Mahamaya Steel Industries Ltd. (MAHASTEEL) AI Stock Analysis

• Market Cap: ₹12.51B
• Dividend Yield: N/A
• Average Volume (3M): 5.39K
• Price to Earnings (P/E): 123.6
• Beta (1Y): 0.52
• Revenue Growth: 11.83%
• EPS Growth: 124.74%
• Country: IN
• Employees: 462
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Steel
• EPS (TTM): 1.15
• Shares Outstanding: 16,434,400
• 10 Day Avg. Volume: 9,525
• 30 Day Avg. Volume: 5,388
• PEG Ratio: 4.34
• Price to Book (P/B): 2.87
• Price to Sales (P/S): 0.53
• P/FCF Ratio: -1.27K
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 66 Neutral
• Price Target: ₹822.00 ▼(-20.02% Downside)

The score is mainly supported by improving financial performance (revenue growth, better gross margins, stable operating margins) and strong trend momentum. This is meaningfully offset by an expensive valuation (very high P/E) and overheated technical signals (high RSI/Stoch), which increase downside risk if momentum cools.

Positive Factors

Consistent Revenue Growth

Sustained top-line growth over multiple years indicates expanding demand or market share in core steel products. That trend supports scaling of fixed-costs, improves operating leverage potential, and underpins longer-term profitability as production and distribution infrastructure is utilized more efficiently.

Improving Gross Margins

Rising gross margins point to better input cost management, pricing power, or mix improvement. Structural margin improvement enhances cash generation per unit of revenue, strengthens ability to absorb raw-material volatility, and supports durable operating margin sustainability over business cycles.

Positive Operating Cash Flow

Consistent positive operating cash flow demonstrates the business converts earnings into real cash, reducing reliance on external funding for working capital and maintenance capex. This cash-generation ability supports reinvestment and debt reduction over time.

Negative Factors

Low Net Profit Margin

A persistently low net margin limits retained earnings and reduces the buffer against raw-material price swings or demand shocks. It constrains the company's ability to fund growth internally and makes long-term returns more sensitive to cost or volume fluctuations in a cyclical steel market.

Volatile Free Cash Flow

Irregular free cash flow complicates capital allocation and increases reliance on external financing in weaker years. For a capital-intensive steel business, volatile FCF undermines predictable reinvestment in capacity or maintenance, raising long-term operational and financial risk.

Balance Sheet Leverage Needs Strengthening

Although leverage has improved, remaining debt levels mean limited financial flexibility in downturns inherent to steel cyclicality. Stronger deleveraging or higher liquidity cushions would reduce refinancing risk and better position the firm to invest through cycles without stressing credit metrics.

Mahamaya Steel Industries Ltd. Business Overview & Revenue Model

Company Description

Mahamaya Steel Industries Limited manufactures and sells structural steel products in India. The company provides angles, H-beams, joists, channels, billets, blooms, rounds, flats, railway sleepers, strips, girders, etc. It serves construction, automobile, railway, and power industries. The company was formerly known as Rajesh Strips Limited and changed its name to Mahamaya Steel Industries Limited in 2009. Mahamaya Steel Industries Limited was incorporated in 1988 and is based in Raipur, India.

How the Company Makes Money

Mahamaya Steel Industries Ltd. generates revenue primarily through the sale of its steel products, which include rebar, wire rods, and structural steel. The company's revenue model is driven by both direct sales to construction companies and distributors, as well as long-term contracts with major industrial clients. Key revenue streams include bulk orders for large-scale construction projects and ongoing supply agreements with manufacturers. Additionally, MAHASTEEL benefits from strategic partnerships with suppliers and distributors, enhancing its market reach and operational efficiency. The company also invests in technology and process improvements to reduce production costs and increase profitability, further contributing to its earnings.

