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MAITHANALL - Maithan Alloys

📊 NSE: MAITHANALL 🏢 Mining / Minerals / Metals 📅 Last Updated: 12/14/2025 9:28

📢 Recent Corporate Announcements

Maithan Alloys Acquires 0.02% Stake in Canara Bank for ₹29.70 Crore

🟡 NEUTRAL ⭐ 4/10

M&A 📅 13 Mar 2026, 01:30 PM

Maithan Alloys Limited has acquired 21,00,000 equity shares of Canara Bank through the stock exchange for a total cash consideration of ₹29.70 crore. The acquisition, completed on March 12, 2026, represents a 0.02% stake in the public sector bank. The company has clarified that this is a financial investment aimed at reaping long-term or short-term benefits and does not involve any intention to acquire management control. This move reflects the company's strategy to deploy surplus cash into liquid, high-performing financial assets.

Acquired 2,100,000 equity shares of Canara Bank via open market transactions.
Total investment value amounts to ₹29.70 crore paid in cash.
The stake acquired represents 0.02% of Canara Bank's total shareholding.
Target entity Canara Bank reported a PAT of ₹17,027 crore and turnover of ₹1,19,755 crore for FY 2024-25.
Investment is purely for financial gains with no management control sought.

💡 Investors should treat this as a treasury management activity where the company is utilizing surplus funds for portfolio investments. No immediate impact on the core ferro-alloys business is expected, though it shows a healthy cash position.

Maithan Alloys Acquires 6.45 Lakh Shares of Bank of India for ₹10.01 Crore

🟡 NEUTRAL ⭐ 4/10

OTHER 📅 13 Mar 2026, 01:29 PM

Maithan Alloys Limited has disclosed the acquisition of 6,45,000 equity shares of Bank of India through open market transactions on March 12, 2026. The total investment for this 0.01% stake amounts to ₹10.01 crore. The company clarified that this is a financial investment intended for long-term or short-term gains and does not involve any management control. This disclosure was made following the triggering of threshold limits under SEBI Listing Obligations and Disclosure Requirements.

Acquired 6,45,000 equity shares of Bank of India (BoI) via stock exchange for ₹10.01 crore.
The acquisition represents a 0.01% shareholding in the public sector bank.
Bank of India reported a turnover of ₹70,826 crore and a PAT of ₹9,219 crore for FY 2024-25.
The transaction was a cash consideration and is classified as a non-related party transaction.

💡 This is a routine treasury management activity and does not impact the core operations of Maithan Alloys. Investors should treat this as a minor diversification of the company's investment portfolio.

Maithan Alloys Receives ₹2.88 Crore Income Tax Demand Notice for AY 2024-25

🔵 WATCH ⭐ 4/10

REGULATORY 📅 12 Mar 2026, 03:48 PM

Maithan Alloys Limited has received a demand notice from the Income Tax Department for ₹2.88 crore for the Assessment Year 2024-25. The notice, issued under Section 156 of the Income-Tax Act, 1961, cites short payment of income tax as per the Assessment Order. The company has informed that it intends to file a rectification request under Section 154 of the Act to contest the demand. This is a routine tax matter and the amount is relatively small compared to the company's scale.

Income Tax Department issued a demand notice for ₹2,88,02,270.
The demand pertains to the Assessment Year 2024-25 under Section 156.
Allegation involves short payment of income tax as per the Assessment Order.
Company is contemplating filing a rectification request under Section 154 of the Income-Tax Act.

💡 Investors should monitor the outcome of the rectification request. The financial impact is limited to the demand amount and is not expected to be materially significant for the company.

Maithan Alloys Acquires 0.01% Stake in Bank of India for Rs 9.36 Crore

🟡 NEUTRAL ⭐ 3/10

OTHER 📅 12 Mar 2026, 11:11 AM

Maithan Alloys Limited has acquired 6,02,688 equity shares of Bank of India through the stock exchange on March 11, 2026. The total cash consideration for this 0.01% stake amounted to Rs 9.36 crore. This acquisition is a financial investment intended for long-term or short-term benefits and does not involve any management control. The disclosure was made following the triggering of threshold limits under SEBI Regulation 30.

Acquired 6,02,688 shares of Bank of India representing a 0.01% stake.
Total investment cost for the acquisition is Rs 9.36 crore.
Target entity Bank of India reported a turnover of Rs 70,826 crore and PAT of Rs 9,219 crore for FY 2024-25.
The transaction was completed via cash consideration through the stock exchange on an arm's length basis.
Maithan Alloys stated the move is for investment purposes with no intent to acquire management control.

