Maithan Alloys Limited (MAITHANALL)

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Maithan Alloys Limited (MAITHANALL) · mywealthgrid

About

Maithan Alloys Limited manufactures ferrous and silica manganese products within India's Materials and ferrous metals industries. With a market cap of ₹2,826 Cr and PE of 6.52, it operates as a mid-cap commodity producer with quarterly revenues of ₹490–653 Cr.

Face value: ₹10

Market cap

₹2,698 Cr

P/E

9.3×

P/B

0.7×

Dividend yield

1.8%

ROE

11%

ROCE

15.5%

Debt / equity

0.06

OPM

11.9%

EPS (TTM)

₹99.8

Book value

₹1,424.2

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Extreme profit volatility with stable revenue: net profit swung from +₹541.99 Cr (Jun 2025) to -₹119.02 Cr (Sep 2025) to -₹74.65 Cr (Mar 2026) while revenues remained ₹490–653 Cr per quarter; verify root cause (commodity inputs, FX, one-time charges) and recurrence

Operating margins volatile and offer thin buffer: OPM ranged 3.25% to 19.01% across recent quarters; at 11.93% average, leave little protection against margin compression

Negative earnings in recent quarters despite positive operating margins: Mar 2026 showed ₹559 Cr revenue with 15.25% OPM yet ₹74.65 Cr net loss; verify what below-the-line charges are eroding profits

Stock down 8.04% over 1 year despite PE of 6.52, indicating market skepticism about earnings recovery; verify what would be needed to restore investor confidence

Generated analysis · source review pending

Growth drivers

Low leverage (D/E 0.06) provides balance-sheet capacity to invest in capacity expansion or acquisitions if opportunities emerge; verify management's growth strategy

Quarterly revenue of ₹559 Cr in Mar 2026 recovered from ₹490 Cr trough in Sep 2025; verify whether trend reflects demand recovery or cyclical inventory dynamics in ferrous metals

Four dividend payments across 15 months (Feb 2025, Jun 2025, Sep 2025, May 2026) demonstrate ongoing cash generation despite earnings volatility; verify payout policy and sustainability

Operating margins reached 19.01% in Mar 2026 showing operational capability; verify what scale, pricing, or product mix changes are needed to convert operational efficiency into net profitability

Generated analysis · source review pending

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

₹927.0-0.1%1Y

Quick read

rule-based

Pros

+Almost debt-free (debt/equity 0.1)
+Comfortable interest coverage of 14.7×
+High promoter holding of 75% with no pledge

Cons

−Modest revenue growth of 6% a year over the last 5 years

Research score

Structured signal from quality, growth, valuation and momentum.

50/100

Business quality: 55
Growth: 0
Valuation: 95

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 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,891	1,988	1,831	1,620	2,992	2,885	1,729	1,806	2,173
COGS	164	166	1,067	841	1,151	1,368	903	1,007	1,062
Gross profit	1,727	1,822	764	779	1,842	1,517	825	798	1,110
	1,347	1,500	531	487	774	931	711	622	851
	381	322	233	292	1,068	586	114	177	259
OPM %	20.1%	16.2%	12.7%	18.1%	35.7%	20.3%	6.6%	9.8%	11.9%
Depreciation	15	16	16	16	17	20	21	23	23
Interest	4	6	4	1	1	2	2	22	44
	15	26	66	24	32	73	358	721	412
Profit before tax	376	327	279	299	1,082	637	450	852	604
Tax	84	72	57	69	264	138	101	222	163
Tax %	22.4%	21.9%	20.5%	23.2%	24.4%	21.6%	22.4%	26%	27%
	292	255	222	230	818	499	349	631	441
PAT margin %	15.4%	12.8%	12.1%	14.2%	27.3%	17.3%	20.2%	34.9%	20.3%
EPS (₹)	—	—	76.3	79	281	171.4	119.9	216.5	149
EPS adjusted (₹)	100.2	87.7	76.3	79.3	281	171.4	119.9	216.5	149
	—	—	7.9%	7.6%	2.1%	3.5%	5%	4.2%	8.7%
Annual report	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 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	29	29	29	29	29	29	29	29	29	29	29
Reserves	364	376	839	1,083	1,263	1,492	2,294	2,775	3,113	3,717	4,117
Minority interest	—	—	1	1	1	—	1	1	1	9	13
	17	103	29	3	7	45	2	16	27	585	235
	389	288	318	402	216	331	425	318	298	509	500
Total equity & liabilities	799	796	1,215	1,519	1,516	1,898	2,751	3,140	3,468	4,849	4,894
	267	262	238	229	195	183	256	267	253	312	304
CWIP	—	0	—	—	1	20	20	3	54	1	1
Investments	36	60	343	628	6	795	824	870	1,788	3,056	2,840
	496	474	635	662	1,314	900	1,651	2,001	1,373	1,479	1,747
Total assets	799	796	1,215	1,519	1,516	1,898	2,751	3,140	3,468	4,849	4,894

