MarketFriction

Maithan Alloys Ltd

NSE MAITHANALL · BSE 590078 · Ferro & Silica Manganese
₹927.00 +0.19%
NSE close2026-10-01
52 week range831.20 - 1,210.10
Market cap₹2,703 Cr.
P/E9.30
Price band 20% Delivery 61.8%

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
Sales444448433375464531435632491490559540
Expenses411413427354415502359567459435453449
Operating Profit323572149297665325510691
OPM %7%8%1.5%6%11%6%18%10%7%11%19%17%
Other Income607917456117997-116649-15376-159417
Interest001256812144145
Depreciation555566666666
Profit before tax87108175576217114-54696-141122-72498
Tax %28%21%19%21%34%21%7%23%-16%24%-2%21%
Net Profit628514245614390-58538-11993-71396
EPS in Rs21.2829.3148.81156.8249.4131.20-20.96184.17-41.5530.54-24.20135.01
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales1,1461,3371,8731,9791,8161,6152,9892,8831,7261,8022,1712,080
Expenses1,0151,0641,4891,6541,5811,3211,9132,2931,6111,6231,9061,795
Operating Profit1322733843252352941,075589116179264285
OPM %11%20%21%16%13%18%36%20%7%10%12%14%
Other Income48152666242772358721409180
Interest17128863353244636
Depreciation232515161616172021232323
Profit before tax962443763272792991,082637450852604406
Tax %18%26%22%22%20%23%24%22%22%26%27%
Net Profit79180292255222230818499349631441299
EPS in Rs27.0961.72100.2487.6776.2779.29281.01171.43119.87216.47148.9699.80
Dividend Payout %7%4%3%7%8%8%2%4%5%7%11%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth7%6%-9%1%
Compounded Profit Growth-12%-37%-65%-59%
Stock Price CAGR13%-5%-4%-16%
Return on Equity18%16%10%1%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital152929292929292929292929
Reserves3083645568391,0831,2631,4922,2942,7753,1133,7174,117
Borrowings21413981457104952030588237
Other Liabilities246266236303399213328422316296514510
Total Liabilities7837999021,2151,5191,5161,8982,7513,1403,4684,8494,894
Fixed Assets280267242238229217203276267253312304
CWIP1000010025411
Investments36367034362867958248701,7883,0562,840
Other Assets4664965906356621,2929001,6512,0001,3731,4791,747
Total Assets7837999021,2151,5191,5161,8982,7513,1403,4684,8494,894
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity58136126284315-45117237968-41150-10
Cash from Investing Activity-4-11-11-280-276696-761-105-962371-591481
Cash from Financing Activity-65-101-74-49-54-4337-62-5-9522-434
Net Cash Flow-112441-44-15609-607701-49-1937
Free Cash Flow48125122273308-49116141962-46720-12
CFO/OP59%104%56%97%121%2%60%47%188%-292%59%65%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days686362474756998454822922
Inventory Days1099210993859515121481141393428
Days Payable778140558026806340354830
Cash Conversion Cycle9974130855212517023694188374420
Working Capital Days3239554437851121316320697174
ROCE %17%21%42%49%33%20%20%56%26%12%28%8%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters74.98%74.98%74.99%74.99%74.99%74.99%74.96%74.96%74.96%74.96%74.96%74.96%
FIIs1.88%2.14%1.87%1.80%1.33%1.32%1.12%1.39%1.41%1.24%1.25%1.06%
DIIs0.52%0.44%0.15%0.41%0.45%0.31%0.20%0.17%0.07%0.06%0.01%0.02%
Public22.63%22.42%23.00%22.80%23.24%23.39%23.71%23.48%23.56%23.74%23.78%23.96%
No. of Shareholders32,41233,21036,47534,60038,17739,41841,06739,50139,69640,31940,53440,301

