NSE: MAITHANALL · BSE: 590078
MAITHAN ALLOYS LTD
Makes ferro alloys — including ferro manganese and silica manganese — at three manufacturing plants located in West Bengal, Meghalaya, and Andhra Pradesh, and is classified in the Ferro & Silica Manganese industry. All of segment revenue for the year ended 31 March 2026 came from Ferro Alloys at Rs 2,251.41 crore (100% of segment revenue), with a Real Estate segment reported but contributing no revenue. Materials account for the largest share of costs at 49.4% of revenue, followed by other operating expenses at 34.9% and employee costs at 4.3%. Standalone FY26 net sales of Rs 2,251.41 crore translated into consolidated revenue of Rs 2,172.59 crore and consolidated net profit of Rs 440.94 crore. The company has divested the capital assets of its Byrnihat unit and merged its wholly owned subsidiary Impex Metal & Ferro Alloys into itself, with NCLT Kolkata sanctioning the merger effective 30 June 2026. The Board approved an interim dividend of Rs 11 per share and recommended a final dividend of Rs 5 per share for FY26, on a face value of Rs 10. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Ferro Alloys (100%), Real Estate (0%). Cyclical, single-product ferro alloys manufacturer
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,992 | 2,885 | 1,729 | 1,806 | 2,173 |
| EBITDA (ex other income) | 1,068 | 484 | 114 | 177 | 259 |
| margin % | 35.7 | 16.8 | 6.6 | 9.8 | 11.9 |
| Owners' profit | 818 | 499 | 349 | 630 | 434 |
| EPS, as reported (₹) | 281.00 | 171.41 | 119.87 | 216.47 | 148.96 |
| ROE % · ROCE % | 35.2 · 46.0 | 17.8 · 22.4 | 11.1 · 14.0 | 16.8 · 21.8 | 10.6 · 14.9 |
| Debt / equity (x) | 0.00 | 0.01 | 0.01 | 0.16 | 0.06 |
| Cash from operations | 237 | 968 | (411) | 50 | (10) |
| Capex | (101) | (11) | (69) | (30) | (25) |
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 | 464 | 531 | 435 | 632 | 491 | 490 | 559 | 540 |
| Profit before tax | 217 | 114 | (54) | 696 | (141) | 122 | (72) | 498 |
| Net profit | 143 | 90 | (58) | 538 | (119) | 93 | (71) | 396 |
| EPS (₹) | 49.41 | 31.20 | (20.96) | 184.17 | (41.55) | 30.55 | (24.21) | 135.01 |
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. % |
|---|---|---|---|---|---|---|---|---|
| INDIAN METALS & FERRO | 5,855 | 11.2 | 2.15 | 10.3 | 15.6 | 17.7 | 8.9 | 30.6 |
| MAITHAN ALLOYS LTD ◆ | 2,298 | 7.9 | 0.55 | 3.7 | 10.6 | 13.9 | 6.0 | 94.2 |
| NILACHAL CARBO METALICKS LIMIT | 234 | 22.3 | — | — | — | 11.2 | — | — |
| NAGPUR POWER & INDUSTRIES LTD. | 186 | 48.6 | 1.99 | 49.2 | (2.3) | (2.0) | 22.9 | 5.3 |
| SHYAM CENTURY FERROUS LTD | 98 | 7.0 | 0.62 | 38.1 | 3.7 | 3.0 | — | 8.9 |
| INDSIL HYDRO POWER AND MANGANE | 91 | 10.3 | 0.46 | 4.8 | 7.6 | 7.2 | 19.9 | 15.3 |
| Chrome Silicon Limited | 62 | — | 4.10 | — | (64.8) | (10.8) | — | — |
| FACOR ALLOYS LTD. | 59 | — | 0.69 | — | (17.2) | (23.0) | (60.0) | (977.9) |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 7.9 | 10.8 | 2 of 6 | 80% |
| P/B | 0.6 | 0.7 | 2 of 7 | 83% |
| ROCE | 13.8 | 5.1 | 2 of 8 | 86% |
| ROE | 10.6 | 3.7 | 2 of 7 | 83% |
| Debt / Equity | 0.1 | 0.1 | 3 of 7 | 67% |
| EBITDA margin | 94.2 | 12.1 | 1 of 6 | 100% |
| Revenue growth | (14.7) | 49.7 | 5 of 7 | 33% |
| Profit growth | (26.4) | 96.7 | 5 of 7 | 33% |
| Market cap | 2298 | 142 | 2 of 8 | 86% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Board to review September 2026 quarterly and half-year results | results | low | — | — |
| 23 Oct 2026 · Maithan Alloys buys 0.04% stake in Sterlite Technologies | strategic transactions | high | — | — |
| 22 Oct 2026 · Maithan Alloys acquires 0.05 percent stake in Sterlite Technologies for Rs 20 Cr | strategic transactions | medium | — | — |
| 22 Oct 2026 · Maithan Alloys buys 0.09% stake in Sterlite Technologies for Rs 38.72 Cr | ownership changes | high | — | — |
| 17 Oct 2026 · Maithan Alloys incorporates new subsidiary for water treatment EPC | strategic transactions | medium | — | — |
| 17 Oct 2026 · Maithan Alloys buys 0.04% stake in Sterlite Technologies for about Rs 20 Cr | strategic transactions | high | — | — |
| 15 Oct 2026 · No dematerialization requests received in Q2 FY26 | compliance | minimal | — | — |
| 14 Oct 2026 · Maithan Alloys buys 0.05% stake in HFCL for Rs 20 Cr | strategic transactions | high | — | — |
| 13 Oct 2026 · Customs Search and Seizure at Visakhapatnam Unit | regulatory legal | high | — | — |
| 13 Oct 2026 · Maithan Alloys buys 0.05 percent stake in HFCL for Rs 20.14 Cr | strategic transactions | 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.