Mangalam Alloys Limited (MAL)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Mangalam Alloys' revenue was ₹219 Cr (-6.4% year on year, +0.0% on the previous half-year), and net profit ₹3.0 Cr (-75.0% year on year); the operating margin was 12.3%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹219 | -6.4% | +0.0% |
| Operating profit | ₹27.0 | -30.8% | -3.6% |
| Net profit | ₹3.0 | -75.0% | -75.0% |
| EPS (₹) | 1.18 | -76.5% | -75.2% |
| Operating margin | 12.3% | — | — |
📢 Recent Corporate Announcements
Mangalam Alloys Limited has announced the appointment of its Managing Director, Mr. Tushar Uttamchand Mehta, as the Compliance Officer of the company effective October 9, 2026. The appointment was approved by the Board of Directors on the recommendation of the Nomination and Remuneration Committee. The Board meeting took place between 04:15 PM and 04:45 PM on October 9, 2026. This administrative corporate governance change carries no direct financial or operational impact on the company's ₹870 Cr TTM revenue base.
- Appointment of Mr. Tushar Uttamchand Mehta as Compliance Officer effective October 09, 2026
- Board meeting commenced at 04:15 P.M. and concluded at 04:45 P.M. on October 09, 2026
- Appointee concurrently serves as Managing Director and holds a Bachelor's degree in Mechanical Engineering
- Filing submitted under Regulation 30 (Schedule III Part A (4)) of SEBI LODR Regulations
Mangalam Alloys Limited reported the voting results and Scrutinizer's report for its 38th Annual General Meeting held on September 30, 2026. All 4 ordinary and special resolutions were passed with over 97% votes in favor. Key items approved included adoption of FY26 financial statements, re-appointment of Director Tushar Uttamchand Mehta, ratification of cost auditor remuneration, and the regularization of Mrs. Megha Tushar Mehta as Executive Director. Total voting participation stood at 57.96% of outstanding shares for ordinary items, heavily supported by the promoter group.
- All 4 resolutions approved with over 97% of polled votes in favor
- Turnout stood at 57.96% (1,43,07,760 votes polled out of 2,46,85,927 shares)
- Regularization of Mrs. Megha Tushar Mehta as Executive Director passed with 97.48% approval
- Adoption of FY26 audited accounts approved with 97.62% votes in favor
Mangalam Alloys Limited has issued the notice for its 38th Annual General Meeting (AGM) scheduled for September 30, 2026, via Video Conferencing. Key agenda items include adopting the FY26 audited financial statements and the re-appointment of Managing Director Tushar Uttamchand Mehta (holding 25.32% equity). Additionally, shareholders will vote on regularizing CFO Megha Tushar Mehta as an Executive Director and approving Rs 80,000 plus GST remuneration for cost auditors.
- 38th AGM scheduled for Wednesday, September 30, 2026 at 05:30 PM IST via VC/OAVM
- Cut-off date for e-voting determined as September 23, 2026; Book closure from September 21 to September 30, 2026
- Special resolution proposed to regularize CFO Mrs. Megha Tushar Mehta as Executive Director
- Re-appointment of Managing Director Mr. Tushar Uttamchand Mehta (holding 62,50,199 shares or 25.32%) who retires by rotation
- Cost auditor remuneration proposed at Rs 80,000 plus GST for FY27
Mangalam Alloys Limited has announced the schedule for its 32nd Annual General Meeting (AGM), to be held on Monday, September 28, 2026. The Register of Members and Share Transfer Books will remain closed from September 21, 2026, to September 30, 2026 (both days inclusive). The cut-off date to determine eligibility for voting rights and AGM attendance is set for Wednesday, September 23, 2026. This is a standard annual procedural filing.
- 32nd Annual General Meeting scheduled for Monday, September 28, 2026
- Share transfer books and member registers closed from September 21 to September 30, 2026
- Cut-off date for voting rights and AGM attendance fixed as September 23, 2026
Mangalam Alloys Limited has fixed Wednesday, September 23, 2026, as the record date to determine shareholder eligibility for voting rights and attendance at its upcoming Annual General Meeting (AGM). The 38th AGM is scheduled to take place on Tuesday, September 30, 2026, at 05:30 PM IST. This is a standard regulatory intimation under Regulation 42 of SEBI Listing Regulations with no direct financial impact.
