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Unlisted shares are illiquid and carry higher risk than listed securities. Prices are indicative, not live. Read the risk disclosure.

Valuation
Financials (FY2023)
Investment Thesis
Metkore Alloys and Industries is a small-scale ferroalloys producer in Andhra Pradesh with exposure to India's growing steel sector. While the macro tailwinds are positive, the company's small size, limited transparency, and commodity-linked volatility make it a high-risk, speculative investment in the unlisted space.
Pros
Cons
Business Segments
Ferroalloys Manufacturing
Production of ferroalloys including ferro manganese and silico manganese for steel industry use
Trading & Other
Purchase and resale of metals and allied products
Revenue Model
Metkore Alloys generates revenue primarily through the manufacture and sale of ferroalloys to steel mills and alloy producers. The company also engages in limited trading of metals. Revenue is closely linked to steel sector demand and commodity price cycles.
Detailed Analysis
Growth Plans
India's National Steel Policy targeting 300 million tonnes of steel capacity by 2030
Infrastructure and construction boom driving steel demand
Potential listing or stake sale to larger strategic investor
Industry Tailwinds
India's National Steel Policy targeting 300 million tonnes of steel capacity by 2030
Recent Developments
The company focused on improving operational efficiency and raw material procurement strategies amid rising input costs.
2023-06Retail investor interest in the unlisted shares increased as India's steel sector showed strong output growth.
2024-01Comparable Companies
NAVA · ~₹4,500 Cr
Frequently Asked Questions
About Metkore Alloys & Industries
Metkore Alloys and Industries Limited is an Indian ferroalloys and metallurgical products manufacturer, likely based in Andhra Pradesh — a state with significant ferroalloy production capacity. The company operates in the ferroalloys segment, producing metallurgical intermediates such as ferrochrome, ferromanganese, and silico-manganese used primarily in steel manufacturing. Ferroalloys are critical inputs for steel production — they are added during steelmaking to impart specific mechanical properties including hardness, corrosion resistance, and strength. India is one of the world's largest producers of ferroalloys, particularly ferrochrome, driven by Odisha and Andhra Pradesh's mineral wealth. Metkore Alloys would operate submerged arc furnaces (SAF) to smelt ore into ferroalloys, consuming significant quantities of ore and power. The ferroalloys business is capital-intensive and energy-intensive, with power costs typically comprising 35–45% of total operating costs. The company's competitiveness depends on access to low-cost power and proximity to ore sources. Given limited public data, specific financial metrics for Metkore Alloys are not available from public databases. The company competes in the ferroalloys market alongside major producers like IMFA (Indian Metals & Ferro Alloys) and Ferro Alloys Corporation (FACOR).
Key Milestones
2005: Incorporated as Metkore Alloys and Industries Limited in Andhra Pradesh
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You enquire
Takes 2 minutes
We source & quote
Typically within 1 business day
You accept the allocation
Quote valid for 3 days
You transfer the funds
Pay within 2 days of accepting
Shares reach your demat
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Unlisted shares are illiquid and carry higher risk. Pricing is indicative, not live, and these are private off-market transactions with no exchange settlement guarantee. Read the full risk disclosure.
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Infrastructure and construction boom driving steel demand
Potential listing or stake sale to larger strategic investor
Industry Headwinds
Sustained high electricity tariffs impacting smelting economics
Competition from larger, integrated ferroalloy producers
Global commodity cycle downturn reducing ferro alloy demand
Company reported a net loss of ₹9.17 Cr (FY2023) — may signal structural profitability challenges
Source: Financial data
Profitability is highly sensitive to fluctuations in manganese ore and chrome ore prices, which are internationally benchmarked.
Source: AlphaHub Research
Ferroalloy smelting is energy-intensive; high electricity tariffs in Andhra Pradesh can compress margins significantly.
Source: Company Financial Filings
Heavy dependence on the steel industry means any slowdown in steel production directly impacts revenue.
Source: AlphaHub Research
As an unlisted company with low market cap, shares are illiquid and price discovery is limited.
Source: Media Reports / Public Records
Environmental regulations around mining and smelting operations in Andhra Pradesh could increase compliance costs.
Source: Regulatory Filings
Profitability is highly sensitive to fluctuations in manganese ore and chrome ore prices, which are internationally benchmarked.
Ferroalloy smelting is energy-intensive; high electricity tariffs in Andhra Pradesh can compress margins significantly.
Heavy dependence on the steel industry means any slowdown in steel production directly impacts revenue.
As an unlisted company with low market cap, shares are illiquid and price discovery is limited.
Environmental regulations around mining and smelting operations in Andhra Pradesh could increase compliance costs.
Unlisted · ~₹100 Cr
HINDZINC · ~₹1,60,000 Cr
2008–2010: Commenced commercial production of ferroalloys
2015: Expanded production capacity to serve growing steel industry demand
2020: Continued operations during COVID-19 as an essential industry supplier