Hira Ferro Alloys Ltd
Raipur ferro-manganese and silico-manganese producer, nearly half-owned by listed Godawari Power & Ispat, with captive thermal, solar and wind power.
Market cap
₹432.9 Cr
1.95 Cr shares
P/E ratio
13.53
Sector average 12
Book value
₹187.95
P/B 1.18
1-year return
-5.39%
52w ₹178 – ₹278
Currently 44% of the way through its 52-week range.
Indicative price history
1Y change
-7.16% ₹239 → ₹222
52-week band in this window: ₹222.00 – ₹252.83. Weekly indicative marks, not exchange-traded prices.
Key highlights
- Manganese ferro-alloy producer at Raipur with captive thermal, solar and wind power.
- About 48% owned by listed Godawari Power & Ispat; the rest with the Agrawal family and others.
- Revenue in the ₹300–450 Cr range with PAT of ₹20–40 Cr across the cycle (approximate).
About Hira Ferro Alloys
Hira Ferro Alloys Limited (HFAL) is a Raipur, Chhattisgarh-based manufacturer of manganese-based ferro alloys, chiefly ferro manganese and silico manganese used by steelmakers as deoxidisers and alloying agents. Incorporated in 1984 as part of the Hira group of the Agrawal family, it operates submerged-arc furnaces near Raipur backed by a captive thermal power plant and renewable assets (solar and wind), which give it lower and more stable power costs than merchant-power-dependent peers. Godawari Power & Ispat Limited (GPIL), the group's listed flagship, holds roughly 48% of the equity and treats HFAL as an associate/subsidiary.
Ferro-alloy profitability swings with steel demand, manganese-ore prices and power tariffs. Revenue has been in the ₹300–450 Cr range over the last three years with profit after tax in the ₹20–40 Cr band; FY25 benefited from firm silico-manganese realisations and lower ore costs, while FY24 was softer. The balance sheet is conservative, with modest working-capital debt and regular capex on furnace upgrades and renewable capacity.
With about 1.95 Cr shares of ₹10 face value, the unlisted quote of ₹222 implies a market value of roughly ₹430 Cr, or around 10–15 times recent earnings and close to book value. GPIL has periodically discussed consolidating group entities, which is the main event risk and opportunity for minority holders. No IPO is planned.
The search budget was exhausted before registry snippets could be pulled for HFAL, so the CIN, incorporation date, capital and directors are unverified and all financial line items are reconstructed around approximate totals from general knowledge; treat them as approximate.
Where the revenue comes from
- Silico manganese55%
Main product sold to integrated and secondary steelmakers
- Ferro manganese30%
High- and medium-carbon grades
- Power & other15%
Surplus captive, solar and wind power sales and trading
Products & services
Silico manganese
Alloy used in steelmaking for deoxidation and strength.
Ferro manganese
High- and medium-carbon grades for long and flat steel producers.
Captive & renewable power
Thermal plant plus solar and wind assets supplying the furnaces and selling surplus.
What works
- • Captive thermal plus solar and wind power capacity provides a durable cost advantage in a power-intensive industry.
- • Backing of Godawari Power & Ispat, a cash-rich listed parent with a strong balance sheet, and ready offtake for alloys within the group's steel operations.
- • Conservative leverage and a long operating history through several commodity cycles.
What to watch
- • Ferro-alloy margins are highly cyclical and depend on manganese-ore import prices, steel demand and Chinese export behaviour.
- • Minority position in a group company: related-party dealings with GPIL and any future merger terms are outside minority control.
- • Thin unlisted market; figures on this page are approximate and unverified.