Mahamaya Steel Industries Ltd.

•

mahamayagroup.inBSE: 513554NSE: MAHASTEEL

Market Cap₹ 2,101 Cr.

Current Price

High / Low₹ 1,421 / 381

Stock P/E228.1

Book Value₹ 91

Price to Book3.20

Dividend Yield0.00 %

ROCE7.0 %

ROE4.6 %

Face Value₹ 10

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ABOUT

AI Sector View

AI GENERATED

Metals & Mining

Hold

The sector backdrop is mixed. Iron ore output was very strong at 29.5% YoY (2026-07), but steel slowed to 2.9% YoY (2026-07), finished steel consumption was 8.0% YoY (2026-06), and headline mining production was still -0.9% (Jul/26). FPI outflows of INR -2349 crore over 3 months to 2026-08-31 also argue against an aggressive overweight.

Confidence

61%

View full sector analysis →

PROS

Latest quarter profit grew 28.7% YoY, showing strong momentum
Company has delivered good sales growth of 17.5% CAGR over last 5 years
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.64x)
Working capital cycle has improved - days down from 22 to 18
Company maintains a comfortable, low leverage position

CONS

Receivables are growing faster than sales - a possible quality concern
Recent results are weak - TTM profit is down 28.7% versus prior year
Company has a low return on equity of 3.9% over last 3 years
Company has a low return on capital employed of 6.4%
Recurring exceptional / one-off items are inflating headline profit

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Metals & MiningIron & SteelSteel & Iron Products

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	JSWSTEEL	1325.00	13.07	324022.65	0.54	4696.00	112.58	47364.00	11.55	20.67	19.60
2.	TATASTEEL	189.00	21.38	235937.32	2.12	2385.24	18.82	60794.29	15.26	12.70	15.40
3.	SAIL	197.10	19.06	81412.65	1.19	1644.05	120.80	26245.67	1.25	7.08	15.92
4.	WELCORP	2591.20	29.60	68353.43	0.19	1047.88	200.11	4081.12	14.91	23.94	32.17
5.	APLAPOLLO	2250.00	50.83	62473.14	0.38	263.11	10.94	5606.71	12.07	31.83	7.34
6.	JSL	737.70	18.72	60817.43	0.54	768.66	7.56	11278.54	10.50	19.19	12.09
7.	SHYAMMETL	1066.05	26.49	29756.85	0.42	3507.30	1106.63	54550.90	1133.35	13.88	14.03
8.	JINDALSAW	305.30	29.88	19524.19	0.66	90.79	-78.15	4452.31	9.00	10.38	8.79
9.	RATNAMANI	2732.25	44.24	19150.89	0.37	107.03	-15.82	971.63	-15.63	18.01	16.69
10.	SARDAEN	508.95	15.87	17934.44	0.39	478.13	9.50	1608.04	-1.07	17.76	41.59
11.	GPIL	240.90	20.11	16218.33	0.42	222.37	2.75	1750.47	32.29	20.20	19.36
12.	MAHASTEEL	1278.30	210.29	2100.81	0.00	2.13	22.51	267.63	29.26	7.39	2.15

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	220	186	180	198	211	155	200	236	207	189	224	263	268
	216	182	176	194	207	152	196	228	202	184	218	255	265
Operating Profit	4	4	4	3	4	3	4	8	5	5	6	8	3
OPM %	2.01%	2.22%	2.45%	1.68%	1.90%	1.89%	2.03%	3.26%	2.36%	2.69%	2.61%	2.98%	1.03%
	0	0	1	1	0	0	0	1	1	0	0	1	0
Interest	1	1	2	1	1	1	1	1	1	1	2	1	1
Depreciation	2	2	2	2	2	2	2	2	2	2	2	2	2
Profit before Tax	2	2	2	1	1	0	2	6	2	2	2	6	3
Tax %	28.67%	28.10%	26.43%	32.87%	29.63%	50.00%	31.33%	25.66%	26.22%	27.08%	28.44%	28.27%	26.05%
Net Profit	1	1	2	1	1	0	1	4	2	1	2	4	2
	0.65	0.67	1.02	0.58	0.47	0.13	0.63	2.55	1.01	0.85	0.98	2.47	1.30

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	317	254	297	465	358	251	495	650	784	802	943
	316	238	276	443	342	238	480	636	768	783	922
Operating Profit	1	16	21	23	16	13	15	14	16	19	22
OPM %	0.46%	6.44%	7.06%	4.86%	4.41%	5.04%	3.12%	2.13%	2.08%	2.33%	2.28%
	3	4	2	2	1	1	0	2	3	2	2
Interest	9	11	12	11	9	6	5	3	5	4	5
Depreciation	7	6	7	6	6	6	6	6	7	8	9
Profit before Tax	-12	3	4	7	1	1	5	6	7	9	13
Tax %	-27.33%	11.48%	42.20%	15.37%	-163.34%	56.48%	36.06%	30.60%	28.77%	28.35%	27.62%
Net Profit	-15	3	3	6	3	1	3	4	5	6	9
EPS	0.00	0.00	0.00	0.00	0.00	0.40	2.13	2.54	2.91	3.77	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: 10%
5 Years:: 18%
3 Years:: 17%

