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Maithan Alloys Q2 FY27 results: net profit ₹64.90 crore vs ₹112.07 crore loss, revenue up 21.8%
Maithan Alloys Ltd reported standalone revenue of ₹611.73 crore in Q2 FY27, up 21.8% from Q2 FY26, and a net profit of ₹64.90 crore against a net loss of ₹112.07 crore a year earlier. EBITDA rose to ₹67.20 crore and the margin expanded to 11.0%, while profit declined from Q1 FY27 on lower other income.
Key points
- Standalone revenue was ₹611.73 crore in Q2 FY27, up ₹109.65 crore or 21.8% from Q2 FY26 and up ₹41.17 crore or 7.2% from Q1 FY27.
- EBITDA was ₹67.20 crore, with an 11.0% margin, against ₹16.31 crore and 3.2% in Q2 FY26; margin was 1.0 percentage point lower than Q1 FY27.
- The company reported a net profit of ₹64.90 crore and basic EPS of ₹22.29, compared with a net loss of ₹112.07 crore and EPS of -₹38.5 in Q2 FY26.
- In H1 FY27, revenue was ₹1,182.29 crore and net profit was ₹459.16 crore, with basic EPS of ₹157.72.
- Total assets were ₹5,772.99 crore as on 30 September 2026, while total equity was ₹4,561.29 crore, borrowings were ₹420.52 crore and cash was ₹144.41 crore.
How did Maithan Alloys perform in Q2 FY27?
Maithan Alloys reported standalone revenue of ₹611.73 crore for Q2 FY27, up ₹109.65 crore or 21.8% from Q2 FY26. Revenue also rose ₹41.17 crore or 7.2% from Q1 FY27. Total income was ₹557.50 crore, compared with ₹351.76 crore in Q2 FY26 and ₹1,002.53 crore in Q1 FY27.
EBITDA increased to ₹67.20 crore from ₹16.31 crore in Q2 FY26, while the EBITDA margin expanded to 11.0% from 3.2%, a rise of 7.8 percentage points. Against Q1 FY27, EBITDA was lower by ₹1.41 crore or 2.1%, and the margin declined by 1.0 percentage point.
Maithan Alloys reported a net profit of ₹64.90 crore in Q2 FY27, against a net loss of ₹112.07 crore in Q2 FY26, and basic EPS of ₹22.29 against -₹38.5. From Q1 FY27, net profit fell ₹329.36 crore or 83.5% and basic EPS fell ₹113.14 or 83.5%. The board also approved consolidated results, but no consolidated figures were provided.
Standalone results are reported here. The company’s board approved the standalone and consolidated unaudited financial results for the quarter and half year ended 30 September 2026 on 5 November 2026, following a limited review by the statutory auditor.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 611.73 | 570.56 | 502.08 | +21.8% | +7.2% |
| Other income | −54.23 | 431.97 | −141.55 | ||
| Total expenses | 560.66 | 510.90 | 501.41 | +11.8% | +9.7% |
| EBITDA | 67.20 | 68.61 | 16.31 | +312.0% | −2.1% |
| EBITDA margin | 11.0% | 12.0% | 3.2% | +7.8 pp | −1.0 pp |
| Profit before tax | −3.16 | 491.63 | −140.88 | turned to loss | |
| Tax | −68.06 | 97.37 | −28.81 | ||
| Net profit | 64.90 | 394.26 | −112.07 | turned to profit | −83.5% |
| EPS (₹) | 22.29 | 135.43 | −38.50 | turned to profit | −83.5% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Maithan Alloys' costs and profit?
Total expenses increased ₹59.25 crore or 11.8% from Q2 FY26 to ₹560.66 crore. Cost of materials rose ₹33.72 crore or 16.2% to ₹241.36 crore, while other expenses increased ₹29.47 crore or 18.8% to ₹186.06 crore. Depreciation increased ₹0.97 crore or 27.5% to ₹4.50 crore.
Employee cost fell ₹9.73 crore or 38.4% to ₹15.61 crore, while finance costs were lower by ₹0.48 crore or 4.0% at ₹11.63 crore. Other income improved by ₹87.32 crore, with the reported amount moving from -₹141.55 crore in Q2 FY26 to -₹54.23 crore in Q2 FY27. There was no exceptional item.
Profit before tax improved by ₹137.72 crore, moving from a loss of ₹140.88 crore in Q2 FY26 to a loss of ₹3.16 crore in Q2 FY27. Tax expense was ₹68.06 crore, compared with -₹28.81 crore in the year-ago quarter, and the company moved to a net profit of ₹64.90 crore from a net loss of ₹112.07 crore. The filing does not state reasons for the cost and income movements.