Mahamaya Steel Industries Ltd. Financial Statement Overview

Summary

Solid income statement trends with consistent revenue growth and improved gross margin, supported by stable EBIT/EBITDA margins. Balance sheet leverage is improving, but still has room to strengthen. Cash flow is positive operationally, though free cash flow has been volatile and negative in some years.

Income Statement

Mahamaya Steel Industries Ltd. has shown consistent revenue growth over the years, with a notable increase from 2021 to 2025. The gross profit margin improved significantly from 2023 to 2025, indicating better cost management. The EBIT and EBITDA margins are stable, showing operational efficiency. However, net profit margin remains relatively low, suggesting potential areas for improvement in managing expenses.

Balance Sheet

The company's debt-to-equity ratio has decreased over time, indicating improved financial leverage. The return on equity has improved due to increased net income. However, the equity ratio indicates that a significant portion of assets is financed by equity, which is typical for the steel industry. Continued focus on reducing debt and enhancing asset utilization can strengthen the balance sheet further.

Cash Flow

Operating cash flow has been positive, but free cash flow has shown fluctuations, with negative values in some years. The operating cash flow to net income ratio is healthy, indicating efficient cash generation from operations. Focus on stabilizing free cash flow through better capital expenditure management would enhance cash flow stability.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	4.43B	8.02B	7.82B	6.50B	4.93B	2.50B
Gross Profit	867.13M	1.50B	309.60M	184.87M	287.21M	202.11M
EBITDA	156.47M	218.06M	205.90M	165.13M	172.27M	131.00M
Net Income	71.44M	76.01M	67.17M	54.43M	48.96M	8.78M
Balance Sheet
Total Assets	0.00	2.44B	2.33B	2.25B	2.05B	2.24B
Cash, Cash Equivalents and Short-Term Investments	7.58M	18.47M	16.07M	4.66M	170.65M	43.65M
Total Debt	0.00	460.32M	408.43M	432.16M	452.91M	810.01M
Total Liabilities	-1.49B	951.20M	918.61M	904.53M	765.00M	1.13B
Stockholders Equity	1.49B	1.49B	1.41B	1.34B	1.29B	1.11B
Cash Flow
Free Cash Flow	0.00	-3.35M	51.48M	-94.40M	390.84M	-68.03M
Operating Cash Flow	0.00	88.46M	142.79M	17.71M	440.14M	-42.15M
Investing Cash Flow	0.00	-108.21M	-56.30M	-112.39M	-50.58M	5.31M
Financing Cash Flow	0.00	13.04M	-75.18M	-52.78M	-262.62M	53.22M

Mahamaya Steel Industries Ltd. Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 1027.70
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MAHASTEEL, the sentiment is Neutral. The current price of 1027.7 is above the 20-day moving average (MA) of 857.83, above the 50-day MA of 830.77, and above the 200-day MA of 503.08, indicating a neutral trend. The MACD of -21.11 indicates Positive momentum. The RSI at 33.31 is Neutral, neither overbought nor oversold. The STOCH value of 7.08 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:MAHASTEEL.

Mahamaya Steel Industries Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MAHASTEEL	66 Neutral	₹12.51B	123.58	―	―	11.83%	124.74%
MANAKSTEEL	65 Neutral	₹3.84B	15.16	―	―	49.22%	49.59%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
TIRUPATIFL	60 Neutral	₹4.01B	72.61	―	―	-0.94%	-48.46%
SALSTEEL	57 Neutral	₹3.28B	-26.03	―	―	0.19%	-2962.74%
SHAHALLOYS	52 Neutral	₹1.27B	95.98	―	―	-76.23%	―
JINDALPHOT	49 Neutral	₹14.51B	9.44	―	―	―	―

Mahamaya Steel Industries Ltd. Corporate Events

Mahamaya Steel Industries Reports Strong November Sales

Mahamaya Steel Industries Ltd. reported its sales figures for November 2025, achieving a total of 17,742 metric tons. This announcement highlights the company’s operational performance and its ongoing commitment to maintaining robust sales volumes, which may positively impact its market positioning and stakeholder confidence.