Maithan Alloys Ltd
₹ 984
5.30%
27 May
11:53 a.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.[1]
Key Points
- Market Cap ₹ 2,865 Cr.
- Current Price ₹ 984
- High / Low ₹ 1,265 / 831
- Stock P/E 6.70
- Book Value ₹ 1,400
- Dividend Yield 1.63 %
- ROCE 14.0 %
- ROE 11.0 %
- Face Value ₹ 10.0
Pros
- Company has reduced debt.
- Company is almost debt free.
- Stock is trading at 0.69 times its book value
- Debtor days have improved from 45.0 to 23.6 days.
Cons
- The company has delivered a poor sales growth of 6.87% over past five years.
- Earnings include an other income of Rs.446 Cr.
- Dividend payout has been low at 7.93% of profits over last 3 years
- Working capital days have increased from 241 days to 426 days
* 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.
Peer comparison
Commodities Metals & Mining Ferrous Metals Ferro & Silica Manganese
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Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 882 | 1,146 | 1,337 | 1,873 | 1,979 | 1,816 | 1,615 | 3,054 | 2,905 | 1,721 | 1,816 | 2,251 | |
| 811 | 1,015 | 1,057 | 1,489 | 1,654 | 1,581 | 1,318 | 1,996 | 2,402 | 1,611 | 1,646 | 2,085 | |
| Operating Profit | 71 | 132 | 279 | 384 | 325 | 235 | 298 | 1,058 | 504 | 110 | 170 | 167 |
| OPM % | 8% | 11% | 21% | 21% | 16% | 13% | 18% | 35% | 17% | 6% | 9% | 7% |
| 3 | 4 | 8 | 15 | 26 | 66 | 24 | 31 | 79 | 357 | 726 | 446 | |
| Interest | 6 | 17 | 12 | 8 | 8 | 6 | 3 | 3 | 5 | 3 | 23 | 41 |
| Depreciation | 3 | 23 | 25 | 15 | 16 | 16 | 16 | 15 | 15 | 15 | 15 | 14 |
| Profit before tax | 64 | 96 | 250 | 376 | 327 | 279 | 302 | 1,070 | 563 | 449 | 858 | 558 |
| Tax % | 20% | 17% | 26% | 22% | 22% | 21% | 23% | 25% | 24% | 22% | 25% | 23% |
| 52 | 79 | 186 | 292 | 255 | 222 | 233 | 808 | 427 | 351 | 640 | 428 | |
| EPS in Rs | 17.71 | 27.15 | 63.78 | 100.22 | 87.69 | 76.22 | 80.05 | 277.45 | 146.51 | 120.58 | 219.92 | 147.16 |
| Dividend Payout % | 6% | 7% | 4% | 3% | 7% | 8% | 8% | 2% | 4% | 5% | 7% | 12% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 7% |
| 5 Years: | 7% |
| 3 Years: | -8% |
| TTM: | 24% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 18% |
| 5 Years: | 14% |
| 3 Years: | -1% |
| TTM: | -44% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 14% |
| 5 Years: | 4% |
| 3 Years: | -2% |
| 1 Year: | -16% |
| Return on Equity | |
|---|---|
| 10 Years: | 20% |
| 5 Years: | 19% |
| 3 Years: | 14% |
| Last Year: | 11% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 15 | 29 | 29 | 29 | 29 | 29 | 29 | 29 | 29 | 29 | 29 | 29 |
| Reserves | 320 | 366 | 563 | 846 | 1,091 | 1,270 | 1,502 | 2,293 | 2,702 | 3,041 | 3,655 | 4,046 |
| 25 | 139 | 81 | 45 | 7 | 10 | 49 | 5 | 12 | 17 | 565 | 231 | |
| 191 | 263 | 260 | 302 | 399 | 212 | 326 | 394 | 286 | 271 | 466 | 451 | |
| Total Liabilities | 551 | 797 | 934 | 1,222 | 1,526 | 1,522 | 1,905 | 2,722 | 3,028 | 3,358 | 4,716 | 4,757 |
| 55 | 260 | 238 | 233 | 219 | 207 | 193 | 160 | 151 | 145 | 136 | 115 | |
| CWIP | 1 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 2 | 1 | 0 | 1 |
| Investments | 125 | 47 | 84 | 362 | 649 | 26 | 815 | 849 | 938 | 1,869 | 3,221 | 3,004 |
| 369 | 490 | 612 | 626 | 657 | 1,287 | 897 | 1,713 | 1,938 | 1,344 | 1,359 | 1,637 | |
| Total Assets | 551 | 797 | 934 | 1,222 | 1,526 | 1,522 | 1,905 | 2,722 | 3,028 | 3,358 | 4,716 | 4,757 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 8 | 136 | 123 | 284 | 315 | -45 | 116 | 128 | 958 | -440 | 532 | -3 | |
| 4 | -11 | -8 | -280 | -270 | 697 | -760 | -0 | -956 | 416 | -1,056 | 447 | |
| -21 | -101 | -74 | -55 | -54 | -43 | 37 | -62 | -13 | -14 | 505 | -419 | |
| Net Cash Flow | -8 | 25 | 41 | -50 | -9 | 609 | -607 | 66 | -11 | -37 | -19 | 25 |
| Free Cash Flow | 6 | 125 | 122 | 273 | 313 | -50 | 116 | 142 | 951 | -446 | 527 | 18 |
| CFO/OP | 26% | 104% | 53% | 97% | 121% | 2% | 59% | 38% | 217% | -332% | 345% | 98% |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 78 | 63 | 62 | 47 | 47 | 56 | 99 | 91 | 53 | 82 | 29 | 24 |
| Inventory Days | 75 | 92 | 109 | 93 | 85 | 95 | 151 | 176 | 62 | 137 | 199 | 165 |
