MarketFriction

Mahamaya Steel Industries Ltd

NSE MAHASTEEL · BSE 513554 · Iron & Steel Products
₹1,182.50 -0.55%
NSE close2026-10-01
52 week range410.00 - 1,421.00
Market cap₹1,971 Cr.
P/E198
Price band 5%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales185.77180.24197.62211.03154.74199.83236.17207.05188.57224.11263.12267.63
Expenses181.63175.81194.30207.00151.81195.77228.46202.16183.50218.26255.28261.87
Operating Profit4.144.433.324.032.934.067.714.895.075.857.845.76
OPM %2.23%2.46%1.68%1.91%1.89%2.03%3.26%2.36%2.69%2.61%2.98%2.15%
Other Income0.561.541.580.130.430.262.260.780.690.401.250.12
Interest0.951.511.271.081.000.721.091.191.151.511.160.69
Depreciation1.761.771.741.881.922.042.022.152.212.202.262.31
Profit before tax1.992.691.891.200.441.566.862.332.402.545.672.88
Tax %22.11%22.30%24.87%26.67%50.00%30.13%21.14%25.75%21.67%25.20%28.22%26.04%
Net Profit1.552.081.430.870.231.095.411.741.881.914.072.13
EPS in Rs0.941.270.870.530.140.663.291.061.141.162.481.30
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales317254297465358251495650784802883943
Expenses316238276443343238480636768783859919
Operating Profit11621221513151416192425
OPM %0.5%6%7%4.8%4.2%5%3.1%2.1%2.1%2.3%2.7%2.6%
Other Income322211234332
Interest911121196535455
Depreciation767666667899
Profit before tax-1214702779101313
Tax %27%-63%44%16%-505%45%27%25%22%24%26%
Net Profit-151262155781010
EPS in Rs-11.240.911.744.321.780.602.983.314.094.625.846.08
Dividend Payout %0%0%0%0%0%0%0%0%0%0%0%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth11%29%11%18%
Compounded Profit Growth10%60%21%28%
Stock Price CAGR18%67%146%191%
Return on Equity4%5%5%6%
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital1414141414151616161616
Reserves687476828597112118125133142
Borrowings1039410110179814543414658
Other Liabilities3029404134323147514953
Total Liabilities214211231238211224205225233244270
Fixed Assets6974696663616065697073
CWIP20000000000
Investments3332323231313130262728
Other Assets110105131140117133115130139146169
Total Assets214211231238211224205225233244270
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity251331835-44421498
Cash from Investing Activity-1621-7-31-5-11-6-11-15
Cash from Financing Activity-10-16-4-11-315-26-5-817
Net Cash Flow-1-01-11213-151-1-1
Free Cash Flow23511531-739-95-0-3
CFO/OP1,702%83%18%85%239%-25%306%24%103%60%47%
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days49392914172916107117
Inventory Days56819483861304255494558
Days Payable1033419242851281413
Cash Conversion Cycle941168978791315252484353
Working Capital Days012231720592726211716
ROCE %5%8%9%5%4%6%6%7%7%8%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters73.41%73.41%73.41%73.41%73.41%73.41%73.41%72.81%72.81%72.81%72.81%72.81%
FIIs0.00%0.04%0.00%0.11%1.01%0.83%0.71%0.55%0.56%1.17%0.06%0.00%
Public26.58%26.54%26.59%26.49%25.59%25.75%25.88%26.65%26.64%26.03%27.14%27.19%
No. of Shareholders8,8809,34410,63610,2538,1837,6037,2116,8686,9337,1676,5036,185