- 38th Annual General Meeting scheduled for September 30, 2026, at 05:30 PM IST
- Record date fixed as September 23, 2026, for determining voting and attendance eligibility
- Filing submitted pursuant to Regulation 42 of SEBI LODR Regulations
Mangalam Alloys Limited held a Board meeting on September 07, 2026, approving the draft Director's Report for the financial year ended March 31, 2026. The Board approved the notice and arrangements for convening the company's 38th Annual General Meeting (AGM) and fixing the book closure dates. Additionally, the Board approved the regularization of Mrs. Megha Tushar Mehta as an Executive Director and the ratification of the Cost Auditor's remuneration for FY 2026-27.
- Draft Director's Report approved for the financial year ended March 31, 2026
- Convened the 38th Annual General Meeting and approved the AGM notice
- Appointed Mr. Gaurang Radheshyam Shah as Scrutinizer for the 38th AGM
- Approved regularization of Mrs. Megha Tushar Mehta (DIN: 07195005) as Executive Director
- Ratified remuneration for the Cost Auditor for Financial Year 2026-27
Mangalam Alloys Limited has announced the resignation of Mr. Jitendrakumar Hiralal Kalal from his role as Company Secretary & Compliance Officer (Key Managerial Personnel), effective August 24, 2026. The departure has been cited due to personal reasons. The company has informed stock exchanges pursuant to Regulation 30 of the SEBI Listing Regulations and will need to appoint a successor within statutory timelines. This administrative change does not directly affect core operations or financial performance (TTM revenue of Rs 870 Cr).
- Mr. Jitendrakumar Hiralal Kalal (Membership No. A42407) resigned as CS and Compliance Officer.
- Resignation is effective from August 24, 2026.
- Reason cited for the resignation is personal reasons.
- Company is required to fill the Key Managerial Personnel vacancy within prescribed SEBI/Companies Act timelines.
Mangalam Alloys Limited has announced the resignation of Mr. Jitendrakumar Hiralal Kalal from the position of Company Secretary and Compliance Officer (Key Managerial Personnel) due to personal reasons. The resignation is effective from August 24, 2026. This administrative change does not impact the operational or financial performance of the company, which reported TTM revenue of Rs 870 Cr and TTM PAT of Rs 28 Cr.
- Jitendrakumar Hiralal Kalal resigned as Company Secretary and Compliance Officer
- Resignation is effective from August 24, 2026
- Reason cited for cessation is personal reasons
- The outgoing CS holds ICSI Membership No. A42407
Financial Performance
Revenue Growth by Segment
Total operating revenue grew by 41.66% YoY to INR 431.45 Cr in FY25. The Round Bar segment grew 19.4% from INR 144 Cr to INR 172 Cr, while the Flats segment contributed an incremental INR 54 Cr due to high domestic demand.
Geographic Revenue Split
The company serves both domestic and overseas markets. While specific percentage splits are not disclosed, the company maintains a diversified reach where no single customer contributes more than 25% of total revenue, mitigating concentration risk.
Profitability Margins
Gross margins are impacted by raw material costs which represent 82.5% of total revenue (INR 357.52 Cr). Net Profit Margin stood at 3.08% in FY25, a slight decrease from 3.76% in FY24 despite higher absolute profits.
EBITDA Margin
EBITDA margin improved to 12.26% in FY25 from 10.67% in FY24, a 159 basis point increase. This was driven by a 62.76% growth in absolute EBITDA to INR 52.88 Cr, resulting from better absorption of semi-fixed employee and administrative costs.
Capital Expenditure
Cash used in investing activities was INR 1.24 Cr in FY25, primarily for fixed asset management. The company evaluates new projects using carbon-adjusted Internal Rate of Return (IRR) to ensure long-term sustainability.
Credit Rating & Borrowing
The company is rated by Infomerics (IVR). Overall gearing stood at 1.01x in FY25 compared to 0.88x in FY24. Interest Service Coverage Ratio (ISCR) improved to 2.01x from 1.78x, reflecting better debt-servicing capacity.
Operational Drivers
Raw Materials
Key raw materials include stainless steel scrap and stainless steel flats, which collectively account for approximately 82.5% of the total revenue cost structure.
Import Sources
Raw materials are sourced from multiple suppliers in the open market to ensure no lag time in inventory maintenance; specific countries are not listed, but the company operates in an 'open market scenario'.
Key Suppliers
Not disclosed in available documents; however, the company maintains multiple supplier options to avoid dependency and ensure continuous procurement.
