IMFA
Micro CapIndian Metals & Ferro Alloys Limited
Metals
Indian Metals & Ferro Alloys Limited (IMFA) is an integrated ferro alloys producer, primarily focused on ferrochrome for the stainless steel industry. The company operates with captive chrome ore mines and power generation, serving both international and domestic markets.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 100/100Rev +35% YoY · PAT +119% YoY · margin expansion · +9% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹763 Cr | +34.6% | +8.5% |
| EBITDA | ₹159 Cr | +123.9% | -3.0% |
| Operating margin | 21.0% | +900 bps | -200 bps |
| PAT | ₹103 Cr | +119.2% | -21.4% |
| PAT margin | 13.5% | +521 bps | -513 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Q4 FY'26 saw strong operational performance with substantial YoY jumps in realizations and PAT, driven by higher ferrochrome prices and initial output from the KNR 2 acquisition.
IMFA's strategic capacity expansion, renewable energy integration, and stated pivot to domestic sales position it well to capitalize on firming ferrochrome prices and growing stainless steel demand. Management's focus on cost control and long-term contracts provides stability amidst market uncertainties.
Sales by Geography (Current)
Latest issuer-disclosed distribution across 2 reported categories.
KNR 1 Greenfield Project
Broadly on track, initiating cold trials and pre-commissioning from May 30, with furnaces expected to switch on around July 10-15.
KNR 2 Acquisition Output
Contributed 2,200 tons in Q4 FY'26; currently getting approximately 6,000 tons/month output in Q1 FY'27.
Ethanol Project Commissioning
On track for pre-commissioning in July and commissioning in Q2 FY'27, with output expected towards the end of August.
Hybrid Renewable Energy Portfolio
70 MW with JSW Energy expected by July 2026, and 65 MW with Enfinity Global by June 2027, totaling 135 MW for stable prices and reduced carbon footprint.
KNR 2 Furnace Expansion
Working on environmental clearances for a partially built 33 MVA furnace at KNR 2, capable of producing 50,000 tons, targeting June 2027 commissioning.
Ferrochrome Production Target
Output expected to go from about 265,000 tons in FY'26 to broadly 400,000 tons in FY'27 and 475,000-500,000 tons in FY'28.
Stainless Steel Demand
Stainless steel demand continues to be good globally, with production and demand in India moving up.
Firming Ferrochrome Prices
Decline in global ferrochrome output and elevated cost structures have led to prices firming up; Q1 FY'27 seeing higher margins and prices.
Stable Energy Costs
Hybrid renewable energy agreements provide stable power prices over 25-29 year contract durations.
Reduced Coal Sourcing Costs
Fresh coal linkages are expected to provide coal at INR 400-500 per ton cheaper, with benefits flowing from H2 FY'27.
Geopolitical Impact on Logistics
West Asia crisis has led to higher freight costs and domestic logistics costs due to increased fuel prices.
Project Commissioning Delays
KNR 1 commissioning slightly delayed by 10-15 days due to temporary manpower demobilization (elections) and intense midday temperatures (44-45 degrees).
South African Power Tariff Changes
Special power tariffs for South African ferrochrome producers (e.g., $0.62/unit) could increase global ferrochrome supply if Chinese production doesn't decrease proportionally.
Geopolitical Supply Chain Disruptions
Geopolitical developments caused delays in fabrication and supply of some equipment for the ethanol project.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Management explicitly compared Q4 FY'26 financial results (realizations, PAT) to the corresponding quarter last year, indicating the importance of annual performance trends for this business. QoQ is also relevant for sequential operational momentum from new capacities.
Ferrochrome Production (Q4 FY'26)
Registered production of about 68,500 tons, including 2,200 tons from KNR 2 acquisition.
Realizations (Q4 FY'26)
Broadly about INR 109,000 per ton, substantially higher compared to roughly INR 87,000 per ton in the corresponding quarter last year.
PAT (Q4 FY'26)
PAT of INR 103 crores, a substantial jump from about INR 47 crores in the corresponding quarter last year.
Costs
Costs are up marginally, primarily due to royalty on chrome (elevated ore prices) and slightly higher thermal coal prices.
Positive Industry Fundamentals
Management continues to be positive about industry fundamentals, demand, and the company's own resilience and cost structure.
Pivot to Domestic Sales
Looking to pivot towards more domestic sales, aiming for a 60-40 export versus domestic sales mix from the current 90-10.
Operational Efficiency Focus
Will keep an eagle's eye on operational efficiency to deliver superior results.
Capex Funding
Balance capex of approximately INR 450 crores for next year will be managed through unutilized term loan (INR 170 crores) and internal accruals.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| KNR 1 Commissioning & Ramp-up | Cold trials from May 30, furnaces expected to switch on July 10-15. | Timely commissioning and initial production volumes from KNR 1. |
| Ethanol Project Output | Pre-commissioning in July, commissioning in Q2 FY'27. | Start of output by end of August and subsequent stabilization of production. |
| Domestic Sales Growth | Currently 10% of sales. | Progress towards the target of 40% domestic sales, indicating market penetration. |
| Impact of South African Tariffs | Public consultation on $0.62/unit tariff for 2 producers. | Approval of tariffs and its effect on global ferrochrome supply and prices. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
56NeutralSMA20 +14.0% / mo
Technical chart
IMFAdaily · 5Y+5.4%Technical trend read
Bearish setupTrend is weak — long-term trend unclear. RSI 45.
- SMA20 falling (~3.3% over last month) — short-term momentum negative.
- RSI(14) at 45 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 15% off 52W high · 33% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 13.6%.
- Growth contributes 19/25 to the score.
Main drags
- Valuation is weaker at 4/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
- Quality is weaker at 12/20; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +2 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 85th percentile of the scored universe and 90th percentile within Metals. Main check: results consistency is weak at 55/100.
High Trust Lite: Promoter holding is 58.7%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Metals: 90th pctile, median 68 · Micro: 74th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 58.7%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.3%.
- ▸12 years of positive FCF.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 18.00
- P/B
- 2.82
- EV/EBITDA
- 13.22
- Market Cap
- 7638.00Cr
Profitability
- ROE
- 16.80%
- ROCE
- 18.30%
- ROA
- 9.84%
- Dividend Y
- 0.88%
Growth (CAGR)
- Revenue 5Y
- 9.00%
- EPS 5Y
- 22.00%
- Revenue 3Y
- 2.00%
- EPS 3Y
- 22.00%
Balance Sheet
- Debt/Equity
- 0.35
- Interest Coverage
- 16.31×
- Altman Z
- 5.06
- Book Value
- 504.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 11/5
- OCF
- 318.00 Cr
- EPS TTM
- 78.64
Shareholding
- Promoter Hold
- 58.69%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 74%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Metals — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.