Fundamentals

Market Cap₹ 1,971 Cr.
Current Price₹ 1,202
Stock P/E198
Book Value₹ 96.6
ROCE8.40 %
ROE5.67 %
Dividend Yield0.00 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)18%
Compounded Profit Growth (TTM)28%
Consolidated figures.
Valuation
Market capRs 1,943 Cr
Enterprise valueRs 2,001 Cr
P/E (TTM)194.53x
Price to book12.24x
Price to sales2.06x
EV / EBITDA74.18x
EV / EBIT111.18x
EV / sales2.12x
Price to cash flow253.37x
Earnings yield0.51%
P/E, 3-year average81.50x
P/B, 3-year average4.64x
P/E, 5-year average56.67x
P/B, 5-year average3.09x
Profitability
Operating margin (excl. other income)2.68%
Operating margin (incl. other income)3.03%
EBITDA margin2.86%
Pre-tax margin1.43%
Net profit margin1.06%
Net margin, latest quarter0.80%
ROE6.24%
ROCE8.73%
ROA3.73%
ROE, 3-year average5.45%
ROCE, 3-year average7.93%
ROA, 3-year average3.28%
ROE, 5-year average4.91%
ROCE, 5-year average7.23%
ROA, 5-year average2.93%
ROIC (approx.)6.16%
Tax rate25.87%
Other income / net worth1.97%
Growth
Sales growth (latest year)10.11%
Profit growth (latest year)26.32%
Sales CAGR, 3 years10.76%
Sales CAGR, 5 years28.61%
Profit CAGR, 3 years20.84%
Profit CAGR, 5 years61.27%
Sales growth QoQ1.71%
Profit growth QoQ-47.67%
Sales growth YoY (latest quarter)29.26%
Profit growth YoY (latest quarter)22.41%
Per share
EPS (TTM)Rs 6.08
EPS (latest year)Rs 5.84
EPS (latest quarter)Rs 1.30
EPS, 3-year averageRs 4.85
EPS, 5-year averageRs 4.17
Book value per shareRs 96.59
Sales per shareRs 574.06
Cash flow per shareRs 4.67
Free cash flow per shareRs -1.83
Efficiency
Asset turnover3.27x
Fixed asset turnover12.14x
Inventory turnover7.50x
Inventory days49 days
Debtor days7 days
Debtors turnover48.83x
Creditor days13 days
Cash conversion cycle53 days
Working capital days16 days
Leverage
Total debtRs 58 Cr
Cash and bankRs 0 Cr
Net debtRs 58 Cr
Debt to equity0.37x
Net debt / EBITDA2.15x
Interest coverage3.99x
Current ratio (filing 2026-03-31)1.41x
Quick ratio (filing 2026-03-31)0.27x
Trade payables (filing 2026-03-31)Rs 24 Cr
Owners' fund to total sources58.73%
Debt to assets21.48%
Cash flow
Cash from Operating Activity (latest year)Rs 8 Cr
Cash from Investing Activity (latest year)Rs -15 Cr
Cash from Financing Activity (latest year)Rs 7 Cr
Net Cash Flow (latest year)Rs -1 Cr
Free cash flow (latest year)Rs -3 Cr
FCFE (approx.: FCF + change in debt)Rs 9 Cr
Cash from ops / profit, 5 years2.20x
Sales to cash flow115.10x
Statement figures
Net sales (TTM)Rs 943 Cr
Net sales (latest year)Rs 883 Cr
Sales (latest quarter)Rs 268 Cr
Operating profit excl. other income (latest year)Rs 24 Cr
Operating profit (latest quarter)Rs 6 Cr
Other income (TTM)Rs 2 Cr
EBITDA (TTM)Rs 27 Cr
PBDT (TTM)Rs 22 Cr
Profit before tax (TTM)Rs 13 Cr
Tax (latest year)Rs 3 Cr
Net profit (TTM)Rs 10 Cr
Net profit (latest year)Rs 10 Cr
Net profit (latest quarter)Rs 2 Cr
Depreciation (TTM)Rs 9 Cr
Depreciation (latest quarter)Rs 2 Cr
Interest (TTM)Rs 5 Cr
Cost of goods sold (latest year)Rs 827 Cr
Total expenditure (latest year)Rs 859 Cr
Total income (latest year)Rs 886 Cr
Share capitalRs 16 Cr
ReservesRs 142 Cr
Shareholders' fundsRs 159 Cr
Total assetsRs 270 Cr
Net blockRs 73 Cr
InvestmentsRs 28 Cr
ReceivablesRs 18 Cr
InventoryRs 110 Cr
Other liabilitiesRs 53 Cr
Shares outstanding (crore)1.64
Ownership
Promoter holding72.81% (+0.00 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 194.5 is at the 96th percentile of its own 9.4-year range (median 64.3, low 17.1, high 225.9).
P/B 12.24 is at the 97th percentile (median 1.49).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodMAHASTEELNifty 50Difference
1 week-2.4%-2.8% +0.4 pts
1 month-15.2%-6.8% -8.4 pts
3 months+45.8%-7.6% +53.4 pts
6 months+24.5%+0.4% +24.1 pts
1 year+187.5%-9.9% +197.5 pts
2 years+517.5%-13.6% +531.1 pts
3 years+1357.2%+14.2% +1343.0 pts
5 years+1160.0%+27.9% +1132.1 pts

Red flags

F-score 5 of 8
No red flags in the latest statements and filings.
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Sales ₹268 Cr +29.3% vs Jun 2025. Net profit ₹2 Cr +22.4%.
Against our estimate for Jun 2026: sales +15.6%, profit -0.5% in line. Our estimate for Sep 2026: sales Rs 227 Cr, profit Rs 2 Cr (how).

