The company's operations cover the entire production chain, from owning its own chromite mines and power plants to smelting the ore and exporting the final product, ensuring consistent quality and cost competitiveness. IMFA plans to boost ferro chrome production to 500,000 tonnes by FY28 involving a capital outlay of Rs.1,610 crore.
Cyborg Score Rationale
Q3 net profit rose 41% to ₹131.3 crore with revenue up 9.3% to ₹703 crore and EBITDA growing 28.4% with margins improving to 23.4%. The company faces challenges such as rising power costs and geopolitical uncertainties affecting the global ferrochrome market.
Top Insights
Q3 FY26 EBITDA and PAT rose on higher ferrochrome prices
Exports are primarily to China, Japan and Taiwan
Management highlighted a strategic acquisition of a ferrochrome plant, fully funded through internal accruals, expected to enhance production capacity and operational efficiency
ICRA upgraded Indian Metals & Ferro Alloys' long-term rating to ICRA AA (Stable) with short-term rating remaining at ICRA A1
Named Competitors
Ferro Chrome — Diversified steel and ferro alloys producer
Ferrochrome Products — State-owned mineral producer with ferro alloys operations
Imported Ferrochrome — Global ferrochrome exporters including Glencore, Xstrata equivalents
Recent Developments
(Feb 2026) Strong Q3 FY26 earnings with 41% net profit growth driven by higher ferrochrome prices
(Jan 2026) Stock declined 12% amid concerns over South African ferrochrome smelters restarting and falling domestic prices
(Nov 2025) Interim dividend of Rs.5 per share (100%) recommended by Board of Directors
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