BSE: 517320
MAGNUS STEEL AND INFRA LIMITED
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
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | 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 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WAAREE ENERGIES LIMITED | 65,440 | 17.1 | 4.36 | 10.6 | 25.9 | 29.0 | — | 20.3 |
| APAR INDUSTRIES LTD. | 60,809 | 51.5 | 11.27 | 32.0 | 18.1 | 21.9 | 29.1 | 12.0 |
| PREMIER ENERGIES LIMITED | 39,130 | 23.2 | 9.08 | 16.0 | 35.0 | 25.7 | — | 30.8 |
| MTAR TECHNOLOGIES LIMITED | 20,676 | 154.9 | 25.14 | 110.5 | 11.4 | 12.4 | 28.9 | 25.8 |
| DIAMOND POWER INFRA LTD | 17,654 | 89.8 | — | 87.0 | (26.2) | 8.6 | — | 12.3 |
| EMMVEE PHOTOVOLTAIC PWR L | 16,571 | 12.4 | 4.48 | 9.2 | 29.3 | 31.2 | — | 36.3 |
| AVALON TECHNOLOGIES LTD | 14,460 | 108.1 | 20.04 | 72.0 | 15.6 | 20.0 | — | 12.5 |
| GENUS POWER INFRASTRU LTD | 8,156 | 11.4 | 3.68 | 10.4 | 26.7 | 22.7 | 50.8 | 22.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 0.9 | 22.6 | 2 of 52 | 98% |
| P/B | 1.2 | 3.3 | 9 of 49 | 83% |
| ROCE | 87.5 | 12.4 | 1 of 55 | 100% |
| ROE | 132.9 | 12.4 | 1 of 50 | 100% |
| Debt / Equity | 0.5 | 0.3 | 33 of 50 | 35% |
| 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 | 4 | 576 | 56 of 56 | 0% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 21 Oct 2026 · Record date fixed for Rights Entitlements crediting | corporate actions | medium | — | — |
| 21 Oct 2026 · Rights issue of 3.99 crore shares at Rs 10 approved | corporate actions | high | — | — |
| 21 Oct 2026 · Rights Issue terms approved - 59 shares for every 5 held, record date Oct 27 | corporate actions | high | — | — |
| 16 Oct 2026 · Quarterly confirmation certificate for share dematerialisation filed | compliance | minimal | — | — |
| 15 Oct 2026 · Rights Issue Committee meeting on Oct 21 to decide terms including price and record date | corporate actions | medium | — | — |
| 7 Oct 2026 · BSE grants in-principle approval for Magnus Steel rights issue | corporate actions | medium | — | — |
| 2 Oct 2026 · 48th AGM: All 4 resolutions passed with 99.17% approval | board shareholder meetings | low | — | — |
| 2 Oct 2026 · All 4 resolutions passed at Magnus Steel 48th AGM | board shareholder meetings | medium | — | — |
| 30 Sept 2026 · Magnus Steel 48th AGM held via video conferencing on Sept 30 2026 | board shareholder meetings | medium | — | — |
| 22 Sept 2026 · Cut-off date set for e-voting at 48th AGM on Sept 30, 2026 | board shareholder meetings | low | — | — |
How to read this document
| 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 | 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 |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.