.5 t/t of ferrochrome in Q3 FY26.^[4]

Customers and distribution

Customers are in the stainless-steel value chain: domestic producers, stainless mills in East Asia and Europe, and international traders and distributors.^[1]
Exports were 85.47% of total turnover in FY26, with customers in 13 countries.^[1]
Three customers contributed Rs 1998.03 crore of revenue in FY25 (previous year: Rs 2076.97 crore).^[7]
More than 70% of ferro chrome sales were under long-term contracts with monthly/quarterly price resets (FY25).^[7]
Domestic sales were about 19% of volumes in Q1 FY27, with a long-term target of 40% as Kalinganagar ramps up.^[6]

Expansion and capex

KNR-1 greenfield: first furnace hot metal tapping expected third week of August 2026; second furnace targeted end-September to early October 2026 (as of Q1 FY27).^[6]
KNR-2 fifth furnace (~50,000 TPA, 33 MVA): commissioning targeted mid-2027 or later pending environmental clearance; additional capex of ~₹15-20 crores approved.^[6]
Approvals received for 1.2 mn TPA chrome ore mining capacity, backed by a ₹1,000 crore investment, targeting completion by FY31.^[6]
An additional 135 MW of hybrid renewable energy is under execution backed by long-term PPAs, including 65 MWp with EG Urja Strot (Enfinity Global) expected by June 2027.^[1][6]

Production guidance

FY27 ferrochrome production guidance revised to ~380,000 tonnes from 400,000 tonnes, due to KNR-2 transformer constraints and gas cleaning plant maintenance.^[6]
FY28 production target of 475,000-500,000 tonnes reaffirmed; Q4 FY27 quarterly run rate expected at ~120,000-125,000 tonnes.^[6]
About 6 lakh tonnes of chrome ore stacked as of Q1 FY27 to meet incremental needs for the next year.^[6]

Recent developments

Acquired Tata Steel's Kalinganagar ferrochrome plant (KNR-2) for a base consideration of ₹610 crores from internal accruals; closed in Q4 FY26, all four furnaces running by Q1 FY27.^[8]
ICRA upgraded the long-term rating to [ICRA]AA (Stable), with [ICRA]A1+ for short-term facilities, on 3 December 2025.^[1]
On 22 September 2026, the company disclosed a ₹38.98 lakh penalty order under Section 270A of the Income-tax Act over capital gains on sale of immovable property.^[9]

Market Cap

₹5,904 Cr

High / Low

₹1,675 / 1,053

Stock P/E

11.3

Price / Book

2.2

Book Value

₹504

EPS

₹78.6

No. of Shares

5.4 Cr

ROCE

18.4%

ROE

16.8%

OPM

20.4%

Debt / Equity

0.34

Sales

₹2,826 Cr

Net Profit

₹425 Cr

Promoter holding

58.7%

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Indian Metals & Ferro Alloys Ltd(IMFA)

About

Business segments

Products and grades

Operations and capacity

Key operating numbers

Customers and distribution

Expansion and capex

Production guidance

Recent developments

Signal history

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