Indsil Hydro Power & Manganese Ltd (522165)
🎯 Key Takeaways
- Indsil Hydro Power & Manganese Ltd is a mid-sized ferro alloys producer with stable promoter holding and minimal institutional interest, currently trading at a discount to peers with improving operational momentum. The company has transitioned from consistent losses to modest profitability, supported by cost rationalization and operational stabilization, though scale and margins remain constrained.
- Revenue grew 4.8% QoQ to ₹40 in Q1FY27.
- ⚠️ 1) Heavy reliance on a few key customers in the ferro alloys sector, exposing it to demand volatility in downstream industries like steel. 2) Low scal
📖 The Story
Indsil Hydro Power & Manganese Ltd is a mid-sized ferro alloys producer with stable promoter holding and minimal institutional interest, currently trading at a discount to peers with improving operational momentum. The company has transitioned from consistent losses to modest profitability, supported by cost rationalization and operational stabilization, though scale and margins remain constrained.
📰 What's Happening
The company returned to profitability in Q1FY27 (Jun 2026) with a profit of ₹5 lakh and OPM of 11.2%, up sharply from a loss of ₹1 lakh in the same quarter last year. This improvement follows a turnaround from losses in FY25, with operating profit turning positive in Dec 2025 (₹3 lakh) after being negative in Mar 2024. Management has not announced major new capex or strategic shifts recently, suggesting current performance is driven by operational efficiency rather than large-scale expansion.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Mar 2024 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 30 | 36 | 38 | 40 |
| Operating Profit | -1 | 3 | 0 | 4 |
| OPM % | -3.7% | 8.3% | 0.9% | 11.2% |
| Net Profit | -1 | 4 | 1 | 5 |
| EPS | ₹-0.41 | ₹1.39 | ₹0.39 | ₹1.81 |
Revenue has risen modestly from ₹30 lakh in Mar 2024 to ₹40 lakh in Jun 2026, while operating profit improved from a loss of ₹1 lakh to ₹4 lakh over the same period, indicating better cost control and margin recovery. The turnaround is consistent with management's focus on stabilizing operations post-turnaround phase, though absolute scale remains small. Profitability is still volatile but clearly improving from the losses seen in FY25.
🔮 Management Outlook & What's Next
There is no explicit forward guidance or strategic outlook provided in the latest filings. Management commentary has focused on operational resilience and maintaining existing capacity, with no mention of new projects, capacity expansion, or demand recovery in manganese or ferro alloys. The absence of guidance suggests caution or limited visibility into near-term demand conditions.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2023 | Mar 2024 | Mar 2024 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 43 | 43 | 28 | 28 |
| Reserves | 83 | 73 | 72 | 170 |
| Borrowings | 105 | 101 | 95 | 0 |
| Total Liabilities | 260 | 247 | 233 | 227 |
| Fixed Assets | 60 | 52 | 50 | 49 |
| Investments | 29 | 29 | 0 | 32 |
| Total Assets | 260 | 247 | 233 | 227 |
The balance sheet shows a significant reduction in borrowings from ₹95 lakh in Mar 2024 to ₹0 in Mar 2026, indicating successful deleveraging. Equity has remained stable around ₹28–43 lakh, with reserves growing from ₹73 lakh to ₹170 lakh, reflecting accumulated profits and improved financial health. The strong cash position and zero debt enhance flexibility, supporting a conservative capital allocation strategy focused on preservation rather than aggressive investment.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2024 |
|---|---|
| Operating | +8 |
| Investing | +14 |
| Financing | -1 |
| Net Cash Flow | +21 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 62.8% | 62.8% | 62.8% | 62.8% |
| FII | 0.0% | 0.0% | 0.0% | 0.0% |
| DII | 3.8% | 3.8% | 3.8% | 3.8% |
| Public | 28.4% | 28.4% | 28.1% | 28.0% |
| # Shareholders | 11,828 | 11,663 | 11,608 | 11,580 |
Promoter holding remains stable at 62.81% with no changes in pledging, suggesting confidence in long-term control. However, FII holding is consistently zero, and DII ownership is minimal at ~3.8%, indicating limited institutional interest. The shrinking public float and stable promoter stake suggest the company is largely held by a concentrated group, with little trading activity or investor attention.
⚖️ Peer Comparison — Ferro Alloys
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| IMFA | 7,027 | 13.4 | 20.0% | 19.3% | 0.34 |
| MAITHANALL | 2,843 | 9.8 | 10.2% | 8.0% | 0.16 |
| 544844 | 1,222 | — | — | — | 0.31 |
| VISACHROME | 582 | 0.5 | -25234.3% | -76.2% | -1.00 |
| 532362 | 264 | — | 0.6% | -3.1% | 0.20 |
| 522165 | 113 | 12.8 | 6.3% | 8.8% | 0.95 |
| SHYAMCENT | 107 | 7.6 | 8.9% | 6.4% | 0.01 |
| 513005 | 68 | — | 82.4% | 17.9% | -0.78 |
| 532656 | 59 | 4.9 | 17.7% | 10.9% | 0.12 |
| IMPEXFERRO | 40 | — | -1.6% | -9.3% | 4.91 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1) Heavy reliance on a few key customers in the ferro alloys sector, exposing it to demand volatility in downstream industries like steel. 2) Low scale and high fixed cost base make margins sensitive to volume fluctuations. 3) No visible demand recovery or capacity expansion plans may limit upside. 4) Minimal institutional coverage increases price volatility and reduces liquidity.
🧠 Analyst's Read
The company is in a fragile recovery phase, with improving profitability but no clear catalyst for near-term growth. Investors should monitor quarterly volume and margin trends for signs of sustainable improvement, while watching for any shift in institutional interest or management commentary on demand outlook.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-02.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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