MAITHANALL
Maithan Alloys share price & financials
- Price
- ₹1,111.2
- Market cap
- ₹3.0k Cr
- Sector
- Metals & Mining
- Calls analysed
- 1
Maithan Alloys Q4 FY19
Revenue from Operations ₹1,988 cr (+6% YoY); Operating EBITDA ₹322 cr; EBITDA Margin 16%. FY19 Revenue from Operations grew 6% to ₹1,988 crores.
Read the full call →What Maithan Alloys Limited does
Maithan Alloys manufactures ferro alloys — Ferro Manganese, Ferro Silicon and Silico Manganese — which are added during steel-making as de-oxidants and to improve strength, durability and anti-corrosion properties, supplying domestic steelmakers (including long-standing relationships with SAIL and JSL) and export customers. It runs submerged-arc-furnace smelting plants at Visakhapatnam (Andhra Pradesh SEZ), Kalyaneshwari (West Bengal) and Byrnihat (Meghalaya), each sourcing manganese ore through a mix of imports and domestic supply depending on location, plus an additional smelting unit at Bobbili, Andhra Pradesh operated through its wholly-owned subsidiary Impex Metals & Ferro Alloys. The company exports to more than 35 countries with no single export client accounting for more than 10% of export revenue, and has diversified into captive renewable power through its wholly-owned subsidiary Ramagiri Renewable Energy Limited.
Segments
- Ferro Alloys (Manganese & Silicon based)
- Market position
- India's largest Manganese Alloy producer and exporter
- Manufacturing plants
- 4 smelting plants — Visakhapatnam (Andhra Pradesh SEZ), Kalyaneshwari (West Bengal), Byrnihat (Meghalaya), and Bobbili (Andhra Pradesh) via subsidiary Impex Metals & Ferro Alloys
- Visakhapatnam plant smelting capacity
- 72.0 MVA across 4 x 18.0 MVA furnaces
- Kalyaneshwari plant smelting capacity
- 48.75 MVA across 5 furnaces (2x5.0, 1x6.5, 1x8.25, 2x12.0 MVA)
- Byrnihat plant smelting capacity
- 16.5 MVA across 2 x 8.2 MVA furnaces
- Impex (Bobbili) subsidiary plant capacity
- 46,900 tonnes per annum
Guidance record · Q4 FY19
what the last two calls moved 7 tracked 0 delivered 0 missed 7 open- Long-term EBITDA Margin open said Q4 FY19 Promised: 15% to 17% Q4 FY19: We are confident of sustaining a long-term EBITDA margin of 15% to 17% which is what we stated two years ago itself.
All 7 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue down 14.6%, net profit down 26.4% 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 | 464 | 531 | 435 | 632 | 491 +6% | 490 −8% | 559 +29% | 540 −15% |
| EBITDA | 49 | 29 | 76 | 65 | 32 −35% | 55 +90% | 106 +39% | 91 +40% |
| Net profit | 143 | 90 | -58 | 538 | -119 −183% | 93 +3% | -71 −22% | 396 −26% |
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 −6.6% 1Y
1Y: ₹1,119.6 on 10 Sept 2025 → ₹1,045.85. High ₹1,187 (18 Sept 2025), low ₹833.1 (30 Mar 2026).
