Maithan Alloys Ltd

Maithan Alloys Ltd

₹ 1,232 -0.73%
24 Jun - close price
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

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

  • Market Cap 3,587 Cr.
  • Current Price 1,232
  • High / Low 1,359 / 955
  • Stock P/E 10.3
  • Book Value 1,079
  • Dividend Yield 0.49 %
  • ROCE 15.0 %
  • ROE 11.7 %
  • Face Value 10.0

Pros

  • Company is almost debt free.
  • Stock is trading at 1.14 times its book value

Cons

  • The company has delivered a poor sales growth of -2.67% over past five years.
  • Earnings include an other income of Rs.358 Cr.
  • Working capital days have increased from 256 days to 573 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.

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
499 566 666 923 837 975 690 685 535 404 444 448 433
389 425 445 529 526 631 584 639 445 363 411 413 427
Operating Profit 111 141 222 394 311 345 106 46 90 41 32 35 7
OPM % 22% 25% 33% 43% 37% 35% 15% 7% 17% 10% 7% 8% 2%
6 10 7 5 11 -60 39 51 43 44 60 79 174
Interest 1 0 0 0 0 0 0 0 1 0 0 0 1
Depreciation 4 4 4 4 5 5 5 5 5 5 5 5 5
Profit before tax 112 147 224 394 317 280 139 92 126 80 87 108 175
Tax % 25% 24% 27% 24% 24% 22% 22% 21% 22% 25% 28% 21% 19%
84 112 164 300 242 219 109 73 98 60 62 85 142
EPS in Rs 29.30 38.50 56.31 103.09 83.11 75.21 37.51 25.00 33.71 20.47 21.28 29.31 48.81
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
948 957 1,103 1,146 1,337 1,873 1,979 1,816 1,615 2,989 2,883 1,729
861 904 989 1,015 1,064 1,489 1,654 1,581 1,321 1,913 2,293 1,614
Operating Profit 86 53 114 132 273 384 325 235 294 1,075 589 114
OPM % 9% 6% 10% 11% 20% 21% 16% 13% 18% 36% 20% 7%
5 3 1 4 8 15 26 66 24 27 72 358
Interest 19 21 22 17 12 8 8 6 3 3 5 2
Depreciation 19 23 27 23 25 15 16 16 16 17 20 21
Profit before tax 54 12 66 96 244 376 327 279 299 1,082 637 450
Tax % 19% 9% 21% 18% 26% 22% 22% 20% 23% 24% 22% 22%
44 11 53 79 180 292 255 222 230 818 499 349
EPS in Rs 15.25 3.91 18.08 27.09 61.72 100.24 87.67 76.27 79.29 281.01 171.43 119.87
Dividend Payout % 7% 26% 6% 7% 4% 3% 7% 8% 8% 2% 4% 0%
Compounded Sales Growth
10 Years: 6%
5 Years: -3%
3 Years: 2%
TTM: -40%
Compounded Profit Growth
10 Years: 41%
5 Years: 7%
3 Years: 17%
TTM: -32%
Stock Price CAGR
10 Years: 37%
5 Years: 16%
3 Years: 7%
1 Year: 27%
Return on Equity
10 Years: 23%
5 Years: 21%
3 Years: 23%
Last Year: 12%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Equity Capital 15 15 15 29 29 29 29 29 29 29 29 29
Reserves 254 262 308 364 556 839 1,083 1,263 1,492 2,294 2,775 3,113
Preference Capital 0 0 0 0 0 0 0 0 0 0 8
211 258 214 139 81 45 7 10 49 5 12 30
255 254 246 266 236 303 399 213 328 422 324 296
Total Liabilities 735 788 783 799 902 1,215 1,519 1,516 1,898 2,751 3,140 3,468
297 293 280 267 242 238 229 217 203 276 267 253
CWIP 1 5 1 0 0 0 0 1 0 0 2 54
Investments 38 38 36 36 70 343 628 6 795 824 870 1,788
399 452 466 496 590 635 662 1,292 900 1,651 2,000 1,373
Total Assets 735 788 783 799 902 1,215 1,519 1,516 1,898 2,751 3,140 3,468

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
42 -4 58 136 126 284 315 -45 117 237 968 -411
-47 -22 -4 -11 -11 -280 -276 696 -761 -105 -962 371
-39 26 -65 -101 -74 -49 -54 -43 37 -62 -5 -9
Net Cash Flow -45 1 -11 24 41 -44 -15 609 -607 70 1 -49

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 48 54 68 63 62 47 47 56 99 84 54 82
Inventory Days 118 137 109 92 109 93 85 95 151 214 81 141
Days Payable 83 74 77 81 40 55 80 26 80 63 40 35
Cash Conversion Cycle 83 117 99 74 130 85 52 125 170 236 94 188
Working Capital Days 39 49 49 44 59 49 38 87 122 132 64 573
ROCE % 16% 7% 17% 21% 42% 49% 33% 20% 20% 56% 26%

Shareholding Pattern

Numbers in percentages

Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
74.99% 74.99% 74.99% 74.99% 74.99% 74.98% 74.98% 74.98% 74.98% 74.98% 74.98% 74.99%
0.32% 0.67% 1.02% 2.54% 1.77% 1.68% 1.54% 1.52% 1.82% 1.88% 2.14% 1.87%
0.61% 0.48% 0.51% 0.62% 0.62% 0.59% 0.59% 0.55% 0.56% 0.52% 0.44% 0.15%
24.08% 23.86% 23.48% 21.86% 22.62% 22.75% 22.90% 22.96% 22.62% 22.63% 22.42% 23.00%
No. of Shareholders 25,34533,10933,64034,21735,17436,04936,21834,86133,39832,41233,21036,475

* 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.

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