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Ferro Alloys	2,172.59	301.36	1,196.19	277.36	918.83	32.8
Real Estate	0	-0.1

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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 %	91.7%	41.7%	48.1%	61.5%	52.6%	47.7%	44.2%	51.1%
EBITDA margin %	16.2%	12.7%	18.1%	35.7%	20.3%	6.6%	9.8%	11.9%
EBIT margin %	15.4%	11.8%	17.1%	35.1%	19.6%	5.4%	8.5%	10.9%
PAT margin %	12.8%	12.1%	14.2%	27.3%	17.3%	20.2%	34.9%	20.3%
Working capital
Receivable days	47	56	98	84	54	82	29	22
Inventory days	574	95	151	214	81	141	393	428
Payable days	—	—	80	63	40	35	48	30
NWC days	—	—	170	236	94	188	374	420
Leverage
Current ratio	3.34	6.72	4.88	6.07	9.48	12.06	3.97	6.24
Debt to EBITDA	0.01	0.03	0.15	0	0.03	0.24	3.32	0.91
Debt to equity	0	0.01	0.03	0	0.01	0.01	0.16	0.06
Interest coverage	56.3	76.3	250.5	950.4	330.8	276.8	40.4	14.7
Asset turnover	1.31	1.21	0.85	1.09	0.92	0.5	0.37	0.44
Return ratios
Return on assets %	16.8%	14.6%	12.1%	29.7%	15.9%	10.1%	13%	9%
Return on capital employed %	32.5%	22.8%	20.8%	55.3%	28.5%	14.9%	24.2%	15.5%
Return on equity %	22.9%	17.2%	15.1%	35.2%	17.8%	11.1%	16.8%	10.6%

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
	74.99%	74.99%	74.99%	74.99%	74.99%	74.99%	74.96%	74.96%	74.96%	74.96%	74.96%	74.96%
	1.88%	2.14%	1.87%	1.8%	1.33%	1.32%	1.12%	1.38%	1.41%	1.24%	1.26%	1.06%
	0.52%	0.44%	0.15%	0.41%	0.45%	0.31%	0.2%	0.17%	0.07%	0.06%	0.01%	0.02%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	22.61%	22.43%	22.99%	22.8%	23.23%	23.38%	23.72%	23.49%	23.56%	23.74%	23.77%	23.96%
No. of shareholders	—	—	—	—	—	—	—	—	39,696	40,319	40,534	40,301

Promoter holding down 0.03 percentage points since Sep 2023.

8 deals · 27 Dec 2023 – 12 Jan 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
12 Jan 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Sell	3,04,202	₹1,078.75	₹32.82 Cr
12 Jan 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Buy	3,04,202	₹1,078.25	₹32.80 Cr
12 Jan 2026	MUSIGMA SECURITIES	Bulk	NSE	Sell	2,78,425	₹1,078.31	₹30.02 Cr
12 Jan 2026	MUSIGMA SECURITIES	Bulk	NSE	Buy	2,78,425	₹1,077.59	₹30.00 Cr
12 Jan 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Sell	2,30,240	₹1,088.12	₹25.05 Cr
12 Jan 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Buy	2,30,240	₹1,087.24	₹25.03 Cr
27 Dec 2023	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	2,20,188	₹1,278.58	₹28.15 Cr
27 Dec 2023	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	2,20,188	₹1,276.91	₹28.12 Cr

1–8 of 8

1 / 1

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. Subhas Chandra AgarwallaExecutive Director-Chairperson-MD
Mr. Subodh AgarwallaExecutive Director-CEO
Sudhanshu AgarwallaPresident & Chief Financial Officer
Mr. Aayush KhetawatNon-Executive - Independent Director
Mr. Palghat Krishnan VenkatramaniNon-Executive - Independent Director
Mr. Naresh Kumar JainNon-Executive - Independent Director
Mrs. Sonal ChoubeyNon-Executive - Independent Director
Mr. Peddi SrinivasNon-Executive - Non Independent Director
Rajesh K ShahCompany 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 Maithan Alloys 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

