Maithan Alloys Ltd.

MAL’s promoter, Subhas Chandra Agarwalla has an experience of around three decades in the ferro alloys industry. He is supported by his sons, Subodh Agarwalla (Whole-time Director and CEO) and Sudhanshu Agarwalla (CFO), who have sound technical and managerial qualifications and experience. The promoters’ experience and technical expertise have contributed to MAL establishing its strong foothold in a highly volatile ferro alloy industry. The company has large manufacturing capacity of 3,11,500 me

MAL’s manufacturing facilities are in Kalyaneshwari and Bankura (West Bengal), Visakhapatnam and Bobbili (Andhra Pradesh). Manganese ore requirements are met through imports from South Africa, Gabon and Australia. Coke is imported from South Africa and Columbia for Visakhapatnam unit and purchased from Jharkhand and Assam for Kalyaneshwari unit. The company primarily caters to the domestic market through its plants in West Bengal, while the Visakhapatnam plant serves the international market

The company has a sizeable presence in export markets with 5 9% of its consolidated total operating income (TOI) in FY2 5 (56% in FY24) being derived from exports. In FY2 5, MAL’s share in the bulk ferro alloys exports from India was ~ 5% (4% in FY24). In export market, MAL caters to reputed global players, some are also state -controlled entities. MAL gets repeat orders from its clients due to its established relationship with them. In the domestic market, MAL caters to reputed clients , includ

Operating income grew by 4.55% in FY25, driven by a substantial increase in trading manganese ore and ferro alloys, which contributed 11.45% of TOI in FY25 compared to 3.57% in FY24. Realisations improved in FY25 and remained largely stable in H1FY26. On the raw material front, coke and coal prices moderated, while manganese ore prices increased slightly. Power cost per tonne also reduced in FY25, supporting cost efficiency. The gross margin reduced from 47% in FY24 to 44% in FY25 owing

The company maintained a strong capital structure with an overall gearing of 0.17x as on March 31, 2025, compared to 0.02x as on March 31, 2024. Debt coverage indicators moderated, with total debt/PBILDT increasing to 3.17x as on March 31, 2025 , from 0.45x in FY24. Moderation was primarily due to a demand loan availed in Q4FY25 for land purchase in its real estate business and buyer’s credit for expansion of trading operations.

Liquidity is supported by strong accruals, nil term debt repayment obligations, and sizeable investments of ₹3,105 crore as on March 31, 2025 (comprising of cash, mutual funds, debentures, quoted equity shares, unquoted equity shares, portfolio management services, alternate investment fund), increasing to ₹3,483 crore as on September 30, 2025, on a consolidated basis. Utilisation of fund-based working capital limits remained low at ~30% for the 12 months ended September 2025. Overall gearing

The bulk ferro alloy market segment is categorised into alloy steel, carbon steel, stainless steel and others. Around 17%-23% chromium is required for every tonne of stainless steel manufactured and ~0.7% manganese is required for every tonne of steel. This is met through alloys of chromium and manganese. Thus, there exists a strong co-relation between growth of ferro alloy industry and steel industries. Profitability vulnerable to price volatility

Manganese ore, coal, and coke are the major raw materials, accounting for ~47% of total cost of sales in FY25 (51% in FY24). It purchases power from state power sector utilities and the power costs have seen an increase since FY24. However, the same has moderated slightly in FY25. Manganese ore and coke prices are highly volatile and realisation of the ferro alloys is also governed by performance of the end-user steel industry. Thus, MAL’s profitability is highly susceptible to fluctuation in ra

MAL’s operations are working capital intensive as it offers credit period of around two months to its customers, as it sells products directly to its end-customers instead of routing through intermediaries, resulting in better customer relation, stable order flow and higher realisation. The company maintains around one month of inventory at its Visakhapatnam unit and two months at its Kalyaneshwari unit, apart from inventory in transit, to ensure smooth operations. MAL has entered real estate bu

MAL imports manganese ore from South Africa and Gabon (~80%) and Australia (~20%). The company imports over 80% of its raw material requirement (mainly manganese ore). The company has a strong presence in export market with exports contributing to ~59% of its TOI in FY25. Hence, the company enjoys natural hedge to an extent and for the remaining portion, it hedges net foreign currency exposure through forward contracts, mitigating foreign currency fluctuation risk to a large extent.

MAL has incorporated two wholly owned subsidiaries namely Maithan Fresh Private Limited and Maithan Nutrition Private Limited for exploring opportunities in Agriculture (including food processing). It is also planning to diversify into real estate business through its subsidiaries, where it has purchased land in FY25.The company has entered partnership with Unicorn India Ventures Services LLP through its subsidiary Maiuni ventures LLP (LLP) for investment activities. Any significant exposure to