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Mahamaya Steel Industries Limited (MAHASTEEL)

₹1,231.30 +5.00% last close, 16 Oct

📊 NSE: MAHASTEEL 🏢 Steel - Medium / Small 📢 Latest filing: 10 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Mahamaya Steel's revenue was ₹268 Cr (+29.3% year on year, +1.7% on the previous quarter), and net profit ₹2.1 Cr (+22.6% year on year); the operating margin was 2.2%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹268	+29.3%	+1.7%
Operating profit	₹5.8	+18.1%	-26.4%
Net profit	₹2.1	+22.6%	-47.7%
EPS (₹)	1.30	+22.6%	-47.6%
Operating margin	2.2%	—	—

Full quarterly financials → Results calendar →

MAHASTEEL exchange data

NSE end-of-day data for Fri, 16 Oct 2026

It closed at its upper price band (circuit) on 16 Oct, one of 8 band closes in about the last 20 sessions.

₹1,231.30NSE close · +5.00%

Circuit stocks →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Mahamaya Steel Submits Regulation 74(5) Demat Certificate for Q2 FY27

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 10 Oct 2026, 05:08 PM

Mahamaya Steel Industries Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by its Registrar and Share Transfer Agent, MUFG Intime India Private Limited, on October 3, 2026. The RTA confirmed that securities received for dematerialisation during the quarter were duly processed and listed on stock exchanges. This is a purely procedural regulatory disclosure with no impact on the company's financials.

Compliance certificate submitted under Regulation 74(5) of SEBI Regulations, 2018
Covers the quarterly period ended September 30, 2026
Issued by RTA MUFG Intime India Private Limited dated October 3, 2026
Filed with stock exchanges (BSE and NSE) on October 10, 2026

💡 No investor action is required as this is a recurring regulatory filing. Track upcoming Q2 FY27 operational and financial results for fundamental insights.

Mahamaya Steel Reports September 2026 Monthly Sales Volume of 17,289.64 MT

🟡 NEUTRAL ⭐ 4/10

OTHER 📅 01 Oct 2026, 01:57 PM

Mahamaya Steel Industries reported sales volume of 17,289.64 MT for the month of September 2026. Annualized, this monthly run-rate represents approximately 2,07,475 MT, which aligns closely with its total structural steel capacity of 205,500 MTPA. The filing does not disclose corresponding revenue realizations or comparative figures for previous months. The company currently trades at an elevated P/E of 189.2 on TTM net profit of Rs 10 Cr and thin operating margins of 2.6%.

Sales volume reported at 17,289.64 MT for the month of September 2026
Monthly run-rate equates to ~2.07 lakh MT on an annualized basis
No price realizations, revenue numbers, or YoY/MoM comparisons were provided in the disclosure

💡 Watch the upcoming Q2 FY27 quarterly results to evaluate actual revenue realization per tonne and whether thin operating margins (2.6% TTM) expand.

Mahamaya Steel Appoints Chopra A J & Associates as Statutory Auditor for 5-Year Term

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 26 Sep 2026, 02:33 PM

Mahamaya Steel Industries announced shareholder approvals from its 38th AGM held on September 25, 2026. The company appointed M/s. Chopra A J & Associates, Chartered Accountants, as Statutory Auditors for a 5-year tenure concluding at the 43rd AGM, replacing M/s. K P R K & Associates whose term expired. Additionally, shareholders approved the reappointment of Ms. Vanitha Rangaiah as an Independent Director for a second 5-year term from June 28, 2026, to June 27, 2031.

Appointment of M/s. Chopra A J & Associates as Statutory Auditors for 5 years till 43rd AGM
Predecessor auditor M/s. K P R K & Associates completed their term at the 38th AGM
Re-appointment of Ms. Vanitha Rangaiah as Independent Director for a 5-year term from June 28, 2026, to June 27, 2031
Shareholder approval granted at the 38th AGM conducted on September 25, 2026

💡 Track the upcoming Q2 FY27 financial results review by the newly appointed statutory auditors to verify continuity in financial reporting.

Mahamaya Steel Shareholders Approve All 12 AGM Resolutions With Over 97% Assent

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 26 Sep 2026, 02:24 PM

Mahamaya Steel Industries announced that shareholders have approved all 12 resolutions at its 38th Annual General Meeting held on September 25, 2026. Passed resolutions include the adoption of FY26 financial statements, auditor appointments, borrowing limits under Section 180(1)(c), and related-party transactions for material sales and solar power unsecured loans. Key operational resolutions (Items 1-10) were approved with 99.94% majority assent, while related-party transactions (Items 11-12) secured 97.22% assent with promoter abstention. A total of 1.21 crore valid votes were cast across 71 participating members.

