IMFA

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Indian Metals & Ferro Alloys Limited

Metals & MiningDiversified MetalsSmall capModerate edge

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The storyFerrochrome capacity ramp

The Kalinganagar furnace is the growth fulcrum: capacity up ~50% by FY28, first tap due Aug'26; latest call steady, stock price fairly valued.

Overall read

6.6/10

Balanced

Riding themesMetals & mining up-cycle

The three reads · this quarter

The standing reads · change less often

Moat

Moderate edge

Key variables

3 tracked

lead: Chrome ore production volume

Chrome ore production has steadily increased, driven by planned ramp-up ahead of capacity expansion. The trajectory supports self-sufficiency and reduced dependence on external ore.

Walk the talk

Not enough data

as of Q1 FY27

0 of 0 guidance items delivered on time

IMFA

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Indian Metals & Ferro Alloys Limited

Metals & MiningDiversified MetalsSmall cap

Track this name

The storyFerrochrome capacity ramp

The Kalinganagar furnace is the growth fulcrum: capacity up ~50% by FY28, first tap due Aug'26; latest call steady, stock price fairly valued.

Overall read

6.6/10

Balanced

The three reads · this quarter

IMFA

Track this name

Indian Metals & Ferro Alloys Limited

Metals & MiningDiversified MetalsSmall capModerate edge

Track this name

The storyFerrochrome capacity ramp

The Kalinganagar furnace is the growth fulcrum: capacity up ~50% by FY28, first tap due Aug'26; latest call steady, stock price fairly valued.

Overall read

6.6/10

Balanced

Where it sits

#49/146TOP 34%

Where it sits

The three reads · this quarter

Key variables

3 tracked

lead: Chrome ore production volume

Chrome ore production has steadily increased, driven by planned ramp-up ahead of capacity expansion. The trajectory supports self-sufficiency and reduced dependence on external ore.

Walk the talk

Not enough data

as of Q1 FY27

0 of 0 guidance items delivered on time

Growth readModeratebase 15-20% · Rank 80/100

IMFA is on track to increase ferrochrome capacity by ~50% to 534k TPA by FY28, driven by KNR-1 greenfield and KNR-2 acquisition.

bear <10%base 15-20%bull >25%

5.0FAIR

Valuation readFairly valuedpriced 2 days ago

Expensive on its own multiples — but the price assumes growth below our base case.

EV/EBITDA vs own history · expensiveP/B vs own history · expensive