Maithan Alloys Limited (MAITHANALL)
₹882.35 -0.09% last close, 16 Oct
Latest quarterly results (Q4 FY26)
In its latest reported quarter, Q4 FY26, Maithan Alloys' revenue was ₹559 Cr (+28.5% year on year, +14.1% on the previous quarter), and net profit ₹-71.0 Cr (a bigger loss than a year earlier); the operating margin was 19.0%.
| Q4 FY26 (₹ Cr) | Value | YoY vs Q4 FY25 | QoQ |
|---|---|---|---|
| Revenue | ₹559 | +28.5% | +14.1% |
| Operating profit | ₹106 | +39.5% | +92.7% |
| Net profit | ₹-71.0 | loss widened | to loss |
| EPS (₹) | -24.20 | loss widened | to loss |
| Operating margin | 19.0% | — | — |
MAITHANALL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 56.82% of the MAITHANALL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 50.37%. That is close to its usual level. Volume was 0.3 times its average, well below normal.
Delivery in the last 5 sessions: 52.1% · 50.6% · 45.6% · 57.2% · 56.8%
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
Maithan Alloys Limited has acquired 7,80,000 equity shares (0.05% stake) of listed telecom infrastructure player HFCL Limited through stock exchange purchases for a total consideration of ₹20.00 crore on October 13, 2026. The purchase was made as an investment to reap short-term/long-term benefits without intending to acquire management control. Against Maithan's net worth of ₹4,075 crore and cash profile, the ₹20 crore deployment represents under 0.5% of net worth and ~0.9% of TTM revenue.
- Acquisition cost of ₹20.00 crore paid via cash consideration on October 13, 2026
- Acquired 7,80,000 equity shares, representing 0.05% of HFCL Limited
- Target entity HFCL reported FY26 turnover of ₹4,528 crore and PAT of ₹253 crore
- Transaction represents ~0.49% of Maithan Alloys' net worth of ₹4,075 crore
The Directorate of Revenue Intelligence (DRI) conducted a Search and Seizure operation under Section 105 of the Customs Act, 1962, at Maithan Alloys Limited's Visakhapatnam unit. The proceeding commenced at 3:00 PM on October 9, 2026, and concluded at 3:30 AM on October 10, 2026. The company stated that all requested details and documents were provided, and normal business operations continued without disruption. While the company reports zero financial impact at this stage, the underlying allegations and potential tax/penalty exposures remain unquantified.
- Search and Seizure conducted by DRI under Section 105 of the Customs Act, 1962.
- Operation commenced on 9th October 2026 at 3:00 PM and concluded on 10th October 2026 at 3:30 AM.
- Targeted exclusively at the Visakhapatnam Unit (Unit-III, APSEZ).
- Company reports no disruption to operations and zero financial impact at this point in time.
Maithan Alloys Limited has acquired 7,65,000 equity shares (representing a 0.05% stake) in HFCL Limited through stock exchange purchases on October 12, 2026. The total consideration paid is ₹20.14 crore, funded via cash. Maithan Alloys stated that this acquisition is a treasury investment for investment benefits, with no intention of acquiring management control. Relative to Maithan's net worth of ₹4,075 crore and cash profile, the transaction accounts for less than 0.5% of net worth.
- Acquired 7,65,000 equity shares (0.05% stake) of listed entity HFCL Limited
- Total transaction consideration is ₹20.14 crore paid in cash
- Target entity HFCL reported FY26 turnover of ₹4,528 crore and PAT of ₹253 crore
- Transaction represents ~0.49% of Maithan Alloys' net worth of ₹4,075 crore
Maithan Alloys has acquired a 0.20% equity stake (2,33,160 shares) in listed cloud and IT services provider ESDS Software Solution Limited for ₹33.40 crore via open market purchases. The transaction represents about 1.54% of Maithan Alloys' TTM revenue of ₹2,172 crore and 1.28% of its current market cap of ₹2,602 crore. The company stated this is a purely financial portfolio investment to reap short/long-term benefits without seeking any management control. Target company ESDS reported FY26 turnover of ₹378 crore and PAT of ₹62 crore.
