Value Added Product Mix Shift
Expected: OngoingMEDIUM confidence
What: Product Mix: Heavy Beams
Impact: Not Given
Mahamaya Steel Industries Ltd: Stock Analysis & Fundamentals
Data from 2w agoMahamaya Steel Industries Ltd (Steel - Rolling) — fundamental analysis, earnings data, and key metrics. PE: 134.0. ROE: 5.0%. This stock is not currently in the Nifty 500 momentum outperformers list.
Mahamaya Steel Industries Ltd Key Facts
What's Happening
📊Debt increased 35% YoY — leverage rising
👔Promoter stake down 0.6% this quarter
Earnings Acceleration Triggers
1. Value Added Product Mix Shift
OngoingMEDIUM
2. Interest Cost Reduction Deleveraging
Q3 FY25LOW
Key Risks
1. Fluctuations in iron ore and coal prices directly impact the cost of billets and
HIGH2. Rising freight costs and supply chain bottlenecks in the Raipur industrial belt
MEDIUMSector-Specific Signals
Capacity Utilisation62%-800 bps
Raw Material Cost to Sales84.2%+340 bps
Inventory Days54 days+6 days
Power & Fuel Cost Ratio7.8%+110 bps
Key Numbers
Current Price
₹849
Market Cap
1.4K Cr
Valuation
N/AWhy Are Mahamaya Steel Industries Ltd's Earnings Accelerating?
Based on Q3 FY26 (web) earnings • Updated Apr 18, 2026
Interest Cost Reduction Deleveraging
Expected: Q3 FY25LOW confidence
What: Finance Cost: INR 1.48 Cr
Impact: 18.6% reduction
What Are the Key Risks for Mahamaya Steel Industries Ltd?
Earnings deceleration risks from management commentary
Fluctuations in iron ore and coal prices directly impact the cost of billets and
HIGHTrigger: Fluctuations in iron ore and coal prices directly impact the cost of billets and finished steel.
Impact: PAT impact: Not Given
Management view: Inventory management and sourcing optimization.
Monitor: commodity
Rising freight costs and supply chain bottlenecks in the Raipur industrial belt
MEDIUMTrigger: Rising freight costs and supply chain bottlenecks in the Raipur industrial belt.
Impact: PAT impact: Not Given
Management view: Utilizing local sourcing and optimizing transport routes.
Monitor: logistics
What Did Mahamaya Steel Industries Ltd Report This Quarter?
Headline numbers from the latest earnings call
Revenue
INR 125.86 Cr
YoY -31.42%QoQ -1.45%
Revenue declined significantly on a year-on-year basis due to lower sales volumes and pricing pressures in the structural steel segment.
EBITDA
INR 4.52 Cr
YoY -48.23%Margin 3.59%
EBITDA margins compressed due to higher raw material costs relative to finished goods realization.
PAT
INR 1.12 Cr
YoY -62.45%QoQ +15.46%
Profitability was impacted by lower operational scale and fixed cost under-absorption despite a slight sequential recovery.
Other Highlights
• Finance costs decreased to INR 1.48 Cr from INR 1.82 Cr YoY.
• Total expenses fell to INR 124.42 Cr from INR 179.61 Cr YoY.
• Other income rose to INR 0.44 Cr from INR 0.12 Cr YoY.
What Sector Metrics Matter for Mahamaya Steel Industries Ltd?
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Capacity Utilisation
62%
YoY -800 bps
Why: Lower demand in the structural steel segment led to reduced production runs.
Raw Material Cost to Sales
84.2%
YoY +340 bps
Why: Increase in the cost of steel billets relative to the selling price of finished structural products.
Inventory Days
54 days
YoY +6 days
Why: Slower off-take of finished goods led to a slight buildup in inventory levels.
Power & Fuel Cost Ratio
7.8%
YoY +110 bps
Why: Higher energy costs and lower revenue denominator increased the relative impact of power expenses.
Structural Steel Mix
100%
YoY 0
Why: The company remains a pure-play structural steel rolling mill operator.
Interest Coverage Ratio
3.05x
YoY -1.2x
Why: Lower EBITDA significantly reduced the buffer for interest payments despite lower finance costs.
What Is Mahamaya Steel Industries Ltd's Management Guidance?
Forward-looking targets from management
Capex Plan
₹15.5 Cr
Capex Plan
INR 15.50 Cr
Modernization of rolling mill and installation of new furnace
Management Tone: CAUTIOUS
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 18, 2026.
Frequently Asked Questions: Mahamaya Steel Industries Ltd
Based on publicly available financial data. This is educational research, not investment advice.
What were Mahamaya Steel Industries Ltd's latest quarterly results?
Mahamaya Steel Industries Ltd's latest quarterly results (Dec 2025) show
- PAT Growth YoY: +75.2%
- Revenue Growth YoY: +12.2%
- Operating Margin: 2.6%
What is Mahamaya Steel Industries Ltd's current PE ratio?
Mahamaya Steel Industries Ltd's current PE ratio is 134.0x.
