NSE: MAHASTEEL · BSE: 513554
MAHAMAYA STEEL INDS LTD
Manufactures structural steel products such as joists, channels, angles, flats, rounds, blooms and billets, selling them to large public-sector buyers and a few private firms. Monthly volumes have run in the high-teens to low-twenties of thousand metric tonnes — 21,467.96 MT in April 2026 and 17,485.14 MT in June 2026. The customer book includes SAIL, BHEL, NTPC, ONGC, GAIL, RDSO, BSP, DGS&D, DMRC and Reliance Industries, with the company holding approved-supplier status at each. Raw materials accounted for 80.7% of FY26 revenue of Rs 882.85 crore, leaving an EBITDA margin of 2.94%. Working-capital and capex needs are met via Rs 50 crore of cash credit from UCO Bank, with total long-term bank facilities of Rs 51.47 crore rated BWR BBB+ with Stable outlook. Borrowings rose during the year — qualified borrowings climbed from Rs 4.21 crore to Rs 18.78 crore — and an electricity duty subsidy receivable of Rs 1,105.69 lakh was flagged by auditors as having uncertain collectability. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Manufacture and sale of structural steel products. Cyclical, thin-margin structural steel manufacturer
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 495 | 650 | 784 | 802 | 883 |
| EBITDA (ex other income) | 15 | 15 | 17 | 19 | 24 |
| margin % | 3.1 | 2.2 | 2.2 | 2.4 | 2.8 |
| Owners' profit | 5 | 5 | 7 | 8 | 10 |
| EPS, as reported (₹) | 3.31 | 3.31 | 4.09 | 4.62 | 5.84 |
| ROE % · ROCE % | 3.8 · 6.1 | 4.1 · 5.6 | 4.8 · 7.1 | 5.1 · 7.6 | 6.0 · 9.9 |
| Debt / equity (x) | 0.34 | 0.32 | 0.29 | 0.31 | 0.37 |
| Cash from operations | 42 | 2 | 14 | 9 | 8 |
| Capex | (5) | (11) | (9) | (9) | (11) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 155 | 200 | 236 | 207 | 189 | 224 | 263 | 268 |
| Profit before tax | 0 | 2 | 6 | 2 | 2 | 2 | 6 | 3 |
| Net profit | 0 | 1 | 5 | 2 | 2 | 2 | 4 | 2 |
| EPS (₹) | 0.14 | 0.66 | 3.29 | 1.06 | 1.15 | 1.16 | 2.48 | 1.30 |
Exhibit 3: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 5 Nov 2026 · October 2026 sales volume reported at 17,817.950 MT | business updates | medium | — | — |
| 5 Nov 2026 · Board meeting set for September quarter and half-year results | board shareholder meetings | low | — | — |
| 10 Oct 2026 · Routine RTA compliance certificate filed under SEBI DP rules for Q2 FY27 | compliance | minimal | — | — |
| 1 Oct 2026 · Mahamaya Steel reports September 2026 sales of 17,290 MT | business updates | medium | — | — |
| 29 Sept 2026 · Mahamaya Steel: Trading Window Closes Oct 1, 2026 for Q2 Results | compliance | minimal | — | — |
| 26 Sept 2026 · New Statutory Auditor Appointed, Independent Director Re-appointed | management changes | medium | — | — |
| 26 Sept 2026 · AGM voting results: All 12 resolutions approved with majority | compliance | minimal | — | — |
| 25 Sept 2026 · 38th AGM held Sep 25, 2026; 12 resolutions transacted | board shareholder meetings | low | — | — |
| 7 Sept 2026 · August 2026 sales volume reported at 19,610 MT | business updates | medium | — | — |
| 3 Sept 2026 · Vijay Rathee buys 0.19% stake in Mahamaya Steel via open market | ownership changes | medium | — | — |
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.