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2024-07-22Annual General Meeting
2023-09-22Annual General Meeting
2022-09-22Annual General Meeting
2021-09-16 Annual General Meeting
2020-12-15 Annual General Meeting
2019-09-19 Annual General Meeting
2018-08-03 Annual General Meeting
2017-09-21 Annual General Meeting
DateTypeWhat it says
2026-10-01Monthly updateMonthly Business Updates for the month of September 2026
2026-09-26Change in ManagementChange in Management
2026-09-26Shareholder meetingVoting results.
2026-09-25Shareholder meetingProceedings of Annual General Meeting held on September 25, 2026 along with a copy of minutes.
2026-09-07Monthly updateMonthly Business Updates for the month of August 2026
2026-08-31General UpdatesGeneral Updates
2026-08-31Change in ManagementChange in Management
2026-08-31Shareholder meetingNotice of Annual General Meeting to be held on September 25, 2026
2026-08-31Board meeting outcomeOutcome of Board Meeting held on August 31, 2026.
2026-08-31Board meeting outcomeOutcome of Board Meeting held on August 31, 2026.
2026-08-31Board meeting outcomeOutcome of Board Meeting held on August 31, 2026.
2026-08-22Board meeting outcomeOutcome of Board Meeting held on Saturday 22nd August, 2026.The Board of Directors at their meeting held on 22nd August, 2026, has interalia approved...
2026-08-19General UpdatesGeneral Updates
2026-08-13Disclosure of material issueMahamaya Steel Industries Limited has informed regarding Disclosure of material issue
2026-08-13Disclosure of material issueMahamaya Steel Industries Limited has informed regarding Disclosure of material issue
2026-08-13Disclosure of material issueMahamaya Steel Industries Limited has informed regarding Disclosure of material issue
2026-08-13Board meeting outcomeOutcome of Board Meeting held on August 13, 2026.
2026-08-13Board meeting outcomeStandalone & Consolidated Unaudited Financial Results for the Quarter ended on 30th June, 2026
2026-08-04Monthly updateMonthly Business Updates for the month of July 2026
2026-07-01Monthly updateMonthly Business Updates for the month of June 2026
2026-06-26Change in ManagementChange in Management
2026-06-26Director changeChange in Director(s) of the company.
2026-06-26Board meeting outcomeReappointment of Independent Director for 2nd term
2026-06-23Credit RatingCredit Rating
2026-05-26Board meeting outcomeMahamaya Steel Industries Limited has submitted to the Exchange, the financial results for the period ended March 31, 2026.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Order dateForumCase
2019-12-03CESTATMAHAMAYA STEEL INDUSTRIES LTD ---VS.--- RAIPUR
2019-11-01CESTATMAHAMAYA STEEL INDUSTRIES LTD ---VS.--- RAIPUR
2019-08-22CESTATMAHAMAYA STEEL INDUSTRIES LTD ---VS.--- RAIPUR
2019-07-12CESTATMAHAMAYA STEEL INDUSTRIES LTD ---VS.--- RAIPUR
2019-05-17CESTATMAHAMAYA STEEL INDUSTRIES LTD ---VS.--- RAIPUR
2019-02-19CESTATMAHAMAYA STEEL INDUSTRIES LTD ---VS.--- RAIPUR
Orders from NCLT, NCLAT and CESTAT naming the company. Click a row for the order.
Scrip PE is greater than 50 (4 trailing quarters)

Quick answers

What is the market cap of Mahamaya Steel Industries Ltd?

Mahamaya Steel Industries Ltd (MAHASTEEL) has a market capitalisation of Rs 1,971 Cr. at the 2026-10-01 close.

What is the P/E ratio of Mahamaya Steel Industries Ltd?

Mahamaya Steel Industries Ltd trades at a P/E of 198 on trailing twelve-month profit, at the 2026-10-01 close.

What were Mahamaya Steel Industries Ltd's latest quarterly results?

In the Jun 2026 quarter, Mahamaya Steel Industries Ltd sales was Rs 268 Cr (+29.3% vs Jun 2025) and net profit was Rs 2 Cr.

What is the 52-week high and low of Mahamaya Steel Industries Ltd?

The 52-week high is Rs 1,421.00 and the 52-week low is Rs 410.00.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03