Capacity Expansion
The company operates a manufacturing facility for SS Billets, Ingots, and various rolled products. While specific MTPA capacity is not disclosed, the company is focusing on higher-demand domestic products to drive volume growth.
Raw Material Costs
Cost of materials consumed was INR 357.52 Cr in FY25. The company faces volatility in scrap prices but mitigates this through an open-market procurement strategy and the ability to pass on price hikes to B2B customers.
Manufacturing Efficiency
Inventory turnover ratio improved significantly by 100.88% to 3.23 in FY25 from 1.61 in FY24, indicating much higher efficiency in converting stock into sales.
Logistics & Distribution
Not disclosed as a specific percentage; however, the company offers additional credit periods to customers to drive sales growth, which impacts the trade receivable turnover ratio (4.70 in FY25).
Strategic Growth
Expected Growth Rate
41%
Growth Strategy
Growth is targeted through substantial expansion of the product portfolio, specifically in high-demand domestic segments like round bars and flats. The company leverages its B2B model and long-standing promoter experience (since 1988) to penetrate sectors like Defence and Railways.
Products & Services
Stainless Steel (SS) Ingots, bright and black round bars, Bright Bars, Hexagonal bars, Square bars, Angle Bars, Flat Bars, Fasteners, and Forging products.
Brand Portfolio
Mangalam Alloys Limited (MAL), part of the UCM Group.
New Products/Services
The company recently expanded into the 'Flats' product line, which generated INR 54 Cr in incremental revenue during FY25, contributing approximately 12.5% to total sales.
Market Expansion
The company is focusing on increasing its footprint in the domestic market for higher-demand products while maintaining its existing overseas reach to balance sectoral volatility.
Market Share & Ranking
Not disclosed in available documents; however, it is listed on the SME platform of the stock exchange as of October 2023.
Strategic Alliances
The company is the flagship entity of the UCM Group, providing it with established market linkages and a long track record of operations since 1988.
External Factors
Industry Trends
The industry is shifting toward sustainability and stricter environmental norms. MAL is positioning itself by integrating carbon-adjusted IRR into capital allocation and focusing on high-growth sectors like Defence and Energy.
Competitive Landscape
The company operates in a competitive B2B market for stainless steel products, competing on the basis of product variety (10+ types) and long-term client relationships.
Competitive Moat
The moat is built on a diversified product portfolio and extensive promoter experience (35+ years). This conglomeration benefit insulates the company from sectoral volatility, making the business model sustainable across cycles.
Macro Economic Sensitivity
Highly sensitive to global steel prices and macroeconomic trends. Changes in government policies or taxation (like MAT) directly impact the net profitability, as seen in the INR 7.69 Cr tax expense in FY25.
Consumer Behavior
B2B demand is shifting toward specialized steel grades for the Pump, Engineering, and Oil & Gas sectors, prompting MAL to focus on specialized bars and fasteners.
Geopolitical Risks
Geopolitical tensions are cited as a risk that could impact raw material costs and global supply chains, though geographical diversification helps mitigate this.
Regulatory & Governance
Industry Regulations
Compliant with the Factory Act 1948, Companies Act 2013, and various SEBI regulations. Operations are subject to strict environmental standards and pollution norms.
Environmental Compliance
The company prioritizes environmental sustainability by investing in cleaner technologies and ensuring all new projects undergo comprehensive environmental impact assessments.
Taxation Policy Impact
The company is subject to Minimum Alternate Tax (MAT). In FY25, it recorded a current tax expense of INR 3.88 Cr and a deferred tax expense of INR 2.25 Cr.
Legal Contingencies
The secretarial audit reports general compliance with statutory provisions; no specific high-value pending court cases or litigation values are disclosed in the documents.
Risk Analysis
Key Uncertainties
The primary uncertainty is the volatility of raw material prices (SS scrap) and the intensive working capital cycle (144 days), which could impact liquidity if not managed efficiently.
Geographic Concentration Risk
Low; the company has a diversified geographical reach across domestic and overseas markets with no specific region dominating revenue.
Third Party Dependencies
Low; the company maintains multiple supplier options for raw materials, ensuring it is not dependent on a single third-party vendor.
Technology Obsolescence Risk
The company mitigates technology risk by continuously investing in cleaner and more efficient manufacturing technologies to meet evolving environmental standards.
Credit & Counterparty Risk
Receivables management is a focus; the trade receivable turnover ratio improved to 4.70, though the company offers extended credit to drive sales, increasing potential counterparty risk.
