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Indian Metals & Ferro Alloys Limited (IMFA)

₹1,179.80 -1.65% last close, 16 Oct

📊 NSE: IMFA 🏢 Mining / Minerals / Metals 📢 Latest filing: 13 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Indian Metals' revenue was ₹960 Cr (+49.7% year on year, +25.9% on the previous quarter), and net profit ₹193 Cr (+108.1% year on year); the operating margin was 29.3%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹960	+49.7%	+25.9%
Operating profit	₹281	+124.2%	+76.9%
Net profit	₹193	+108.1%	+87.0%
EPS (₹)	35.65	+108.5%	+86.4%
Operating margin	29.3%	—	—

Full quarterly financials → Results calendar →

IMFA delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 57.2% of the IMFA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 50.22%. The price fell 1.65% on that unusually high delivery, the pattern the delivery dashboard labels distribution.

57.2%Delivery, 16 Oct

50.22%Own 20-session average

1.0×Volume vs its average

₹1,179.80NSE close · -1.65%

Delivery in the last 5 sessions: 43.4% · 46.5% · 46.0% · 53.2% · 57.2%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

IMFA Issues Postal Ballot Notice for 3-Year Appointment of Independent Director Partha Satpathy

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 13 Oct 2026, 12:52 PM

Indian Metals & Ferro Alloys Limited (IMFA) has issued a Postal Ballot Notice seeking shareholder approval via a special resolution to appoint Mr. Partha Satpathy as a Non-Executive Independent Director. His proposed tenure is for 3 consecutive years effective from September 8, 2026. The remote e-voting window begins on October 14, 2026, and concludes on November 12, 2026, with results expected by November 14, 2026. The move is part of regular board governance and statutory compliance under SEBI LODR.

Appointment of Mr. Partha Satpathy as Non-Executive Independent Director for a 3-year term effective September 8, 2026
Shareholder voting conducted electronically via NSDL from October 14, 2026 (09:00 AM IST) to November 12, 2026 (05:00 PM IST)
Cut-off date for determining voting eligibility set as October 9, 2026
Postal ballot results to be declared on or before November 14, 2026

💡 Track the outcome of the postal ballot voting by November 14, 2026; no operational or financial actions are required.

IMFA Approves Postal Ballot for Appointment of Independent Director

🟡 NEUTRAL ⭐ 2/10

MANAGEMENT 📅 06 Oct 2026, 03:33 PM

Indian Metals & Ferro Alloys Limited (IMFA) announced that its Board of Directors approved a draft Postal Ballot Notice via circular resolution on October 06, 2026. The postal ballot will seek shareholder approval for the appointment of Mr. Partha Satpathy (DIN: 11589079) as a Non-Executive Independent Director. Additionally, the Board approved the appointment of a Scrutinizer to oversee the postal ballot process. This is a routine corporate governance process and poses no immediate financial or operational impact.

Resolution passed by circulation on October 06, 2026
Seeking approval for appointment of Mr Partha Satpathy (DIN: 11589079) as Non-Executive Independent Director
Approval granted for draft Postal Ballot Notice and appointment of Scrutinizer

💡 Track the outcome of the postal ballot voting results when submitted to the exchanges.

IMFA Receives ₹38.98 Lakh Income Tax Penalty Order for FY 22-23; Plans Appeal

🟡 NEUTRAL ⭐ 2/10

REGULATORY 📅 22 Sep 2026, 08:19 PM

Indian Metals & Ferro Alloys Limited (IMFA) received an order on September 22, 2026, from the Assessment Unit of the Income Tax Department demanding a penalty of ₹38.98 lakh under section 270A of the Income-tax Act, 1961. The demand relates to FY 22-23 regarding higher capital gain tax computed on the sale of an immovable property. Relative to IMFA's TTM net profit of ₹525 crore, the amount represents less than 0.01% and has negligible financial impact. The company stated it is contemplating an appeal before the appropriate appellate authority.

Penalty demand of ₹38.98 Lacs received from Assessment Unit, Income tax Department
Demand levied under Section 270A of the Income-tax Act, 1961 for FY 22-23
Dispute pertains to higher capital gains computed by the Assessing Officer on sale of an immovable property
IMFA confirms no material impact on financials or operations and plans to file an appeal

💡 Monitor filing updates regarding the appeal process before the appellate authority, though financial materiality remains negligible.

IMFA to Participate in Anand Rathi Flagship Conference on September 21, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 16 Sep 2026, 12:26 PM

Indian Metals & Ferro Alloys Limited (IMFA) has announced its schedule to participate in the Anand Rathi Annual Flagship Conference G-200 Summit 2026. The group meeting will be held in Mumbai on Monday, September 21, 2026. The company confirmed that no unpublished price sensitive information (UPSI) will be discussed during the event.

