Maithan Alloys Ltd. (MAITHANALL) AI Stock Analysis

• Market Cap: ₹31.75B
• Dividend Yield: 1.65%
• Average Volume (3M): 3.24K
• Price to Earnings (P/E): 7.0
• Beta (1Y): 1.24
• Revenue Growth: 21.44%
• EPS Growth: -46.24%
• Country: IN
• Employees: 521
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Steel
• EPS (TTM): -41.55
• Shares Outstanding: 29,111,550
• 10 Day Avg. Volume: 2,509
• 30 Day Avg. Volume: 3,238
• PEG Ratio: 0.05
• Price to Book (P/B): 0.70
• Price to Sales (P/S): 1.46
• P/FCF Ratio: 134.07
• 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: 77 Outperform
• Price Target: ₹1,238.00 ▲(22.02% Upside)

The score is driven primarily by strong financial strength (low leverage and solid profitability) and attractive valuation (low P/E). Technicals are supportive with price above key moving averages and positive MACD, though RSI near 68 indicates momentum is getting stretched. Cash flow quality remains the main constraint due to weak operating cash conversion versus reported earnings.

Positive Factors

Strong Financial Health

A robust balance sheet with low leverage and high equity indicates financial stability and the ability to withstand economic fluctuations, supporting long-term growth.

Revenue Growth

Consistent revenue growth demonstrates the company's expanding market reach and the increasing demand for its ferro alloy products, which are essential for steel production.

Profitability

Improved profitability margins indicate effective cost management and strong bottom-line growth, enhancing the company's financial resilience and shareholder value.

Negative Factors

Operational Efficiency Concerns

A decline in EBIT margin suggests operational challenges that could impact profitability if not addressed, highlighting the need for improved efficiency.

Cash Flow Generation

Weak cash flow generation relative to net income may limit the company's ability to reinvest in growth opportunities and manage financial obligations effectively.

EPS Growth Decline

A decline in EPS growth can signal potential challenges in maintaining profitability and shareholder returns, necessitating strategic adjustments to enhance earnings.

Maithan Alloys Ltd. Business Overview & Revenue Model

Company Description

Maithan Alloys Limited manufactures and exports ferro alloys. The company provides ferro manganese, silico manganese, and ferro silicon products. It is also involved in the generation and supply of wind power. The company serves steel companies in India and internationally. Maithan Alloys Limited was incorporated in 1985 and is based in Burdwan, India.

How the Company Makes Money

Maithan Alloys generates revenue primarily through the sale of its ferro alloys, which are essential components in the steel production process. The company has established key revenue streams from bulk sales to various steel manufacturers, both in India and overseas. Additionally, Maithan Alloys benefits from long-term contracts with major clients, ensuring a steady demand for its products. The company may also engage in value-added services, such as customized alloy solutions, which can enhance its profitability. Strategic partnerships with raw material suppliers and logistics firms further contribute to cost efficiency and market reach, ultimately supporting its earnings.

Maithan Alloys Ltd. Financial Statement Overview

Summary

Maithan Alloys Ltd. demonstrates strong financial health with robust profitability and a solid balance sheet. The income statement shows strong revenue growth and profitability, though operational efficiency could be improved. The balance sheet is strong with low leverage and high equity, while cash flow generation from operations remains an area for improvement.

Income Statement

Maithan Alloys Ltd. shows a solid income statement with consistent revenue growth and strong profitability metrics. The gross profit margin improved from 17.96% to 21.22%, indicating efficient cost management. The net profit margin also increased from 20.19% to 34.89%, reflecting robust bottom-line growth. However, a notable decrease in EBIT margin from 15.56% to 8.48% may indicate some operational challenges. Overall, the company demonstrates strong revenue and profit growth, though operational efficiency could be improved.

Balance Sheet

The balance sheet of Maithan Alloys Ltd. is robust, with a strong equity position and low leverage. The debt-to-equity ratio is low at 0.16, showcasing minimal reliance on debt financing. The return on equity is impressive at 16.82%, indicating effective utilization of shareholders' funds. The equity ratio stands at 77.28%, highlighting a stable financial structure with a high proportion of assets financed by equity. The company maintains a healthy balance sheet with low financial risk.

