Maithan Alloys logo

Maithan Alloys

MAITHANALL NSE

Key Fundamentals

MicrocapFerro & Silica ManganeseMetals & Mining
Market Cap
₹3,025 Cr
Volatility
Moderate
P/E Ratio
10.48
EBITDA
₹671 Cr
Return on Equity
10.6%
Debt to Equity
0.06
Book Value
₹1,424.16
EPS
₹119.87
52W High
₹1,210.1
52W Low
₹831.2

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

4
  • Company has reduced debt.
  • Company is almost debt free.
  • Stock is trading at 0.73 times its book value
  • Debtor days have improved from 44.3 to 21.9 days.

Weaknesses

4
  • The company has delivered a poor sales growth of 6.09% over past five years.
  • Company has a low return on equity of 10.2% over last 3 years.
  • Earnings include an other income of Rs.180 Cr.
  • Dividend payout has been low at 7.94% of profits over last 3 years

Growth Rate

Revenue Growth
2.3% higher than 3Y
Net Income Growth
-30.12% higher than 3Y
Cash Flow Change
-120% lower than 3Y
ROE
-36.9% lower than 3Y
ROCE
-31.96% lower than 3Y
EBITDA Margin (Avg.)
-26.89% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 69d ago
AI opinion · based on fundamentals
Risk high

Maithan Alloys Ltd, a ferro-alloys manufacturer with a market cap of Rs.2,978 Cr, trades at a PE of 6.7x and 0.71x book value. The company is virtually debt-free but faces a sharp 43% TTM profit decline, with working capital days stretching to 452 days from 252 days previously.

Bull Case 8
  • Stock trades at 0.71x price-to-book, significantly below intrinsic asset value, suggesting deep value characteristics
  • Company is almost debt-free, providing financial resilience through commodity cycles and eliminating interest cost burden
  • PE ratio of 6.7x is well below broader market averages, offering potential margin of safety if earnings stabilize
  • Debtor days improved sharply from 44.3 to 21.9 days, indicating faster receivables collection and better cash conversion
  • 10-year compounded profit CAGR of 19% demonstrates long-term earnings power through multiple commodity cycles
  • TTM sales growth of 21% shows revenue recovery after a 3-year CAGR decline of -9%
  • 10-year stock CAGR of 14% reflects long-term wealth creation despite recent underperformance
  • 5-year ROE average of 19% indicates historically efficient capital deployment in a capital-intensive business
Bear Case 8
  • TTM compounded profit declined 43%, signalling severe near-term earnings pressure in current commodity environment
  • Working capital days surged from 252 to 452 days, indicating significant inventory buildup or cash flow strain
  • Earnings include other income of Rs.412 Cr, meaning core operating profitability is weaker than headline numbers suggest
  • 5-year sales CAGR of only 6.11% reflects poor top-line growth for a commodity producer through a full cycle
  • Dividend payout of just 7.94% of profits over last 3 years offers minimal cash return to shareholders despite being debt-free
  • 1-year stock return of -17% and 3-year CAGR of -3% reflect sustained negative price momentum
  • Last year ROE dropped to 11% from 3-year average of 14% and 5-year average of 19%, showing declining return efficiency
  • 3-year compounded profit CAGR of -5% indicates earnings have been in structural decline over the medium term

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 69d ago
Positives 2
  • NCLT approves subsidiary merger Jun 11

    NCLT approved merger of wholly owned subsidiary Impex Metal & Ferro Alloys with Maithan Alloys effective 31 Mar 2024. No new shares allotted, simplifying corporate structure.

  • Strategic HFCL stake acquisition Jun 10

    Maithan Alloys acquired 0.18% equity in HFCL for Rs. 50.04 Crore on June 9, 2026, signaling active capital deployment.

Neutral 3
  • Merger effective June 30 Jul 1

    Maithan Alloys merger with Impex Metal & Ferro Alloys Ltd became effective on 30 June 2026, completing the previously approved consolidation.

  • Independent director resigns on term end Jun 20

    Independent Director Vivek Kaul resigned effective June 19, 2026, upon completing his second term. Routine board transition.

  • No new promoter share encumbrance Jun 17

    Promoter Subhas Chandra Agarwalla declared no new encumbrance on shares for FY ending March 31, 2026, under SEBI SAST regulations.