Meeting scheduled for Monday, September 21, 2026
Participation at the Anand Rathi Annual Flagship Conference G-200 Summit 2026
Meeting format confirmed as Group Meeting in Mumbai, India
No unpublished price sensitive information (UPSI) will be shared

💡 Track if any investor presentation or transcript is subsequently filed with the exchanges following the September 21 conference.

IMFA Shareholders Approve Independent Director Appointment and Commission Hike via Postal Ballot

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 11 Sep 2026, 12:41 PM

Indian Metals & Ferro Alloys Limited (IMFA) announced the completion and results of its postal ballot process conducted via remote e-voting. Shareholders approved the appointment of Dr. Deepak Kumar Mohanty as a Non-Executive Independent Director for a 5-year tenure effective June 30, 2026, with 99.41% favorable votes. Additionally, an ordinary resolution to enhance commission payments to Independent Directors was passed with 99.92% approval. Total voter turnout stood at 70.26% across 37,909,584 polled votes.

Appointment of Dr. Deepak Kumar Mohanty as Independent Director approved with 99.41% votes in favor (37,685,110 shares).
Enhancement of commission payment to Independent Directors cleared with 99.92% approval (37,878,616 shares).
Overall voter participation was 70.26% of outstanding eligible shares (37,909,584 votes polled out of 53,954,106).
E-voting period ran from August 12, 2026 to September 10, 2026, based on a record date of August 07, 2026.

💡 Track subsequent annual report disclosures for the specific revision in director commission amounts and governance updates.

IMFA Approves Director Appointment & Up to ₹1.5 Cr Commission Cap via Postal Ballot

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 10 Sep 2026, 06:42 PM

Indian Metals & Ferro Alloys Limited (IMFA) announced the approval of postal ballot resolutions by its shareholders on September 10, 2026. Shareholders approved the appointment of Dr. Deepak Kumar Mohanty as an Independent Director for a 5-year tenure effective June 30, 2026. Additionally, an ordinary resolution was passed to enhance the commission paid to Non-Executive Independent Directors up to 0.5% of net profits, capped at ₹1.50 crore annually starting FY27. Individual director commission is capped at ₹25 lakh per year, excluding sitting fees.

Appointment of Dr. Deepak Kumar Mohanty as Non-Executive Independent Director for 5 consecutive years from June 30, 2026 approved via Special Resolution
Independent Directors' aggregate commission capped at 0.5% of net profits, subject to a maximum of ₹1,50,00,000 (₹1.50 Cr) per annum effective FY27 onwards
Individual Independent Director remuneration capped at ₹25,00,000 (₹25 lakh) per financial year excluding sitting fees
Remote e-voting took place between August 12, 2026 (9:00 AM IST) and September 10, 2026 (5:00 PM IST)

💡 Track subsequent regulatory filings for the formal voting results and scrutinizer report under Regulation 44(3). No specific financial action is needed as the financial impact is minimal.

IMFA Appoints Former Diplomat Partha Satpathy as Independent Director for 3-Year Term

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 08 Sep 2026, 07:43 PM

Indian Metals & Ferro Alloys Limited (IMFA) has appointed Mr. Partha Satpathy as an Additional Director (Non-Executive Independent) for a term of 3 years, effective September 08, 2026. The appointment follows security clearance from the Office of the Director General of Civil Aviation received on September 08, 2026. Mr. Satpathy brings 35 years of diplomatic experience in the Indian Foreign Service, including ambassadorial roles in Ukraine and Hungary. With IMFA generating over 91% of sales from exports, international diplomatic experience adds governance expertise to the board.

Appointment of Mr. Partha Satpathy as Non-Executive Independent Director effective September 08, 2026
Appointed for a tenure of 3 (three) years, subject to shareholder approval
Security clearance received from the DGCA vide letter dated September 02, 2026
Brings over 35 years of diplomatic experience with 15 years at Ambassadorial levels

💡 Track voting outcomes at the upcoming shareholders' meeting where this appointment will be placed for formal approval.

IMFA Commences First Metal Tapping at Kalinganagar Greenfield Ferro Chrome Plant (KNR-1)

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 25 Aug 2026, 07:26 PM

Indian Metals & Ferro Alloys Limited (IMFA) announced that the first tapping of hot metal from the first furnace at its greenfield ferro chrome expansion project in Kalinganagar (KNR-1) commenced on August 25, 2026. This operational milestone follows the company's earlier disclosure dated July 24, 2026. Production volume is scheduled to gradually increase in due course as the facility ramps up operations. With IMFA's TTM revenue standing at ₹3,145 Cr, bringing the Kalinganagar capacity online supports its strategic volume expansion plans.

