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MAHASTEEL - Mahamaya Steel

📊 NSE: MAHASTEEL 🏢 Steel - Medium / Small 📅 Last Updated: 12/14/2025 9:26

📢 Recent Corporate Announcements

Mahamaya Steel Reports February 2026 Sales Volume of 21,100.750 MT

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 05 Mar 2026, 01:44 PM

Mahamaya Steel Industries Limited (MAHASTEEL) has disclosed its monthly business update for February 2026, reporting a total sales volume of 21,100.750 Metric Tonnes (MT). This routine disclosure provides transparency into the company's operational performance and product demand. As a manufacturer of structural steel products like joists, channels, and billets, these monthly figures are essential for tracking the company's output consistency. The company continues to serve as an approved supplier for major entities including SAIL, NTPC, and Reliance Industries.

Total sales volume for the month of February 2026 stood at 21,100.750 MT
Company manufactures a wide range of products including Joists, Channels, Angles, and Billets
Maintains approved supplier status for major organizations like BHEL, SAIL, RIL, and ONGC
Disclosure made in compliance with Regulation 30 of SEBI Listing Obligations

💡 Investors should benchmark this 21,100.750 MT figure against previous months and the prior year's data to identify growth trends. Monitor the impact of steel price volatility on the company's margins despite steady sales volumes.

Mahamaya Steel Q3 FY26 Consolidated Net Profit Jumps 79% QoQ to ₹1.88 Cr; Revenue Up 12% YoY

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 13 Feb 2026, 03:12 PM

Mahamaya Steel Industries reported a robust performance for Q3 FY2025-26, with consolidated revenue from operations reaching ₹224.11 crore, a 12.1% increase year-on-year. The consolidated net profit for the quarter stood at ₹1.88 crore, representing a significant sequential growth of 78.9% from the previous quarter's ₹1.05 crore. For the nine-month period ended December 2025, the company's net profit surged by 152% YoY to ₹5.53 crore, compared to ₹2.19 crore in the previous year. This growth is supported by steady revenue expansion and improved contribution from associate entities.

Consolidated Revenue from operations grew 12.1% YoY to ₹224.11 crore in Q3 FY26.
Consolidated Net Profit for Q3 FY26 rose 78.9% sequentially to ₹1.88 crore from ₹1.05 crore in Q2 FY26.
Nine-month (9M FY26) Consolidated Net Profit surged 152% YoY to ₹5.53 crore.
Consolidated Earnings Per Share (EPS) increased to ₹1.15 for the quarter from ₹0.66 in the previous quarter.
Total expenses for the quarter were ₹222.71 crore, primarily driven by raw material costs of ₹186.24 crore.

💡 The company demonstrates strong bottom-line growth and improving profitability on a nine-month basis. Investors should monitor if this margin improvement is sustainable amidst fluctuating raw material prices in the steel sector.

Mahamaya Steel Receives Reaffirmed Credit Rating of IVR BBB with Stable Outlook

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 07 Feb 2026, 02:47 PM

Infomerics Valuation and Rating Private Limited has reaffirmed the credit rating for Mahamaya Steel Industries Limited's long-term bank facilities. The rating is maintained at 'IVR BBB' with a 'Stable' outlook, indicating that the company's creditworthiness remains consistent. This reaffirmation suggests that the company's financial risk profile has not significantly changed. The disclosure was officially recorded on February 7, 2026, following SEBI's regulatory requirements.

Infomerics reaffirmed the long-term bank facility rating at IVR BBB.
The rating outlook remains 'Stable', indicating no immediate risk of downgrade.
The rating action was verified and finalized on February 7, 2026.
The company continues to be an approved supplier for major entities like SAIL, NTPC, and BHEL.

💡 The reaffirmation of the credit rating indicates financial stability; investors should maintain their current positions while monitoring for any future upgrades in credit profile.

Mahamaya Steel Reports January 2026 Sales Volume of 20,277.640 MT

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 02 Feb 2026, 12:46 PM

Mahamaya Steel Industries Limited (MAHASTEEL) has released its monthly business update for January 2026. The company reported a total sales volume of 20,277.640 Metric Tonnes (MT) for the month. This disclosure provides a snapshot of the company's operational performance and demand for its structural steel products. Investors can use these monthly figures to track the company's growth trajectory and capacity utilization ahead of quarterly financial results.

Total sales volume for January 2026 reached 20,277.640 Metric Tonnes (MT).
The company manufactures a wide range of products including Joists, Channels, Angles, and Billets.
Mahamaya Steel remains an approved supplier for major entities such as SAIL, BHEL, NTPC, and Reliance Industries.
The update was filed in compliance with SEBI Listing Obligations and Disclosure Requirements (LODR) 2015.

💡 Investors should compare this monthly sales figure of 20,277 MT with historical data to identify seasonal trends or growth patterns. Monitor how these volumes translate into revenue in the upcoming quarterly earnings report.