- Acquired 2,33,160 shares representing 0.20% stake in ESDS Software Solution Limited on 9th October, 2026
- Total consideration paid in cash was ₹33.40 crore through the stock exchange
- Target entity posted FY26 turnover of ₹378 crore, PAT of ₹62 crore, and net worth of ₹520 crore as of March 31, 2026
- Acquisition is non-control, arm's length, and outside related-party transactions
Maithan Alloys has acquired a 0.20% equity stake (2,33,160 shares) in listed cloud and IT services provider ESDS Software Solution Limited for ₹33.40 crore via open market purchases. The transaction represents about 1.54% of Maithan Alloys' TTM revenue of ₹2,172 crore and 1.28% of its current market cap of ₹2,602 crore. The company stated this is a purely financial portfolio investment to reap short/long-term benefits without seeking any management control. Target company ESDS reported FY26 turnover of ₹378 crore and PAT of ₹62 crore.
- Acquired 2,33,160 shares representing 0.20% stake in ESDS Software Solution Limited on 9th October, 2026
- Total consideration paid in cash was ₹33.40 crore through the stock exchange
- Target entity posted FY26 turnover of ₹378 crore, PAT of ₹62 crore, and net worth of ₹520 crore as of March 31, 2026
- Acquisition is non-control, arm's length, and outside related-party transactions
Maithan Alloys has acquired 11,25,000 equity shares (0.07% stake) of telecom infrastructure firm HFCL Limited via stock exchange purchases for Rs 29.72 crore. The investment constitutes about 1.1% of Maithan's market cap (Rs 2,639 crore) and 0.7% of its net worth (Rs 4,075 crore). The transaction was completed for cash consideration on October 8, 2026, purely for investment purposes without intentions to acquire management control.
- Acquired 11,25,000 equity shares representing 0.07% shareholding in HFCL Limited
- Total cash consideration paid stands at Rs 29.72 crore
- Acquisition executed through secondary stock exchange transactions on October 8, 2026
- HFCL reported FY26 turnover of Rs 4,528 crore and PAT of Rs 253 crore
Maithan Alloys has acquired 11,25,000 equity shares (0.07% stake) of telecom infrastructure firm HFCL Limited via stock exchange purchases for Rs 29.72 crore. The investment constitutes about 1.1% of Maithan's market cap (Rs 2,639 crore) and 0.7% of its net worth (Rs 4,075 crore). The transaction was completed for cash consideration on October 8, 2026, purely for investment purposes without intentions to acquire management control.
- Acquired 11,25,000 equity shares representing 0.07% shareholding in HFCL Limited
- Total cash consideration paid stands at Rs 29.72 crore
- Acquisition executed through secondary stock exchange transactions on October 8, 2026
- HFCL reported FY26 turnover of Rs 4,528 crore and PAT of Rs 253 crore
Maithan Alloys Limited has acquired 3,97,251 equity shares (a 0.03% stake) of telecom infrastructure company HFCL Limited via stock exchange purchases. The total cash consideration paid was ₹10.44 crore on October 6, 2026. The transaction represents a pure treasury investment aimed at short-to-long term gains without seeking management control. Compared to Maithan's net worth of ₹4,075 crore and cash resources, this investment represents a negligible outlay of under 0.3%.
- Acquired 3,97,251 shares representing a 0.03% stake in HFCL Limited
- Total transaction cost of ₹10.44 crore paid entirely in cash on October 6, 2026
- Acquisition made through open market on stock exchanges as an investment
- Target entity HFCL reported FY26 turnover of ₹4,528 crore and PAT of ₹253 crore
Maithan Alloys has disclosed the open-market acquisition of 25,27,000 equity shares (0.17% stake) of telecom infrastructure firm HFCL Limited for a total cash consideration of ₹60.09 crore. The transaction took place on October 1, 2026, and is treated purely as a financial investment with no management control sought. The purchase value represents ~1.47% of Maithan's net worth of ₹4,075 crore and ~2.26% of its market capitalization (₹2,659 crore). The transaction falls outside related-party purview and was done at arm's length.
