Mahamaya Steel Industries Limited (MAHASTEEL)

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Mahamaya Steel Industries Limited (MAHASTEEL) · mywealthgrid

About

Mahamaya Steel Industries Limited manufactures iron and steel products in the industrials sector, with a market cap of ₹1,748.24 Cr (trading at ₹1,066 per share). Ownership is highly concentrated among promoters (72.8%), with essentially no institutional investor participation (FII 0%, DII 0%). Recent quarterly revenue has grown from ₹188.57 Cr (Sep 2025) to ₹267.63 Cr (Jun 2026).

Face value: ₹10

Market cap

₹1,939 Cr

P/E

194.1×

P/B

12.2×

Dividend yield

ROE

6.2%

ROCE

9.7%

Debt / equity

0.37

OPM

2.7%

EPS (TTM)

₹6.1

Book value

₹96.6

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Operating margins are razor-thin at 2.68%, offering little protection against input-cost volatility or competitive pricing pressure in commodity steel.

PE multiple of 182 reflects the recent 192% rally; verify sustainability of current earnings relative to historical performance and peer multiples.

Net profit is highly volatile (₹1.4 Cr to ₹4.07 Cr across recent quarters) despite stable operating margins; confirm drivers and earnings quality.

Institutional investor base is effectively zero (FII 0%, DII 0%); verify market liquidity, analyst coverage, and whether low scrutiny masks material risks.

Generated analysis · source review pending

Growth drivers

Revenue grew from ₹188.57 Cr (Sep 2025) to ₹267.63 Cr (Jun 2026); verify if momentum sustains and whether growth stems from volume, pricing, or product mix.

Operating margin expanded from 2.61% (Dec 2025) to 2.98% (Mar 2026); assess whether improvement reflects cost control, input-cost normalization, or higher-margin products.

Domestic steel sector typically benefits from infrastructure and capex cycles; verify company's customer base exposure to construction, railways, autos, appliances and competitive standing.

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹1,182.5-1.6%1Y

Quick read

rule-based

Pros

+Profit CAGR of 61.3% over the last 5 years
+Revenue CAGR of 28.6% over the last 5 years
+High promoter holding of 72.8% with no pledge

Cons

−Low return on equity of 5.5% (3-yr avg)
−Thin operating margin of 2.7%
−Expensive at 194.1× trailing earnings
−Trading at 12.2× book value

Research score

Structured signal from quality, growth, valuation and momentum.

32/100

Business quality: 24
Growth: 73

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	286	303	465	358	251	495	650	784	802	883
COGS	26	-9	367	267	202	405	537	647	651	699
Gross profit	260	—	98	90	49	91	113	137	150	184
	—	—	75	75	36	73	98	118	130	159
	—	—	23	15	13	17	15	18	20	25
OPM %	—	—	4.9%	4.2%	5.2%	3.5%	2.3%	2.3%	2.5%	2.8%
Depreciation	6	7	6	6	6	6	6	7	8	9
Interest	11	12	11	9	6	5	3	5	4	5
	4	2	2	1	1	0	2	3	2	2
Profit before tax	1	4	7	0	2	7	7	9	10	13
Tax	-0	2	1	-2	1	2	2	2	2	3
Tax %	-63.2%	43.9%	16%	-518%	44.4%	26.5%	25.3%	22.3%	24.4%	25.9%
	1	2	6	2	1	5	5	7	8	10
PAT margin %	0.4%	0.8%	1.3%	0.7%	0.4%	1%	0.8%	0.9%	1%	1.1%
EPS (₹)	0.9	1.7	—	1.8	0.6	3.3	3.3	4.1	4.6	5.8
EPS adjusted (₹)	—	1.7	4.3	1.8	0.6	3	3.3	4.1	4.6	5.8
Annual report	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	14	14	14	15	16	16	16	16	16
Reserves	—	82	85	97	112	118	125	133	142
Minority interest	—	—	—	—	0	—	0	—	0
	—	100	78	81	45	43	41	46	58
	56	42	35	32	31	47	51	49	53
Total equity & liabilities	70	238	211	224	205	225	233	244	270
	69	66	63	61	60	65	69	70	73
CWIP	—	—	—	—	—	0	0	—	—
Investments	—	32	31	31	31	30	26	27	28
	1	140	117	133	115	130	139	146	169
Total assets	70	238	211	224	205	225	233	244	270

