Indian Metals and Ferro Alloys Ltd
NSE:IMFA
Indian Metals and Ferro Alloys Ltd
Indian Metals & Ferro Alloys Ltd. engages in the production of Ferro alloys. The company is headquartered in Bhubaneshwar, Orissa and currently employs 2,092 full-time employees. The company went IPO on 2010-07-22. The firm is a producer of ferrochrome. The company operates through three segments: Ferro Alloys, Power and Mining. The company has over two captive mines in Sukinda and Mahargiri with a capacity of approximately six lakh tons per annum (TPA). The firm has a captive power generation capacity of over 204.55 megawatts (MW) and solar power capacity of approximately four MW. The Company’s ferrochrome output is primarily exported to Korea, China, Japan and Taiwan. The firm operates two manufacturing units at Therubali and Choudwar in Odisha with a total production capacity of approximately 284,000 tons per annum (TPA) and a smelting capacity of over 190 megavolt-amperes (MVA). Its plants are located at Therubali and Choudwar in Odisha. The Company’s mines are located at Sukinda and Mahagiri in Odisha. Its subsidiaries include Indmet Mining Pte. Ltd., Utkal Coal Ltd. and IMFA Alloys Finlease Ltd.
Indian Metals & Ferro Alloys Ltd. engages in the production of Ferro alloys. The company is headquartered in Bhubaneshwar, Orissa and currently employs 2,092 full-time employees. The company went IPO on 2010-07-22. The firm is a producer of ferrochrome. The company operates through three segments: Ferro Alloys, Power and Mining. The company has over two captive mines in Sukinda and Mahargiri with a capacity of approximately six lakh tons per annum (TPA). The firm has a captive power generation capacity of over 204.55 megawatts (MW) and solar power capacity of approximately four MW. The Company’s ferrochrome output is primarily exported to Korea, China, Japan and Taiwan. The firm operates two manufacturing units at Therubali and Choudwar in Odisha with a total production capacity of approximately 284,000 tons per annum (TPA) and a smelting capacity of over 190 megavolt-amperes (MVA). Its plants are located at Therubali and Choudwar in Odisha. The Company’s mines are located at Sukinda and Mahagiri in Odisha. Its subsidiaries include Indmet Mining Pte. Ltd., Utkal Coal Ltd. and IMFA Alloys Finlease Ltd.
Strong Results: IMFA reported robust Q3 FY'26 numbers with improved EBITDA and PAT, driven mainly by higher ferrochrome realizations.
Margin Expansion: EBITDA margin climbed above 23% in Q3, up from roughly 18–19% in Q2, with management confident of sustaining similar margins in Q4 as prices hold.
Major Acquisition: IMFA is acquiring Tata Steel's Kalinganagar ferrochrome plant for INR 610 crores, expected to close in February; this will make IMFA the largest ferrochrome producer in India.
Capacity Growth: Production guidance for FY'27 is about 400,000 tonnes, rising to 475,000–500,000 tonnes in FY'28 as new and acquired capacities come online.
CapEx & Funding: About INR 600 crores in CapEx planned for FY'27, with additional INR 400–500 crores in FY'28; most funded by internal accruals, with low debt drawdown so far.
Market Dynamics: Realizations remain strong, domestic prices are INR 118,000–120,000/tonne, with export sales still over 90% but expected to shift toward 60-40 export-domestic in two years.
Strategic Initiatives: Greenfield and underground mining projects are on schedule; ethanol project expected to commission in March 2026.
Balance Sheet: Comfortable cash position expected even after CapEx and acquisition, with projected INR 300–400 crores cash at year-end.
