amit@unlistedkraft.in
+91-9599071664
+91-9599071664
Hira Ferro Alloys Limited Unlisted Shares
DRHP Status : Not Filed
170
Fundamentals About Hira Ferro Alloys Limited
Downloads & Investor Documents
All documents are provided for informational purposes and are subject to regulatory disclosures.
Key Financials of Hira Ferro Alloys Limited
| P&L Statement | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 314 | 593 | 454 | 346 |
| Cost of Material Consumed | 200 | 322 | 243 | 221 |
| Gross Margins | 36.31 | 45.7 | 46.48 | 36.13 |
| Change in Inventory | 7 | -22 | -1 | 2 |
| Employee Benefit Expenses | 13 | 14 | 16 | 17 |
| Other Expenses | 64 | 125 | 168 | 86 |
| EBITDA | 30 | 154 | 28 | 20 |
| OPM | 9.55 | 25.97 | 6.17 | 5.78 |
| Other Income | 2.5 | 15 | 13 | 19 |
| Finance Cost | 5 | 4.5 | 6 | 15 |
| D&A | 6 | 6 | 6 | 12 |
| EBIT | 24 | 148 | 22 | 8 |
| EBIT Margins | 7.64 | 24.96 | 4.85 | 2.31 |
| PBT | 21.5 | 158 | 29 | 11 |
| PBT Margins | 6.85 | 26.64 | 6.39 | 3.18 |
| Tax | 0.75 | 45 | 7 | 3 |
| PAT | 20.75 | 113 | 22 | 8 |
| NPM | 6.61 | 19.06 | 4.85 | 2.31 |
| EPS | 10.6 | 48.75 | 9.49 | 3.45 |
Financial Ratios |
2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Operating Profit Margin | 9.55 | 25.97 | 6.17 | 5.78 |
| Net Profit Margin | 6.61 | 19.06 | 4.85 | 2.31 |
| Earning Per Share (Diluted) | 10.6 | 48.75 | 9.49 | 3.45 |
| Assets | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Fixed Assets | 97 | 99 | 228 | 350 |
| CWIP | 0.7 | 144 | 123 | 8.5 |
| Investments | 89 | 205 | 190 | 392 |
| Trade Receivables | 24 | 57 | 26 | 26 |
| Inventory | 95 | 129 | 103 | 152 |
| Other Assets | 45.3 | 153 | 256 | 89.5 |
| Total Assets | 351 | 787 | 926 | 1018 |
| Liabilities | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Share Capital | 19.58 | 23.18 | 23.18 | 23.18 |
| FV | 10 | 10 | 10 | 10 |
| Reserves | 206 | 487 | 496 | 683 |
| Borrowings | 36 | 33 | 298 | 171 |
| Trade Payables | 51 | 67 | 55 | 66 |
| Other Liabilities | 38.42 | 176.82 | 53.82 | 74.82 |
| Total Liabilities | 351 | 787 | 926 | 1018 |
About Company
Hira Ferro Alloys Ltd (HFAL) is a leading Indian manufacturer of ferro-alloys, especially manganese-based alloys (ferro manganese, silico-manganese). Part of the Hira Group of Industries, HFAL integrates its ferro-alloys business with captive power and green energy operations.
The following table shows a 10-point analysis of Hira Ferro Alloys Limited. We will discuss each point in detail after this table.
| Parameter | Key Numbers | Insights |
|---|---|---|
| Business Overview | FY25 Revenue ~₹595–604 cr PAT ~₹200–210 cr PAT margin ~5–7% |
Manufacturer of ferro alloys (silico manganese, ferro manganese, ferro silicon) primarily serving the steel industry; part of Hira Group. Supported by captive power plant; focuses on merchant sales to steel producers. Benefits from steel demand and raw material integration. |
| Industry & Market Position | Key player in Indian ferro alloys Supplies to major steel mills Strategic location in Chhattisgarh |
Competitive in silico and ferro manganese segments. Cost efficiencies from power self-sufficiency and ore proximity. Cyclical exposure to steel production and global manganese prices; vulnerable to imports and power cost fluctuations. |
| Revenue Growth Trend | FY23–FY25 CAGR ~50–66% Revenue ~₹364 cr → ~₹595–604 cr |
Sharp growth from higher volumes, realizations & improved capacity utilization. Driven by steel sector recovery and export/domestic demand. Strong momentum but sustainability linked to steel capex cycle. |
| Profitability & Margins | EBITDA improving ROE ~4–5% PAT margin ~5–7% |
Margin improvement from operational leverage, cost control & power efficiency. Typical commodity-linked volatility; earnings quality moderate due to price fluctuations in manganese and steel markets. |
| Cash Flow Quality | OCF ~₹55 cr inflow (FY25) No regular dividends |
Turnaround in operating cash generation from prior low levels. Supports debt reduction and capex. Low capex intensity improves retained earnings profile. |
| Balance Sheet Strength | Net worth ~₹766 cr Book value ~₹330/share Debt/Equity ~0.19x |
Conservative leverage and improved capital structure. Comfortable liquidity and coverage ratios. Strong equity base provides downside protection. |
| Valuation Comfort | Unlisted price ~₹165–200 (Feb 2026) EPS ~₹15–20 (est.) P/E ~10–15x Market cap ~₹380–460 cr P/B ~0.5–0.6x |
Attractive valuation for ferro alloy recovery play. Value-oriented pricing without excessive premium. Discount reflects commodity cyclicality and limited liquidity. |
| Management & Governance | Promoter/family-led (Hira Group) Clean disclosures |
Long operating track record in ferro alloys. Transparent annual filings available. Governance appears stable; benefits from group-level synergies. |
| Growth Triggers & Catalysts | Steel industry revival Higher manganese demand Capacity utilization gains |
Organic upside from domestic steel and infrastructure push. Incremental benefits from cost optimization and improved realizations. No confirmed IPO or DRHP plans. |
| Liquidity & Exit Visibility | OTC liquidity only No confirmed IPO plans |
Moderate unlisted trading with liquidity risk. Exit primarily via OTC or potential strategic interest. No near-term listing catalyst. |
Manufacturing & Green Energy Capacity
- Ferro Alloys production capacity: 61,500 TPA.