Financials, as filed
Revenue fell 9.0% a year over 3 years, FY23 to FY26. Operating margin narrowed to 11.9%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹2.9k Cr | ₹1.7k Cr | ₹1.8k Cr | ₹2.2k Cr |
| Operating profit | ₹583 Cr | ₹115 Cr | ₹175 Cr | ₹258 Cr |
| Operating margin | 20.2% | 6.7% | 9.7% | 11.9% |
| Interest | ₹1 Cr | ₹1 Cr | ₹21 Cr | ₹44 Cr |
| Depreciation | ₹19 Cr | ₹20 Cr | ₹23 Cr | ₹24 Cr |
| Net profit | ₹498 Cr | ₹349 Cr | ₹631 Cr | ₹441 Cr |
| Net margin | 17.3% | 20.2% | 35.0% | 20.3% |
| Cash from operations | ₹968 Cr | ₹-411 Cr | ₹50 Cr | ₹-10 Cr |
| Free cash flow | ₹962 Cr | ₹-467 Cr | ₹20 Cr | ₹-12 Cr |
| ROCE | 26.0% | 12.0% | 28.0% | 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 | ₹29 Cr | ₹29 Cr | ₹29 Cr | ₹29 Cr | ₹29 Cr | ₹29 Cr |
| Reserves | ₹1.5k Cr | ₹2.3k Cr | ₹2.8k Cr | ₹3.1k Cr | ₹4.1k Cr | ₹4.1k Cr |
| Borrowings | ₹49 Cr | ₹5 Cr | ₹20 Cr | ₹30 Cr | ₹444 Cr | ₹237 Cr |
| Other liabilities | ₹328 Cr | ₹422 Cr | ₹316 Cr | ₹296 Cr | ₹695 Cr | ₹510 Cr |
| Total liabilities | ₹1.9k Cr | ₹2.8k Cr | ₹3.1k Cr | ₹3.5k Cr | ₹5.3k Cr | ₹4.9k Cr |
| Fixed assets | ₹203 Cr | ₹276 Cr | ₹267 Cr | ₹253 Cr | ₹312 Cr | ₹304 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹2 Cr | ₹54 Cr | ₹1 Cr | ₹1 Cr |
| Investments | ₹795 Cr | ₹824 Cr | ₹870 Cr | ₹1.8k Cr | ₹3.3k Cr | ₹2.8k Cr |
| Other assets | ₹900 Cr | ₹1.7k Cr | ₹2.0k Cr | ₹1.4k Cr | ₹1.6k Cr | ₹1.7k Cr |
| Total assets | ₹1.9k Cr | ₹2.8k Cr | ₹3.1k Cr | ₹3.5k Cr | ₹5.3k Cr | ₹4.9k 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, the public added +0.48 pp while FIIs trimmed −0.33 pp. The shareholder count grew 2% to 40,301.
- Promoters
- 75.0%
- FIIs
- 1.1%
- DIIs
- 0.0%
- Public
- 24.0%
Since Jun 2025
- Public +0.48 pp
- FIIs −0.33 pp
- DIIs −0.15 pp
How it drifted, 12 quarters
Over this window the public went from 22.6% to 24.0% — +1.3 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 75.0%, FIIs 1.9%, DIIs 0.5%, Public 22.6%.Dec '23: Promoters 75.0%, FIIs 2.1%, DIIs 0.4%, Public 22.4%.Mar '24: Promoters 75.0%, FIIs 1.9%, DIIs 0.1%, Public 23.0%.Jun '24: Promoters 75.0%, FIIs 1.8%, DIIs 0.4%, Public 22.8%.Sep '24: Promoters 75.0%, FIIs 1.3%, DIIs 0.5%, Public 23.2%.Dec '24: Promoters 75.0%, FIIs 1.3%, DIIs 0.3%, Public 23.4%.Mar '25: Promoters 75.0%, FIIs 1.1%, DIIs 0.2%, Public 23.7%.Jun '25: Promoters 75.0%, FIIs 1.4%, DIIs 0.2%, Public 23.5%.Sep '25: Promoters 75.0%, FIIs 1.4%, DIIs 0.1%, Public 23.6%.Dec '25: Promoters 75.0%, FIIs 1.2%, DIIs 0.1%, Public 23.7%.Mar '26: Promoters 75.0%, FIIs 1.3%, DIIs 0.0%, Public 23.8%.Jun '26: Promoters 75.0%, FIIs 1.1%, DIIs 0.0%, Public 24.0%.
Who is on the register
Named in the Jun 2026 filing
Every holder of Maithan Alloys Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Sheela Devi Agarwalla | 25.63% | unchanged |
| Subhas Chandra Agarwalla | 25.63% | unchanged |
| Siddhartha Shankar Agarwalla | 16.80% | unchanged |
| Prahlad Rai Agarwalla | 2.38% | unchanged |
| Sarita Devi Agarwalla | 2.29% | unchanged |
| Sonam Agarwalla | 1.27% | unchanged |
| Prahlad Rai Agarwalla Huf | 0.37% | unchanged |
| Sudhanshu Agarwalla | 0.17% | unchanged |
| Subodh Agarwalla | 0.17% | unchanged |
| Mitu Agarwalla | 0.09% | unchanged |
| Tripti Agarwalla | 0.09% | unchanged |
| Avinash Agarwalla | 0.07% | 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.
Learn to analyse Maithan Alloys Limited
Guides on how to read this kind of business and the numbers that matter.