💡 This is a minor treasury investment and does not affect the core ferroalloy business of Maithan Alloys. Investors should remain focused on the company's operational performance and commodity price trends.

Maithan Alloys Acquires 0.01% Stake in Bank of Baroda for Rs 20.03 Crore

🟡 NEUTRAL ⭐ 4/10

OTHER 📅 18 Feb 2026, 02:23 PM

Maithan Alloys Limited has acquired 6,59,000 equity shares of Bank of Baroda through the stock exchange on February 17, 2026. The total cost of the acquisition is Rs 20.03 crore, representing a 0.01% stake in the public sector bank. The company has clarified that this is a financial investment intended for long-term or short-term benefits and does not involve any intent to gain management control. The transaction was completed at arm's length and triggered disclosure requirements under SEBI Regulation 30.

Acquired 6,59,000 equity shares of Bank of Baroda for a total consideration of Rs 20.03 crore
The acquisition represents a 0.01% shareholding in the target entity
Investment is purely for financial gains with no management control intended
Bank of Baroda reported a PAT of Rs 19,581 crore and turnover of Rs 1,21,442 crore for FY 2024-25
The transaction was executed through the stock exchange and completed on February 17, 2026

💡 This is a routine treasury management activity using surplus cash and does not impact the core operations of Maithan Alloys. Investors should treat this as a minor portfolio diversification rather than a strategic business shift.

Maithan Alloys Acquires 0.01% Stake in Bank of Baroda for Rs 20.03 Crore

🟡 NEUTRAL ⭐ 4/10

OTHER 📅 18 Feb 2026, 02:22 PM

Maithan Alloys has invested Rs 20.03 crore to acquire 659,000 equity shares of Bank of Baroda through the stock exchange. This acquisition represents a 0.01% stake in the public sector bank and is intended as a financial investment for long-term or short-term gains. The company has explicitly stated it does not intend to acquire management control of the bank. This move reflects the company's strategy of deploying surplus cash into liquid, high-performing financial assets.

Acquired 659,000 equity shares of Bank of Baroda on February 17, 2026
Total cash consideration for the transaction was Rs 20.03 crore
The acquisition represents a 0.01% shareholding in the target entity
Bank of Baroda reported a PAT of Rs 19,581 crore and turnover of Rs 121,442 crore for FY 2024-25
Investment is purely for financial benefits with no management control intent

💡 This is a routine treasury management activity using surplus funds and has no impact on the core ferro-alloys business. Investors should remain focused on the company's operational performance and commodity price trends.

Maithan Alloys Acquires 0.02% Stake in Bank of Baroda for ₹25.04 Crore

🟡 NEUTRAL ⭐ 4/10

OTHER 📅 17 Feb 2026, 04:21 PM

Maithan Alloys has invested ₹25.04 crore to acquire 861,000 equity shares of Bank of Baroda through the open market. This acquisition represents a 0.02% stake in the public sector bank and is classified as a financial investment for potential long-term or short-term gains. The company has explicitly stated it has no intention of acquiring management control over the bank. This move indicates a strategy of deploying surplus cash into liquid, high-quality financial assets.

Acquired 861,000 shares of Bank of Baroda (BoB) on February 16, 2026
Total cost of acquisition amounted to ₹25.04 crore in cash
The stake acquired represents 0.02% of Bank of Baroda's total shareholding
Target entity (BoB) reported a turnover of ₹1,21,442 crore and PAT of ₹19,581 crore in FY25
Investment is intended for financial benefits rather than strategic management control

💡 This is a routine treasury management activity using surplus funds and does not impact core operations. Investors should view this as a minor diversification of the company's investment portfolio.

Maithan Alloys Acquires 0.02% Stake in Bank of Baroda for Rs 25.04 Crore

🟡 NEUTRAL ⭐ 4/10

OTHER 📅 17 Feb 2026, 04:19 PM

Maithan Alloys Limited has acquired 861,000 equity shares of Bank of Baroda through the stock exchange on February 16, 2026. The total investment cost amounted to Rs 25.04 crore, representing a 0.02% stake in the public sector bank. The company stated that this is a purely financial investment aimed at reaping long-term or short-term benefits without any intention of acquiring management control. This disclosure was triggered as the acquisition met the regulatory threshold under SEBI (LODR) Regulations.

