MAITHANALL

Maithan Alloys Limited

Ferro-alloys producer of ferro and silica manganese for steel and alloy industries

Commodities›Metals & Mining›Ferrous Metals›Ferro & Silica Manganese

maithanalloys.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-19

Stock price
₹867.45
Market cap
2,525 Cr
Stock P/E
8.7
P/B
0.61
Dividend yield
1.5%
ROE (FY26)
10.4%
ROCE (FY26)
14.7%
Operating margin (FY26)
10.9%
Debt / equity (FY26)
0.06
OCF / EBITDA (FY26)
-3.8%
OCF / EBITDA (3Y)
-67.5%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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What you need to know

Maithan Alloys is a Kolkata-based ferro alloys maker, and ferro alloys make up all of its reported segment revenue.

Company snapshot

2ndBy market cap

Ranked among 5 companies in Ferro & Silica Manganese.

What we see

Positives
  • ✓Net margin of 20.3% — the business keeps a healthy share of every rupee it earns.
Concerns
  • ✗Over the last three years operations used more cash than they brought in, despite an operating profit — the business is not yet turning its profit into cash.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales444 Cr448 Cr433 Cr375 Cr464 Cr531 Cr435 Cr632 Cr491 Cr490 Cr559 Cr540 Cr
Operating expenses (approx.)411 Cr413 Cr427 Cr354 Cr415 Cr502 Cr359 Cr567 Cr459 Cr435 Cr453 Cr449 Cr
EBITDA32 Cr35 Cr7 Cr21 Cr49 Cr29 Cr76 Cr65 Cr32 Cr55 Cr106 Cr91 Cr
OPM %7.3%7.8%1.5%5.7%10.6%5.5%17.6%10.3%6.5%11.3%19.0%16.8%
Other income60 Cr79 Cr174 Cr561 Cr179 Cr97 Cr-116 Cr649 Cr-153 Cr76 Cr-159 Cr417 Cr
Interest0.13 Cr0.22 Cr1 Cr2 Cr5 Cr6 Cr8 Cr12 Cr14 Cr4 Cr14 Cr5 Cr
Depreciation5 Cr5 Cr5 Cr5 Cr6 Cr6 Cr6 Cr6 Cr6 Cr6 Cr6 Cr6 Cr
Profit before tax87 Cr108 Cr175 Cr576 Cr217 Cr114 Cr-54 Cr696 Cr-141 Cr122 Cr-72 Cr498 Cr
Tax %28.4%21.4%18.7%20.8%34.4%20.6%-7.0%22.7%15.7%23.7%2.3%20.5%
Net profit62 Cr85 Cr142 Cr456 Cr143 Cr90 Cr-58 Cr538 Cr-119 Cr93 Cr-71 Cr396 Cr
EPS (₹)₹21.30₹29.32₹48.81₹156.82₹49.41₹31.20₹-20.96₹184.17₹-41.55₹30.55₹-24.21₹135.01