- Acquired 25,27,000 shares representing 0.17% equity stake in HFCL Limited
- Total cash consideration paid stands at ₹60.09 crore
- Acquisition occurred on October 1, 2026, triggering Regulation 30 disclosure limits
- Target entity HFCL reported turnover of ₹4,528 crore and PAT of ₹253 crore as of March 31, 2026
Maithan Alloys Limited has acquired 2,79,000 equity shares (0.24% stake) in ESDS Software Solution Limited via stock exchange purchases for a total consideration of ₹50.19 crore. The transaction was completed on September 23, 2026, as an arm's-length cash investment with no intention of acquiring management control. The target entity, an IT and cloud infrastructure service provider, reported FY26 revenue of ₹378 crore and PAT of ₹62 crore. The ₹50.19 crore cash deployment represents approximately 1.7% of Maithan Alloys' market capitalization of ₹2,897 crore.
- Acquired 2,79,000 equity shares representing 0.24% shareholding in ESDS Software Solution Limited
- Total cash consideration paid stands at ₹50.19 crore on September 23, 2026
- Target entity reported FY26 turnover of ₹378 crore, PAT of ₹62 crore, and net worth of ₹520 crore
- Transaction represents purely financial investment without intent to acquire management control
Maithan Alloys Limited has released tax deducted at source (TDS) guidelines regarding its recommended final dividend of ₹6 per equity share (face value ₹10) for FY 2025-2026. The record date for dividend eligibility was fixed as September 21, 2026. Standard withholding tax rates apply: 10% for resident shareholders (with exemptions up to ₹10,000 for individuals) and 20% plus cess/surcharge for non-residents, subject to valid DTAA documentation. Shareholders must submit relevant tax declarations and forms on or before October 1, 2026.
- Recommended final dividend of ₹6 per equity share of face value ₹10 for FY 2025-2026
- Record date determined as Monday, September 21, 2026
- Submission deadline for tax exemption forms and DTAA documentation is Thursday, October 1, 2026
- Standard TDS rate of 10% applies to resident shareholders, with zero deduction if individual dividend does not exceed ₹10,000
- TDS rate of 20% plus surcharge/cess applies to non-residents or cases where PAN is invalid/unlinked to Aadhaar
Maithan Alloys Limited has acquired 3,30,000 equity shares (a 0.05% stake) in One 97 Communications Limited (Paytm) for a total cash consideration of Rs 60.19 crore through open-market stock exchange purchases. The transaction took place on September 21, 2026, and is designated as a non-controlling treasury/financial investment to reap investment benefits. Relative to Maithan Alloys' financial base, the Rs 60.19 crore outlay represents ~2.1% of its market capitalization (Rs 2,912 crore) and ~1.5% of its net worth (Rs 4,075 crore).
- Acquired 3,30,000 equity shares representing 0.05% stake in One 97 Communications Limited (Paytm)
- Total cash consideration paid stands at Rs 60.19 crore on September 21, 2026
- Target company recorded turnover of Rs 5,825 crore and PAT of Rs 67 crore for FY26
- No management control sought; acquired as a pure financial investment
Maithan Alloys has disclosed the acquisition of 11,730 equity shares, representing a 0.01% stake, in ESDS Software Solution Limited for a total consideration of ₹1.90 crore on September 21, 2026. The target company operates in IT-enabled services with FY26 turnover of ₹378 crore and PAT of ₹62 crore. Maithan Alloys stated this purchase was conducted via the stock exchange as a treasury/portfolio investment, with no intention of acquiring management control. Given Maithan's cash flows and market cap of ₹2,912 crore, the transaction is immaterial to core operations.
