MAHASTEEL
Mahamaya Steel Industries share price & financials
- Price
- ₹830.1
- Market cap
- ₹2.1k Cr
- Sector
- Capital Goods
What Mahamaya Steel Industries Limited does
Mahamaya Steel Industries manufactures hot-rolled steel structural products — beams, channels, angles, rounds, blooms/billets and railway sleepers — at its integrated rolling mill, steel melting shop and oxygen plant complex in Raipur, Chhattisgarh. It supplies public and private sector clients across railways, power, infrastructure, EPC and fabrication industries, and holds an associate stake in Abhishek Steel Industries with which (and with group company Devi Iron & Power) it routinely trades blooms, billets, sponge iron, pig iron, scrap and coal. The company is also planning to diversify into a 150 MW solar power plant and a logistics park on adjoining land.
Segments
- Steel Structural
- Structural rolling mill installed capacity
- 255,000 MT per annum
- Steel melting shop installed capacity
- 174,250 MT per annum
- Oxygen plant capacity
- 900,000 CuM per annum
- Manufacturing facilities
- 3 integrated units (structural rolling mill, steel melting shop, oxygen plant) at a single Raipur complex
- Structural product lines
- 9 product types (beams, H-beams, channels, equal/unequal angles, R.S. joists, railway sleepers, rounds, blooms & billets)
- Owned land bank
- 113 acres adjacent to the existing plant
Quarterly results
Q1 FY27: revenue up 29.3%, net profit up 28.9% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 155 | 200 | 236 | 207 | 189 +22% | 224 +12% | 263 +11% | 268 +29% |
| EBITDA | 3 | 4 | 8 | 5 | 5 +73% | 6 +44% | 8 +2% | 6 +18% |
| Net profit | 0 | 1 | 4 | 2 | 1 +567% | 2 +56% | 4 −3% | 2 +29% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +229.6% 1Y
1Y: ₹387.2 on 10 Sept 2025 → ₹1,276.1. High ₹1,394.1 (1 Sept 2026), low ₹387.2 (10 Sept 2025).
Financials, as filed
Revenue grew 10.8% a year over 3 years, FY23 to FY26. Operating margin widened to 2.7%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹650 Cr | ₹784 Cr | ₹802 Cr | ₹883 Cr |
| Operating profit | ₹14 Cr | ₹16 Cr | ₹19 Cr | ₹24 Cr |
| Operating margin | 2.1% | 2.1% | 2.3% | 2.7% |
| Interest | ₹3 Cr | ₹5 Cr | ₹4 Cr | ₹5 Cr |
| Depreciation | ₹6 Cr | ₹7 Cr | ₹8 Cr | ₹9 Cr |
| Net profit | ₹4 Cr | ₹5 Cr | ₹6 Cr | ₹9 Cr |
| Net margin | 0.6% | 0.6% | 0.8% | 1.0% |
| Cash from operations | ₹2 Cr | ₹14 Cr | ₹9 Cr | ₹8 Cr |
| Free cash flow | ₹-9 Cr | ₹5 Cr | ₹0 Cr | ₹-3 Cr |
| ROCE | 5.0% | 6.0% | 7.0% | 8.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹15 Cr | ₹16 Cr | ₹16 Cr | ₹16 Cr | ₹16 Cr | ₹16 Cr |
| Reserves | ₹93 Cr | ₹107 Cr | ₹111 Cr | ₹116 Cr | ₹126 Cr | ₹132 Cr |
| Borrowings | ₹81 Cr | ₹45 Cr | ₹43 Cr | ₹41 Cr | ₹62 Cr | ₹58 Cr |
| Other liabilities | ₹32 Cr | ₹31 Cr | ₹47 Cr | ₹51 Cr | ₹48 Cr | ₹53 Cr |
| Total liabilities | ₹221 Cr | ₹200 Cr | ₹218 Cr | ₹225 Cr | ₹252 Cr | ₹260 Cr |
| Fixed assets | ₹61 Cr | ₹60 Cr | ₹65 Cr | ₹69 Cr | ₹72 Cr | ₹73 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹28 Cr | ₹26 Cr | ₹24 Cr | ₹18 Cr | ₹18 Cr | ₹18 Cr |
| Other assets | ₹133 Cr | ₹115 Cr | ₹130 Cr | ₹139 Cr | ₹162 Cr | ₹169 Cr |
| Total assets | ₹221 Cr | ₹200 Cr | ₹218 Cr | ₹225 Cr | ₹252 Cr | ₹260 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs trimmed −0.55 pp while the public added +0.54 pp. The shareholder count shrank 10% to 6,185.
- Promoters
- 72.8%
- Public
- 27.2%
Since Jun 2025
- FIIs −0.55 pp
- Public +0.54 pp
- Promoters 0.00 pp
How it drifted, 12 quarters
Ownership split by quarter, oldest first. Sep '23: Promoters 73.4%, Public 26.6%.Dec '23: Promoters 73.4%, FIIs 0.0%, Public 26.5%.Mar '24: Promoters 73.4%, Public 26.6%.Jun '24: Promoters 73.4%, FIIs 0.1%, Public 26.5%.Sep '24: Promoters 73.4%, FIIs 1.0%, Public 25.6%.Dec '24: Promoters 73.4%, FIIs 0.8%, Public 25.8%.Mar '25: Promoters 73.4%, FIIs 0.7%, Public 25.9%.Jun '25: Promoters 72.8%, FIIs 0.6%, Public 26.6%.Sep '25: Promoters 72.8%, FIIs 0.6%, Public 26.6%.Dec '25: Promoters 72.8%, FIIs 1.2%, Public 26.0%.Mar '26: Promoters 72.8%, FIIs 0.1%, Public 27.1%.Jun '26: Promoters 72.8%, Public 27.2%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Vijay Rathee +0.29 pp 4.96% held
The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Mahamaya Steel Industries Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Escort Finvest Private Limited | 24.95% | unchanged |
| Rajesh Agrawal | 20.50% | unchanged |
| Abhishek Steel Industries Private Limited | 8.21% | unchanged |
| Rekha Agrawal | 7.10% | unchanged |
| Rajesh Agrawal Huf (Rajesh Agrawal) | 6.33% | unchanged |
| Vijay Rathee | 4.96% | +0.29 pp |
| Abhishek Agrawal | 4.93% | unchanged |
| Kuldip Singh Rathee | 4.31% | unchanged |
| Invetsor Education And Protection Fund | 1.55% | unchanged |
| Prashant P Sawant | 1.29% | unchanged |
| Ramanand Agrawal Huf (Ramanand Agrawal) | 0.78% | unchanged |
| Ramanand Agrawal | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
What the price assumes
Growth trapTo justify its price of ₹1276, this stock must grow earnings at 67% every year for 7 years. Our analysis caps realistic growth at ~27%. At that growth it is worth ₹217 — downside of 83%.
- Growth the price implies
- 67.0% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 27.5% a year
- net profit, FY23–FY26 · EPS 27.4%
- The gap
- 0.4 pp
- -83% downside if it only repeats history
Learn to analyse Mahamaya Steel Industries Limited
Guides on how to read this kind of business and the numbers that matter.