NSE Fines Mahamaya Steel ₹1.53 Lakh for Delayed H1 FY26 Financial Results Submission

🔴 NEGATIVE ⭐ 4/10

REGULATORY 📅 20 Jan 2026, 12:50 PM

Mahamaya Steel Industries Limited has been fined ₹1,53,400 by the National Stock Exchange (NSE) for failing to submit its financial results for the half-year ended September 30, 2025, within the prescribed timeline. The penalty includes a base fine of ₹1,30,000, calculated at ₹5,000 per day for a 26-day delay, plus 18% GST. The Board of Directors officially acknowledged this non-compliance in a meeting on January 19, 2026, and confirmed that the fine has been paid. While the financial impact is minimal, the delay in reporting performance highlights a lapse in regulatory compliance.

NSE imposed a total fine of ₹1,53,400 including GST for non-submission of H1 FY26 results.
The fine was calculated based on a 26-day delay at a rate of ₹5,000 per day.
The company violated Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The Board of Directors has confirmed the payment of the fine to the exchange.

💡 Investors should monitor the company for future reporting delays to ensure this is not a recurring governance issue. While the fine amount is small, timely financial disclosure is critical for maintaining market transparency.

Mahamaya Steel Fined ₹1.53 Lakh by NSE for Delayed H1 FY26 Financial Results Submission

🔴 NEGATIVE ⭐ 4/10

REGULATORY 📅 19 Jan 2026, 03:29 PM

Mahamaya Steel Industries Limited (MAHASTEEL) has been penalized by the National Stock Exchange (NSE) for a 26-day delay in submitting its financial results for the half-year ended September 30, 2025. The total fine imposed amounted to ₹1,53,400, including GST, which the company has already paid. Although the company claims the results were submitted on time (November 13, 2025) and blames a technical issue on the NSE portal, the exchange rejected their waiver request. The Board has reviewed the matter and confirmed that the non-compliance was unintentional.

NSE imposed a fine of ₹1,30,000 plus 18% GST (₹23,400), totaling ₹1,53,400.
The penalty was calculated based on a 26-day delay at a rate of ₹5,000 per day under Regulation 33 of SEBI LODR.
Company maintains that results were filed correctly on the BSE website on the same day (November 13, 2025).
The Board of Directors has formally noted the fine and confirmed the payment has been remitted to the exchange.

💡 While the fine amount is financially immaterial, investors should monitor the company for any recurring administrative or compliance lapses. No immediate portfolio action is required as the regulatory issue has been settled through payment.

Mahamaya Steel Submits SEBI Compliance Certificate for Quarter Ended Dec 31, 2025

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 15 Jan 2026, 04:04 PM

Mahamaya Steel Industries Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by MUFG Intime India Private Limited, confirms that all share certificates received for dematerialization during the quarter ended December 31, 2025, were processed within the prescribed timelines. It further verifies that physical certificates were mutilated and cancelled, with the depositories' names substituted in the register of members. This is a standard regulatory filing ensuring the integrity of the company's electronic shareholding records.

Compliance certificate submitted for the quarter ended December 31, 2025.
RTA MUFG Intime India confirmed all dematerialization requests were processed timely.
Physical security certificates were mutilated and cancelled as per SEBI guidelines.
Confirms that securities are listed on the stock exchanges where earlier securities were listed.

💡 No action is required as this is a routine administrative filing. Investors should focus on the company's upcoming quarterly financial results for fundamental performance indicators.

Mahamaya Steel Redeems Rs 2 Crore of 8% Non-Convertible Preference Shares

🟢 POSITIVE ⭐ 4/10

ROUTINE 📅 05 Jan 2026, 05:27 PM

Mahamaya Steel Industries Limited has announced the redemption of the seventh tranche of its unlisted preference shares. The company redeemed 10,00,000 shares at a face value totaling Rs 2 crore. These 8% Redeemable Non-Convertible Non-Cumulative Preference Shares were held by M/s Escort Finvest Private Limited. This move helps in reducing the company's fixed dividend obligations and streamlining its capital structure.

Redemption of 10,00,000 preference shares amounting to Rs 2,00,00,000
Seventh tranche of redemption for this specific class of preference shares
Shares carried an 8% dividend rate and were non-cumulative in nature
The redemption was executed in favor of M/s Escort Finvest Private Limited

💡 Investors should note this as a positive step towards reducing financial liabilities. No specific action is needed as this is part of a planned redemption schedule.

Mahamaya Steel Sales Volume Jumps 26.42% QoQ to 53,083 MT in Q3 FY26

🟢 POSITIVE ⭐ 7/10

ROUTINE 📅 05 Jan 2026, 02:52 PM

Mahamaya Steel Industries Limited reported a strong operational performance for December 2025 and the third quarter of FY 2025-26. Monthly sales volume reached 20,142.57 MT in December, marking a 13.52% increase over the previous month. For the full Q3 period, sales volume surged to 53,083.41 MT, representing a significant 26.42% growth compared to Q2 FY 2025-26. The company highlighted a healthy demand outlook supported by a substantial number of orders currently being fulfilled.