All 12 AGM resolutions approved with requisite majorities ranging from 97.22% to 99.94% votes in favor
Overall valid voter turnout reached 1,20,88,230 votes (73.55% of outstanding equity shares) for general resolutions
Material related-party transactions for sale/purchase and solar project unsecured loans passed with 97.22% non-promoter assent (2,44,514 votes in favor)
Approved appointment of M/s Chopra AJ & Associates as Statutory Auditors alongside renewal of limits under Sections 180, 185, and 186

💡 Track the upcoming Q2 FY27 operational earnings and check forthcoming financial disclosures for the quantified terms of solar project loans and borrowing utilization.

Mahamaya Steel reports August 2026 sales volume of 19,610.35 MT

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 07 Sep 2026, 10:50 AM

Mahamaya Steel Industries Limited disclosed its monthly sales volume for August 2026, recording total sales of 19,610.350 MT. This operational volume indicates healthy asset utilization against the company's structural steel capacity of 205,500 MTPA (monthly run-rate of ~17,125 MT). No revenue figures, realizations, or year-on-year comparisons were provided in the disclosure.

Sales volume for the month of August 2026 stood at 19,610.350 MT
Monthly run-rate reflects operational volume tracking near full installed capacity
Product portfolio includes structural steel items like joists, channels, angles, and billets

💡 Track realization per tonne and EBITDA spreads in upcoming Q2 FY27 quarterly results to assess if volume growth translates to margin expansion.

Mahamaya Steel Board Approves Raising Borrowing & Investment Limits to ₹900 Cr Each Ahead of AGM

🔵 WATCH ⭐ 5/10

BOARD_MEETING 📅 31 Aug 2026, 12:27 PM

Mahamaya Steel Industries approved enabling resolutions to increase borrowing limits under Section 180(1)(c) up to ₹900 Cr, which compares to its current net worth of ₹148 Cr and debt of ₹58 Cr. The Board also approved increasing Section 186 loan/investment limits to ₹900 Cr and Section 185 group entity loan/guarantee limits to ₹300 Cr, subject to shareholder approval. In addition, M/s. Chopra A J & Associates was recommended as Statutory Auditors for a 5-year term. The 38th Annual General Meeting is scheduled for September 25, 2026.

Approved increase in borrowing limits under Section 180(1)(c) up to ₹900 Crores, subject to shareholder approval
Approved limits for loans/guarantees/investments under Section 186 up to ₹900 Crores and group entity limits under Section 185 up to ₹300 Crores
Approved material Related Party Transactions for goods/services and promoter loans for a Solar Project
Recommended appointment of M/s. Chopra A J & Associates as Statutory Auditors for 5 years
38th Annual General Meeting fixed for September 25, 2026 with e-voting cut-off on September 18, 2026

💡 Track voting outcomes at the 38th AGM on September 25, 2026, particularly on the enabling limits for borrowings and inter-corporate loans to assess future capital allocation plans.

Mahamaya Steel Proposes Rs 900 Cr Borrowing Limit, Appoints New Statutory Auditor

🟡 NEUTRAL ⭐ 5/10

BOARD_MEETING 📅 31 Aug 2026, 12:23 PM

Mahamaya Steel Industries approved several key AGM proposals at its board meeting on August 31, 2026. The board recommended the appointment of M/s. Chopra A J & Associates as statutory auditors for a 5-year term, replacing retiring auditors M/s. K P R K & Associates. Additionally, the company sought shareholder approval to expand its borrowing and investment/guarantee limits up to Rs 900 crore each (compared to its current net worth of Rs 148 crore), alongside inter-corporate loans up to Rs 300 crore and promoter loans for a solar project. The 38th Annual General Meeting is scheduled for September 25, 2026.

Proposed increase in borrowing limits under Section 180(1)(c) up to Rs 900 crore
Proposed increase in loans/guarantee/investment limits up to Rs 900 crore and Section 185 limits up to Rs 300 crore to group entities
Recommended appointment of M/s. Chopra A J & Associates as Statutory Auditors for a 5-year term (38th to 43rd AGM)
Re-appointment of Ms. Vanitha Rangaiah as Independent Director for a second 5-year term till June 27, 2031
38th AGM scheduled for September 25, 2026, with remote e-voting cut-off on September 18, 2026

💡 Track voting outcomes at the upcoming 38th AGM on September 25, 2026, and watch for subsequent disclosures regarding actual debt drawdowns or capital allocation toward the solar project.

