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Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹2766 Cr.
Stock P/E
4.4
P/B
0.7
Current Price
₹950
Book Value
₹ 1424.2
Face Value
10
52W High
₹1265
52W Low
₹ 831.5
Dividend Yield
1.79%

Maithan Alloys Overview

Business

Maithan Alloys Ltd. is one of India's leading manufacturers and exporters of Ferro Alloys. Its core business involves producing essential alloying agents for the steel industry, primarily Silico Manganese and Ferro Manganese. These alloys are crucial for enhancing the properties of steel, such as strength, hardness, and durability, by acting as de-oxidizers and alloying elements. The company operates multiple manufacturing units and makes money by selling these manufactured ferro alloys to steel producers, both domestically and internationally.

Revenue Mix

Maithan Alloys primarily operates in the Ferro Alloys segment, with its revenue largely derived from the sale of:

Silico Manganese: A key de-oxidizing and alloying agent used in steel production.

Ferro Manganese: Another important ferro alloy used for de-oxidation and as an alloying agent to improve steel properties.

While specific percentage contributions are not always segmented in public reports, Silico Manganese typically forms a significant portion of its sales volume.

Industry

The ferro alloy industry is a commodity-driven, cyclical sector highly dependent on the global and domestic steel industry's health and production levels. It is characterized by intense price competition and vulnerability to raw material and energy costs. Maithan Alloys is a prominent player in the Indian ferro alloys market, particularly as one of the largest producers and exporters of Silico Manganese. Its positioning is strengthened by its operational scale, cost-efficient production capabilities, and established relationships with major steel manufacturers.

MOAT

Maithan Alloys' competitive advantages primarily stem from:

Cost Leadership: The company maintains operational efficiency and cost control through strategic raw material sourcing, backward integration into captive power generation, and optimized manufacturing processes. Power is a significant input cost, and captive power plants reduce reliance on grid electricity, offering cost stability and competitive pricing.

Scale and Market Position: Being one of the largest producers in India provides economies of scale in procurement and production, and an established market presence.

Operational Excellence: A consistent focus on process efficiency and quality control helps in maintaining margins even in a volatile commodity market.

Growth Drivers

Key factors that can drive Maithan Alloys' growth over the next 3-5 years include:

Indian Steel Demand: Robust growth in India's infrastructure, construction, and automotive sectors is expected to fuel domestic steel production, thereby increasing demand for ferro alloys.

Capacity Expansion: Strategic expansion of manufacturing capacities to meet anticipated demand growth and capture larger market share.

Export Opportunities: Leveraging competitive production costs to increase exports to global steel markets.

Focus on Value-Added Products: Potential for increasing the share of higher-margin, specialized ferro alloys.

Risks

Commodity Price Volatility: Fluctuations in the prices of key raw materials (manganese ore, coking coal) and finished ferro alloys can significantly impact profitability.

Cyclicality of Steel Industry: Downturns or slowdowns in the global and domestic steel industry directly reduce demand for ferro alloys.

Energy Cost Fluctuations: Despite captive power, variations in coal prices for captive plants or external power tariffs remain a risk.

Exchange Rate Volatility: As a significant exporter, adverse movements in foreign currency exchange rates can impact export realizations.

Regulatory and Environmental Risks: Changes in environmental regulations, mining policies, or trade duties could affect operations and costs.

Management & Ownership

Maithan Alloys is a promoter-driven company, with the Agarwal family holding a significant ownership stake and active management control. The management is generally perceived to be conservative in its financial approach, focusing on operational efficiency, debt reduction, and prudent capital allocation. The high promoter holding ensures alignment of interests with long-term business growth.

Outlook

Maithan Alloys operates in a cyclical commodity business, making its financial performance sensitive to global steel demand and raw material price movements. The company benefits from its strong cost control mechanisms, captive power generation, and established position as a leading Indian producer of Silico Manganese. The outlook is cautiously positive, supported by India's anticipated economic growth driving domestic steel consumption and infrastructure development. However, sustained profitability will depend on the company's ability to navigate the inherent volatility in ferro alloy prices and manage input cost pressures effectively. Expansion into value-added products and judicious capacity additions could provide further stability and growth.