- Captive power capacity:
- Thermal: ~20 MW
- Biomass: ~8.5 MW
- Wind: ~1.5 MW
- Renewable energy plans: HFAL is expanding its 55 MW captive solar power plant for more green production.
Sustainability Focus
HFAL is strongly focused on sustainability:
- “Three E’s”: Environment, Energy, Ecology is core to its mission.
- It runs zero-liquid-discharge operations and recycles slag, fly ash, and other by-products.
- A portion of its ferro-alloys production is powered by green energy (solar, wind, biomass).
Product Portfolio
- High-Carbon Ferro Manganese
- Silico Manganese (various grades)
- Fly-ash Bricks (using by-products)
- Briquettes (utilising ore fines)
Financial & Operational Metrics
- As per a CARE rating report, HFAL’s key financials: in FY 20, its income from operations was ~₹303.42 cr; in FY 21, ~₹317.06 cr.
- Its gearing (debt/equity) was notably low: ~0.29× in FY 20 and ~0.17× in FY 21.
- PAT grew significantly: from ₹3.83 cr (FY20) to ₹21.14 cr (FY21).
- According to its own report, HFAL has had consistent profitability, helped by low project costs and in-house R&D.
Strengths & Growth Drivers
- Integrated Model: Combines ferro alloy manufacturing with power generation (biomass, wind, thermal), reducing dependency on external power.
- Sustainable Manufacturing: Strong green credentials with renewable energy, waste recycling, and low-carbon practices.
- Proven Cost Efficiency: Lower project costs due to in-house R&D and efficient furnace design.
- Niche Product Strength: Specialises in high- and silico-manganese alloys, which are in demand in the steel sector.
- Energy-Backwards Integration: Captive power plants reduce operating costs; surplus power can be sold.
Risks & Challenges
- Raw Material Risk: Manganese ore price volatility could pressure margins.
- Energy Costs: Even with captive power, fuel and maintenance of green plants can be capital-intensive.
- Regulatory Risk: Environmental norms, emissions regulations, and power-sector policies may impact costs.
- Cyclical Ferro-Alloys Demand: Steel and alloy demand cycles can significantly affect order books.
- Capital Expenditure: Scaling up green energy (solar, wind) requires capex, which may strain the balance sheet.
Quick Summary
Hira Ferro Alloys Ltd is a green-forward ferro-alloys manufacturer, combining traditional alloy production with renewable energy generation. With solid cost efficiencies, low leverage, and a sustainability-first strategy, HFAL is well-positioned in the manganese-alloy segment. However, it must manage raw-material price risk and capex needs for its expanding green energy footprint. For long-term investors, HFAL could be a compelling industrial play with strong ESG advantages.
Shareholding Pattern of Hira Ferro Alloys Limited
| Name | Holding |
|---|---|
| Godawari Power & Ispat Limited | 91.83% |
| Others | 8.17% |
Promoters of Hira Ferro Alloys Limited
| Name | Role | Linkedin Profile |
|---|---|---|
| Hira Group (Promoter Entity) | Parent and major promoter of HFAL |  |
Latest News
Latest Post
Frequently Asked Questions
Hira Ferro Alloys Limited unlisted shares refer to equity in a privately held company that is not listed on NSE or BSE. These shares are available through private market platforms like UnlistedKraft.
Yes. UnlistedKraft provides verified access to Hira Ferro Alloys Limited unlisted shares. Complete your KYC and place your order, and the shares are typically credited to your demat account within 24 hours.
Unlisted shares involve risks such as limited liquidity and less public disclosure. However, Hira Ferro Alloys operates in the steel and ferro alloys industry with established credentials, and investing through UnlistedKraft ensures secure, verified, and transparent transactions.
Pricing is based on recent private transactions, market demand, company financial performance, and valuation trends. UnlistedKraft updates prices regularly to ensure fair and transparent valuation.
Yes, an active demat account is required to receive and hold unlisted shares like those of Hira Ferro Alloys Limited.
There is no mandatory holding period unless the company goes public. Most investors hold these shares until a liquidity event such as an IPO or acquisition for potential long-term returns.
Yes. You may resell your shares through UnlistedKraft’s resale network, subject to buyer availability and prevailing market conditions.
Yes. As per SEBI regulations, pre-IPO investors must observe a six-month lock-in period after the company gets listed.
If held for more than two years, long-term capital gains are taxed at 20 percent with indexation. If sold within two years, the gains are treated as short-term and taxed according to your income tax slab.
UnlistedKraft offers verified access to private share deals in high-potential companies like Hira Ferro Alloys Limited, with transparent pricing, expert guidance, secure transactions, and fast share delivery to your demat account.
+91-9599071664
amit@unlistedkraft.in