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Events

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

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

24 announcementsExport CSV

29 Sept 2026, 4:03 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM 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 %	91.7%	41.7%	48.1%	61.5%	52.6%	47.7%	44.2%	51.1%
EBITDA margin %	16.2%	12.7%	18.1%	35.7%	20.3%	6.6%	9.8%	11.9%
EBIT margin %	15.4%	11.8%	17.1%	35.1%	19.6%	5.4%	8.5%	10.9%
PAT margin %	12.8%	12.1%	14.2%	27.3%	17.3%	20.2%	34.9%	20.3%
Working capital
Receivable days	47	56	98	84	54	82	29	22
Inventory days	574	95	151	214	81	141	393	428
Payable days	—	—	80	63	40	35	48	30
NWC days	—	—	170	236	94	188	374	420
Leverage
Current ratio	3.34	6.72	4.88	6.07	9.48	12.06	3.97	6.24
Debt to EBITDA	0.01	0.03	0.15	0	0.03	0.24	3.32	0.91
Debt to equity	0	0.01	0.03	0	0.01	0.01	0.16	0.06
Interest coverage	56.3	76.3	250.5	950.4	330.8	276.8	40.4	14.7
Asset turnover	1.31	1.21	0.85	1.09	0.92	0.5	0.37	0.44
Return ratios
Return on assets %	16.8%	14.6%	12.1%	29.7%	15.9%	10.1%	13%	9%
Return on capital employed %	32.5%	22.8%	20.8%	55.3%	28.5%	14.9%	24.2%	15.5%
Return on equity %	22.9%	17.2%	15.1%	35.2%	17.8%	11.1%	16.8%	10.6%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Indian Metals & Ferro Alloys LimitedIMFAIMFA	₹6,355 Cr	₹7,278 Cr	₹3,145 Cr	₹743 Cr	20.8%	₹525 Cr	15%	21.1%	16.8%	218
Maithan Alloys LimitedMAITHANALLMAITHANALL	₹2,698 Cr	₹2,933 Cr	₹2,080 Cr	₹285 Cr	11.9%	₹291 Cr	20.3%	15.5%	11%	420
Visa Chrome LimitedVISACHROMEVISACHROME	₹524 Cr	₹878 Cr	₹512 Cr	₹2 Cr	2.4%	₹1,036 Cr	187%	—	—	-3
Nilachal Carbo Metalicks LtdNCMLNCML	₹299 Cr	—	₹200 Cr	₹21 Cr	10.7%	₹10 Cr	5.2%	—	—	—
Nagpur Power & Industries LtdNAGPINAGPI	₹219 Cr	₹243 Cr	₹84 Cr	₹3 Cr	3.4%	₹3 Cr	-2.5%	1.1%	-2.5%	194
Shyam Century Ferrous LimitedSHYAMCENTSHYAMCENT	₹106 Cr	₹110 Cr	₹121 Cr	₹14 Cr	-11.1%	₹15 Cr	-8.2%	-5.6%	-5.7%	—
Indsil Hydro Power and Manganese LtdINDSILHYDINDSILHYD	₹106 Cr	₹106 Cr	₹152 Cr	₹15 Cr	10%	₹15 Cr	9.9%	8.2%	9.6%	413
Chrome Silicon LtdCHROMECHROME	₹65 Cr	₹100 Cr	₹73 Cr	₹-82 Cr	—	₹-88 Cr	-919.6%	-10%	-48.9%	-13,573
Facor Alloys LtdFACORALLFACORALL	₹59 Cr	₹71 Cr	₹1 Cr	₹-18 Cr	—	₹-0 Cr	—	-19.9%	-14.5%	-5,953
Impex Ferro Tech LimitedIMPEXFERROIMPEXFERRO	—	—	₹27 Cr	₹-33 Cr	-126.3%	₹-28 Cr	-108.5%	—	—	-2,402

Date	Category	Subject	Filing
29 Sept 2026, 4:03 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
29 Sept 2026, 3:59 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
29 Sept 2026, 11:55 am	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
22 Sept 2026, 4:08 pm	Corp. Action Dividend Updates	Announcement under Regulation 30 (LODR)-Dividend Updates	PDF
22 Sept 2026, 3:45 pm	Company Update Acquisition	Announcement under Regulation 30 (LODR)-Acquisition	PDF
22 Sept 2026, 3:44 pm	Company Update Acquisition	Announcement under Regulation 30 (LODR)-Acquisition	PDF
17 Sept 2026, 3:44 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
11 Sept 2026, 1:52 pm	Company Update Acquisition	Announcement under Regulation 30 (LODR)-Acquisition	PDF

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	136	123	284	315	-45	117	237	968	-411	50	-10
	-11	-8	-280	-276	696	-761	-105	-962	371	-591	481
	-101	-74	-55	-54	-43	37	-62	-5	-9	522	-434
Net cash flow	24	41	-50	-15	609	-607	70	1	-49	-19	37
Free cash flow	124	121	273	307	-50	116	136	957	-480	20	-35
CFO / Operating profit %	—	—	74.7%	97.7%	-19.3%	40%	22.2%	165.1%	-359.5%	28.2%	-3.8%

Maithan Alloys Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

Announcements

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

Credit ratings

22

2

2

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Ferro Alloys · revenue

Maithan Alloys Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

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

Events

Announcements

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

Dividends22

Board meetings2

Bonus issues2

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Ferro Alloys · revenue

22

2

2