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales1,404 Cr1,891 Cr1,988 Cr1,831 Cr1,620 Cr2,992 Cr2,885 Cr1,729 Cr1,806 Cr2,173 CrSign in free for the trailing twelve months
Operating expenses (approx.)1,133 Cr1,514 Cr1,666 Cr1,598 Cr1,327 Cr1,924 Cr2,299 Cr1,614 Cr1,629 Cr1,913 CrSign in free for the trailing twelve months
EBITDA270 Cr377 Cr322 Cr233 Cr292 Cr1,068 Cr586 Cr114 Cr177 Cr259 CrSign in free for the trailing twelve months
OPM %19.3%19.9%16.2%12.7%18.0%35.7%20.3%6.6%9.8%11.9%Sign in free for the trailing twelve months
Other income8 Cr19 Cr26 Cr66 Cr24 Cr32 Cr175 Cr358 Cr721 Cr412 CrSign in free for the trailing twelve months
Interest10 Cr4 Cr6 Cr4 Cr1 Cr1 Cr2 Cr2 Cr22 Cr44 CrSign in free for the trailing twelve months
Depreciation25 Cr15 Cr16 Cr16 Cr16 Cr17 Cr20 Cr21 Cr23 Cr23 CrSign in free for the trailing twelve months
Profit before tax244 Cr376 Cr327 Cr279 Cr299 Cr1,082 Cr637 Cr450 Cr852 Cr604 CrSign in free for the trailing twelve months
Tax %26.4%22.4%21.9%20.5%23.2%24.4%21.6%22.4%26.0%27.0%Sign in free for the trailing twelve months
Net profit180 Cr292 Cr255 Cr222 Cr230 Cr818 Cr499 Cr349 Cr631 Cr441 CrSign in free for the trailing twelve months
EPS (₹)₹61.72₹100.24₹87.67₹76.27₹79.02₹281.00₹171.41₹119.87₹216.47₹148.96Sign in free for the trailing twelve months
Dividend payout %————0.0%2.1%3.5%5.0%4.2%8.6%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital29 Cr29 Cr29 Cr29 Cr29 Cr29 Cr29 Cr29 Cr29 Cr29 Cr
Reserves556 Cr839 Cr1,083 Cr1,263 Cr1,492 Cr2,294 Cr2,775 Cr3,113 Cr3,717 Cr4,117 Cr
Borrowings37 Cr29 Cr7 Cr7 Cr45 Cr2 Cr16 Cr27 Cr585 Cr235 Cr
Other liabilities279 Cr315 Cr399 Cr216 Cr331 Cr425 Cr318 Cr298 Cr509 Cr500 Cr
Total liabilities902 Cr1,212 Cr1,519 Cr1,516 Cr1,898 Cr2,751 Cr3,140 Cr3,468 Cr4,849 Cr4,894 Cr
Fixed assets (net)242 Cr238 Cr229 Cr216 Cr202 Cr259 Cr250 Cr236 Cr296 Cr288 Cr
CWIP0.0023 Cr——1 Cr0 Cr0.33 Cr3 Cr54 Cr1 Cr1 Cr
Investments70 Cr343 Cr628 Cr6 Cr795 Cr824 Cr870 Cr1,788 Cr3,056 Cr2,840 Cr
Loans & advances——0 Cr0.75 Cr0.31 Cr0.33 Cr0.36 Cr3 Cr5 Cr0.45 Cr
Inventories187 Cr248 Cr261 Cr277 Cr349 Cr676 Cr304 Cr350 Cr1,086 Cr1,247 Cr
Trade receivables225 Cr244 Cr257 Cr281 Cr436 Cr689 Cr423 Cr387 Cr143 Cr130 Cr
Cash & bank76 Cr57 Cr17 Cr625 Cr19 Cr88 Cr90 Cr41 Cr22 Cr59 Cr
Other assets102 Cr83 Cr128 Cr109 Cr96 Cr214 Cr1,201 Cr609 Cr240 Cr328 Cr
Total assets902 Cr1,212 Cr1,519 Cr1,516 Cr1,898 Cr2,751 Cr3,140 Cr3,468 Cr4,849 Cr4,894 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity126 Cr284 Cr315 Cr-45 Cr117 Cr237 Cr968 Cr-411 Cr50 Cr-10 Cr
Cash from investing-11 Cr-280 Cr-276 Cr696 Cr-761 Cr-105 Cr-962 Cr371 Cr-591 Cr481 Cr
Cash from financing-74 Cr-49 Cr-54 Cr-43 Cr37 Cr-62 Cr-5 Cr-9 Cr522 Cr-434 Cr
Net cash flow41 Cr-44 Cr-15 Cr609 Cr-607 Cr70 Cr1 Cr-49 Cr-19 Cr37 Cr
Free cash flow (OCF − Capex)121 Cr273 Cr307 Cr-50 Cr116 Cr120 Cr957 Cr-480 Cr20 Cr-35 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %40.8%42.4%29.7%21.8%19.2%46.6%22.6%14.2%20.1%14.7%
ROE %30.7%33.6%22.9%17.2%15.2%35.2%17.8%11.1%16.8%10.4%
Debtor days58474756988453822922
Inventory days1191129911017624490139455423
Days payable44679430937145355629
Cash conversion cycle133935313618225799186428415
OCF / EBITDA %46.5%75.5%97.7%-19.3%40.0%22.1%165.1%-359.5%28.2%-3.8%
OCF / EBITDA % (3 years)——74.8%59.5%45.6%19.4%67.9%44.9%69.1%-67.5%
Debt / equity0.060.030.00630.00520.030.00070.00590.00860.160.06
Current ratio2.323.003.346.754.906.099.4812.063.976.24
Net debt / EBITDA-0.15-0.07-0.03-2.660.09-0.08-0.12-0.123.190.68