Indian Metals & Ferro Alloys

What Indian Metals & Ferro Alloys does

Indian Metals & Ferro Alloys Limited (IMFA), founded in 1961 in Bhubaneswar, Odisha, is India's largest producer of value-added ferrochrome and ranks among the world's top producers (world's sixth-largest following the 2026 acquisition of Tata Steel's Kalinganagar plant). The company operates a fully integrated value chain spanning captive chrome ore mining at the Sukinda and Mahagiri mines in Jajpur district (current capacity 0.6 MT, scaling to 1.2 MT), ten electric arc smelting furnaces across four Odisha sites totaling 289 MVA / 434,000 tonnes of annual ferrochrome capacity, and 204.55 MW of captive thermal/solar power generation supplemented by 135 MW of contracted renewable energy. Its commercial proposition to global stainless steel majors rests on cost-effective, specification-grade ferrochrome supply enabled by backward integration.

IMFA runs a B2B sales-led model, with an export-heavy customer base — historically 90-95% of production shipped to stainless steel manufacturers in China, Japan, South Korea, Taiwan, and Southeast Asia (including POSCO, Tsingshan Group, E-United Group, Marubeni Corporation, Nisshin Steel), alongside growing domestic Indian sales to Jindal Stainless, Rimjhim Ispat, BRG Steel, AIA Engineering, and Shah Alloys. Pricing follows market-determined unit pricing per tonne of ferrochrome (Rs 1,15,000-1,18,000 per tonne in Q3 FY26). The company is publicly listed on the BSE and NSE (ticker IMFAEQ, market cap ~Rs 7,094.96 crore as of June 2026), maintains a debt-free balance sheet, and is promoter-controlled by the Panda family (~58.69%), with Subhrakant Panda serving as Managing Director since 2006.

Beyond ferrochrome, IMFA is executing a diversification and energy-transition agenda. It is commissioning a 120 KL/day grain-based ethanol plant at Therubali (expected Rs 250 crore FY27 revenue), commercializing a fly ash-based Low Density Aggregate by-product, building a 100,000 tpa greenfield ferrochrome expansion at Kalinganagar (first furnace targeted June 2026), and targeting ferrochrome capacity of ~534,000 tpa by FY28. Renewable energy partnerships with JSW Green Energy (70 MW), EG Urja Strot (65 MW PPA plus 26% equity stake), and Ampin Energy Utility One (40 MW) are intended to take renewables to roughly 40% of total energy consumption, targeting a ~1.6 lakh tonne annual carbon emissions offset.

Name

Indian Metals & Ferro Alloys

Legal name

Indian Metals & Ferro Alloys Limited

Website

https://imfa.in

Company type

Public

Founded year

1961

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

IMFA is India's largest producer of value-added ferrochrome with a fully integrated value chain spanning captive chrome ore mining, ferrochrome smelting (434,000 tpa), and captive power, supplying global and domestic stainless steel manufacturers and diversifying into ethanol production.

Ownership category

akta.pro rank

Product category

Ferrochrome Manufacturing

NAICS

Iron and Steel Mills and Ferroalloy Manufacturing (331110)

SIC

Mining & Quarrying Of Nonmetallic Minerals (No Fuels) (1400)

akta.pro primary industry

Industrial Minerals Trading (Phosphate, Potash, Sulfur, Borates, Barite, Talc) (IMAKAJAF)

Keywords

• Ferrochrome production
• Chrome ore mining
• Stainless steel inputs
• Captive power generation
• Ferro alloys manufacturing

Headquarters

HQ city

Bhubaneswar

HQ country

India

HQ region

Asia

Offices8 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Infrastructure, Technology or R&D

Revenue model

1. Ferrochrome Sales: Production and sale of value-added ferrochrome to stainless steel manufacturers globally. The company operates ten furnaces with 434,000 tonnes annual production capacity across four sites in Odisha. Historically 90-95% exported to China, Japan, South Korea, and Southeast Asia, with strategic shift toward domestic market through Kalinganagar expansion.
2. Chrome Ore Mining: Captive chrome ore mining operations at Sukinda and Mahagiri mines in Jajpur district, Odisha. Production capacity scaling from 0.6 million tonnes to 0.9 million tonnes by FY27 and 1.2 million tonnes in Phase II.
3. Captive Power Generation: 204.55 MW captive power generation including thermal and solar, primarily serving internal ferrochrome production requirements
4. Ethanol Production: Brownfield expansion into grain-based ethanol production with 120 KL per day capacity at Therubali, expected to contribute Rs 250 crore in revenue from FY27. Value-accretive B2B business leveraging existing infrastructure.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

IMFA is India's largest producer of value-added ferrochrome, manufactured through electric arc carbothermic reduction of chromite ore at four production sites in Odisha with ten furnaces totaling 289 MVA capacity and 434,000 tonnes annual capacity. The company is fully backward-integrated with captive chrome ore mining (Sukinda and Mahagiri mines, 0.6 mtpa capacity) and 204.55 MW of captive power generation, and also produces grain-based ethanol (120 KL/day) and Low Density Aggregate (LDA) as a fly ash by-product.