Fundamentals

Market Cap₹ 2,703 Cr.
Current Price₹ 928
Stock P/E9.30
Book Value₹ 1,424
ROCE7.67 %
ROE0.54 %
Dividend Yield1.83 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)1%
Compounded Profit Growth (TTM)-59%
Consolidated figures.
Valuation
Market capRs 2,699 Cr
Enterprise valueRs 2,829 Cr
P/E (TTM)9.29x
Price to book0.65x
Price to sales1.30x
EV / EBITDA6.08x
EV / EBIT6.40x
EV / sales1.36x
Earnings yield10.77%
Dividend yield1.83%
P/E, 3-year average5.94x
P/B, 3-year average0.73x
P/E, 5-year average5.44x
P/B, 5-year average0.93x
Profitability
Operating margin (excl. other income)12.18%
Operating margin (incl. other income)31.02%
EBITDA margin22.35%
Pre-tax margin19.51%
Net profit margin13.97%
Net margin, latest quarter72.85%
ROE10.99%
ROCE14.91%
ROA8.90%
ROE, 3-year average13.68%
ROCE, 3-year average17.79%
ROA, 3-year average11.54%
ROE, 5-year average20.61%
ROCE, 5-year average26.79%
ROA, 5-year average17.35%
ROIC (approx.)7.55%
Tax rate26.98%
Other income / net worth9.86%
Growth
Sales growth (latest year)20.45%
Profit growth (latest year)-31.19%
Sales CAGR, 3 years-9.03%
Sales CAGR, 5 years6.09%
Profit CAGR, 3 years-4.58%
Profit CAGR, 5 years13.44%
Sales growth QoQ-3.51%
Sales growth YoY (latest quarter)-14.67%
Profit growth YoY (latest quarter)-26.69%
Per share
EPS (TTM)Rs 99.81
EPS (latest year)Rs 148.96
EPS (latest quarter)Rs 135.01
EPS, 3-year averageRs 161.77
EPS, 5-year averageRs 187.55
Book value per shareRs 1,424.16
Sales per shareRs 714.43
Cash flow per shareRs -3.39
Free cash flow per shareRs -4.12
Dividend per share (latest year)Rs 17.00
Dividend per share, 3-year averageRs 13.00
Dividend per share, 5-year averageRs 10.20
Dividends
Dividend payout11.41%
Dividend payout, 3-year average7.94%
Dividend payout, 5-year average5.89%
Efficiency
Asset turnover0.44x
Fixed asset turnover7.13x
Inventory turnover1.32x
Inventory days276 days
Debtor days22 days
Debtors turnover16.64x
Creditor days30 days
Cash conversion cycle420 days
Working capital days174 days
Leverage
Total debtRs 237 Cr
Cash and bankRs 107 Cr
Net debtRs 130 Cr
Debt to equity0.06x
Net debt / EBITDA0.28x
Interest coverage12.21x
Current ratio (filing 2026-03-31)6.24x
Quick ratio (filing 2026-03-31)3.90x
Trade payables (filing 2026-03-31)Rs 87 Cr
Owners' fund to total sources84.72%
Debt to assets4.85%
Cash flow
Cash from Operating Activity (latest year)Rs -10 Cr
Cash from Investing Activity (latest year)Rs 481 Cr
Cash from Financing Activity (latest year)Rs -434 Cr
Net Cash Flow (latest year)Rs 37 Cr
Free cash flow (latest year)Rs -12 Cr
FCFE (approx.: FCF + change in debt)Rs -363 Cr
Cash from ops / profit, 5 years0.30x
Statement figures
Net sales (TTM)Rs 2,080 Cr
Net sales (latest year)Rs 2,171 Cr
Sales (latest quarter)Rs 540 Cr
Operating profit excl. other income (latest year)Rs 264 Cr
Operating profit (latest quarter)Rs 91 Cr
Other income (TTM)Rs 180 Cr
EBITDA (TTM)Rs 465 Cr
PBDT (TTM)Rs 429 Cr
Profit before tax (TTM)Rs 406 Cr
Tax (latest year)Rs 163 Cr
Net profit (TTM)Rs 291 Cr
Net profit (latest year)Rs 434 Cr
Net profit (latest quarter)Rs 393 Cr
Depreciation (TTM)Rs 23 Cr
Depreciation (latest quarter)Rs 6 Cr
Interest (TTM)Rs 36 Cr
Cost of goods sold (latest year)Rs 1,648 Cr
Total expenditure (latest year)Rs 1,906 Cr
Total income (latest year)Rs 2,579 Cr
Share capitalRs 29 Cr
ReservesRs 4,117 Cr
Shareholders' fundsRs 4,146 Cr
Total assetsRs 4,894 Cr
Net blockRs 304 Cr
Capital work in progressRs 1 Cr
InvestmentsRs 2,840 Cr
ReceivablesRs 130 Cr
InventoryRs 1,247 Cr
Other liabilitiesRs 510 Cr
Shares outstanding (crore)2.91
Ownership
Promoter holding74.96% (+0.00 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 9.3 is at the 75th percentile of its own 9.4-year range (median 6.5, low 2.8, high 16.7).
P/B 0.65 is the lowest in 9.4 years (median 1.20).
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.
PeriodMAITHANALLNifty 50Difference
1 week-5.1%-2.8% -2.3 pts
1 month-4.7%-6.8% +2.1 pts
3 months-8.5%-7.6% -0.9 pts
6 months+11.3%+0.4% +10.9 pts
1 year-18.7%-9.9% -8.8 pts
2 years-23.2%-13.6% -9.6 pts
3 years-10.5%+14.2% -24.7 pts
5 years-19.8%+27.9% -47.7 pts

