Archive · 8 Sep 2026
IMFA Ferrochrome Expansion Could Deliver 28% Stock Upside
IMFA makes ferrochrome, a material used by stainless-steel producers.
A brokerage believes the company’s expansion could make its stock worth 28% more.
The brokerage expects IMFA’s sales and profits to grow strongly between FY26 and FY29.
IMFA owns mines that supply its factories with chrome ore.
This helps it keep costs lower than some competitors.
Most of its products are currently sold outside India, but the company wants to sell more domestically.
IMFA is also starting a maize-based ethanol project.
Its leaders have kept borrowing relatively controlled, according to the article.
360 One Capital sees 28% upside potential in IMFA’s stock, driven by its ferrochrome expansion.
The brokerage forecasts FY26-FY29 annual growth of 23% in revenue, 25% in EBITDA and 20% in PAT.
IMFA’s captive chrome ore mines provide production costs estimated at 8–10% below those of Chinese producers.
The company currently exports 83% of its volumes but aims to increase its domestic sales mix to 40%.
Its maize-based ethanol project could generate Rs 200–300 crore in revenue and about Rs 30 crore in EBITDA.
- Who
- IMFA, led by Executive Vice Chairman Baijayant Panda and Managing Director Subhrakant Panda.
- What
- The company is expanding ferrochrome production, while pursuing ethanol and critical-minerals opportunities; 360 One Capital estimates 28% stock upside.
- When
- The growth forecast covers FY26 through FY29.
- Where
- IMFA is headquartered in Bhubaneswar, Odisha, and operates facilities in Therubali, Choudwar and Kalinganagar, with mines at Sukinda and Mahagiri.
- Why
- Its captive mines, integrated operations and ability to sell into export or domestic markets are expected to support costs, margins and growth.
- Estimated stock upside
- 28%, according to 360 One Capital
- Forecast period
- FY26 to FY29
- Revenue CAGR forecast
- 23%
- EBITDA CAGR forecast
- 25%
- PAT CAGR forecast
- 20%
- Current export share
- 83% of volumes
- Target domestic mix
- 40% of volumes
- Ethanol project potential
- Rs 200–300 crore in revenue and around Rs 30 crore in EBITDA