Maithan Alloys Ltd
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]
- Market Cap ₹ 3,581 Cr.
- Current Price ₹ 1,230
- High / Low ₹ 1,327 / 834
- Stock P/E 5.70
- Book Value ₹ 1,287
- Dividend Yield 0.81 %
- ROCE 23.3 %
- ROE 18.3 %
- Face Value ₹ 10.0
Pros
- Stock is trading at 0.97 times its book value
- Debtor days have improved from 54.8 to 29.0 days.
Cons
- The company has delivered a poor sales growth of -0.12% over past five years.
- Earnings include an other income of Rs.721 Cr.
- Dividend payout has been low at 5.30% of profits over last 3 years
- Working capital days have increased from 296 days to 614 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
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 957 | 1,103 | 1,146 | 1,337 | 1,873 | 1,979 | 1,816 | 1,615 | 2,989 | 2,883 | 1,726 | 1,806 | |
| 904 | 989 | 1,015 | 1,064 | 1,489 | 1,654 | 1,581 | 1,321 | 1,913 | 2,293 | 1,611 | 1,629 | |
| Operating Profit | 53 | 114 | 132 | 273 | 384 | 325 | 235 | 294 | 1,075 | 589 | 116 | 177 |
| OPM % | 6% | 10% | 11% | 20% | 21% | 16% | 13% | 18% | 36% | 20% | 7% | 10% |
| 3 | 1 | 4 | 8 | 15 | 26 | 66 | 24 | 27 | 72 | 358 | 721 | |
| Interest | 21 | 22 | 17 | 12 | 8 | 8 | 6 | 3 | 3 | 5 | 3 | 22 |
| Depreciation | 23 | 27 | 23 | 25 | 15 | 16 | 16 | 16 | 17 | 20 | 21 | 23 |
| Profit before tax | 12 | 66 | 96 | 244 | 376 | 327 | 279 | 299 | 1,082 | 637 | 450 | 852 |
| Tax % | 9% | 21% | 18% | 26% | 22% | 22% | 20% | 23% | 24% | 22% | 22% | 26% |
| 11 | 53 | 79 | 180 | 292 | 255 | 222 | 230 | 818 | 499 | 349 | 631 | |
| EPS in Rs | 3.91 | 18.08 | 27.09 | 61.72 | 100.24 | 87.67 | 76.27 | 79.29 | 281.01 | 171.43 | 119.87 | 216.47 |
| Dividend Payout % | 26% | 6% | 7% | 4% | 3% | 7% | 8% | 8% | 2% | 4% | 5% | 7% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 5% |
| 5 Years: | 0% |
| 3 Years: | -15% |
| TTM: | 5% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 28% |
| 5 Years: | 28% |
| 3 Years: | -8% |
| TTM: | 134% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 28% |
| 5 Years: | 24% |
| 3 Years: | 10% |
| 1 Year: | 1% |
| Return on Equity | |
|---|---|
| 10 Years: | 21% |
| 5 Years: | 20% |
| 3 Years: | 16% |
| Last Year: | 18% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 15 | 15 | 29 | 29 | 29 | 29 | 29 | 29 | 29 | 29 | 29 | 29 |
| Reserves | 262 | 308 | 364 | 556 | 839 | 1,083 | 1,263 | 1,492 | 2,294 | 2,775 | 3,113 | 3,717 |
| 258 | 214 | 139 | 81 | 45 | 7 | 10 | 49 | 5 | 20 | 30 | 588 | |
| 254 | 246 | 266 | 236 | 303 | 399 | 213 | 328 | 422 | 316 | 296 | 514 | |
| Total Liabilities | 788 | 783 | 799 | 902 | 1,215 | 1,519 | 1,516 | 1,898 | 2,751 | 3,140 | 3,468 | 4,849 |
| 293 | 280 | 267 | 242 | 238 | 229 | 217 | 203 | 276 | 267 | 253 | 312 | |
| CWIP | 5 | 1 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 2 | 54 | 1 |
| Investments | 38 | 36 | 36 | 70 | 343 | 628 | 6 | 795 | 824 | 870 | 1,788 | 3,056 |
| 452 | 466 | 496 | 590 | 635 | 662 | 1,292 | 900 | 1,651 | 2,000 | 1,373 | 1,479 | |
| Total Assets | 788 | 783 | 799 | 902 | 1,215 | 1,519 | 1,516 | 1,898 | 2,751 | 3,140 | 3,468 | 4,849 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| -4 | 58 | 136 | 126 | 284 | 315 | -45 | 117 | 237 | 968 | -411 | 50 | |
| -22 | -4 | -11 | -11 | -280 | -276 | 696 | -761 | -105 | -962 | 371 | -591 | |
| 26 | -65 | -101 | -74 | -49 | -54 | -43 | 37 | -62 | -5 | -9 | 522 | |
| Net Cash Flow | 1 | -11 | 24 | 41 | -44 | -15 | 609 | -607 | 70 | 1 | -49 | -19 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 54 | 68 | 63 | 62 | 47 | 47 | 56 | 99 | 84 | 54 | 82 | 29 |
