Indian Metals & Ferro Alloys Limited (IMFA.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-56.3%

₹481.64

vs ₹1,102.60 price

Levered DCF

₹177.25

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	15.29×	8.92×	10.15×	6.83×	4.41×	7.33×	-4.51×	-693.68×
P/B	2.39×	1.44×	1.65×	0.82×	1.3×	0.98×	0.28×	0.6×
P/S	2.3×	1.32×	1.27×	0.58×	0.87×	0.68×	0.19×	0.44×
EV / EBITDA	11.34×	7.08×	6.03×	4.03×	3.35×	4.81×	12.9×	7.7×
Gross margin	35.7%	45.6%	42.1%	25.6%	54.3%	23.5%	38.5%	47.5%
Operating margin	18.5%	36.3%	19.6%	15.0%	26.5%	11.7%	1.0%	13.5%
Net margin	15.0%	14.8%	12.5%	8.5%	19.8%	9.2%	-4.1%	-0.1%
Current ratio	1.44×	2.69×	2.32×	2.26×	1.32×	1.22×	0.93×	1.11×
Debt / equity	0.35×	0.17×	0.11×	0.18×	0.29×	0.55×	0.66×	0.65×
Interest coverage	14.88×	36.21×	17.79×	12.12×	12.96×	3.46×	0.24×	2.81×
Dividend yield	0.8%	5.7%	1.9%	4.4%	1.5%	0.7%	5.6%	6.9%
Payout ratio	12.8%	50.9%	19.8%	30.2%	6.5%	5.2%	-25.1%	-4802.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	15.6%	16.1%	16.2%	12.0%	29.6%	13.4%	-6.1%	-0.1%
Return on invested capital	10.7%	24.3%	15.4%	12.0%	21.6%	7.1%	0.6%	-0.3%
Return on assets	9.8%	11.9%	12.1%	8.5%	18.0%	6.6%	-2.8%	-0.0%
Free cash flow yield	-16.0%	13.9%	11.4%	9.8%	13.5%	14.0%	41.8%	15.8%
Earnings yield	6.5%	11.2%	9.8%	14.7%	22.7%	13.6%	-22.2%	-0.1%
Enterprise value	₹74B	₹37.6B	₹36.7B	₹18.7B	₹27.2B	₹18.9B	₹10.1B	₹14.6B
Net debt / EBITDA	1.4×	0.72×	0.3×	0.72×	0.59×	1.71×	9.06×	3.96×
Cash conversion cycle (days)	139	158	110	149	186	94	111	128