First tapping of hot metal from the first furnace commenced on 25th August, 2026.
Operational milestone achieved for the greenfield ferro chrome expansion project in Kalinganagar (KNR-1).
Production volumes will be gradually increased in due course.
Follows earlier corporate project update disclosure dated 24th July 2026.

💡 Track the ramp-up schedule of KNR-1 and its incremental volume contribution in upcoming quarterly operational updates.

IMFA Q1 FY27: Record 80,000 Ton Output; 50% Volume Growth Targeted by Q4

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 11 Aug 2026, 05:46 PM

IMFA reported its highest-ever quarterly revenue and profitability in Q1 FY27, driven by firm ferrochrome prices and the integration of the KNR-2 acquisition. Production reached 80,000 tons, a 23% increase over the historical 65,000-ton average. Management expects quarterly output to scale to 120,000 tons by Q4 FY27 as the KNR-1 greenfield project commissions. While FY27 annual guidance was slightly moderated from 400,000 tons due to technical constraints at KNR-2, the overall growth trajectory remains strong with significant capacity additions imminent.

Achieved record quarterly production of 80,000 tons, up from a 65,000-ton average.
Targeting 120,000 tons per quarter by Q4 FY27, representing a 50% volume increase from current levels.
KNR-1 greenfield project first tapping scheduled for the 3rd week of August 2026.
EBITDA cost per metric ton rose to Rs 86,000 from Rs 82,000 due to higher input costs.
Domestic sales accounted for 19% of total volume in Q1 FY27, with the remainder exported.

💡 Monitor the successful commissioning of the first KNR-1 furnace in late August 2026 and the second by October. Investors should track the resolution of transformer and emission issues at KNR-2, which are currently limiting full capacity utilization.

IMFA proposes ₹1.5 Cr cap for Independent Director commissions and new board appointment

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 11 Aug 2026, 11:55 AM

IMFA has issued a postal ballot notice seeking shareholder approval for the appointment of Dr. Deepak Kumar Mohanty as an Independent Director for a 5-year term. The company also proposes increasing the aggregate commission cap for Independent Directors from ₹1.00 Cr to ₹1.50 Cr per annum, effective from FY27. Individual remuneration limits (excluding sitting fees) are proposed to rise from ₹20 Lakh to ₹25 Lakh per director. These changes are intended to align board compensation with the company's growing scale and the expertise required for its ₹2,200 Cr investment program.

Proposed increase in aggregate commission cap for Independent Directors to ₹1.50 Cr from ₹1.00 Cr
Individual remuneration cap (excluding sitting fees) raised to ₹25 Lakh from ₹20 Lakh per annum
Appointment of Dr. Deepak Kumar Mohanty (ex-RBI, IMF, PFRDA) for a 5-year term starting June 30, 2026
Commission remains subject to a ceiling of 0.5% of annual net profits (TTM PAT is ₹425 Cr)
Remote e-voting period concludes on September 10, 2026, with results by September 12, 2026

💡 Investors should monitor the voting results on September 12, 2026, to confirm the board's new composition and the revised remuneration structure.

IMFA to Meet Institutional Investors in Mumbai on August 12, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 07 Aug 2026, 08:12 PM

Indian Metals & Ferro Alloys Limited (IMFA) has scheduled a group meeting with institutional investors and analysts in Mumbai on August 12, 2026. This is a routine disclosure under SEBI regulations, and the company has clarified that no unpublished price-sensitive information (UPSI) will be shared. The meeting occurs as IMFA executes a significant INR 2,200 Cr investment program aimed at capacity expansion and asset acquisition. Investors should look for post-meeting presentations to gauge management's outlook on ferro chrome pricing and expansion timelines.

Investor group meeting scheduled for Wednesday, August 12, 2026, in Mumbai.
Interaction is set to begin at 10:30 A.M. onwards.
Company is currently managing a large investment program of approximately INR 2,200 Cr.
IMFA reported TTM revenue of Rs 2,826 Cr and a PAT of Rs 425 Cr as of the latest period.
The company maintains a healthy operating profit margin (OPM) of 20.8%.

💡 Monitor the exchange filings or the company's website for any investor presentations or transcripts released following the August 12 meeting for updates on the Kalinganagar expansion.

