Hira Ferro Alloys Ltd. (HFAL), part of the Hira Group, is an established player in the ferro alloys industry, engaged in manufacturing manganese-based ferro alloys along with power generation, briquettes, and fly ash bricks. Founded in 1990, the company has grown its production capacity significantly, with ferro alloy capacity of 61,500 TPA and a diversified power generation setup including thermal, biomass, and wind energy, contributing to its focus on green energy. It also continues to expand its wind power projects across India and serves a strong base of reputed clients in the steel sector. HFAL is a subsidiary of Godawari Power & Ispat Limited (GPIL), which increased its stake to over 75% in 2022 through a share acquisition deal, reflecting strategic importance, and the valuation of the deal indicated a relatively low earnings multiple based on its financial performance at that time.