- Acquired 11,730 shares (0.01% equity) of ESDS Software Solution Limited on September 21, 2026
- Total cash consideration paid is ₹1.90 crore
- Target entity reported FY26 turnover of ₹378 crore, PAT of ₹62 crore, and net worth of ₹520 crore
- Investment is purely financial; company does not seek direct or indirect management control
Maithan Alloys has acquired a 0.65% equity stake (7,60,548 shares) in ESDS Software Solution Limited for a total cash consideration of ₹113.37 crore via secondary market transactions. The acquisition is purely a portfolio investment to generate financial returns, with no intent to acquire management control. ESDS Software Solution reported FY26 revenue of ₹378 crore, PAT of ₹62 crore, and a net worth of ₹520 crore. The purchase cost represents approximately 2.8% of Maithan Alloys' net worth (₹4,075 crore) and 3.6% of its market capitalization (₹3,160 crore).
- Acquired 7,60,548 shares representing a 0.65% stake in ESDS Software Solution Limited on September 10, 2026
- Total investment consideration of ₹113.37 crore paid in cash via stock exchange purchase
- Target company reported FY26 revenue of ₹378 crore and PAT of ₹62 crore
- Management clarified the purchase is an investment for returns, with no intent to assume control
The National Stock Exchange (NSE) has returned Maithan Alloys' application for reclassifying four promoter entities to the 'Public' category. The application, initially submitted on February 3, 2026, covered Prahlad Rai Agarwalla, Sarita Devi Agarwalla, Avinash Agarwalla, and Prahlad Rai Agarwalla HUF. NSE stated that queries raised by the exchange remained unaddressed despite multiple follow-ups, resulting in the return of the application. The company must submit a fresh application with requisite fees and documentation if it intends to pursue the reclassification.
- Application submitted on February 3, 2026, seeking reclassification under Regulation 31A was returned by NSE.
- Reclassification was sought for 4 entities: Prahlad Rai Agarwalla, Sarita Devi Agarwalla, Avinash Agarwalla, and Prahlad Rai Agarwalla HUF.
- NSE rejected the current application via letter dated September 9, 2026, citing prolonged non-response to queries.
- Promoter holding currently stands at 74.96% as of March 2026.
Financial Performance
Revenue Growth by Segment
Total income increased by 22.42% to INR 2,546.27 Cr in FY 2024-2025, primarily driven by higher sales realizations and a 103.57% surge in other income. Manufacturing revenue remained steady at approximately INR 2,760 Cr in FY23, while the new Real Estate segment began contributing through land inventory acquisition.
Geographic Revenue Split
The company maintains a significant presence in the export market, which provides revenue diversification and acts as a natural hedge against currency fluctuations. Specific regional percentage splits are not disclosed, but the Visakhapatnam unit is strategically positioned for port-based exports.
Profitability Margins
Operating Profit Margin improved from 5.44% to 8.40% in FY25 due to higher sales realization and decreased power costs. Net Profit Margin saw a substantial increase from 20.37% to 35.18% in FY25, heavily influenced by a gain in fair value of investments (Other Income).
EBITDA Margin
EBITDA grew by 91.99% YoY to INR 894.28 Cr in FY25. The EBITDA/Turnover ratio improved from 27.03% to 49.15% during the same period, reflecting enhanced core profitability and investment gains.
Capital Expenditure
Ongoing capex at Maithan Ferrous Private Limited (MFPL) is being funded entirely through internal accruals. The company also invested in land for its real estate diversification, contributing to a 73.12% increase in inventory value to INR 588.04 Cr.
Credit Rating & Borrowing
CRISIL reaffirmed 'AA/Negative' and CARE reaffirmed 'AA; Stable'. Finance costs increased by 1253.19% to INR 20.91 Cr in FY25 due to a rise in current borrowings to INR 565.08 Cr.
Operational Drivers
Raw Materials
Key raw materials include Manganese Ore and Coke/Coal. Raw material costs accounted for INR 1,368 Cr in FY23, representing approximately 47.4% of total revenue.