Cash Flow

Cash flow analysis reveals some challenges, despite an improvement in free cash flow from negative to positive $196 million. The operating cash flow to net income ratio is low at 0.08, suggesting that cash generation from operations is not keeping pace with net income. The free cash flow to net income ratio is also modest at 0.03. While the positive shift in free cash flow is a positive trend, operational cash flow generation remains an area for improvement.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	20.63B	18.06B	17.29B	28.85B	29.17B	15.78B
Gross Profit	4.46B	3.83B	3.15B	9.28B	13.78B	3.97B
EBITDA	10.29B	8.97B	4.71B	6.61B	11.03B	3.18B
Net Income	7.10B	6.30B	3.49B	4.99B	8.18B	2.31B
Balance Sheet
Total Assets	0.00	48.49B	34.68B	31.40B	27.51B	18.98B
Cash, Cash Equivalents and Short-Term Investments	20.39B	20.39B	18.05B	19.68B	9.19B	8.17B
Total Debt	0.00	5.88B	302.10M	197.70M	52.00M	486.90M
Total Liabilities	-37.55B	10.94B	3.25B	3.35B	4.27B	3.77B
Stockholders Equity	37.55B	37.46B	31.42B	28.04B	23.23B	15.22B
Cash Flow
Free Cash Flow	0.00	196.00M	-4.80B	9.57B	1.20B	1.16B
Operating Cash Flow	0.00	497.70M	-4.11B	9.68B	2.37B	1.17B
Investing Cash Flow	0.00	-5.91B	3.71B	-9.62B	-1.05B	-7.61B
Financing Cash Flow	0.00	5.22B	-86.90M	-51.00M	-621.00M	370.80M

Maithan Alloys Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1014.60
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MAITHANALL, the sentiment is Positive. The current price of 1014.6 is above the 20-day moving average (MA) of 991.81, above the 50-day MA of 994.56, and below the 200-day MA of 1053.09, indicating a bullish trend. The MACD of 16.38 indicates Negative momentum. The RSI at 61.67 is Neutral, neither overbought nor oversold. The STOCH value of 47.95 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:MAITHANALL.

Maithan Alloys Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MAITHANALL	77 Outperform	₹31.75B	6.95	―	1.65%	21.44%	-46.24%
KSL	76 Outperform	₹30.24B	11.65	―	1.36%	-0.46%	4.85%
VSSL	75 Outperform	₹25.98B	24.26	―	1.03%	-1.47%	-15.20%
IMFA	68 Neutral	₹66.49B	20.03	―	1.05%	-6.18%	-23.70%
SUNFLAG	62 Neutral	₹45.18B	22.97	―	0.28%	6.44%	36.54%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
JAYNECOIND	59 Neutral	₹85.59B	22.10	―	―	20.00%	1413.14%

Maithan Alloys Ltd. Corporate Events

Maithan Alloys Buys Minority Stake in Bank of Baroda as Portfolio Investment

Maithan Alloys Ltd. has disclosed that it has acquired equity shares of public sector lender Bank of Baroda via stock exchange transactions, crossing the materiality threshold that requires reporting under Indian listing regulations. The company invested Rs 15.01 crore on 6 January 2026 to buy 490,000 shares, representing about 0.01% of Bank of Baroda’s equity, and has clarified that this is a treasury investment made at arm’s length, with no intention to seek management control or related-party involvement, signalling a financial rather than strategic move that modestly diversifies Maithan’s investment portfolio into the banking sector.

Maithan Alloys Invests Rs 25 Crore in Bank of India Shares as Portfolio Stake

Maithan Alloys Ltd. has disclosed that it acquired equity shares of public sector lender Bank of India via stock exchange transactions, crossing the disclosure threshold under Indian listing regulations. The company invested Rs 25.04 crore in cash on 6 January 2026 to purchase 1,648,000 Bank of India shares, representing about 0.04% of the bank’s equity, and classified the position as a financial investment aimed at long-term and short-term returns rather than a move to seek management control, underscoring a portfolio-style allocation into a large, growing public sector bank without strategic or related-party implications.

Maithan Alloys Acquires Stake in NBCC (India) Limited

Maithan Alloys Limited has announced the acquisition of equity shares of NBCC (India) Limited, a government-owned enterprise specializing in civil construction and project management consultancy. The acquisition, completed on October 24, 2025, involves 442,400 shares, representing a 0.02% stake, at a total cost of Rs. 4.96 Crore. This strategic investment is intended to reap long-term and short-term benefits without seeking control over NBCC’s management.

Maithan Alloys Acquires Stake in NBCC (India) Limited

Maithan Alloys Limited has acquired 0.04% equity shares of NBCC (India) Limited, a government-owned enterprise specializing in civil construction and project management consultancy, through a stock exchange transaction. This acquisition, completed on October 20, 2025, is intended as an investment without any intention to control NBCC’s management. The acquisition, valued at Rs. 12.27 Crore, is a strategic move to enhance Maithan Alloys’ investment portfolio, reflecting its interest in diversifying its holdings in the civil construction sector.

Maithan Alloys Acquires Stake in NBCC (India) Limited

Maithan Alloys Limited has announced the acquisition of equity shares in NBCC (India) Limited, a government-owned enterprise specializing in civil construction and project management consultancy. The acquisition, valued at Rs. 19.92 Crore, represents a 0.06% shareholding and is intended as an investment to gain long-term and short-term benefits without seeking control over NBCC’s management.