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Swing Capital

Indian Metals & Ferro Alloys Ltd

NSE: IMFA BSE: 533047Metal

Indian Metals and Ferro Alloys Limited (IMFA) is a leading, fully integrated producer of Ferro Chrome in India which is primarily used in the production of stainless steel. It was set up in 1961. [1]

₹1,453
52W: ₹610 — ₹1680
PE 21.2 · Book ₹461 · +215% vs book
Market Cap₹7,839 Cr
Stock P/E21.2Price to Earnings
ROCE21.4%Return on Capital
ROE17.2%Return on Equity
Div. Yield1.35%Face Value ₹10

Strengths

  • +Company has been maintaining a healthy dividend payout of 21.2%
  • +Company's working capital requirements have reduced from 57.0 days to 40.5 days

Weaknesses

  • −The company has delivered a poor sales growth of 9.73% over past five years.

Shareholding Pattern

Promoters58.69%
FIIs3.87%
DIIs0.82%
Public36.63%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters58.69%58.69%58.69%58.69%58.69%58.69%58.69%58.69%
FIIs2.89%3.1%▲0.24.04%▲0.93.81%▼0.23.4%▼0.43.69%▲0.33.35%▼0.33.87%▲0.5
DIIs1.36%0.92%▼0.40.82%▼0.10.81%▼0.00.19%▼0.60.21%▲0.00.64%▲0.40.82%▲0.2
Public37.06%37.3%▲0.236.45%▼0.836.69%▲0.237.73%▲1.037.41%▼0.337.33%▼0.136.63%▼0.7

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales693685701662692643567642719703
Expenses542526575500521515497516580538
Operating Profit15015912516217112871125138164
OPM %22%23%18%24%25%20%12%20%19%23%
Net Profit901085611812693479199131
EPS ₹16.6719.9910.3621.7823.317.268.7216.9618.3124.22

AI Insights

Revenue Trend

TTM revenue at ₹2,630Cr, up 2.5% YoY. OPM at 19%.

Debt Position

Borrowings at ₹460Cr. Debt-to-equity ratio: 0.19x. Healthy balance sheet.

Capex Cycle

CWIP at ₹197Cr (19% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 0.82% (+0.74pp change). FIIs: 3.87% (+2.20pp change). Promoters hold 58.69%.

Margin & Efficiency

ROCE improving from 9% (Mar 2014) to 21% (Mar 2025). Working capital days: 41.

Valuation

PE 21.2x with 21.4% ROCE. Price is 215% above book value of ₹461. Dividend yield: 1.35%.

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