Acquired 861,000 shares of Bank of Baroda for a total cash consideration of Rs 25.04 crore
The acquisition represents a 0.02% equity stake in the target entity
Investment is intended for financial gains with no management control or related party interest
Bank of Baroda reported a PAT of Rs 19,581 crore and turnover of Rs 121,442 crore in FY 2024-25
The transaction was completed on February 16, 2026, via stock exchange purchase

💡 This is a minor treasury-related investment and does not impact the core ferro-alloys business of Maithan Alloys. Investors should treat this as a routine financial deployment of surplus funds.

Maithan Alloys Acquires 0.02% Stake in Bank of Baroda for ₹25.04 Crore

🟡 NEUTRAL ⭐ 4/10

OTHER 📅 17 Feb 2026, 04:18 PM

Maithan Alloys Limited has acquired 861,000 equity shares of Bank of Baroda through the stock exchange on February 16, 2026. The total investment amount is ₹25.04 Crore, representing a 0.02% stake in the public sector bank. The company has clarified that this is a financial investment intended for long-term or short-term gains and does not involve any management control. This disclosure was triggered as the acquisition met the prescribed threshold limits under SEBI regulations.

Acquired 861,000 equity shares of Bank of Baroda (BoB) via open market transactions.
Total cash consideration for the acquisition amounted to ₹25.04 Crore.
The acquisition represents a 0.02% shareholding in the target entity.
Bank of Baroda reported a turnover of ₹1,21,442 Crore and PAT of ₹19,581 Crore for FY 2024-25.
The investment is purely for financial benefits with no intention of acquiring management control.

💡 This is a routine treasury management activity and does not impact the core operations of Maithan Alloys. Investors should monitor the company's cash deployment strategies and dividend payout consistency.

Maithan Alloys Acquires 0.02% Stake in Bank of Baroda for Rs 30.04 Crore

🟡 NEUTRAL ⭐ 4/10

OTHER 📅 14 Feb 2026, 12:56 PM

Maithan Alloys Limited has acquired 1,047,000 equity shares of Bank of Baroda through the stock exchange for a total consideration of Rs 30.04 crore. This acquisition represents a 0.02% stake in the public sector bank and is classified as a financial investment for long-term or short-term benefits. The company has explicitly stated that it does not intend to acquire management control of the bank. The transaction was completed on February 13, 2026, as a cash consideration at arm's length.

Acquired 1,047,000 equity shares of Bank of Baroda (BoB) via open market
Total cost of acquisition amounted to Rs 30.04 crore
The acquisition represents a minor 0.02% shareholding in the target entity
Investment aimed at reaping financial benefits rather than management control
Target entity Bank of Baroda reported a PAT of Rs 19,581 crore for FY 2024-25

💡 This is a routine treasury/investment activity by Maithan Alloys and does not impact its core manufacturing operations. Investors should view this as a deployment of surplus cash into liquid blue-chip equity.

Maithan Alloys Acquires 0.02% Stake in Bank of Baroda for ₹30.04 Crore

🟡 NEUTRAL ⭐ 4/10

OTHER 📅 14 Feb 2026, 12:54 PM

Maithan Alloys has invested ₹30.04 crore to acquire 1,047,000 equity shares of Bank of Baroda through the stock exchange. This acquisition represents a 0.02% stake in the public sector bank and is intended as a financial investment for long-term or short-term benefits. The company has explicitly stated it does not intend to acquire management control of the bank. The disclosure was made following the triggering of threshold limits under SEBI (LODR) Regulations.

Acquired 1,047,000 equity shares of Bank of Baroda on February 13, 2026
Total cost of acquisition amounted to ₹30.04 crore through cash consideration
The stake acquired represents 0.02% of Bank of Baroda's total shareholding
Target entity (Bank of Baroda) reported a PAT of ₹19,581 crore for FY 2024-25
Investment is purely for financial gains and not for management control

💡 This is a routine treasury/investment activity by Maithan Alloys and does not impact its core operations. Investors should view this as part of the company's capital allocation strategy for its surplus funds.

Maithan Alloys Acquires 0.02% Stake in Bank of Baroda for ₹30.04 Crore

🟡 NEUTRAL ⭐ 4/10

OTHER 📅 14 Feb 2026, 12:52 PM

Maithan Alloys has invested ₹30.04 Crore to acquire 1,047,000 equity shares of Bank of Baroda through the open market. This acquisition represents a 0.02% stake in the public sector bank and is intended as a financial investment for potential long-term or short-term gains. The company has clarified that it does not seek any management control over Bank of Baroda. This move indicates Maithan Alloys is utilizing its surplus cash for treasury investments in high-liquidity blue-chip stocks.