TL;DR: Maithan Alloys is consolidating its corporate structure through the Impex Metal merger and deploying capital into a strategic HFCL stake worth Rs. 50 Crore. No material headwinds are visible in recent news flow. Governance remains stable with routine board changes and clean promoter disclosures. The trend is steady with management actively pursuing simplification and investment opportunities.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
404
444
448
433
375
464
531
435
632
491
490
559
540
Expenses
363
411
413
427
354
415
502
359
567
459
435
453
449
Operating Profit
41
32
35
7
21
49
29
76
65
32
55
106
91
OPM %
10%
7%
8%
1.5%
6%
11%
6%
18%
10%
7%
11%
19%
17%
Other Income
44
60
79
174
561
179
97
-116
649
-153
76
-159
417
Interest
0
0
0
1
2
5
6
8
12
14
4
14
5
Depreciation
5
5
5
5
5
6
6
6
6
6
6
6
6
PBT
80
87
108
175
576
217
114
-54
696
-141
122
-72
498
Tax %
25%
28%
21%
19%
21%
34%
21%
7%
23%
-16%
24%
-2%
21%
Net Profit
60
62
85
142
456
143
90
-58
538
-119
93
-71
396
EPS in Rs
20.47
21.28
29.31
48.81
157
49.41
31.2
-20.96
184
-41.55
30.54
-24.2
135
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
1,103
1,146
1,337
1,873
1,979
1,816
1,615
2,989
2,883
1,726
1,802
2,171
2,080
Expenses
989
1,015
1,064
1,489
1,654
1,581
1,321
1,913
2,293
1,611
1,623
1,906
1,795
Operating Profit
114
132
273
384
325
235
294
1,075
589
116
179
264
285
OPM %
10%
11%
20%
21%
16%
13%
18%
36%
20%
7%
10%
12%
14%
Other Income
1
4
8
15
26
66
24
27
72
358
721
409
180
Interest
22
17
12
8
8
6
3
3
5
3
24
46
36
Depreciation
27
23
25
15
16
16
16
17
20
21
23
23
23
PBT
66
96
244
376
327
279
299
1,082
637
450
852
604
406
Tax %
21%
18%
26%
22%
22%
20%
23%
24%
22%
22%
26%
27%
—
Net Profit
53
79
180
292
255
222
230
818
499
349
631
441
299
EPS in Rs
18.08
27.09
61.72
100
87.67
76.27
79.29
281
171
120
216
149
99.8
Div. Payout %
6%
7%
4%
3%
7%
8%
8%
2%
4%
5%
7%
11%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
15
29
29
29
29
29
29
29
29
29
29
29
Reserves
308
364
556
839
1,083
1,263
1,492
2,294
2,775
3,113
3,717
4,117
Borrowings
214
139
81
45
7
10
49
5
20
30
588
237
Other Liabilities
246
266
236
303
399
213
328
422
316
296
514
510
Total Liabilities
783
799
902
1,215
1,519
1,516
1,898
2,751
3,140
3,468
4,849
4,894
Fixed Assets
280
267
242
238
229
217
203
276
267
253
312
304
CWIP
1
0
0
0
0
1
0
0
2
54
1
1
Investments
36
36
70
343
628
6
795
824
870
1,788
3,056
2,840
Other Assets
466
496
590
635
662
1,292
900
1,651
2,000
1,373
1,479
1,747
Total Assets
783
799
902
1,215
1,519
1,516
1,898
2,751
3,140
3,468
4,849
4,894
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
58
136
126
284
315
-45
117
237
968
-411
50
-10
Investing
-4
-11
-11
-280
-276
696
-761
-105
-962
371
-591
481
Financing
-65
-101
-74
-49
-54
-43
37
-62
-5
-9
522
-434
Net Cash Flow
-11
24
41
-44
-15
609
-607
70
1
-49
-19
37
Free Cash Flow
48
125
122
273
308
-49
116
141
962
-467
20
-12
CFO/OP
59
104
56
97
121
2
60
47
188
-292
59
65
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
68
63
62
47
47
56
99
84
54
82
29
22
Inventory Days
109
92
109
93
85
95
151
214
81
141
393
428
Days Payable
77
81
40
55
80
26
80
63
40
35
48
30
Cash Conversion Cycle
99
74
130
85
52
125
170
236
94
188
374
420
Working Capital Days
32
39
55
44
37
85
112
131
63
206
97
174
ROCE %
17%
21%
42%
49%
33%
20%
20%
56%
26%
12%
28%
8%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

DIIs0.02%Promot.74.96%FIIs1.06%Others5.20%Public18.76%As ofJun 2026

Documents

1
Concall - Sep 2023 Sep 2023
2
Concall - Jun 2022 Jun 2022
3
Concall - Nov 2021 Nov 2021
4
Concall - Nov 2021 Nov 2021
5
Concall - Sep 2021 Sep 2021

Frequently Asked Questions about Maithan Alloys

What does Maithan Alloys Ltd do?
Maithan Alloys is engaged in the business of manufacturing and exporting of all three bulk Ferro alloys- Ferro Manganese, Silico Manganese and Ferro Silicon. It is also engaged in the generation and supply of Wind Power and has a Captive Power Plant.[1]
Where is Maithan Alloys Ltd (MAITHANALL) listed?
Maithan Alloys Ltd trades as MAITHANALL on the NSE and under code 590078 on the BSE.
Which sector does Maithan Alloys Ltd belong to?
Maithan Alloys Ltd is classified under the Metals & Mining sector, in the Ferro & Silica Manganese industry.
What is the market capitalisation of Maithan Alloys Ltd?
Maithan Alloys Ltd has a market capitalisation of ₹3,025 Cr, which places it in the Small Cap band.
What is the PE ratio of Maithan Alloys Ltd?
Maithan Alloys Ltd trades at a PE ratio of 10.48, on earnings per share of ₹119.87, against a book value of ₹1,424.16 per share.
What is the 52-week high and low of Maithan Alloys Ltd?
Over the last 52 weeks Maithan Alloys Ltd has traded between ₹831.2 and ₹1,210.1.
Does Maithan Alloys Ltd pay dividends?
Maithan Alloys Ltd has a dividend yield of 1.61%.
What is the Return on Equity (ROE) of Maithan Alloys Ltd?
Maithan Alloys Ltd reported a return on equity of 10.60%. Its debt-to-equity ratio is 0.06.

Company Information

Maithan Alloys is engaged in the business of manufacturing and exporting of all three bulk Ferro alloys- Ferro Manganese, Silico Manganese and Ferro Silicon. It is also engaged in the generation and supply of Wind Power and has a Captive Power Plant.[1]

Website maithanalloys.com
CEO Mr. Subhas Chandra Agarwalla B.Com.
Employees 454
Listed 2011-07-05
Face Value ₹ 10
Issued Size 2,91,11,550

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