Maithan Alloys Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2025 • Ferro Alloys: 100.0%
AI Sector View
AI GENERATEDPower
Operationally, power remains one of the strongest sectors in the dataset. Power generation rose 8.0% YoY (2026-07), IIP-electricity was 10.0% YoY (2026-06), electricity core output was 9.0% YoY (2026-07), and coal offtake increased 10.0% YoY (2026-07). FPI outflows are a headwind at INR -10736 crore over 3 months to 2026-08-31, but the fundamental demand signal is strong enough to retain a positive stance.
PROS
- Company has delivered good profit growth of 23.6% CAGR over last 5 years
- Company has a healthy return on capital (ROCE) of 20.7%
- Company comfortably covers its interest (38.0x coverage)
- Company has a consistent dividend-paying track record
- Company maintains a comfortable, low leverage position
CONS
- Company is loss-making at the operating / net level
- A large part of profit comes from other income (106.1% of PBT)
- Recent results are weak - TTM profit is down 68.9% versus prior year
- Company's sales have been declining over the last five years
- Total debt has risen sharply - up 3942.2% year on year
- Operating margins have contracted to -0.8% from 35.6%
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| NAVA | 551.85 | 20.68 | 15634.61 | 1.54 | 332.82 | -16.60 | 1211.80 | 1.56 | 15.55 | 43.45 |
| IMFA | 1243.40 | 12.79 | 6708.65 | 1.01 | 192.59 | 108.12 | 960.45 | 49.71 | 18.54 | 29.29 |
| MAITHANALL | 1043.40 | 10.45 | 3037.50 | 1.63 | 395.72 | -26.43 | 539.53 | -14.67 | 23.38 | 16.84 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 400 | 442 | 448 | 433 | 371 | 470 | 540 | 439 | 654 | 502 | 519 | 559 | 571 | |
| 360 | 409 | 413 | 432 | 348 | 417 | 509 | 378 | 604 | 486 | 488 | 492 | 511 | |
| Operating Profit | 39 | 33 | 35 | 1 | 23 | 54 | 31 | 61 | 50 | 16 | 30 | 68 | 60 |
| OPM % | 9.84% | 7.45% | 7.86% | 0.32% | 6.11% | 11.43% | 5.70% | 13.79% | 7.65% | 3.25% | 5.80% | 12.08% | 10.46% |
| 45 | 61 | 79 | 172 | 561 | 180 | 98 | -113 | 660 | -142 | 89 | -163 | 432 | |
| Interest | 0 | 0 | 0 | 1 | 1 | 6 | 6 | 8 | 12 | 12 | 3 | 13 | 4 |
| Depreciation | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 3 | 4 | 5 |
| Profit before Tax | 80 | 90 | 110 | 169 | 579 | 224 | 119 | -64 | 695 | -141 | 112 | -95 | 492 |
| Tax % | 24.46% | 27.10% | 20.84% | 18.42% | 20.62% | 32.34% | 19.94% | -4.15% | 21.98% | 20.45% | 22.95% | 21.45% | 19.81% |
| Net Profit | 60 | 66 | 87 | 138 | 459 | 152 | 95 | -66 | 542 | -112 | 86 | -75 | 394 |
| 20.78 | 22.53 | 30.02 | 47.25 | 157.82 | 52.16 | 32.70 | -22.75 | 186.18 | -38.50 | 29.72 | -25.64 | 135.43 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,151 | 1,342 | 1,879 | 1,988 | 1,831 | 1,620 | 3,058 | 2,908 | 1,723 | 1,820 | 2,150 | |
| 1,019 | 1,063 | 1,497 | 1,663 | 1,596 | 1,322 | 2,004 | 2,404 | 1,613 | 1,834 | 1,977 | |
| Operating Profit | 132 | 279 | 382 | 325 | 235 | 298 | 1,054 | 503 | 110 | -15 | 174 |
| OPM % | 11.43% | 20.82% | 20.34% | 16.33% | 12.83% | 18.37% | 34.47% | 17.32% | 6.40% | -0.80% | 8.07% |
| 4 | 8 | 17 | 26 | 66 | 24 | 35 | 79 | 357 | 911 | 217 | |
| Interest | 17 | 12 | 8 | 8 | 6 | 3 | 3 | 5 | 3 | 23 | 33 |
| Depreciation | 23 | 25 | 15 | 16 | 16 | 16 | 15 | 15 | 15 | 15 | 16 |
| Profit before Tax | 96 | 250 | 376 | 327 | 279 | 302 | 1,070 | 563 | 449 | 858 | 368 |
| Tax % | 17.44% | 25.71% | 22.39% | 21.89% | 20.51% | 22.95% | 24.51% | 24.25% | 21.83% | 25.42% | 20.09% |
| Net Profit | 79 | 186 | 292 | 255 | 222 | 233 | 808 | 427 | 351 | 640 | 294 |
| EPS | 27.15 | 63.78 | 100.22 | 87.68 | 76.22 | 80.05 | 277.44 | 146.51 | 120.59 | 219.93 | — |
| Dividend Payout % | 7.37% | 3.92% | 2.99% | 6.84% | 7.87% | 7.50% | 2.16% | 4.10% | 4.98% | 7.27% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 7%