Maithan Alloys Share Price

Live · BSE / NSE · Inception: 1985
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Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Maithan Alloys Quarterly Results

#(Fig in Cr.) Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Net Sales 448 433 375 464 531 435 632 491 490 559
Other Income 79 174 561 179 97 -116 649 -153 76 -159
Total Income 527 608 936 643 628 319 1281 337 566 400
Total Expenditure 413 427 354 415 502 359 567 459 435 453
Operating Profit 114 181 582 228 126 -40 714 -121 131 -53
Interest 0 1 2 5 6 8 12 14 4 14
Depreciation 5 5 5 6 6 6 6 6 6 6
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 108 175 576 217 114 -54 696 -141 122 -72
Provision for Tax 23 33 120 75 23 4 158 -22 29 -2
Profit After Tax 85 142 456 143 90 -58 538 -119 93 -71
Adjustments 0 0 0 1 1 -3 -2 -2 -4 0
Profit After Adjustments 85 142 457 144 91 -61 536 -121 89 -70
Adjusted Earnings Per Share 29.3 48.8 156.8 49.4 31.2 -21 184.2 -41.5 30.5 -24.2

Maithan Alloys Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 1107 1151 1342 1879 1988 1831 1620 2992 2885 1729 1806 2172
Other Income 5 4 8 17 26 66 24 32 175 358 905 413
Total Income 1111 1155 1351 1896 2014 1897 1644 3025 3060 2086 2711 2584
Total Expenditure 992 1019 1069 1497 1663 1596 1325 1922 2296 1613 1811 1914
Operating Profit 119 136 282 399 351 301 318 1103 764 473 900 671
Interest 22 17 12 8 8 6 3 3 5 3 24 44
Depreciation 27 23 25 15 16 16 16 17 20 21 23 24
Exceptional Income / Expenses -4 0 0 0 0 0 0 0 -102 0 0 0
Profit Before Tax 66 96 244 376 327 279 299 1082 637 450 852 605
Provision for Tax 14 17 64 84 72 57 69 264 138 101 222 163
Profit After Tax 53 79 180 292 255 222 230 818 499 349 631 441
Adjustments -0 0 0 0 0 0 1 0 0 0 -1 -8
Profit After Adjustments 53 79 180 292 255 222 231 818 499 349 630 434
Adjusted Earnings Per Share 18.1 27.1 61.7 100.2 87.7 76.3 79.3 281 171.4 119.9 216.5 149

Maithan Alloys Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 323 393 585 868 1113 1292 1522 2323 2804 3142 3746
Minority's Interest 4 4 1 1 1 1 -0 1 1 1 9
Borrowings 121 82 20 4 4 0 0 0 8 13 9
Other Non-Current Liabilities 2 19 28 28 31 37 39 33 33 61 238
Total Current Liabilities 333 301 268 315 371 186 338 394 293 251 848
Total Liabilities 783 799 902 1215 1519 1516 1898 2751 3140 3468 4849
Fixed Assets 280 267 242 238 229 217 203 276 267 253 312
Other Non-Current Assets 11 19 39 42 50 48 45 85 90 185 1170
Total Current Assets 492 512 621 935 1240 1251 1650 2390 2780 3030 3367
Total Assets 783 799 902 1215 1519 1516 1898 2751 3140 3468 4849

Maithan Alloys Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 23 11 35 76 32 17 625 19 88 90 41
Cash Flow from Operating Activities 58 136 126 284 315 -45 117 237 968 -409 50
Cash Flow from Investing Activities -4 -11 -11 -280 -276 696 -761 -105 -962 369 -591
Cash Flow from Financing Activities -65 -101 -74 -49 -54 -43 37 -62 -5 -9 522
Net Cash Inflow / Outflow -11 24 41 -44 -15 609 -607 70 1 -49 -19
Closing Cash & Cash Equivalent 11 35 76 32 17 625 19 88 90 41 22

