Ferro & Silica Manganese industry
13 companies · ₹11,672 cr · 1 with AI deep dives · Q1FY27 report
India margins recover on realisation uplift, but China export surge converts India to net importer
- Revenue YoY
- +12.1%
- EBITDA margin
- 23.3%
- +890bps YoY
- Price, 1 year
- -7.4%
- 33% of names up
- P/E vs own 5y
- +84.2%
- 10.5x now
Exhibit 1The quarter in numbers
constant panel of 3 companies above ₹500 cr- Jun 26
- 1,620 cr
- Mar 26
- 1,493 cr
- QoQ
- +8.5%
- Jun 25
- 1,445 cr
- YoY
- +12.1%
- Peak
- 1,620 cr
- vs peak
- 0.0%
- Jun 26
- 23.3%
- Mar 26
- 18.2%
- QoQ
- +510bps
- Jun 25
- 14.4%
- YoY
- +890bps
- Peak
- 23.3%
- vs peak
- 0bps
Breadth: 33% of 3 companies grew revenue year on year (was 100% a quarter earlier) and 67% expanded margin (was 67%).
Exhibit 2What it costs
5.47x - 11.67x across the panel todayThe median name trades at 10.5x, +84.2% against this industry's own 5-year median of 5.7x, and +52.2% against its own peak of 6.9x.
Exhibit 3Structure
₹11,672 crIndian Metals & Ferro Alloys Ltd is 57.7% of this industry by market cap. The top 5 are 93.2% and the top 10 are 98.9%.
Exhibit 4Screen
P/E below the sub-industry median of 10.5x, 5y ROCE above its median of 11.2%, and at least 2 growth triggers stated on the latest earnings call.
Which names clear this screen is premium
The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.
See plans →Exhibit 5Coverage (13 of 13)
Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.
- Mcap
- ₹6,715 cr
- P/E
- 12.5x
- EV/EBITDA
- 11.7x
- ROCE
- 18.8%
- Margin
- 22.6%
- Rev YoY
- +49.7%
- Mcap
- ₹139 cr
- P/E
- 141.2x
- EV/EBITDA
- 19.6x
- ROCE
- 4.5%
- Margin
- 6.9%
- Rev YoY
- -99.7%
- Mcap
- ₹110 cr
- P/E
- 10.9x
- EV/EBITDA
- -
- ROCE
- 5.0%
- Margin
- 11.0%
- Rev YoY
- -
Exhibit 6What managements said
from Ferrous Metals earnings calls · as of 2026-06-30Four companies reported material QoQ coking coal cost increases in Q1 FY27. SAIL's imported coking coal consumption cost rose INR3,200/t QoQ to INR21,300/t. Jindal Steel reported…
- SAIL: “The imported coal price in quarter 1, '26-'27 was on a higher side, INR21,300 as compared…”
Exhibit 7Outlook
The outlook and what resolves next quarter
Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.
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