| Days Payable | 54 | 81 | 47 | 55 | 80 | 26 | 80 | 52 | 32 | 34 | 38 | 21 |
| Cash Conversion Cycle | 98 | 74 | 123 | 85 | 52 | 125 | 170 | 216 | 83 | 185 | 190 | 168 |
| Working Capital Days | 59 | 37 | 55 | 44 | 37 | 86 | 112 | 143 | 69 | 211 | 87 | 426 |
| ROCE % | 20% | 25% | 43% | 48% | 32% | 20% | 20% | 55% | 23% | 12% | 29% | 14% |
Insights
In beta| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
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| Export Market Share (Bulk Ferro Alloys from India) % |
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Documents
Announcements
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Compliances-Reg.24(A)-Annual Secretarial Compliance
23 May - Maithan Alloys filed its annual secretarial compliance report for FY2025-26; two intimations were delayed.
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Announcement under Regulation 30 (LODR)-Newspaper Publication
20 May - Newspaper publication in connection with an intimation of opening of Special Window for Re-Lodgement of Transfer Requests of Physical Shares.
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Announcement under Regulation 30 (LODR)-Newspaper Publication
19 May - Newspaper publication relating to the Notice of declaration of Interim Dividend and Record date.
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Announcement under Regulation 30 (LODR)-Dividend Updates
18 May - Maithan Alloys announces interim dividend ₹11/share, record date 22 May 2025, with TDS documentation requirements.
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Announcement under Regulation 30 (LODR)-Newspaper Publication
18 May - Newspaper publication of Standalone and Consolidated Audited Financial Results for the Quarter and financial year ended on 31st March, 2026.
Annual reports
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Financial Year 2025
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2012
from bse
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Financial Year 2011
from nse
Concalls
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Sep 2023TranscriptAI SummaryPPT
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Jun 2022TranscriptAI SummaryPPT
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Nov 2021TranscriptAI SummaryPPT
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Sep 2021TranscriptAI SummaryPPT
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May 2021TranscriptAI SummaryPPT
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Feb 2021TranscriptAI SummaryPPT
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Nov 2020TranscriptAI SummaryPPT
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Aug 2020TranscriptAI SummaryPPT
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Jul 2020TranscriptAI SummaryPPT
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Feb 2020TranscriptAI SummaryPPT
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Nov 2019TranscriptAI SummaryPPT
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Sep 2019TranscriptAI SummaryPPT
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May 2019Transcript PPT
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Jan 2019TranscriptAI SummaryPPT
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Aug 2018TranscriptAI SummaryPPT
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May 2018TranscriptAI SummaryPPT
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May 2018TranscriptAI SummaryPPT
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Jan 2018TranscriptAI SummaryPPT
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Nov 2017TranscriptAI SummaryPPT
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Aug 2017TranscriptAI SummaryPPT
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May 2017TranscriptAI SummaryPPT
Leadership[1]
Company is one of the largest domestic producers of manganese-based ferroalloys and it holds more than 5% of the market share of the total domestic ferro alloy industry.