BSE: 512505
MEENAKSHI STEEL INDUSTRIES LTD
Operates primarily as a finance and investment company, with filings explicitly describing its business as such despite being classified under iron and steel products. The bulk of revenue comes from interest income on lending and investment activities, with operations run on a small scale. Borrowings fund the lending book and finance costs form the dominant expense line. Employee and other operating costs are minimal at roughly 1.2% and 1.4% of revenue respectively, with no materials, depreciation or capex recorded. The company also carries exposure to an associate, Sushree Trading, whose accumulated losses have been absorbed into retained earnings. It has no subsidiaries and is listed only on BSE. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Interest income, Other investment and operating income. Asset-light finance and investment company with no manufacturing or material costs
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 20 | 24 | 22 | 18 | 19 |
| EBITDA (ex other income) | 19 | 21 | 18 | 16 | 18 |
| margin % | 99.0 | 84.8 | 84.7 | 87.8 | 97.4 |
| Owners' profit | 4 | 0 | (38) | 1 | 1 |
| EPS, as reported (₹) | (36.07) | (8.63) | (194.82) | 5.21 | 7.17 |
| ROE % · ROCE % | 3.4 · — | (2.9) · — | (0.5) · — | 1.0 · — | 1.0 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | (27) | (5) | (0) | 0 | 1 |
| 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 | 5 | 5 | 5 | 3 | 4 | 5 | 6 | 4 |
| Profit before tax | 1 | (1) | 1 | 1 | 1 | 1 | 1 | (1) |
| Net profit | 0 | (1) | 1 | 1 | 1 | 1 | 1 | (0) |
| EPS (₹) | 3.56 | (6.84) | 5.94 | 2.55 | 4.27 | (15.08) | 3.94 | (2.46) |
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. % |
|---|---|---|---|---|---|---|---|---|
| WELSPUN CORP LIMITED | 67,533 | 29.2 | 7.18 | 28.8 | 17.2 | 14.9 | 21.1 | 18.5 |
| APL APOLLO TUBES LTD | 60,250 | 49.0 | 11.38 | 31.4 | 22.7 | 26.1 | 22.1 | 8.0 |
| SHYAM METALICS AND ENGY L | 31,861 | 28.4 | 2.58 | 12.9 | 8.6 | 11.4 | 24.1 | 14.9 |
| RATNAMANI MET & TUB LTD. | 16,161 | 37.3 | 3.84 | 18.9 | 12.7 | 15.6 | 14.4 | 18.5 |
| JINDAL SAW LIMITED | 15,396 | 23.5 | 1.25 | 8.5 | 7.5 | 6.8 | 10.9 | 9.4 |
| USHA MARTIN LTD. | 14,152 | 27.9 | 4.29 | 18.6 | 14.1 | 17.7 | 12.0 | 21.0 |
| GALLANTT ISPAT LIMITED | 13,005 | 29.9 | 3.92 | 17.3 | 14.6 | 16.8 | 34.4 | 17.8 |
| GODAWARI POW & ISP LTD | 12,751 | 14.9 | 2.18 | 9.7 | 13.7 | 17.0 | 5.7 | 21.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| ROE | 1.0 | 8.6 | 89 of 103 | 14% |
| EBITDA margin | 102.6 | 11.0 | 4 of 100 | 97% |
| Revenue growth | 31.9 | 13.7 | 23 of 97 | 77% |
| Profit growth | (196.7) | 29.3 | 102 of 105 | 3% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Board meeting on November 4 to approve September quarter results | compliance | minimal | — | — |
| 23 Oct 2026 · Board to approve September 2026 half-year results | results | low | — | — |
| 9 Oct 2026 · RTA Compliance Certificate for Quarter Ended September 2026 | compliance | minimal | — | — |
| 6 Oct 2026 · No interest or dividend payments due in July-September 2026 quarter | compliance | minimal | — | — |
| 29 Sept 2026 · Trading Window Closed from 1 Oct 2026 till Q2 Results | compliance | minimal | — | — |
| 29 Sept 2026 · Scrutinizer report on 41st AGM: all 3 resolutions passed unanimously | compliance | minimal | — | — |
| 29 Sept 2026 · 41st AGM: All 3 resolutions passed with 100% approval | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Meenakshi Steel Industries holds 41st AGM, three resolutions put to vote | board shareholder meetings | low | — | — |
| 23 Sept 2026 · No debt or interest due next quarter, company informs exchange | compliance | minimal | — | — |
| 3 Sept 2026 · 41st AGM on 28 Sept 2026: financial statements and director re-appointments | 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.