Mahamaya Steel issues 38th AGM notice; seeks approval for Rs 900 Cr borrowing limit

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 31 Aug 2026, 12:12 PM

Mahamaya Steel Industries Limited has issued the notice for its 38th Annual General Meeting scheduled for September 25, 2026. Key agenda items include adopting FY26 audited accounts, appointing M/s Chopra A J & Associates as statutory auditors for five years, and re-appointing directors. The company is also seeking shareholder approval to raise its overall borrowing limit under Section 180(1)(c) up to Rs 900 crore, compared to its existing debt of Rs 58 crore and net worth of Rs 148 crore. Remote e-voting runs from September 22 to September 24, 2026, with a cut-off date of September 18, 2026.

38th AGM scheduled for September 25, 2026, via Video Conferencing
Special resolution proposed to raise borrowing limit under Section 180(1)(c) up to Rs 900 Crores
Proposed borrowing headroom represents ~608% of current net worth (Rs 148 Cr)
Appointment of M/s Chopra A J & Associates as statutory auditors for a 5-year term
Remote e-voting window opens September 22, 2026, with record cut-off on September 18, 2026

💡 Track the AGM voting results on September 25, 2026, and look for future filings regarding any specific capex or expansion plans tied to the expanded Rs 900 crore borrowing headroom.

Mahamaya Steel approves raising borrowing limit to ₹900 Cr and proposes new statutory auditor

🟡 NEUTRAL ⭐ 5/10

BOARD_MEETING 📅 31 Aug 2026, 12:01 PM

Mahamaya Steel's Board approved an enabling resolution to increase borrowing limits under Section 180(1)(c) up to ₹900 Cr, compared to its current debt of ₹58 Cr and net worth of ₹148 Cr. The Board also approved limits under Section 186 for loans/investments up to ₹900 Cr and Section 185 for loans/guarantees up to ₹300 Cr to group entities, subject to shareholder approval. Additionally, M/s Chopra A J & Associates was recommended as statutory auditors for a 5-year term replacing retiring auditors. The 38th Annual General Meeting is scheduled for September 25, 2026.

Proposed increase in borrowing limits under Section 180(1)(c) up to ₹900 Cr (vs current debt of ₹58 Cr).
Approved limits for inter-corporate loans/investments up to ₹900 Cr (Sec 186) and group entity support up to ₹300 Cr (Sec 185).
Recommended appointment of M/s Chopra A J & Associates as Statutory Auditors for a 5-year term.
Approved acceptance of promoter loans for an upcoming Solar Project under material RPTs.
38th AGM convened for September 25, 2026, with remote e-voting cutoff on September 18, 2026.

💡 Track voting outcomes at the AGM on September 25, 2026, and monitor subsequent disclosures on any actual debt drawdown or capex rollout for the solar project.

Mahamaya Steel Proposes Rs 900 Cr Borrowing & Investment Limits, New Auditor at 38th AGM

🟡 NEUTRAL ⭐ 5/10

BOARD_MEETING 📅 31 Aug 2026, 12:00 PM

Mahamaya Steel Industries approved several enabling resolutions ahead of its 38th AGM scheduled for September 25, 2026. The board recommended raising the borrowing limit u/s 180(1)(c) and loan/investment limits u/s 186 up to Rs 900 crore each (compared to current debt of Rs 58 crore and net worth of Rs 148 crore), alongside Rs 300 crore in group entity exposure u/s 185. Additionally, M/s Chopra A J & Associates was proposed as statutory auditors for a 5-year term, and material related-party transactions including promoter loans for a solar project were approved, all subject to shareholder voting.

Proposed increase in borrowing limits under Section 180(1)(c) up to Rs 900 crore
Approved limits for loans, guarantees, and investments under Section 186 up to Rs 900 crore, and Section 185 up to Rs 300 crore for group entities
Recommended appointment of M/s Chopra A J & Associates as Statutory Auditors for a 5-year term (38th to 43rd AGM)
Approved material related-party transactions for trade and promoter loans for a Solar Project
38th Annual General Meeting scheduled for September 25, 2026, with cut-off date on September 18, 2026

💡 Track voting outcomes at the 38th AGM on September 25, 2026, and watch for subsequent disclosures regarding debt utilization or capital deployment for the proposed solar project.

Mahamaya Steel Board Approves ₹900 Cr Borrowing & Investment Limits, Proposes New Auditor

🟡 NEUTRAL ⭐ 5/10

BOARD_MEETING 📅 31 Aug 2026, 11:58 AM

Mahamaya Steel Industries approved seeking shareholder approval at its 38th AGM on September 25, 2026, to increase borrowing limits up to ₹900 crore (compared to current debt of ₹58 crore and net worth of ₹148 crore). The board also approved limits under Section 186 for loans/investments up to ₹900 crore and Section 185 up to ₹300 crore for group entities, alongside material related party transactions including loans from promoters for a solar project. Additionally, M/s. Chopra A J & Associates was recommended as new statutory auditors for a 5-year term replacing retiring auditors M/s. K PR K & Associates.