Acquired 1,047,000 equity shares of Bank of Baroda on February 13, 2026
Total investment value stands at ₹30.04 Crore, funded via cash consideration
The stake acquired represents approximately 0.02% of Bank of Baroda's total shareholding
Investment is purely for financial returns with no management control intent
Bank of Baroda reported a PAT of ₹19,581 Crore and a turnover of ₹121,442 Crore for FY 2024-25

💡 Investors should view this as a routine treasury management activity where the company is deploying surplus cash into liquid equity assets. No immediate impact on the core alloy business is expected.

Maithan Alloys Acquires 0.01% Stake in Bank of Baroda for Rs 19.26 Crore

🟡 NEUTRAL ⭐ 4/10

OTHER 📅 13 Feb 2026, 01:57 PM

Maithan Alloys Limited has acquired 6,64,517 equity shares of Bank of Baroda through the stock exchange on February 12, 2026. The total investment cost amounted to Rs 19.26 crore, representing a minor 0.01% stake in the public sector bank. The company has clarified that this is a financial investment intended for long-term or short-term gains and does not involve any management control. This move indicates the company is deploying surplus cash into liquid, large-cap equity assets.

Acquired 6,64,517 shares of Bank of Baroda for a total cash consideration of Rs 19.26 crore.
The acquisition represents a 0.01% shareholding in the target entity.
Bank of Baroda reported a PAT of Rs 19,581 crore and a turnover of Rs 1,21,442 crore for FY 2024-25.
The transaction was conducted at arm's length through the stock exchange with no related party involvement.
Maithan Alloys stated it has no intention to acquire direct or indirect management control of the bank.

💡 This is a routine treasury management activity and does not impact the core ferroalloys business of Maithan Alloys. Investors should continue to monitor the company's core operational performance and margins.

Maithan Alloys Acquires 0.01% Stake in Bank of Baroda for Rs 19.26 Crore

🟡 NEUTRAL ⭐ 4/10

OTHER 📅 13 Feb 2026, 01:55 PM

Maithan Alloys has invested Rs 19.26 crore to acquire 6,64,517 equity shares of Bank of Baroda through the open market. This acquisition represents a 0.01% stake in the public sector bank and is classified as a treasury investment for long-term or short-term gains. The company has clarified that it does not intend to seek any management control in Bank of Baroda. This move indicates the company is deploying surplus cash into liquid, high-yield financial assets.

Acquired 6,64,517 equity shares of Bank of Baroda on February 12, 2026
Total cost of acquisition amounted to Rs 19.26 crore through cash consideration
The stake acquired represents 0.01% of Bank of Baroda's total shareholding
Investment is aimed at reaping financial benefits without management control
Target entity Bank of Baroda reported a PAT of Rs 19,581 crore for FY 2024-25

💡 Investors should view this as a routine treasury management activity and continue to focus on the company's core ferroalloys business. No immediate action is required as the investment size is not material to the company's total market capitalization.

Maithan Alloys Acquires 0.01% Stake in Bank of Baroda for Rs 19.26 Crore

🟡 NEUTRAL ⭐ 4/10

OTHER 📅 13 Feb 2026, 01:54 PM

Maithan Alloys has invested Rs 19.26 crore to acquire 6,64,517 equity shares of Bank of Baroda through the open market. This acquisition represents a 0.01% stake in the public sector bank and is intended as a financial investment for potential long-term or short-term gains. The company has clarified that it does not intend to seek management control of the bank. This move reflects Maithan Alloys' strategy of deploying surplus cash into liquid, high-quality equity assets.

Acquired 6,64,517 equity shares of Bank of Baroda on February 12, 2026
Total cash consideration for the acquisition stands at Rs 19.26 crore
The stake acquired represents approximately 0.01% of Bank of Baroda's total shareholding
Investment is aimed at reaping financial benefits without any intention of acquiring management control
Bank of Baroda reported a PAT of Rs 19,581 crore and a turnover of Rs 1,21,442 crore for FY 2024-25

💡 This is a routine treasury management activity and does not impact the core ferroalloys business. Investors should continue to focus on the company's operational performance and global commodity price trends.

View All MAITHANALL Announcements on Live Market Tracking →

💰 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.