Product overview

IMFA is a fully integrated producer of value-added ferrochrome with backward integration into captive chrome ore mining and captive power generation. The company operates four production sites in Odisha (Therubali, Choudwar, Kalinganagar 1, Kalinganagar 2) with ten furnaces totaling 289 MVA capacity producing 434,000 tonnes annually. The core ferrochrome product is supplemented by captive raw materials from Sukinda and Mahagiri mines and 204.55 MW of captive power generation. IMFA has diversified into ethanol production (120 KL/day brownfield plant at Therubali) and produces Low Density Aggregate from fly ash as a by-product.

Differentiator

Problem solved

Functional benefit

Products and services

• Value-Added Ferro Chrome

Quantifiable outcome

• Carbon emissions offset of approximately 1.6 lakh tonnes annually through 135 MW renewable energy capacity
• +2 more outcomes

Named customers10 records

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Six partnerships are on record, tiered core and secondary.

• Bansidhar & Ila Panda FoundationcoreStrategic or Co-development Partner · 24 June 2026Partnership with Bansidhar & Ila Panda Foundation for Sakhi Seed Initiative, a grant and mentorship program providing Rs 5 lakh to each of ten rural women entrepreneurs. Combines catalytic capital with business mentorship through XIM Bhubaneswar.
• XIM BhubaneswarsecondaryStrategic or Co-development Partner · 24 June 2026Academic partnership for Sakhi Seed Initiative mentorship program delivering business mentorship to rural women entrepreneurs.
• EG Urja Strot Private LimitedcoreStrategic or Co-development Partner · 26 May 2026IMFA acquired 26% equity stake in EG Urja Strot for Rs 110.18 crore and signed a 29-year Power Purchase Agreement for 65 MW of hybrid renewable power (81.4 MW solar, 102.6 MW wind, 25 MWh battery storage) to supply its ferrochrome operations. Project completion targeted June 2027. This brings IMFA's total contracted renewable energy to 135 MW, accounting for nearly 40% of total energy mix.
• JSW Green EnergycoreStrategic or Co-development Partner · 17 July 2025Joint venture with JSW Green Energy for 70 MW renewable energy supply under long-term PPA at Rs 23.84/unit. Part of IMFA's energy transition strategy to add 110 MW of hybrid renewable energy.
• Ampin Energy Utility OnesecondaryStrategic or Co-development Partner · 17 July 2025Binding term sheet with Ampin Energy Utility One for 40 MW hybrid renewable energy contracted demand at Rs 23.75/unit.
• Tata Steel LimitedcoreStrategic or Co-development Partner · 17 December 2024IMFA completed acquisition of Tata Steel's ferrochrome plant at Kalinganagar, Odisha for Rs 707.26 crore. Facility spans 115 acres with four furnaces producing 100,000 tpa (expandable to 150,000 tpa). Positions IMFA as India's largest ferrochrome producer.

Scale indicators10 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• Visa Steel Limited: India-based ferro alloys producer with integrated charge chrome and ferro chrome operations. Competes with IMFA in Indian and export ferrochrome markets, sharing similar raw material and power dynamics.
• Hernic Ferrochrome (Pty) Ltd: South African integrated ferrochrome producer with captive chrome ore and power assets. Closely comparable in integrated business model and in serving Asian stainless steel export channels.
• Merafe Resources (Glencore joint venture): Glencore's South African ferrochrome venture that mines chrome ore and produces ferrochrome. A direct global peer given comparable integrated model and overlapping Asian customer base.
• Eurasian Resources Group (ERG): Diversified mining group producing chrome ore and ferrochrome in Kazakhstan, supplying global stainless steel producers. Comparable in vertical integration (mine + smelter) and in serving Asian ferrochrome end markets.
• Shyam Ferro Alloys Limited: Indian ferro alloys producer competing with IMFA in the Indian and export charge-chrome and high-carbon ferrochrome segments. Comparability stems from shared technology (electric arc smelting) and shared exposure to stainless steel end markets.
• Samancor Chrome: South African integrated chrome mining and ferrochrome smelting major, one of the world's largest ferrochrome producers. Competes head-to-head with IMFA in supplying Asian stainless steel mills, making it a global benchmark for the integrated ferrochrome model.
• Balasore Alloys Limited: India-listed ferro alloys producer directly competing with IMFA in the domestic ferrochrome market. Operates integrated chrome ore mining and ferrochrome smelting and serves overlapping Indian stainless steel customers, making it the closest like-for-like peer in India.
• Afarak Group: Finland-listed ferrochrome specialist with operations in South Africa and Turkey. Directly competes with IMFA in supplying specialty-grade ferrochrome and chrome ore to Asian and European stainless steel customers.

Broad incumbents

• Jindal Stainless Limited: India's largest stainless steel producer and a key IMFA customer. As a downstream incumbent, it sets the pace of Indian stainless steel demand that IMFA's Kalinganagar expansion is designed to serve.
• Tata Steel Limited: Indian steelmaking major whose ferro alloys division IMFA just acquired (Kalinganagar). Tata retains upstream steelmaking and significant ferrochrome expertise, and competes for stainless steel customer relationships globally, making it both an antecedent (as seller) and a broader incumbent competitor.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/imfaltd
• LinkedInlinkedin.com/company/imfa

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Indian Metals & Ferro Alloys