Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 14 Oct
Source: Bse
Indian Metals & Ferro Alloys Limited (IMFA)
Micro CapMetals stocks · Micro cap · NSE
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.
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals17 Oct 2026 · screener
Latest result04 Aug, 07:18 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Metals P/E 23.2 (n=92)
Technical timing lens
Trend score and candlestick chart
34Bearishfull bear SMA stack · SMA20 -8.3% / mo · MACD + · near 52W low
Stock trend: 24
Sector RS: 50
Sector 3M: -4.5% vs Nifty 500 -5.6%
Metals FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
IMFAD candles · FIT view-24.8%Latest close ₹1131.80 on 2026-10-19
Bar
-4.1%
RSI
31
MACD hist
2.04
52W pos
11%
2026-10-19O ₹1179.80H ₹1186.10L ₹1126.00C ₹1131.80Vol 1.2L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
IMFANifty MetalNifty 500
- IMFA
- -16.0%
- Nifty 500
- -5.6%
- Nifty Metal
- -3.8%
- Vs Nifty 500
- -10.4 pp
Chart stats
19 Oct 2026- From 52W high
- -32.6%
- 52W range position
- 11%
- ATR (14)
- 3.6%
- Volume vs 20D
- 1.55x
- Avg traded value
- ₹9.5 Cr
- 20D price channel
- ₹1,126 - ₹1,279
₹1,679.9
₹1,064.1 - ₹1,679.9
₹40.2
Latest completed session
20-session average
25.2% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · UNDERVALUED69
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent100
Revenue +49.5% · PAT +107.5% YoY
Technical
Bearish34
Price trend and sector-relative-strength timing.
Valuation
Legacy model+66.5%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence73
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 100/100Rev +50% YoY · PAT +108% YoY · margin expansion · +26% QoQ · operating leverage
Filed 04 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹960 Cr | +49.5% | +25.8% |
| EBITDA | ₹281 Cr | +124.8% | +76.7% |
| Operating margin | 29.0% | +900 bps | +800 bps |
| PAT | ₹193 Cr | +107.5% | +87.4% |
| PAT margin | 20.1% | +561 bps | +660 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 12.20
- P/B
- 2.34
- EV/EBITDA
- 9.00
- Market Cap
- 6381.00Cr
Profitability
- ROE
- 16.80%
- ROCE
- 18.40%
- ROA
- 12.16%
- Dividend Y
- 1.06%
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
- 18.12×
- Altman Z
- 4.78
- Book Value
- 504.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 11/5
- OCF
- 318.00 Cr
- EPS TTM
- 97.18
Shareholding
- Promoter Hold
- 58.69%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 19%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 2,826+10.2% vs prev
Net Profit
₹ CrLatest: 425+12.1% vs prev
Return on Equity
%Latest: 787+5545.9% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 31.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~9.1% over last month) — short-term momentum negative.
- RSI(14) at 31 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 33% off 52W high · 6% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
46
RS percentile
Stage 1 Base / Transition
1M return
-9.6%
3M return
-16.0%
6M return
-25.5%
1Y return
-0.6%
RS 1D
-7
RS 20D
-10
Sector rank
#4
Industry rank
#18
Stage evidence
- Price is 17.3% below the 30-week proxy without full trend alignment.
- The 30-week proxy changed -0.3% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 103.85-3.08%
RS vs Nifty 500104
Valuation & peers
U-Score 69 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 69 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Growth at Value
Fundamental score breakdown
U band · UNDERVALUEDValuation18/30
Growth20/25
Quality11/20
Balance Sheet10/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
1
Raw sum
69
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
69/100 · legacy band UNDERVALUED
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 66.5%.
- Growth contributes 20/25 to the score.
Main drags
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
- Quality is weaker at 11/20; verify the latest quarterly trend.
- Valuation is weaker at 18/30; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
12.2
PB
2.3
EV/EBITDA
9.0
ROE
16.8%
ROCE
18.4%
FCF Yield
—
Debt/Equity
0.3
MoS
+66.5%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE.
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
69
Previous: 69
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+66.5%
Previous: +66.5%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
69
69
69
68
68
68
68
69
69
69
69
69
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹1,049.77
-7.8% MoS
Growth-justified P/E
34.8
Growth-justified Value
₹3,381.86
+66.5% MoS
PEG
0.55
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
JAINAM
SME
Jainam Ferro Alloys (I) Ltd.
Metals
match 75
25
37.9
4.5%
-4%
OVERVALUED
RAMRAT
Small
Ram Ratna Wires Limited
Metals
match 57
41
45.8
20.6%
-18%
WATCHLIST
LLOYDSENT
Micro
Lloyds Enterprises Limited
Metals
match 56
31
94.2
0.3%
-163%
OVERVALUED
MIDWESTLTD
Small
Midwest Limited
Metals
match 53
47
29.9
13.6%
+13%
FAIR VALUE
GOYALALUM
Small
Goyal Aluminiums Limited
Metals
match 51
36
17.4
12.9%
+49%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-09T07:28:44.059Z
Management commentary snapshot
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.
Current business mix
Sales by Geography (Current)
Latest issuer-disclosed distribution across 2 reported categories.
Exports90.0%
Domestic10.0%
Growth engines
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.
Capacity and execution
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.
Tailwinds
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.
Headwinds
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).
Risk radar
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.
Management accountability
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.
Analyst reading lens
Compare YOY
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.
Sector KPIs management disclosed
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.
Management forward view
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.
Thesis monitor
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.
Trust Score
73Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 72nd percentile of the scored universe and 66th percentile within Metals. Main check: financial discipline is weak at 50/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
64 docs text-extracted · 35 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
72nd percentile
overall median 67 · Metals: 66th pctile, median 70 · Micro: 54th pctile, median 73
Evidence depth
Financial-only
64 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read 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.
Promoter
86
strong · holding, pledge, alignment
Cash flow
67
acceptable · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
50
watch · capital discipline
Results
77
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 58.7%.
- ▸Promoter pledge is zero.
- ▸11 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸ROCE trend is -2.6%.
- ▸OPM spread across recent quarters is 17%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Indian Metals & Ferro Alloys Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 16 Sep - IMFA to attend Anand Rathi Annual Flagship Group Meeting G-200 Summit 2026 on September 21, 2026, Mumbai.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Change in Management 8 Sep - Partha Satpathy appointed Additional Independent Director from 8 September 2026 for three years, subject to shareholder approval.
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Annual reportAug 2026
Aug 2026 · Notice Of Annual General Meeting And Annual Report FY 2025-26 (AGM On 4Th August, 2026) 13 Jul
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 12 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 7 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 14 Jul - Newspaper Advertisement in connection with AGM Notice, Book Closure and E-Voting information
Source: Bse
Annual report
Reg. 34 (1) Annual Report. 13 Jul
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 8 Jul
Source: Bse
Investor presentationJun 2026
Jun 2026 · PPT
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.