64th AGM: Shareholders Approve FY26 Financials, Dividends, and Remuneration Enhancements

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 05 Aug 2026, 06:37 PM

IMFA shareholders have approved all five resolutions at the 64th Annual General Meeting held on August 4, 2026. Key approvals include the adoption of FY26 financial statements, confirmation of interim and final dividends, and the re-appointment of Director Mr. Bijayananda Mohapatra. A resolution to enhance the remuneration of Mrs. Shaifalika Panda (Chief of CSR) was also passed with 99.51% favor. The company continues to operate with a healthy ROCE of 18% and a low debt-to-equity ratio of 0.36.

Total of 52,372 shareholders were on record as of the July 28, 2026, record date
Dividend declaration resolution passed with 100% of votes in favor (3,81,12,854 votes)
Remuneration enhancement for Mrs. Shaifalika Panda approved with 99.51% of valid votes cast
Director re-appointment of Mr. Bijayananda Mohapatra passed with 97.32% favor, despite 10,22,333 votes against
The meeting was conducted via Video Conference with 47 shareholders attending

💡 Investors should focus on the execution of the announced Rs 2,200 Cr investment program, specifically the 1 lakh TPA greenfield ferro chrome unit, as the AGM results are routine procedural approvals.

SEBI Issues Administrative Warning to IMFA for Insider Trading Violations in 2023

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 05 Aug 2026, 04:51 PM

SEBI has issued an administrative warning to IMFA's Company Secretary following an investigation into trading activities between October 2023 and December 2023. The regulator found that certain middle management personnel traded in company securities in violation of SEBI (Prohibition of Insider Trading) Regulations. The company has initiated internal actions against the concerned individuals. Crucially, the warning is cautionary and does not involve any financial penalties or operational restrictions.

Investigation covered trading activities conducted between October 2023 and December 2023
Administrative warning letter dated July 31, 2026, was received by the company on August 4, 2026
Violations related to Clause 4(1) and Clause 10 of Schedule B of SEBI PIT Regulations
Zero financial penalty or operational restrictions were imposed on the company

💡 Investors should note this as a minor compliance lapse; watch for any future disclosures regarding strengthened internal trading controls or compliance training.

IMFA Concludes 64th AGM; Final Dividend and Remuneration Changes Await Voting Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 04 Aug 2026, 07:02 PM

Indian Metals & Ferro Alloys Limited (IMFA) conducted its 64th Annual General Meeting on August 4, 2026. The meeting covered five key resolutions, including the adoption of FY26 financial statements (where the company reported a PAT of ₹425 Cr) and the declaration of a final dividend for FY25-26. Other items included the re-appointment of Director Bijayananda Mahapatra and an enhancement in remuneration for Mrs. Shaifalika Panda. Final voting results are expected to be disclosed by August 6, 2026.

64th Annual General Meeting held on August 4, 2026, via video conferencing.
5 agenda items proposed, including the adoption of FY26 Audited Financial Statements.
Remote e-voting facility was provided to members from July 31 to August 3, 2026.
Voting results to be declared on or before August 6, 2026, following the Scrutinizer's report.
Remuneration enhancement for Mrs. Shaifalika Panda was proposed as a special business item.

💡 Investors should watch for the formal declaration of voting results by August 6, 2026, to confirm the approval of the final dividend and management remuneration changes.

IMFA Releases Q1 FY2027 Earnings Call Audio Recording

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 04 Aug 2026, 06:57 PM

Indian Metals & Ferro Alloys Limited (IMFA) has released the audio recording of its earnings call held on August 4, 2026. The call discussed the unaudited standalone and consolidated financial results for the quarter ended June 30, 2026 (Q1 FY2027). This is a standard procedural filing under SEBI Regulation 46(2). Investors can access the recording to understand management's commentary on the metal industry cycle and the progress of their Rs 2,200 Cr investment program.

Earnings call conducted on 04th August 2026 following the Q1 FY2027 results.
Recording covers financial performance for the quarter ended 30th June, 2026.
Filing made in compliance with Regulation 46(2) of SEBI (LODR) Regulations, 2015.

💡 Investors should listen to the recording for specific updates on the execution timeline of the 1 lakh TPA greenfield ferro chrome unit and the acquisition of Tata Steel's ferro chrome assets.

View All IMFA Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Earnings per share (EPS) grew 3.96% YoY from INR 67.41 to INR 70.08, while Net Worth increased 11.68% to INR 2,322.29 Cr. The primary segment is ferro chrome production, with captive power generation supporting operations.

Geographic Revenue Split

Exports contribute 91.35% of total turnover, primarily serving manufacturers of stainless steel in international markets like South Korea, China, and Taiwan.

Profitability Margins

Operating profit margin (before exceptional items) improved from 20.58% to 21.23% YoY. Net profit margin (after exceptional items) increased from 13% to 15% YoY, reflecting improved operational efficiency.

