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Swing Capital

Maithan Alloys Ltd

NSE: MAITHANALL BSE: 590078Energy

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.[1]

₹962
52W: ₹831 — ₹1265
PE 6.21 · Book ₹1400 · -31% vs book
Market Cap₹2,802 Cr
Stock P/E6.21Price to Earnings
ROCE28.8%Return on Capital
ROE22.8%Return on Equity
Div. Yield1.62%Face Value ₹10

Strengths

  • +Company is almost debt free.
  • +Stock is trading at 0.69 times its book value
  • +Debtor days have improved from 54.9 to 29.2 days.
  • +Company's working capital requirements have reduced from 122 days to 86.6 days

Weaknesses

  • −The company has delivered a poor sales growth of 0.00% over past five years.
  • −Earnings include an other income of Rs.495 Cr.
  • −Dividend payout has been low at 5.45% of profits over last 3 years

Shareholding Pattern

Promoters74.96%
FIIs1.25%
DIIs0.01%
Public23.78%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters74.99%74.99%74.99%74.96%▼0.074.96%74.96%74.96%74.96%
FIIs1.8%1.33%▼0.51.32%▼0.01.12%▼0.21.39%▲0.31.41%▲0.01.24%▼0.21.25%▲0.0
DIIs0.41%0.45%▲0.00.31%▼0.10.2%▼0.10.17%▼0.00.07%▼0.10.06%▼0.00.01%▼0.0
Public22.8%23.24%▲0.423.39%▲0.223.71%▲0.323.48%▼0.223.56%▲0.123.74%▲0.223.78%▲0.0

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales442448433371470540439654502519
Expenses409413432348417509378604486488
Operating Profit3335123543161501630
OPM %7%8%0%6%11%6%14%8%3%6%
Net Profit668713845915295-66542-11286
EPS ₹22.5330.0247.25157.8252.1532.7-22.75186.18-38.529.71

AI Insights

Revenue Trend

TTM revenue at ₹2,113Cr, up 16.4% YoY. OPM at 7%.

Debt Position

Borrowings at ₹369Cr. Debt-to-equity ratio: 0.09x. Healthy balance sheet.

Institutional Flow

DIIs: 0.01% (-0.55pp change). FIIs: 1.25% (-0.57pp change). Promoters hold 74.96%.

Margin & Efficiency

ROCE improving from 11% (Mar 2014) to 29% (Mar 2025). Working capital days: 87.

Valuation

PE 6.21x with 28.8% ROCE. Price is -31% above book value of ₹1,400. Dividend yield: 1.62%.

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