Maithan Alloys Ltd

Maithan Alloys Ltd

₹ 1,087 -0.78%
27 Feb 2:53 p.m.
About

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.(Source : 201903 Annual Report Page No: 88)

Key Points

Maithan is India’s largest Manganese Alloy Producer[1]

  • Market Cap 3,163 Cr.
  • Current Price 1,087
  • High / Low 1,336 / 766
  • Stock P/E 10.2
  • Book Value 975
  • Dividend Yield 0.56 %
  • ROCE 23.1 %
  • ROE 17.4 %
  • Face Value 10.0

Pros

  • Company is almost debt free.
  • Stock is trading at 1.12 times its book value
  • Company has a good return on equity (ROE) track record: 3 Years ROE 25.0%
  • Debtor days have improved from 80.9 to 53.2 days.
  • Company's working capital requirements have reduced from 112 days to 69.6 days

Cons

  • Earnings include an other income of Rs.229 Cr.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
446 499 566 666 974 851 1,013 676 684 535 400 442 448
376 385 425 444 575 563 713 581 664 448 360 409 413
Operating Profit 70 114 141 223 399 288 300 95 20 86 39 33 35
OPM % 16% 23% 25% 33% 41% 34% 30% 14% 3% 16% 10% 7% 8%
6 6 10 7 4 13 -58 41 53 44 45 61 79
Interest 0 1 0 0 0 0 0 0 0 1 0 0 0
Depreciation 4 4 4 4 4 4 4 4 4 4 4 4 4
Profit before tax 72 115 147 225 400 298 238 132 69 125 80 90 110
Tax % 23% 24% 24% 27% 24% 24% 25% 26% 20% 22% 24% 27% 21%
55 88 112 165 306 225 177 97 55 97 60 66 87
EPS in Rs 19.04 30.08 38.48 56.68 104.95 77.35 60.95 33.45 18.74 33.37 20.78 22.53 30.02
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
636 854 811 882 1,146 1,337 1,873 1,979 1,816 1,615 3,054 2,905 1,825
568 790 772 811 1,015 1,057 1,489 1,654 1,581 1,318 1,996 2,402 1,631
Operating Profit 68 64 39 71 132 279 384 325 235 298 1,058 504 194
OPM % 11% 7% 5% 8% 11% 21% 21% 16% 13% 18% 35% 17% 11%
6 4 2 3 4 8 15 26 66 24 31 79 229
Interest 4 7 6 6 17 12 8 8 6 3 3 5 2
Depreciation 7 7 6 3 23 25 15 16 16 16 15 15 15
Profit before tax 62 54 29 64 96 250 376 327 279 302 1,070 563 405
Tax % 24% 20% 22% 20% 17% 26% 22% 22% 21% 23% 25% 24%
47 44 23 52 79 186 292 255 222 233 808 427 311
EPS in Rs 16.17 15.02 7.90 17.71 27.15 63.78 100.22 87.69 76.22 80.05 277.45 146.51 106.70
Dividend Payout % 6% 7% 13% 6% 7% 4% 3% 7% 8% 8% 2% 4%
Compounded Sales Growth
10 Years: 13%
5 Years: 9%
3 Years: 17%
TTM: -43%
Compounded Profit Growth
10 Years: 26%
5 Years: 8%
3 Years: 33%
TTM: -51%
Stock Price CAGR
10 Years: 45%
5 Years: 17%
3 Years: 22%
1 Year: 19%
Return on Equity
10 Years: 25%
5 Years: 24%
3 Years: 25%
Last Year: 17%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 15 15 15 15 29 29 29 29 29 29 29 29 29
Reserves 216 256 276 320 366 563 846 1,091 1,270 1,502 2,293 2,702 2,811
7 23 39 25 139 81 45 7 10 49 5 12 6
190 211 178 191 263 260 302 399 212 326 394 286 331
Total Liabilities 428 505 507 551 797 934 1,222 1,526 1,522 1,905 2,722 3,028 3,177
72 62 57 55 260 238 233 219 207 193 160 151 149
CWIP 0 0 0 1 0 0 0 0 1 0 0 2 0
Investments 72 126 128 125 47 84 362 649 26 815 849 938 1,463
285 317 321 369 490 612 626 657 1,287 897 1,713 1,938 1,565
Total Assets 428 505 507 551 797 934 1,222 1,526 1,522 1,905 2,722 3,028 3,177

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
68 8 -7 8 136 123 284 315 -45 116 128 958
-11 -42 2 4 -11 -8 -280 -270 697 -760 -0 -956
-35 7 7 -21 -101 -74 -55 -54 -43 37 -62 -13
Net Cash Flow 22 -26 2 -8 25 41 -50 -9 609 -607 66 -11

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 49 49 46 78 63 62 47 47 56 99 91 53
Inventory Days 90 83 96 75 92 109 93 85 95 151 176 62
Days Payable 174 66 51 54 81 47 55 80 26 80 52 32
Cash Conversion Cycle -35 66 92 98 74 123 85 52 125 170 216 83
Working Capital Days 28 36 56 70 42 60 49 38 87 122 143 70
ROCE % 29% 23% 11% 20% 25% 43% 48% 32% 20% 20% 55% 23%

Shareholding Pattern

Numbers in percentages

2 Recently
Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
74.99% 74.99% 74.99% 74.99% 74.99% 74.99% 74.98% 74.98% 74.98% 74.98% 74.98% 74.98%
1.25% 0.32% 0.67% 1.02% 2.54% 1.77% 1.68% 1.54% 1.52% 1.82% 1.88% 2.14%
0.91% 0.61% 0.48% 0.51% 0.62% 0.62% 0.59% 0.59% 0.55% 0.56% 0.52% 0.44%
22.85% 24.08% 23.86% 23.48% 21.86% 22.62% 22.75% 22.90% 22.96% 22.62% 22.63% 22.42%
No. of Shareholders 20,18625,34533,10933,64034,21735,17436,04936,21834,86133,39832,41233,210

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

Click on the line-items to see the names of individual entities.

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