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 | 1-day % | 5-day % |
|---|---|---|---|---|
| 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 | — | — |
| 2 Sept 2026 · SAST disclosure from promoter group members Rathee filed with exchange | ownership changes | medium | — | — |
| 1 Sept 2026 · Mahamaya Steel: Newspaper Publication of 38th AGM Notice | compliance | minimal | — | — |
| 31 Aug 2026 · Mahamaya Steel board clears new auditor, Rs 900 Cr borrowing cap | management changes | medium | — | — |
| 31 Aug 2026 · Board outcome: new auditor, ID re-appointment, borrowing limit raised to Rs 900 Cr | management changes | medium | — | — |
| 31 Aug 2026 · 38th AGM notice on Sep 25, 2026; key items include borrowings up to Rs 900 cr | board shareholder meetings | low | — | — |
| 31 Aug 2026 · Board clears auditor change, director re-appointment, Rs 900 Cr borrowing limit hike | management changes | medium | — | — |
| 31 Aug 2026 · Board clears auditor change, director re-appointment, higher borrowing limits | management changes | medium | — | — |
| 31 Aug 2026 · Board approves new auditor, director re-appointment, higher borrowing limits | management 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.