- 5 Years:
- 0%
- 3 Years:
- -16%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 29%
- 5 Years:
- 24%
- 3 Years:
- -7%
STOCK PRICE CAGR
- 10 Years:
- 14%
- 5 Years:
- 2%
- 3 Years:
- 0%
- 1 Year:
- -8%
RETURN ON EQUITY
- 10 Years:
- 25%
- 5 Years:
- 21%
- 3 Years:
- 16%
- Last Year:
- 19%
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 29 | 29 | 29 | 29 | 29 | 29 | 29 | 29 | 29 | 29 |
| 366 | 563 | 846 | 1,091 | 1,270 | 1,502 | 2,293 | 2,702 | 3,041 | 3,655 | |
| 139 | 82 | 46 | 8 | 11 | 50 | 5 | 12 | 17 | 565 | |
| Trade Payables | 133 | 81 | 147 | 246 | 75 | 183 | 178 | 142 | 84 | 112 |
| 130 | 178 | 154 | 151 | 136 | 141 | 216 | 144 | 186 | 354 | |
| Total Liabilities | 797 | 934 | 1,222 | 1,526 | 1,522 | 1,905 | 2,722 | 3,028 | 3,358 | 4,716 |
| 260 | 238 | 233 | 219 | 207 | 193 | 160 | 151 | 145 | 136 | |
| Capital Work in Progress | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 2 | 1 | 0 |
| 47 | 84 | 363 | 649 | 26 | 815 | 849 | 938 | 1,869 | 3,221 | |
| 151 | 187 | 248 | 261 | 277 | 349 | 608 | 272 | 340 | 588 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 388 | 145 | |
| Cash & Bank | 54 | 90 | 51 | 43 | 636 | 25 | 94 | 1,077 | 67 | 52 |
| 285 | 336 | 327 | 353 | 374 | 524 | 1,010 | 588 | 550 | 574 | |
| Total Assets | 797 | 934 | 1,222 | 1,526 | 1,522 | 1,905 | 2,722 | 3,028 | 3,358 | 4,716 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 137 | 149 | 373 | 392 | 5 | 175 | 398 | 1,094 | -440 | 532 | |
| Cash from Investing | -11 | -8 | -280 | -270 | 697 | -760 | -0 | -956 | 416 | -1,056 |
| Cash from Financing | -101 | -74 | -55 | -54 | -43 | 37 | -62 | -13 | -14 | 505 |
| 25 | 41 | -50 | -9 | 609 | -607 | 66 | -11 | -37 | -19 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-11 - Maithan Alloys Limited has informed the Exchange about acquisition of Equity Shares through Stock Exchange.
2026-09-10 - Maithan Alloys Limited has informed the Exchange regarding Intimation of decision of the National Stock Exchange of India Limited (NSE) on application for re-classification under Regulation 31A of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
2026-09-10 - Maithan Alloys Limited has informed the Exchange about acquisition of Equity Shares through Stock Exchange.
2026-09-09 - Maithan Alloys Limited has informed the Exchange about acquisition of equity shares through Stock Exchange.
2026-09-07 - Maithan Alloys Limited has informed the Exchange about newspaper publication relating to dispatch of Notice of the 41st Annual General Meeting of the Company.
2026-09-05 - Maithan Alloys Limited has informed the Exchange regarding Notice convening the 41st Annual General Meeting of the Company to be held on 28th September, 2026 at 11:30 a.m. through Video Conferencing/Other Audio Visual Means.
2026-09-03 - Maithan Alloys Limited has informed the Exchange about Copy of Newspaper Publication regarding the 41st Annual General Meeting.
2026-09-03 - Significant increase in volume has been observed in Maithan Alloys Limited. The Exchange, in order to ensure that investors have latest relevant information about the company and to inform the market place so that the interest of the investors is safeguarded, had written to the company. Maithan Alloys Limited has submitted their response.
2026-09-02 - Significant increase in volume has been observed in Maithan Alloys Limited. The Exchange, in order to ensure that investors have latest relevant information about the company and to inform the market place so that the interest of the investors is safeguarded, has written to the company. The response from the company is awaited.
News
Recent coverage and analyst commentary for MAITHANALL
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