Against Q1 FY27, total expenses increased ₹49.76 crore or 9.7% to ₹560.66 crore, led by cost of materials at ₹241.36 crore and other expenses at ₹186.06 crore. Finance costs rose ₹7.19 crore or 161.9% to ₹11.63 crore, while other income fell by ₹486.20 crore, from ₹431.97 crore to -₹54.23 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 241.36 | 207.64 | +33.72 | +16.2% |
| Employee cost | 15.61 | 25.34 | −9.73 | −38.4% |
| Finance costs | 11.63 | 12.11 | −0.48 | −4.0% |
| Depreciation | 4.50 | 3.53 | +0.97 | +27.5% |
| Other expenses | 186.06 | 156.59 | +29.47 | +18.8% |
| Total expenses | 560.66 | 501.41 | +59.25 | +11.8% |
| Other income | −54.23 | −141.55 | +87.32 | |
| Tax | −68.06 | −28.81 | −39.25 |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, Maithan Alloys reported standalone revenue of ₹1,182.29 crore, up ₹26.49 crore or 2.3% from H1 FY26. Total income was ₹1,560.03 crore, down ₹114.54 crore or 6.8%, while profit before tax fell ₹65.36 crore or 11.8% to ₹488.47 crore.
PAT for the first half was ₹459.16 crore, up ₹29.24 crore or 6.8% from H1 FY26, and basic EPS rose from ₹147.68 to ₹157.72, an increase of ₹10.04 or 6.8%. The half-year figures are standalone and cover the six months ended 30 September 2026.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 1,182 | 1,156 | +2.3% |
| Profit before tax | 488.47 | 553.83 | −11.8% |
| Net profit | 459.16 | 429.92 | +6.8% |
| EPS (₹) | 157.72 | 147.68 | +6.8% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
As on 30 September 2026, total assets were ₹5,772.99 crore, compared with ₹4,757.04 crore as on 31 March 2026. Total equity rose to ₹4,561.29 crore from ₹4,075.28 crore, while borrowings increased to ₹420.52 crore from ₹228.89 crore. Cash was ₹144.41 crore against ₹41.33 crore.
Inventories increased to ₹915.20 crore from ₹628.99 crore as on 31 March 2026. Trade receivables fell to ₹133.41 crore from ₹145.45 crore, while trade payables rose to ₹125.65 crore from ₹79.19 crore.
H1 FY27 operating cash flow was ₹166.08 crore, compared with ₹180.21 crore in H1 FY26. Investing cash flow was -₹207.32 crore against ₹128.04 crore, financing cash flow was ₹142.96 crore against -₹244.78 crore, and capital expenditure was ₹3.87 crore compared with ₹0.33 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 5,773 | 4,757 |
| Total equity | 4,561 | 4,075 |
| Borrowings | 420.52 | 228.89 |
| Cash and equivalents | 144.41 | 41.33 |
| Inventories | 915.20 | 628.99 |
| Trade receivables | 133.41 | 145.45 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 166.08 | 180.21 |
| Cash from investing | −207.32 | 128.04 |
| Cash from financing | 142.96 | −244.78 |
| Capital expenditure | 3.87 | 0.33 |
Source: Company's results filing (XBRL).
How has Maithan Alloys done over the last 8 quarters?
Revenue reached its highest level in the reported series at ₹611.73 crore in Q2 FY27. The lowest level was ₹438.81 crore in Q4 FY25. After ₹570.56 crore in Q1 FY27, revenue increased in the latest quarter, while the EBITDA margin eased from 12.0% to 11.0%.
Net profit was highest in Q1 FY26 at ₹541.99 crore and lowest in Q2 FY26 at a net loss of ₹112.07 crore. The latest quarter recorded ₹64.90 crore of net profit, down from ₹394.26 crore in Q1 FY27. The EBITDA margin peaked at 13.8% in Q4 FY25 and bottomed at 3.2% in Q2 FY26, before reaching 11.0% in Q2 FY27.
Which businesses drove the quarter?
Ferro Alloys was the reported operating segment, generating revenue of ₹611.73 crore in Q2 FY27, up 21.8% from ₹502.08 crore in Q2 FY26. Segment EBIT rose to ₹75.17 crore from ₹50.32 crore, and the EBIT margin was 12.3%.
The Real Estate segment reported no revenue or EBIT in Q2 FY27 and no revenue or EBIT in Q2 FY26. No growth percentage was reported for either segment comparison.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Ferro Alloys | 611.73 | +21.8% | 75.17 | 12.3% |
| Real Estate | 0 | 0 |
Source: Company's results filing (XBRL segment data).
Quick answers
What was Maithan Alloys' revenue in Q2 FY27?
Revenue from operations was ₹611.73 crore, up 21.8% from ₹502.08 crore in Q2 FY26 (standalone).
Did Maithan Alloys make a profit in Q2 FY27?
Yes. Net profit was ₹64.90 crore, against a net loss of ₹112.07 crore in Q2 FY26.
What was Maithan Alloys' EPS in Q2 FY27?
Basic earnings per share were ₹22.29, against a loss of ₹38.50 in Q2 FY26.
When did Maithan Alloys announce its Q2 FY27 results?
On 5 November 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for Considering The Un-Audited Financial Results. (BSE, 28 October 2026) · PDF
- Outcome of Board Meeting (NSE, 5 November 2026) · PDF
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