Maithan Alloys Ltd logo

Maithan Alloys Ltd

MAITHANALL NSE

Key Fundamentals

MicrocapFerro & Silica ManganeseMetals & Mining
Market Cap
₹2,815 Cr
Volatility
Moderate
P/E Ratio
6.53
EBITDA
₹259 Cr
Return on Equity
16.8%
Debt to Equity
0.06
Book Value
₹1,424.16
EPS
₹119.87
52W High
₹1,210.1
52W Low
₹831.2

Insights

Beta

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

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51 extracted metrics + investor summaries across FY15–FY26.

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Tapetide Score

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Technical Indicators

Key Insights

Strengths

4
  • Company has reduced debt.
  • Company is almost debt free.
  • Stock is trading at 0.68 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 6.11% over past five years.
  • Earnings include an other income of Rs.412 Cr.
  • Dividend payout has been low at 7.94% of profits over last 3 years
  • Working capital days have increased from 252 days to 452 days

Growth Rate

Revenue Growth
-14.01% ↗
Net Income Growth
-36.26% ↗
Cash Flow Change
112.10% ↗
ROE
51.35% ↗
ROCE
55.78% ↗
EBITDA Margin (Avg.)
-71.76% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 32d 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 32d 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

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
535
404
444
448
433
375
464
531
435
632
491
490
559
Expenses
445
363
411
413
427
354
415
502
359
567
459
435
453
Operating Profit
90
41
32
35
7
21
49
29
76
65
32
55
106
OPM %
17%
10%
7%
8%
1.5%
6%
11%
6%
18%
10%
7%
11%
19%
Other Income
43
44
60
79
174
561
179
97
-116
649
-153
76
-159
Interest
1
0
0
0
1
2
5
6
8
12
14
4
14
Depreciation
5
5
5
5
5
5
6
6
6
6
6
6
6
PBT
126
80
87
108
175
576
217
114
-54
696
-141
122
-72
Tax %
22%
25%
28%
21%
19%
21%
34%
21%
7%
23%
-16%
24%
-2%
Net Profit
98
60
62
85
142
456
143
90
-58
538
-119
93
-71
EPS in Rs
33.71
20.47
21.28
29.31
48.81
157
49.41
31.2
-20.96
184
-41.55
30.54
-24.2
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales
1,103
1,146
1,337
1,873
1,979
1,816
1,615
2,989
2,883
1,726
1,802
2,173
Expenses
989
1,015
1,064
1,489
1,654
1,581
1,321
1,913
2,293
1,611
1,623
1,913
Operating Profit
114
132
273
384
325
235
294
1,075
589
116
179
259
OPM %
10%
11%
20%
21%
16%
13%
18%
36%
20%
7%
10%
12%
Other Income
1
4
8
15
26
66
24
27
72
358
721
412
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
23
PBT
66
96
244
376
327
279
299
1,082
637
450
852
604
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
EPS in Rs
18.08
27.09
61.72
100
87.67
76.27
79.29
281
171
120
216
149
Div. Payout %
6%
7%
4%
3%
7%
8%
8%
2%
4%
5%
7%
11%
Figures in ₹ Crores

Balance Sheet

  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

  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
66
Figures in ₹ Crores

Ratios

  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
452
ROCE %
17%
21%
42%
49%
33%
20%
20%
56%
26%
12%
28%
15%

Shareholding Pattern

As of Jun 2026
Promoters 74.96%
Public 18.76%
Others 5.20%
FIIs 1.06%
DIIs 0.02%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
74.99%
74.99%
74.99%
74.99%
74.99%
74.99%
74.99%
74.99%
74.99%
74.99%
74.99%
74.99%
74.99%
74.99%
74.99%
74.99%
74.96%
74.96%
74.96%
74.96%
74.96%
74.96%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
1.87%
1.80%
1.33%
1.32%
1.12%
1.38%
1.41%
1.24%
1.26%
1.06%
DIIs
0.41%
0.10%
0.00%
0.00%
0.03%
0.03%
0.59%
0.59%
0.55%
0.56%
0.02%
0.03%
0.15%
0.41%
0.45%
0.31%
0.20%
0.17%
0.07%
0.06%
0.01%
0.02%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
17.80%
18.12%
17.55%
17.70%
16.53%
17.18%
17.16%
17.32%
17.18%
16.98%
16.80%
16.44%
17.71%
17.27%
17.92%
18.11%
18.25%
18.35%
18.36%
18.55%
18.31%
18.76%
Others
6.81%
6.79%
7.47%
7.31%
8.45%
7.80%
7.26%
7.10%
7.28%
7.47%
8.19%
8.55%
5.29%
5.54%
5.32%
5.28%
5.47%
5.14%
5.20%
5.19%
5.47%
5.20%
No. of Shareholders
0
20,186
25,345
33,109
33,640
34,217
35,174
36,049
34,861
33,398
32,412
33,210
36,228
34,600
38,177
39,418
41,067
39,501
39,696
40,319
40,534
40,301

Documents

1
Concall - May 2017 May 2017
2
Concall - Aug 2017 Aug 2017
3
Concall - Nov 2017 Nov 2017
4
Concall - Jan 2018 Jan 2018
5
Concall - May 2018 May 2018

Frequently Asked Questions about Maithan Alloys Ltd

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 is listed on the Indian stock exchanges. It is listed on NSE: MAITHANALL and BSE: 590078. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Maithan Alloys Ltd belong to?
Maithan Alloys Ltd operates in the Metals & Mining sector within the Ferro & Silica Manganese industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Maithan Alloys Ltd?
Maithan Alloys Ltd has a market capitalisation of approximately ₹2815.23 Cr. Based on this, it is classified as a Small Cap stock.
What is the PE ratio of Maithan Alloys Ltd?
The Price-to-Earnings (PE) ratio of Maithan Alloys Ltd is 6.53. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Maithan Alloys Ltd?
Over the past 52 weeks, Maithan Alloys Ltd has traded between a low of ₹831.2 and a high of ₹1,210.1. This range helps investors understand the stock's price volatility and recent trading levels.
Does Maithan Alloys Ltd pay dividends?
Yes, Maithan Alloys Ltd has a dividend yield of 1.14%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Maithan Alloys Ltd?
Maithan Alloys Ltd has a Return on Equity (ROE) of 16.80%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Maithan Alloys Ltd on Tapetide?
On Tapetide, you can view Maithan Alloys Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

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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