Maithan Alloys Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 18.07 27.08 61.72 100.24 87.67 76.27 79.3 281.02 171.44 119.88 216.48
CEPS(Rs) 27.33 35.06 70.39 105.54 93.04 81.7 84.39 286.83 178.36 127.01 224.73
DPS(Rs) 2 2 2.5 3 6 6 6 6 6 6 16
Book NAV/Share(Rs) 110.78 135.02 201 298.1 382.18 443.91 522.71 798.03 963.33 1079.32 1286.87
Core EBITDA Margin(%) 9.84 10.88 19.45 20.21 16.33 12.82 18.17 35.77 20.41 6.7 -0.3
EBIT Margin(%) 7.59 9.29 18.25 20.3 16.86 15.57 18.68 36.28 22.24 26.18 48.55
Pre Tax Margin(%) 5.73 7.92 17.37 19.88 16.44 15.25 18.49 36.17 22.07 26 47.21
PAT Margin (%) 4.54 6.52 12.79 15.43 12.84 12.13 14.2 27.34 17.3 20.19 34.94
Cash Profit Margin (%) 6.87 8.45 14.6 16.25 13.62 12.99 15.17 27.9 18 21.39 36.23
ROA(%) 6.71 9.96 21.12 27.57 18.67 14.63 13.48 35.2 16.94 10.56 15.17
ROE(%) 17.56 22.02 36.72 40.17 25.78 18.47 16.35 42.55 19.46 11.74 18.32
ROCE(%) 16.43 21.01 42.76 48.63 32.98 23.58 21.12 55.8 24.94 15.11 23.38
Receivable days 54.42 60.87 55.11 45.26 45.94 53.55 80.77 68.62 70.35 85.59 53.65
Inventory Days 60.12 49.29 43.89 41.96 46.74 53.61 70.47 62.49 61.98 68.98 145.08
Payable days 70.49 76.66 55.57 39.34 62.71 54.96 56.07 60.34 46.38 48.1 39.99
PER(x) 5.59 4.3 6.82 7.82 5.76 4.59 6.79 4.72 4.63 8.16 4.06
Price/Book(x) 0.91 0.86 2.09 2.63 1.32 0.79 1.03 1.66 0.82 0.91 0.68
Dividend Yield(%) 1.98 1.72 0.59 0.38 1.19 1.71 1.11 0.45 0.76 0.61 1.82
EV/Net Sales(x) 0.43 0.37 0.91 1.21 0.72 0.21 0.98 1.26 0.42 1.62 1.71
EV/Core EBITDA(x) 4.04 3.13 4.32 5.68 4.08 1.29 4.98 3.41 1.57 5.91 3.43
Net Sales Growth(%) 14.99 4 16.62 40 5.8 -7.9 -11.53 84.74 -3.59 -40.08 4.45
EBIT Growth(%) 163.33 27.64 128.25 49.8 -12.69 -14.91 6.14 258.73 -40.91 -29.46 93.69
PAT Growth(%) 365.46 49.71 127.97 62.47 -12.54 -13.01 3.61 255.62 -39 -30.07 80.8
EPS Growth(%) 361.81 49.85 127.9 62.4 -12.54 -13 3.97 254.38 -38.99 -30.08 80.59
Debt/Equity(x) 0.66 0.35 0.14 0.05 0.01 0.01 0.03 0 0.01 0.01 0.16
Current Ratio(x) 1.48 1.7 2.32 2.97 3.34 6.72 4.88 6.07 9.48 12.06 3.97
Quick Ratio(x) 0.95 1.2 1.62 2.18 2.64 5.23 3.85 4.35 8.44 10.67 2.69
Interest Cover(x) 4.08 6.79 20.75 49.07 40.77 48.41 94.87 315.61 134.22 149.36 36.3
Total Debt/Mcap(x) 0.73 0.41 0.07 0.02 0 0.01 0.03 0 0.01 0.01 0.23

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +4% -15% 0% +5%
Operating Profit CAGR +90% -7% +24% +22%
PAT CAGR +81% -8% +23% +28%
Share Price CAGR -11% -1% +5% +15%
ROE Average +18% +17% +22% +24%
ROCE Average +23% +21% +28% +30%

Maithan Alloys Shareholding Pattern

Latest · Mar 2026
100% held
Promoters 74.96 %
FII 1.26 %
DII (MF + Insurance) 0.01 %
Public (retail) 25.04 %
# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 74.9974.9974.9974.9974.9974.9674.9674.9674.9674.96
FII 2.141.871.81.331.321.121.381.411.241.26
DII 0.440.150.410.450.310.20.170.070.060.01
Public 25.0125.0125.0125.0125.0125.0425.0425.0425.0425.04
Others 0000000000
Total 100100100100100100100100100100

Maithan Alloys Peer Comparison

Ferro & Silica Manganese Edit Columns

Maithan Alloys Quarterly Price

10-year quarterly close · BSE
Show Value Show %

News & Updates

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Maithan Alloys Pros & Cons

Pros

  • Stock is trading at 0.7 times its book value
  • Company has delivered good profit growth of 23% CAGR over last 5 years
  • Debtor days have improved from 48.1 to 39.99days.
  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Earnings include an other income of Rs. 905 Cr.
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