COMPOUNDED PROFIT GROWTH

10 Years:: 11%
5 Years:: 14%
3 Years:: 25%

STOCK PRICE CAGR

10 Years:: 12%
5 Years:: 67%
3 Years:: 163%
1 Year:: 229%

RETURN ON EQUITY

10 Years:: 1%
5 Years:: 3%
3 Years:: 4%
Last Year:: 5%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	14	14	14	14	14	15	16	16	16	16
	64	70	72	78	82	93	107	111	116	123
	70	92	100	100	78	77	44	43	39	44
Trade Payables	7	2	22	19	18	15	6	18	14	24
	56	30	20	23	17	20	27	29	39	27
Total Liabilities	210	207	227	234	208	221	200	218	225	234
	69	74	69	66	63	61	60	65	69	70
Capital Work in Progress	2	0	0	0	0	0	0	0	0	0
	30	28	28	28	28	28	26	24	18	18
	37	40	61	84	63	72	47	80	87	81
	0	0	0	0	0	0	0	0	15	25
Cash & Bank	6	4	5	4	3	2	15	0	1	1
	67	61	65	52	50	58	53	49	35	40
Total Assets	210	207	227	234	208	221	200	218	225	234

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	25	16	4	19	36	-3	47	3	14	9
Cash from Investing	-16	0	1	-7	-3	1	-5	-11	-6	-11
Cash from Financing	-10	-16	-4	-11	-31	5	-26	-5	-8	1
	-1	-0	1	-1	1	2	13	-15	1	-1

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE
EPS (₹)	-11.24	1.87	1.87	4.50	2.40	0.37	1.91	2.54	2.91	3.77
Book Value (₹)	57.09	61.24	63.16	67.69	70.16	73.07	75.16	77.80	80.80	84.64
Dividend per Share (₹)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash EPS (₹)	-6.33	6.28	6.80	9.16	6.89	4.12	5.52	6.37	7.17	8.56
PROFITABILITY
Operating Margin %	0.73%	6.30%	7.49%	5.32%	4.58%	5.21%	3.21%	2.27%	2.08%	2.33%
Net Margin %	-4.29%	0.89%	0.84%	1.31%	0.91%	0.22%	0.64%	0.64%	0.61%	0.77%
ROE %	-17.92%	3.16%	3.00%	6.87%	3.48%	0.54%	2.72%	3.32%	3.67%	4.56%
ROCE %	-1.35%	7.83%	8.77%	9.69%	5.61%	4.26%	5.56%	5.42%	6.89%	6.99%
	-7.10%	1.22%	1.17%	2.65%	1.47%	0.26%	1.50%	1.99%	2.16%	2.70%
EFFICIENCY
Debtor Days	41	44	30	16	17	27	15	11	8	9
Inventory Days	43	49	61	57	75	98	44	36	39	38
Payable Days	9	9	18	22	27	32	10	9	10	11
	76	84	73	51	66	93	49	38	37	36
FINANCIAL HEALTH
Debt to Equity (x)	0.65x	1.13x	1.18x	1.10x	0.83x	0.75x	0.37x	0.34x	0.31x	0.33x
Interest Coverage (x)	-0.27x	1.26x	1.38x	1.64x	1.14x	1.20x	1.98x	2.88x	2.31x	3.23x
	1.07x	1.17x	1.26x	1.28x	1.31x	1.59x	2.21x	1.78x	1.71x	1.49x
GROWTH
Revenue Growth %	6.11%	-19.98%	16.93%	56.66%	-23.09%	-29.87%	97.41%	31.18%	20.63%	2.29%
Operating Profit Growth %	-85.00%	597.33%	26.02%	9.03%	-33.71%	-20.23%	21.36%	-6.91%	19.96%	12.51%
Net Profit Growth %	-819.03%	116.64%	-0.15%	140.86%	-46.74%	-83.06%	471.30%	32.55%	14.82%	29.40%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	14.82%	29.40%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	34.62x	71.80x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	1.25x	3.20x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	11.57x	24.57x

Shareholding Pattern

Numbers in percentages

	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	72.80	72.80	72.80	72.80	72.80
	0.11	1.01	0.83	0.71	0.55	0.56	1.17	0.06	0.00
DIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	26.48	25.58	25.76	25.88	26.65	26.63	26.02	27.14	27.19

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-01

Copy of Newspaper Publication

2026-09-01 - Mahamaya Steel Industries Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-31

General Updates

2026-08-31 - Mahamaya Steel Industries Limited has informed the Exchange about General Updates

2026-08-31

Change in Management

2026-08-31 - Mahamaya Steel Industries Limited has informed the Exchange about change in Management

2026-08-31

Shareholders meeting

2026-08-31 - Mahamaya Steel Industries Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 25, 2026

2026-08-31

Outcome of Board Meeting

2026-08-31 - Mahamaya Steel Industries Limited has informed the Exchange regarding Outcome of Board Meeting held on August 31, 2026.

2026-08-31

Outcome of Board Meeting

2026-08-31 - Mahamaya Steel Industries Limited has informed the Exchange regarding Outcome of Board Meeting held on August 31, 2026.

2026-08-31

Outcome of Board Meeting

2026-08-31 - Mahamaya Steel Industries Limited has informed the Exchange regarding Outcome of Board Meeting held on August 31, 2026.

2026-08-24

Copy of Newspaper Publication

2026-08-24 - Mahamaya Steel Industries Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-22

Outcome of Board Meeting

2026-08-22 - Outcome of Board Meeting held on Saturday 22nd August, 2026.The Board of Directors at their meeting held on 22nd August, 2026, has interalia approved the following:1. The date of ensuing Annual General Meeting for the Financial Year will be Friday the 25th September, 2026.2. Appointment of Scrutinizer for scrutinizing the E-voting Process of ensuing Annual General Meeting. 3. Approval of draft of Predispatch Notice of ensuing Annual General Meeting to be published in Newspaper for Members of the Company.

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