December 2025 sales volume stood at 20,142.57 MT, up 13.52% month-on-month.
Total Q3 FY 2025-26 sales volume reached 53,083.41 MT.
Quarterly sales volume grew by 26.42% compared to Q2 FY 2025-26.
Management reports a substantial order pipeline and positive demand outlook for coming months.

💡 The significant uptick in sales volume is a positive lead indicator for the upcoming quarterly financial results. Investors should monitor if this volume growth translates into improved profit margins despite potential raw material price fluctuations.

Mahamaya Steel to Close Trading Window from January 1, 2026 for Q3 Financial Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 29 Dec 2025, 01:31 PM

Mahamaya Steel Industries Limited has announced the closure of its trading window starting January 1, 2026, in compliance with SEBI Insider Trading regulations. The closure is ahead of the announcement of financial results for the quarter and nine months ending December 31, 2025. The window will remain shut for all designated persons and their relatives until 48 hours after the results are made public. This is a standard regulatory procedure followed by listed companies every quarter.

Trading window closure effective from January 1, 2026.
Closure pertains to the financial results for the quarter and nine months ended December 31, 2025.
Window will reopen 48 hours after the official declaration of financial results.
Restriction applies to all designated persons and their immediate relatives as per SEBI norms.

💡 No action is required as this is a routine regulatory filing. Investors should look out for the upcoming date of the board meeting where Q3 results will be officially discussed and approved.

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💰 Financial Performance

Revenue Growth by Segment

The company operates in a single 'Steel Segment'. Revenue for Q1 FY25 was INR 211.03 Cr, representing a 4.16% decrease from INR 220.20 Cr in Q1 FY24 due to subdued demand.

Geographic Revenue Split

Not disclosed in available documents, though manufacturing is centralized in Raipur, Chhattisgarh.

Profitability Margins

Net Profit Ratio was 0.8% in FY25, a 26.50% decrease from 1.0% in FY24. However, consolidated total comprehensive income for H1 FY26 grew 229% YoY to INR 3.62 Cr from INR 1.10 Cr in H1 FY25.

EBITDA Margin

EBITDA margins are thin; credit rating sensitivity indicates a target above 5% for an upgrade and a risk of downgrade if margins fall below 2%.

Capital Expenditure

Standalone Property, Plant and Equipment (PPE) increased by INR 1.47 Cr to INR 71.78 Cr as of September 30, 2025, from INR 70.31 Cr on March 31, 2025.

Credit Rating & Borrowing

Rated BBB+/Stable by CRISIL. Interest expense for H1 FY26 was INR 2.35 Cr, a 13.5% increase from INR 2.07 Cr in H1 FY25.

⚙️ Operational Drivers

Raw Materials

Sponge iron, pig iron, and iron scrap are the primary raw materials.

Import Sources

Sourced locally from the Raipur, Chhattisgarh steel hub.

Key Suppliers

Local manufacturers of sponge iron, pig iron, and iron scrap in the Raipur region.

Capacity Expansion

Current installed capacity is 2,00,000 MTPA for billets/blooms and 205,500 MTPA for structural steel. No specific expansion timeline is disclosed.

Raw Material Costs

Profitability is highly susceptible to volatility in raw material prices (sponge iron/scrap), which directly impacts the company's thin 0.8% net profit margin.

Manufacturing Efficiency

Inventory turnover ratio was 7.63 in FY25, a 2.99% decrease from 7.87 in FY24.

Logistics & Distribution

Locational advantage in Raipur minimizes distribution and procurement costs for heavy structural steel products.

📈 Strategic Growth

Growth Strategy

The company aims to achieve growth by sustaining the scale of operations and improving EBITDA margins to above 5%. This is supported by its locational advantage in Raipur, ensuring raw material availability and lower logistics costs for its structural steel products.

Products & Services

Heavy and light steel structural products such as joists, angles, beams, and channels.

Brand Portfolio

MAHAMAYA

Strategic Alliances

The company has significant exposure to group and associate companies.

🌍 External Factors

Industry Trends

The steel industry is cyclical with a stable current outlook; growth is primarily driven by infrastructure demand for structural products.

Competitive Landscape

Intense competition from other steel manufacturers impacts pricing power and margins.

Competitive Moat

The primary moat is the locational advantage in Raipur, Chhattisgarh, which provides a durable cost benefit through proximity to raw material manufacturers and lower logistics costs.

Macro Economic Sensitivity

Sensitive to economic conditions affecting demand/supply and price conditions in domestic and international markets.

Consumer Behavior

Demand shifts are closely linked to infrastructure and construction sector activity.

Geopolitical Risks

Exposed to unfavourable changes in government policies regarding mining, allocation, and tariffs.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to pollution norms, government mining policies, and steel import/export tariffs.

Taxation Policy Impact

Provision for taxation is made based on a PBT of INR 4.17 Cr for H1 FY26.

Legal Contingencies

No modifications were reported in the Auditor's Limited Review Report for the period ended September 30, 2025. Specific case values are not disclosed.