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	21%	25.2%	19.6%	18.3%	17.4%	17.4%	18.8%	20.8%
EBITDA margin %	4.9%	4.4%	5%	3.1%	2.1%	2.1%	2.3%	2.7%
EBIT margin %	3.5%	2.7%	2.8%	1.9%	1.2%	1.2%	1.4%	1.7%
PAT margin %	1.3%	0.7%	0.4%	1%	0.8%	0.9%	1%	1.1%
Working capital
Receivable days	14	17	29	16	10	7	11	7
Inventory days	83	86	130	42	55	49	45	58
Payable days	19	24	28	5	12	8	14	13
NWC days	78	79	131	52	52	48	43	53
Leverage
Current ratio	1.28	1.31	1.59	2.21	1.78	1.71	1.49	1.41
Debt to EBITDA	4.4	4.92	6.41	2.93	3.13	2.5	2.46	2.45
Debt to equity	1.04	0.79	0.73	0.35	0.32	0.29	0.31	0.37
Interest coverage	1.6	1.1	1.2	2	2.7	2.1	3.1	3.3
Asset turnover	1.96	1.7	1.12	2.41	2.89	3.36	3.28	3.27
Return ratios
Return on assets %	2.5%	1.1%	0.4%	2.4%	2.4%	2.9%	3.1%	3.6%
Return on capital employed %	12.9%	7.4%	5.2%	6.3%	5.2%	6.4%	7.3%	9.7%
Return on equity %	6.1%	2.5%	0.8%	3.8%	4%	4.8%	5.1%	6%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	73.41%	73.41%	73.41%	73.41%	73.41%	73.41%	73.41%	72.8%	72.8%	72.8%	72.8%	72.8%
	0%	0.04%	0%	0.11%	1.01%	0.83%	0.71%	0.55%	0.56%	1.17%	0.06%	0%
DII	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	26.59%	26.55%	26.59%	26.48%	25.58%	25.76%	25.88%	26.65%	26.64%	26.03%	27.14%	27.2%
No. of shareholders	—	—	—	—	—	—	—	—	6,933	7,167	6,503	6,185

Promoter holding down 0.61 percentage points since Sep 2023.

12 deals · 4 Jan 2024 – 10 Feb 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
10 Feb 2026	QUADRATURE CAPITAL VECTOR SP LIMITED	Bulk	NSE	Sell	95,649	₹683.59	₹6.54 Cr
6 Jun 2025	KULDIP SINGH RATHEE	Bulk	NSE	Buy	90,000	₹302.00	₹2.72 Cr
21 Aug 2024	QE SECURITIES LLP	Bulk	NSE	Sell	1,03,635	₹142.95	₹1.48 Cr
21 Aug 2024	QE SECURITIES LLP	Bulk	NSE	Buy	1,02,519	₹142.49	₹1.46 Cr
31 Jan 2024	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Sell	1,23,073	₹137.43	₹1.69 Cr
31 Jan 2024	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Buy	1,23,073	₹137.27	₹1.69 Cr
4 Jan 2024	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Sell	1,36,982	₹117.69	₹1.61 Cr
4 Jan 2024	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Buy	1,36,982	₹117.42	₹1.61 Cr
4 Jan 2024	IRAGE BROKING SERVICES LLP	Bulk	NSE	Sell	87,970	₹117.27	₹1.03 Cr
4 Jan 2024	IRAGE BROKING SERVICES LLP	Bulk	BSE	Buy	87,970	₹117.15	₹1.03 Cr

1–10 of 12

1 / 2

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. RAJESH AGRAWALExecutive Director-Chairperson related to Promoter-MD
Mrs. REKHA AGRAWALExecutive Director
Mr. SURESH RAMANExecutive Director
Mr. UDAY RAJ SINGHANIANon-Executive - Independent Director
Mr. RAJESH LUNIANon-Executive - Independent Director
Mrs. VANITHA RANGAIAHNon-Executive - Independent Director
Mrs. Jaswinder Kaur MissionCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Mahamaya Steel Industries Limited. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Credit ratings

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

4

Dividend dividend8 Sept 2010 · ex-date₹0.5
Dividend dividend16 Sept 2009 · ex-date₹0.5
Dividend dividend24 Jul 2008 · ex-date₹0.75
Dividend dividend24 Sept 2007 · ex-date₹0.5

1

Board meeting to consider results13 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

36 announcementsExport CSV

1 Oct 2026, 1:11 pmCompany Update

Announcement under Regulation 30 (LODR)-Monthly Business Updates

Monthly Business Updates PDF

29 Sept 2026, 12:18 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

7 Sept 2026, 10:47 amCompany Update

Announcement under Regulation 30 (LODR)-Monthly Business Updates

Monthly Business Updates PDF

3 Sept 2026, 11:00 amInsider Trading / SAST

Disclosures under Reg. 29(1) of SEBI (SAST) Regulations, 2011

Disclosures under Reg. 29(1) of SEBI (SAST) Regulations, 2011 PDF

2 Sept 2026, 10:33 amInsider Trading / SAST

Disclosures under Reg. 29(1) of SEBI (SAST) Regulations, 2011

Disclosures under Reg. 29(1) of SEBI (SAST) Regulations, 2011 PDF

1 Sept 2026, 1:52 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

31 Aug 2026, 12:55 pmOthers

Reg. 34 (1) Annual Report.