Red flags

F-score 5 of 8
explainWeak cash conversion Cash from operations was -26% of net profit over the last 3 years
lookProfit leans on other income Other income was 68% of pre-tax profit in 2026
lookAuditor change Auditor change 2026-05-16: Maithan Alloys Limited has informed the Exchange regarding Change in Auditors of the company.
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 ₹540 Cr -14.6% vs Jun 2025. Net profit ₹396 Cr -26.4%.
Against our estimate for Jun 2026: sales -22.6%, profit +1708.1% big beat. Our estimate for Sep 2026: sales Rs 525 Cr, profit Rs 16 Cr (how).

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-09-21Dividend - Rs 6 Per Share
2026-05-22Interim Dividend - Rs 11 Per Share
2025-09-19Dividend - Rs 6 Per Share
2025-06-06Interim Dividend - Rs 7 Per Share
2025-02-18Interim Dividend - Rs 3 Per Share
2024-09-20Annual General Meeting/Dividend - Rs 6 Per Share
2023-09-18Annual General Meeting/Dividend - Rs 6 Per Share
2022-09-20Annual General Meeting/Dividend - Rs 6 Per Sh
2021-09-22 Annual General Meeting/ Dividend Rs 6 Per Share
2020-03-09 Interim Dividend - Rs 6 Per Share
2019-08-09 Annual General Meeting/Dividend -Rs 6 Per Share
2018-08-23 Annual General Meeting/Dividend- Rs 3 Per Share
2017-08-16 Annual General Meeting/Dividend - Rs 2.50 Per Share
2016-08-19 Annual General Meeting
2016-03-22 Interim Dividend - Rs 2/- Per Share
2015-09-02 Annual General Meeting/ Dividend - Rs 2/- Per Share
2015-07-15Bonus 1:10.5000
2014-09-16Annual General Meeting / Dividend - Rs 2/- Per Share
2013-07-18Annual General Meeting / Dividend - Rs 2/- Per Share
2012-09-13Annual General Meeting And Dividend Rs.2/- Per Share
2011-08-18Annual General Meeting And Dividend - Rs. 2 Per Share
DateTypeWhat it says
2026-09-29Shareholder meetingVoting results.
2026-09-29Shareholder meetingProceedings of Annual General Meeting held on September 28, 2026
2026-09-24OthersAcquisition of Equity Shares through Stock Exchange.
2026-09-22UpdatesTax Deducted at Source communication on Final Dividend for the Financial Year 2025-2026.
2026-09-22OthersAcquisition of Equity Shares through Stock Exchange.
2026-09-22OthersAcquisition of Equity Shares through Stock Exchange.
2026-09-11OthersAcquisition of Equity Shares through Stock Exchange.
2026-09-10UpdatesIntimation of decision of the National Stock Exchange of India Limited (NSE) on application for re-classification under Regulation 31A of the Securiti...
2026-09-10OthersAcquisition of Equity Shares through Stock Exchange.
2026-09-09OthersAcquisition of equity shares through Stock Exchange.
2026-09-05Shareholder meetingNotice convening the 41st Annual General Meeting of the Company to be held on 28th September, 2026 at 11:30 a.m. through Video Conferencing/Other Audi...
