IMPEXFERRO - Impex Ferro Tech

📊 NSE: IMPEXFERRO 🏢 Mining / Minerals / Metals 📅 Last Updated: 12/14/2025 7:57

💰 Financial Performance

Revenue Growth by Segment

Revenue from operations for the quarter ended September 30, 2025, was INR 0, representing a 100% decline compared to INR 8 lakhs in the same quarter of the previous year. The company has effectively ceased active manufacturing operations during the CIRP period.

Geographic Revenue Split

Not disclosed in available documents, though the company is headquartered in Kolkata, West Bengal, and its primary assets are located in India.

Profitability Margins

Profitability is severely negative; the company reported a net loss of INR 181.41 lakhs for Q2 FY26 and INR 368.05 lakhs for H1 FY26. Net worth is fully eroded at negative INR 31,888.87 lakhs (approx. -INR 318.89 Cr) as of September 30, 2025.

EBITDA Margin

EBITDA is negative as the company incurred an operating loss before working capital changes of INR 35.11 lakhs for H1 FY26, compared to a profit of INR 5.08 lakhs in H1 FY25, a decline of nearly 791%.

Capital Expenditure

Historical Property, Plant & Equipment (PPE) stood at INR 15,556.53 lakhs as of September 30, 2025, down from INR 15,890.57 lakhs in March 2025 due to depreciation of INR 334.04 lakhs; no new planned CAPEX is disclosed due to insolvency.

Credit Rating & Borrowing

ICRA downgraded the company's ratings to [ICRA]D (Default) from [ICRA]C/A4 across all instruments, including INR 123.24 Cr working capital term loans and INR 98.44 Cr fund-based limits, due to ongoing defaults and insolvency proceedings.

⚙️ Operational Drivers

Raw Materials

Ferro alloy production typically requires manganese ore, chrome ore, and coke; however, raw material consumption was INR 0 in H1 FY26 as production has halted.

Capacity Expansion

Current PPE is valued at INR 155.57 Cr. No expansion is planned as the company is under CIRP and the Board is suspended.

Raw Material Costs

Raw material costs were INR 0 for H1 FY26, reflecting a 100% reduction in procurement activity due to the cessation of manufacturing operations.

Manufacturing Efficiency

Capacity utilization is effectively 0% as evidenced by zero revenue from operations and zero raw material consumption in the current financial period.

Logistics & Distribution

Distribution costs are negligible due to the lack of active production; other expenses for H1 FY26 were INR 35.18 lakhs.

📈 Strategic Growth

Expected Growth Rate

Growth Strategy

The company has no independent growth strategy; its future depends entirely on the formulation and NCLT approval of a Resolution Plan under the Insolvency and Bankruptcy Code (IBC). The 22nd Committee of Creditors (CoC) meeting was held in December 2025 to discuss the process.

Products & Services

Ferro alloys and related manufactured goods.

Brand Portfolio

IMPEX FERRO TECH.

New Products/Services

No new products are planned; the focus is on identifying and selling surplus inventory to manage insolvency costs.

Market Expansion

None; the company is currently focused on debt resolution and asset preservation.

Market Share & Ranking

Not disclosed; currently negligible due to halted operations.

Strategic Alliances

None currently; the company is under the control of a Resolution Professional (RP).

🌍 External Factors

Industry Trends

The ferro alloy industry is cyclical and energy-intensive; however, the company's position is currently defined by its default status and the legal framework of the IBC rather than market trends.

Competitive Landscape

Competitors include other Indian ferro alloy producers, but IMPEXFERRO is currently non-competitive due to its CIRP status.

Competitive Moat

The company has no current competitive moat as its net worth is fully eroded and it is in default with all major creditors.

Macro Economic Sensitivity

Highly sensitive to the steel and ferro alloy industry cycles, though currently overshadowed by the legal insolvency process.

Consumer Behavior

Not applicable as the company is a B2B industrial supplier with halted production.

Geopolitical Risks

Not applicable as operations are currently suspended.

⚖️ Regulatory & Governance

Industry Regulations

The company is governed by the Insolvency and Bankruptcy Code, 2016. It is currently non-compliant with SEBI LODR regulations, including the lack of a Company Secretary and Chief Financial Officer.

Taxation Policy Impact

The company has a Current Tax Asset of INR 306.20 lakhs. No tax expense was recorded for H1 FY26 due to heavy losses.

Legal Contingencies

The company is undergoing CIRP at the NCLT Kolkata Bench (Order dated May 2, 2024). Claims submitted by financial and operational creditors exceed the amounts recorded in the books of accounts.

⚠️ Risk Analysis

Key Uncertainties

There is material uncertainty regarding the company's ability to continue as a going concern, which is 100% dependent on the approval of a resolution plan by the NCLT.