Reg. 34 (1) Annual Report PDF

31 Aug 2026, 12:19 pmCorp. Action

Book Closure For AGM

Book Closure PDF

Date	Category	Subject	Filing
1 Oct 2026, 1:11 pm	Company Update Monthly Business Updates	Announcement under Regulation 30 (LODR)-Monthly Business Updates	PDF
29 Sept 2026, 12:18 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	21%	25.2%	19.6%	18.3%	17.4%	17.4%	18.8%	20.8%
EBITDA margin %	4.9%	4.4%	5%	3.1%	2.1%	2.1%	2.3%	2.7%
EBIT margin %	3.5%	2.7%	2.8%	1.9%	1.2%	1.2%	1.4%	1.7%
PAT margin %	1.3%	0.7%	0.4%	1%	0.8%	0.9%	1%	1.1%
Working capital
Receivable days	14	17	29	16	10	7	11	7
Inventory days	83	86	130	42	55	49	45	58
Payable days	19	24	28	5	12	8	14	13
NWC days	78	79	131	52	52	48	43	53
Leverage
Current ratio	1.28	1.31	1.59	2.21	1.78	1.71	1.49	1.41
Debt to EBITDA	4.4	4.92	6.41	2.93	3.13	2.5	2.46	2.45
Debt to equity	1.04	0.79	0.73	0.35	0.32	0.29	0.31	0.37
Interest coverage	1.6	1.1	1.2	2	2.7	2.1	3.1	3.3
Asset turnover	1.96	1.7	1.12	2.41	2.89	3.36	3.28	3.27
Return ratios
Return on assets %	2.5%	1.1%	0.4%	2.4%	2.4%	2.9%	3.1%	3.6%
Return on capital employed %	12.9%	7.4%	5.2%	6.3%	5.2%	6.4%	7.3%	9.7%
Return on equity %	6.1%	2.5%	0.8%	3.8%	4%	4.8%	5.1%	6%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Welspun Corp LimitedWELCORPWELCORP	₹68,741 Cr	₹70,904 Cr	₹17,300 Cr	₹2,403 Cr	13.3%	₹2,309 Cr	9.7%	19.2%	19.4%	85
Apl Apollo Tubes LimitedAPLAPOLLOAPLAPOLLO	₹58,753 Cr	₹59,205 Cr	₹22,897 Cr	₹1,841 Cr	7.8%	₹1,229 Cr	5.2%	30.8%	25.3%	-12
Shyam Metalics And Energy LimitedSHYAMMETLSHYAMMETL	₹29,244 Cr	₹30,225 Cr	₹19,574 Cr	₹2,519 Cr	12.6%	₹860 Cr	5.7%	13.5%	9.7%	8
Ratnamani Metals & Tubes LimitedRATNAMANIRATNAMANI	₹18,362 Cr	₹18,666 Cr	₹4,314 Cr	₹732 Cr	16.9%	₹433 Cr	11.9%	17.8%	12.5%	210
Jindal Saw LimitedJINDALSAWJINDALSAW	₹17,286 Cr	₹21,976 Cr	₹18,263 Cr	₹1,941 Cr	12.4%	₹653 Cr	5.2%	11.4%	8.1%	159
Usha Martin LimitedUSHAMARTUSHAMART	₹14,982 Cr	₹15,128 Cr	₹3,837 Cr	₹768 Cr	19.1%	₹507 Cr	12.6%	20%	15.4%	190
Godawari Power And Ispat LimitedGPILGPIL	₹14,517 Cr	₹14,943 Cr	₹5,808 Cr	₹1,263 Cr	23.3%	₹808 Cr	14.9%	20.1%	14.9%	73
Gallantt Ispat LimitedGALLANTTGALLANTT	₹12,793 Cr	₹13,340 Cr	₹4,437 Cr	₹655 Cr	16.2%	₹436 Cr	11%	19.2%	15.7%	58
Maharashtra Seamless LimitedMAHSEAMLESMAHSEAMLES	₹9,363 Cr	₹9,377 Cr	₹4,620 Cr	₹696 Cr	14.6%	₹737 Cr	15%	13.6%	10.6%	153
Jayaswal Neco Industries LimitedJAYNECOINDJAYNECOIND	₹8,863 Cr	₹10,960 Cr	₹7,589 Cr	₹1,409 Cr	18.6%	₹564 Cr	6.5%	22.9%	17.8%	151
Sunflag Iron And Steel Company LimitedSUNFLAGSUNFLAG	₹7,812 Cr	₹8,286 Cr	₹3,995 Cr	₹476 Cr	12.1%	₹206 Cr	5.1%	3.8%	2.3%	95
Man Industries (India) LimitedMANINDSMANINDS	₹6,912 Cr	₹7,411 Cr	₹3,875 Cr	₹532 Cr	12.3%	₹204 Cr	4.8%	18.4%	9.2%	114

₹ Cr	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	18	35	-4	42	2	14	9	8
	-7	-3	1	-5	-11	-6	-11	-15
	-11	-31	5	-24	-5	-8	1	7
Net cash flow	-1	1	2	13	-15	1	-1	-1
Free cash flow	15	31	-7	37	-9	5	-0	-3
CFO / Operating profit %	78.8%	219.1%	-33.4%	269.8%	12.8%	87.6%	47.3%	32.4%

Mahamaya Steel Industries Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Credit ratings

Events

4

1

Announcements

4

1

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

Credit ratings

Compounded sales growth

Compounded profit growth

Return on equity

Mahamaya Steel Industries Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Credit ratings

Events

Dividends4

Board meetings1

Announcements

Dividends4

Board meetings1

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

Credit ratings

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

4

1

4

1