SYNOPSIS: Company advances ferro chrome expansion, completes Tata Steel plant acquisition, and delays ethanol project commissioning to July 2026 due to equipment and geopolitical issues, with no material financial impact expected.
During Thursday’s trading session, shares of India’s leading fully integrated producer of value-added ferro chrome with an installed furnace capacity of 190 MVA capable of producing 2.84 TPA, surged nearly 11 percent to hit a new 52-week high at Rs. 1,573.55 on BSE, after reporting updates on ongoing projects.
With a market cap of Rs. 8,345 crores, shares of Indian Metals & Ferro Alloys Limited are currently trading in the green at Rs. 1,546.65 on BSE, up by around 9 percent, compared to its previous closing price of Rs. 1,417.65. The stock has delivered multibagger returns of around 151 percent in one year, and has gained by about 30 percent in the last one month.
What’s the News
According to the latest exchange disclosures on the stock exchanges, Indian Metals & Ferro Alloys Limited has provided an update on the status of its key ongoing projects and strategic initiatives.
The company’s greenfield ferrochrome project at Kalinganagar, with a capacity of 100,000 tonnes per annum (2 x 33 MVA), is nearing completion. Pre-commissioning activities for the first furnace are scheduled to commence in June 2026, followed by the second furnace in September 2026, indicating steady progress toward operationalisation.
On the strategic front, the company has completed the acquisition of a ferrochrome plant from Tata Steel Limited at Kalinganagar, Odisha. The transaction, executed under an Asset Transfer Agreement dated 4th November 2025, involved a base consideration of Rs. 610 crores. Following the completion of the acquisition on 27th February, all four furnaces at the facility are now operational, enhancing the company’s production capacity and operational footprint.
As part of its diversification strategy, the company is also developing a 120 KLD grain-based ethanol plant at Therubali, Odisha. While the project was initially scheduled for commissioning by March 2026, timelines have been revised due to delays in equipment delivery and the impact of ongoing geopolitical developments. The plant is now expected to be commissioned by July 2026, with ongoing erection work in progress. The company has indicated that this delay is not expected to have any material financial impact.
Financials & More
Indian Metals and Ferro Alloys Limited (IMFA) is engaged in the business of producing ferrochrome and operates captive chrome ore mines at Sukinda and Mahagiri, as well as manufacturing complexes at Therubali and Choudwar. It also has captive power generation comprising 200 MW coal-based and 4.55 MWp solar.
Ferro Chrome capacity expansion by way of a 66 MVA (100,000 TPA) greenfield project and a 99 MVA (150,000 TPA) by strategic acquisition will take total production capacity to 534,000 TPA, making IMFA the country’s largest ferro chrome producer.
As per the March 2026 shareholding pattern, the renowned ace investor Mukul Mahavir Agrawal holds a 1.07 percent stake in the company, indicating a slight reduction from a 1.11 percent stake reported in December 2025.
IMFA reported a single-digit growth in revenue from operations, experiencing a year-on-year increase of over 9 percent, from Rs. 643 crores in Q3 FY25 to Rs. 703 crores in Q3 FY26. Likewise, its net profit increased during the same period from Rs. 93 crores to Rs. 131 crores, representing a significant rise of around 41 percent YoY.
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