Supplies steel products — Hot Rolled Steel Plates, HR Sheets and Structural Steel Channels — to industrial customers, having pivoted from its earlier retail and agro-products trading business into the steel and infrastructure supply chain. The flagship engagement is supplying steel for Tata Motors' new manufacturing facilities in Gujarat and Maharashtra, executed through purchase orders from RIECO Industries Limited, Pune: about 1,200 MT worth Rs 8.50 crore was already shipped in March–April 2026, with a further Rs 24 crore pipeline expected through FY27 and a total order book of Rs 32.50 crore from this single customer. A smaller secondary stream is brokerage and commission income from transaction facilitation — Rs 1.11 crore booked from a Rs 60 crore purchase-and-sale deal with Shun Shing India Pvt Ltd in Q1 FY27. FY26 revenue was Rs 22.58 crore and net profit Rs 4.51 crore, up sharply from the prior year. Raw materials dominate the cost base at 75.8% of revenue while employee cost is just 0.3%, indicating an asset-light trading model rather than in-house steel manufacturing. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Steel products supply, Brokerage and transaction facilitation. Asset-light steel products trading and supply business, recently pivoted from retail
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 0 | 0 | 1 | 3 | 23 |
| EBITDA (ex other income) | (0) | (0) | (0) | 0 | 5 |
| margin % | — | — | (23.3) | 5.9 | 20.6 |
| Owners' profit | (0) | (0) | (0) | 0 | 5 |
| EPS, as reported (₹) | (0.68) | (0.86) | (1.12) | 0.17 | 13.33 |
| ROE % · ROCE % | 21.8 · (1786.5) | 22.8 · (1064.8) | 24.3 · (362.5) | (3.9) · 59.9 | 132.9 · 90.4 |
| Debt / equity (x) | (1.00) | (1.01) | (1.03) | (1.22) | 0.52 |
| Cash from operations | (0) | (0) | (0) | (0) | (0) |
| Capex | 0 | 0 | 0 | 0 | 0 |
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2 | 0 | 2 | 1 | 2 | 7 | 6 | 7 |
| Profit before tax | (0) | (0) | (0) | 0 | 0 | 2 | 1 | 2 |
| Net profit | (0) | (0) | (0) | 0 | 0 | 2 | 1 | 2 |
| EPS (₹) | (0.34) | (0.06) | (0.47) | 0.64 | 1.21 | 4.44 | 3.21 | 4.50 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WAAREE ENERGIES LIMITED | 75,508 | 19.8 | 5.03 | 12.2 | 25.9 | 29.0 | — | 20.3 |
| APAR INDUSTRIES LTD. | 70,293 | 59.5 | 13.03 | 36.9 | 18.1 | 21.9 | 29.1 | 12.0 |
| PREMIER ENERGIES LIMITED | 44,224 | 26.2 | 10.26 | 18.0 | 35.0 | 25.7 | — | 30.8 |
| EMMVEE PHOTOVOLTAIC PWR L | 23,872 | 17.9 | 6.46 | 13.3 | 29.3 | 31.2 | — | 36.3 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 7 Sept 2026 · Notice of 48th AGM on Sep 30, 2026 and FY25-26 Annual Report | board shareholder meetings | medium | — | — |
| 7 Sept 2026 · 48th AGM Notice and FY26 Annual Report | board shareholder meetings | medium | — | — |
| 1 Sept 2026 · Board approves 48th AGM date and Secretarial Audit Report | board shareholder meetings | low | — | — |
| 27 Jul 2026 · Reg 74(5) demat certificate filed for Q1 FY27 | compliance | minimal | — | — |
| 27 Jul 2026 · Q1 FY27 results: Profit jumps 5x YoY to Rs 241 lakh | compliance | minimal | — | — |
| 22 Jul 2026 · Q1 FY27 Results: Revenue up 3.7x, PAT jumps nearly 6x year-on-year | results | high | — | — |
| 22 Jul 2026 · Magnus Steel Q1 FY27 net profit jumps nearly 5x to Rs 2.41 cr on revenue surge | results | high | — | — |
| 21 Jul 2026 · Rights Issue Committee meeting postponed awaiting stock exchange approval | fund raising | low | — | — |
| 16 Jul 2026 · Rights Issue Committee meeting on July 21 to decide issue price and terms | corporate actions | high | — | — |
| 15 Jul 2026 · Board approves Rights Issue to raise up to Rs. 40 Crores | fund raising | medium | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions |
| MTAR TECHNOLOGIES LIMITED | 22,531 | 168.8 | 27.39 | 120.2 | 11.4 | 12.4 | 28.9 | 25.8 |
| DIAMOND POWER INFRA LTD | 19,448 | 98.9 | — | 94.7 | (26.2) | 8.6 | — | 12.3 |
| AVALON TECHNOLOGIES LTD | 15,293 | 114.3 | 21.19 | 76.2 | 15.6 | 20.0 | — | 12.5 |
| GENUS POWER INFRASTRU LTD | 9,830 | 13.7 | 4.43 | 12.1 | 26.7 | 22.7 | 50.8 | 22.1 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 1.7 | 26.2 | 4 of 53 | 94% |
| P/B | 2.3 | 3.6 | 15 of 49 | 71% |
| ROCE | 87.5 | 12.3 | 1 of 56 | 100% |
| ROE | 132.9 | 11.5 | 1 of 53 | 100% |
| Debt / Equity | 0.5 | 0.2 | 36 of 53 | 33% |
| EBITDA margin | 21.3 | 12.6 | 14 of 51 | 74% |
| Revenue growth | 384.9 | 20.7 | 1 of 46 | 100% |
| Profit growth | 605.5 | 37.7 | 5 of 45 | 91% |
| Market cap | 8 | 641 | 55 of 56 | 2% |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
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