Proposed increase in borrowing limit under Section 180(1)(c) up to ₹900 crore subject to shareholder approval
Approved limit for loans/guarantees/investments under Section 186 up to ₹900 crore and under Section 185 up to ₹300 crore to group entities
Recommended appointment of M/s. Chopra A J & Associates as Statutory Auditors for 5 years from 38th AGM to 43rd AGM
38th AGM scheduled for September 25, 2026, with cut-off date on September 18, 2026

💡 Track voting outcomes of the special resolutions at the 38th AGM on September 25, 2026, and watch for any formal capital expenditure or debt drawdown announcements related to the solar project.

Mahamaya Steel Schedules AGM for September 25, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 22 Aug 2026, 11:40 AM

Mahamaya Steel Industries Limited held a Board of Directors meeting on August 22, 2026, approving standard procedural matters for its upcoming Annual General Meeting (AGM). The AGM is scheduled to take place on Friday, September 25, 2026. The board also appointed a scrutinizer for the e-voting process and approved the draft pre-dispatch notice for newspaper publication.

AGM scheduled for Friday, September 25, 2026
Board approved appointment of Scrutinizer for the AGM e-voting process
Approval granted for draft pre-dispatch AGM notice for newspaper publication
Board meeting commenced at 11:00 AM and concluded at 11:30 AM on August 22, 2026

💡 Shareholders should look out for the formal AGM notice and annual report to review operational performance and voting resolutions.

Mahamaya Steel Boards to Meet on August 22, 2026 to Schedule 38th AGM

🟡 NEUTRAL ⭐ 2/10

BOARD_MEETING 📅 19 Aug 2026, 11:49 AM

Mahamaya Steel Industries Limited has scheduled a meeting of its Board of Directors on Saturday, August 22, 2026. The board will convene to finalize the date and details of the company's upcoming 38th Annual General Meeting (AGM) for FY26. Additionally, the board will consider and approve the appointment of a scrutinizer for conducting the e-voting process.

Board meeting scheduled for Saturday, August 22, 2026 at 11:00 AM
Meeting agenda includes scheduling the 38th Annual General Meeting for FY26
Appointment of Scrutinizer for the AGM e-voting process to be considered

💡 Track the outcome of the board meeting for official AGM dates, record dates, and the release of the FY26 Annual Report.

Rs 70 Cr Land Acquisition for 350-Acre Captive Solar Plant

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 13 Aug 2026, 01:10 PM

Mahamaya Steel Industries has approved the acquisition of approximately 350 acres of land in Janjgir-Champa, Chhattisgarh, for a total consideration of Rs 70 crore. The land will be used to set up a solar power plant for captive consumption to reduce energy costs in its steel manufacturing operations. This investment is significant, representing approximately 47% of the company's net worth (Rs 148 Cr) and 8% of its TTM revenue (Rs 883 Cr). The acquisition and project are expected to be completed by July 2027.

Acquisition of approximately 350 acres of land for captive solar power generation
Total land acquisition cost estimated at Rs 70 Crores
Investment represents ~47% of the company's current net worth of Rs 148 Cr
Project completion target set for July 2027
Aims to improve thin operating margins (currently 2.7%) by reducing power costs

💡 Monitor the funding structure for this Rs 70 Cr acquisition and subsequent plant construction, as it is large relative to the company's balance sheet. Watch for quarterly updates on regulatory approvals and the progress of the solar plant commissioning.

Rs 70 Cr Land Acquisition for 350-Acre Captive Solar Plant

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 13 Aug 2026, 01:07 PM

Mahamaya Steel Industries has approved the acquisition of approximately 350 acres of land in Janjgir-Champa, Chhattisgarh, for a total consideration of Rs 70 crore. The land will be used to set up a solar power plant for captive consumption to reduce energy costs in its steel manufacturing operations. This investment is significant, representing approximately 47% of the company's current net worth (Rs 148 Cr) and 8% of its TTM revenue (Rs 883 Cr). The acquisition process is expected to be completed by July 2027.

Acquisition of approximately 350 acres of land for captive solar power generation
Total land acquisition cost estimated at approximately Rs 70 Crores
Investment represents ~47.3% of the company's total Net Worth of Rs 148 Cr
Projected completion timeline for the acquisition is July 2027
Strategic move to improve thin operating margins (TTM OPM 2.7%) by reducing power costs

💡 Monitor the company's upcoming disclosures regarding the funding structure for this Rs 70 Cr outlay and the subsequent capex for the solar plant construction. Investors should track if this leads to the company's stated goal of improving EBITDA margins above 5%.

View All MAHASTEEL Announcements on Live Market Tracking →

💰 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.