2026-09-03Volume querySignificant increase in volume has been observed in Maithan Alloys Limited. The Exchange, in order to ensure that investors have latest relevant infor...
2026-09-02Volume querySignificant increase in volume has been observed in Maithan Alloys Limited. The Exchange, in order to ensure that investors have latest relevant infor...
2026-08-13Record DateRecord date for the purpose of Dividend is 21-Sep-2026.
2026-08-13Board meeting outcomeOutcome of Board Meeting held on August 13, 2026.
2026-08-13Change in ManagementChange in Management - Executive Directors
2026-08-13Change in ManagementChange in Management - Independent Directors
2026-08-13Board meeting outcomeMaithan Alloys Limited has submitted to the Exchange, the Standalone and Consolidated Unaudited Financial Results for the quarter ended on 30th June, ...
2026-08-05OthersOthers
2026-08-04Amendment to AOA/MOAThe Amendment to AOA/MOA of the company.
2026-08-04Board meeting outcomeMaithan Alloys Limited has submitted to the Exchange, the revised Standalone Financial Results and the revised Consolidated Financial Results for the ...
2026-07-01UpdatesAn update on the Scheme of Amalgamation/Merger between Impex Metal & Ferro Alloys Limited and Maithan Alloys Limited.
2026-06-20ResignationResignation of Director/KMP/SMP
2026-06-20CessationCessation of Mr. Vivek Kaul as Non- Executive Independent Director of the company w.e.f. Jun 19, 2026.
2026-06-17Disclosure under SEBI TakeovSubhas Chandra Agarwalla has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Subs...
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
2021-05-28NCLATState Bank of India. VS Maithan Alloys Ltd. & Ors.
2021-05-28NCLATState Bank of India. VS Maithan Alloys Ltd & Ors.
2021-05-20NCLATState Bank of India. VS Maithan Alloys Ltd. & Ors.
2021-05-20NCLATState Bank of India. VS Maithan Alloys Ltd & Ors.
2020-11-20NCLATState Bank of India. VS Maithan Alloys Ltd. & Ors.
2020-11-20NCLATState Bank of India. VS Maithan Alloys Ltd & Ors.
Orders from NCLT, NCLAT and CESTAT naming the company. Click a row for the order.
Not on any NSE surveillance list in the latest file.

Quick answers

What is the market cap of Maithan Alloys Ltd?

Maithan Alloys Ltd (MAITHANALL) has a market capitalisation of Rs 2,703 Cr. at the 2026-10-01 close.

What is the P/E ratio of Maithan Alloys Ltd?

Maithan Alloys Ltd trades at a P/E of 9.30 on trailing twelve-month profit, at the 2026-10-01 close.

What were Maithan Alloys Ltd's latest quarterly results?

In the Jun 2026 quarter, Maithan Alloys Ltd sales was Rs 540 Cr (-14.6% vs Jun 2025) and net profit was Rs 396 Cr.

What is the 52-week high and low of Maithan Alloys Ltd?

The 52-week high is Rs 1,210.10 and the 52-week low is Rs 831.20.

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