Import Sources
Not specifically disclosed in available documents, though the company utilizes its Visakhapatnam unit for efficient import handling.
Capacity Expansion
Current installed ferroalloy capacity is 2,35,600 TPA. Expansion through MFPL for manganese-based alloys is scheduled for commissioning by H2 FY2025.
Raw Material Costs
Raw material costs were INR 1,368 Cr in FY23. The company faces volatility in raw material costs primarily resulting from the ongoing energy crisis and geopolitical conflicts like Russia-Ukraine.
Manufacturing Efficiency
Capacity utilization declined to 75% in FY24 and further to 60% in H1 FY25 due to the strategic shutdown of the Impex plant to avoid losses from high power costs.
Logistics & Distribution
The Kalyaneshwari unit is located in the steel belt of India, while the Visakhapatnam unit is port-based, optimizing distribution to both domestic steel plants and export markets.
Strategic Growth
Expected Growth Rate
22.42%
Growth Strategy
Growth will be driven by the resumption of operations at IMFAL, completion of capex at MFPL by H2 FY25, and diversification into the Real Estate sector. The merger of IMFAL with MAL is also underway to achieve cost efficiencies and streamline operations.
Products & Services
Ferro Manganese, Ferro Silicon, and Silico Manganese sold primarily to the steel industry.
Brand Portfolio
Maithan Alloys Limited.
New Products/Services
Diversification into the Real Estate sector through land acquisition and development.
Market Expansion
Targeting volume growth through the ramp-up of IMFAL and MFPL production capacities by the second half of fiscal 2025.
Strategic Alliances
MFPL is an 80% subsidiary; MAL is currently merging its wholly-owned subsidiary IMFAL with itself.
External Factors
Industry Trends
The industry is shifting toward 'Green Steel' and adopting AI, Machine Learning, and smart manufacturing to improve efficiency and sustainability.
Competitive Landscape
The market is characterized by cyclical demand and competition from other ferroalloy producers, though MAL's direct-to-customer model provides a stable order flow.
Competitive Moat
Moat is built on cost leadership, strategic plant locations in the steel belt/ports, and a massive cash cushion of over INR 3,100 Cr providing financial flexibility during downturns.
Macro Economic Sensitivity
Highly sensitive to steel industry cycles and government infrastructure spending, with fiscal deficit targets (5.1% for FY25) providing headroom for physical infrastructure growth.
Consumer Behavior
Demand is directly linked to the production levels of the global and domestic steel industry.
Geopolitical Risks
The Russia-Ukraine conflict has caused a steep increase in power costs and volatility in raw material prices, impacting the feasibility of certain plant operations.
Regulatory & Governance
Industry Regulations
Operations are subject to strict adherence to government guidelines, environmental pollution norms, and safety measures including factory shutdown protocols.
Environmental Compliance
MFPL received environmental clearance from MoEF & CC on August 11, 2022, for its expansion project.
Taxation Policy Impact
Tax expenses increased by 122.60% to INR 218.24 Cr in FY25 due to higher taxable profits.
Legal Contingencies
IMFAL was acquired through the National Company Law Tribunal (NCLT) process in November 2021; other specific pending court case values are not disclosed.
Risk Analysis
Key Uncertainties
Volatility in power costs and finished product realizations are the primary risks, potentially leading to cash accruals falling below INR 200 Cr on a sustained basis.
Geographic Concentration Risk
Manufacturing is concentrated in the Kalyaneshwari (West Bengal) and Visakhapatnam (Andhra Pradesh) units.
Third Party Dependencies
Dependency on power utilities is high, as evidenced by the Impex plant shutdown due to unviable power tariffs.
Technology Obsolescence Risk
The company is mitigating technology risks by leveraging AI and ML for smart manufacturing and efficiency improvements.
Credit & Counterparty Risk
Trade Receivables Turnover Ratio increased to 6.83 in FY25, though the collection period increased from 70 to 84 days in FY24, indicating a slight stretch in working capital.
