The stainless steel 430 grade sheet metals with three process conditions namely, continuous annealed (CA), batch annealed (BA) and cold rolled (CR) were subjected to forming limit diagram (FLD) experiment. The combined FLD and the fracture limit diagram were plotted for all three processed conditions, which resulted in higher forming limit strain and fracture limit strain values for the CA sheet metal. Further, the parameters like, strain hardening exponent (n), normal anisotropy (r) and formability parameter (nr) reported higher values for CA sheet metal, which signified better formability. Besides, the void coalescence analysis was performed after FLD experiment. Based on void coalescence analysis, the CA sheet metal exhibited higher average void size, void area with least ligament thickness and d-factor indicated its better formability before fracture. These results were consistent with the experimentally evaluated FLD, which showed higher formability for CA sheet metal. Also, the presence of recrystallized microstructure in CA sheet metal resulted in higher strain hardening capability, which resulted higher necking percentage in combined FLD and fracture limit diagram.