| Inventory Days | 137 | 109 | 92 | 109 | 93 | 85 | 95 | 151 | 214 | 81 | 141 | 393 |
| Days Payable | 74 | 77 | 81 | 40 | 55 | 80 | 26 | 80 | 63 | 40 | 35 | 48 |
| Cash Conversion Cycle | 117 | 99 | 74 | 130 | 85 | 52 | 125 | 170 | 236 | 94 | 188 | 374 |
| Working Capital Days | 49 | 49 | 44 | 59 | 49 | 38 | 87 | 122 | 132 | 64 | 209 | 614 |
| ROCE % | 7% | 17% | 21% | 42% | 49% | 33% | 20% | 20% | 56% | 26% | 12% | 23% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Acquisition
2d - Maithan Alloys incorporated wholly-owned subsidiary Maithan Fresh Pvt Ltd for agri and real estate business.
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Announcement under Regulation 30 (LODR)-Dividend Updates
30 May - Maithan Alloys declares ₹7 second interim dividend for FY 2024-25; details TDS and payment instructions.
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Announcement under Regulation 30 (LODR)-Newspaper Publication
30 May - Newspaper publication regarding prior intimation for transfer of shares to the Investor Education and Protection Fund.
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Announcement under Regulation 30 (LODR)-Newspaper Publication
30 May - Newspaper publication relating to the notice of declaration of second interim dividend and record date.
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Announcement under Regulation 30 (LODR)-Newspaper Publication
30 May - Newspaper publication of Standalone and Consolidated Audited Financial Results for the Quarter and Year ended 31 March 2025
Annual reports
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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
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Financial Year 2011
from nse
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Financial Year 2011
from bse
Concalls
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Sep 2023TranscriptNotesPPT
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Jun 2022TranscriptNotesPPT
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Nov 2021TranscriptNotesPPT
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Sep 2021TranscriptNotesPPT
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May 2021TranscriptNotesPPT
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Feb 2021TranscriptNotesPPT
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Nov 2020TranscriptNotesPPT
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Aug 2020TranscriptNotesPPT
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Jul 2020TranscriptNotesPPT
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Feb 2020TranscriptNotesPPT
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Nov 2019TranscriptNotesPPT
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Sep 2019TranscriptNotesPPT
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May 2019Transcript PPT
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Jan 2019TranscriptNotesPPT
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Aug 2018TranscriptNotesPPT
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May 2018TranscriptNotesPPT
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May 2018TranscriptNotesPPT
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Jan 2018TranscriptNotesPPT
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Nov 2017TranscriptNotesPPT
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Aug 2017TranscriptNotesPPT
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May 2017TranscriptNotesPPT
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.