EBITDA Margin

Operating profit margin stood at 21.23% for FY 2024-25, up 3.16% from the previous year's 20.58%. Core profitability remains resilient due to the fully integrated business model.

Capital Expenditure

Historical gross block increased 5.56% to INR 1,993.78 Cr. Planned capex includes INR 1,750 Cr over seven years for a greenfield ferro chrome unit and mine expansions, with some documents citing a larger INR 2,200 Cr program over three years including asset acquisitions.

Credit Rating & Borrowing

ICRA maintains a strong rating with a positive outlook. Key upgrade trigger is Total Debt/OPBDITA of less than 1x on a sustained basis. Long-term borrowings are negligible at INR 0.21 Cr as of March 2025.

⚙️ Operational Drivers

Raw Materials

Chrome ore (captive) and Coal (external/grid) are the primary raw materials. Captive ore and power provide a significant cost advantage over non-integrated peers.

Import Sources

Chrome ore is sourced domestically from captive mines in Sukinda and Mahagiri, Odisha. Coal is sourced externally following the cancellation of the Utkal C block.

Key Suppliers

Jindal Steel & Power Limited (JSPL) acquired the Utkal C block previously held by IMFA. Tata Steel is a potential supplier/partner through asset acquisition discussions.

Capacity Expansion

Current power capacity is 204.5 MW. Planned expansion includes a 1 lakh TPA greenfield ferro chrome unit at Kalinganagar and doubling mine capacities (Sukinda to 6 lakh TPA; Mahagiri to 6 lakh TPA).

Raw Material Costs

Integrated operations with captive chrome ore and power translate to superior margins. Raw material costs are optimized through self-sufficiency in ore, though coal remains an external cost factor.

Manufacturing Efficiency

Fully integrated business model (ore to power to ferro chrome) ensures operational stability and high manufacturing efficiency compared to non-integrated competitors.

Logistics & Distribution

Manufacturing sites are located close to ports, which helps in controlling outward freight costs for the 91.35% export-oriented turnover.

📈 Strategic Growth

Growth Strategy

Growth will be driven by a greenfield ferro chrome unit (~1 lakh TPA), brownfield mine expansions to double output, and the acquisition of Tata Steel's ferro chrome assets.

Products & Services

The company primarily produces and sells ferro chrome, an essential input for stainless steel manufacturing.

Brand Portfolio

IMFA (Indian Metals & Ferro Alloys Limited).

New Products/Services

Setting up a 120 KLPD grain-based ethanol plant to diversify revenue streams beyond the cyclical ferro alloys industry.

Market Expansion

Targeting increased capacity at Kalinganagar and expanding underground mining operations at Sukinda and Mahagiri over the next 3-7 years.

Market Share & Ranking

IMFA is a leading integrated producer of ferro chrome in India and aims to extend its leadership position through upcoming capacity expansions.

Strategic Alliances

Maintains long-term relationships with marquee global customers like POSCO (South Korea), Tsingshan Group (China), and Marubeni Corporation (Japan).

🌍 External Factors

Industry Trends

The industry is cyclical. Future direction is focused on sustainability, with IMFA targeting a 5% increase in renewable energy use by March 2026.

Competitive Landscape

Competes with global ferro chrome producers; IMFA's integration provides a cost moat that non-integrated peers lack.

Competitive Moat

The moat is built on a fully integrated model (captive ore and power), making IMFA one of the lowest-cost producers globally. This advantage is highly sustainable due to long-term mining leases.

Macro Economic Sensitivity

Highly sensitive to global steel industry cycles and stainless steel demand, which directly dictates ferro chrome pricing and demand.

Consumer Behavior

Demand is driven by stainless steel manufacturers' requirements for high-quality ferro chrome with consistent specifications.

Geopolitical Risks

Trade barriers or economic changes in key export markets like China and South Korea could disrupt the 91.35% export revenue stream.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to mining laws, environmental pollution norms, and safety standards (targeting LTIFR < 0.3).

Environmental Compliance

Committed to a 5% annual reduction in Scope 1, 2, and 3 emissions and a 5% increase in renewable energy energy mix by 2026.

Taxation Policy Impact

Exposed to potential changes in taxation of mineral rights following a Supreme Court ruling, which could impact mining costs.

Legal Contingencies

Recovered INR 374 Cr as compensation for the Utkal C coal block. Pending matters include the impact of the Supreme Court ruling on mineral rights taxation.

⚠️ Risk Analysis

Key Uncertainties

The inherent cyclicality of the ferro chrome industry results in volatile cash flows. Large-scale capex (INR 1,750 Cr+) poses execution and project commissioning risks.