- Current PE: 134.0x
- Market Cap: 1.4K Cr
What is Mahamaya Steel Industries Ltd's price-to-book ratio?
Mahamaya Steel Industries Ltd's price-to-book ratio is 9.2x.
- Price-to-Book (P/B): 9.2x
- Book Value per Share: ₹93
- Current Price: ₹849
Is Mahamaya Steel Industries Ltd a fundamentally strong company?
Mahamaya Steel Industries Ltd's fundamental strength based on key financial ratios
- Return on Capital (ROCE): 7.0%
Is Mahamaya Steel Industries Ltd debt free?
Mahamaya Steel Industries Ltd has a debt-to-equity ratio of N/A.
- Total Debt: ₹46 Cr
What is Mahamaya Steel Industries Ltd's return on equity (ROE) and ROCE?
Mahamaya Steel Industries Ltd's return ratios over recent years
- FY2023: ROCE 6.0%
- FY2024: ROCE 7.0%
- FY2025: ROCE 7.0%
Is Mahamaya Steel Industries Ltd's cash flow positive?
Mahamaya Steel Industries Ltd's operating cash flow is positive (FY2025).
- Cash from Operations (CFO): ₹9 Cr
- Free Cash Flow (FCF): ₹-2 Cr
- CFO/PAT Ratio: 113% (strong cash conversion)
What is Mahamaya Steel Industries Ltd's dividend yield?
Mahamaya Steel Industries Ltd currently does not pay a significant dividend (yield 0.00%).
- Dividend Yield: 0.00%
- Current Price: ₹849
Who holds Mahamaya Steel Industries Ltd shares — promoters, FII, DII?
Mahamaya Steel Industries Ltd's shareholding pattern (Mar 2026)
- Promoters: 72.8%
- FII (Foreign): 0.1%
- Public: 27.1%
Is promoter holding increasing or decreasing in Mahamaya Steel Industries Ltd?
Mahamaya Steel Industries Ltd's promoter holding has remained stable recently.
- Current Promoter Holding: 72.8% (Mar 2026)
- Previous Quarter: 72.8% (Dec 2025)
- Change: 0.00% (stable)
Is Mahamaya Steel Industries Ltd a new momentum entry or an established outperformer?
Mahamaya Steel Industries Ltd is an established outperformer with 1 weeks of consecutive Nifty 500 outperformance.
What are the growth catalysts for Mahamaya Steel Industries Ltd?
Mahamaya Steel Industries Ltd has 2 key growth catalysts identified from recent earnings analysis
- Value Added Product Mix Shift — Higher realization from specialized structural steel can offset raw material volatility.
- Interest Cost Reduction Deleveraging — Lower debt servicing costs provide a small cushion to the bottom line during revenue contractions.
What are the key risks in Mahamaya Steel Industries Ltd?
Mahamaya Steel Industries Ltd has 2 key risks worth monitoring
- [HIGH] Fluctuations in iron ore and coal prices directly impact the cost of billets and — Fluctuations in iron ore and coal prices directly impact the cost of billets and finished steel.
- [MEDIUM] Rising freight costs and supply chain bottlenecks in the Raipur industrial belt — Rising freight costs and supply chain bottlenecks in the Raipur industrial belt.
What is Mahamaya Steel Industries Ltd's management guidance for growth?
Mahamaya Steel Industries Ltd's management has provided the following forward guidance
- Revenue outlook: Not Given
- Margin outlook: Not Given
- Capex plan: ₹15.5 Cr for Modernization of rolling mill and installation of new furnace
- Management tone: cautious
What sector-specific metrics matter most for Mahamaya Steel Industries Ltd?
Mahamaya Steel Industries Ltd's most important sub-sector-specific KPIs from the latest concall
- Capacity Utilisation: 62% (YoY -800 bps) — Lower demand in the structural steel segment led to reduced production runs.
- Raw Material Cost to Sales: 84.2% (YoY +340 bps) — Increase in the cost of steel billets relative to the selling price of finished structural products.
- Inventory Days: 54 days (YoY +6 days) — Slower off-take of finished goods led to a slight buildup in inventory levels.
- Power & Fuel Cost Ratio: 7.8% (YoY +110 bps) — Higher energy costs and lower revenue denominator increased the relative impact of power expenses.
- Structural Steel Mix: 100% (YoY 0) — The company remains a pure-play structural steel rolling mill operator.
- Interest Coverage Ratio: 3.05x (YoY -1.2x) — Lower EBITDA significantly reduced the buffer for interest payments despite lower finance costs.
Is Mahamaya Steel Industries Ltd worth studying for long term investment?
Based on quantitative research signals, here is why Mahamaya Steel Industries Ltd may be worth studying
- Cash flow is positive — CFO ₹9 Cr
What is the investment thesis for Mahamaya Steel Industries Ltd?
Mahamaya Steel Industries Ltd investment thesis summary:
Research Signals (Bull Case)
- Growth catalyst: Value Added Product Mix Shift
Risk Factors (Bear Case)
- Key risk: Fluctuations in iron ore and coal prices directly impact the cost of billets and
What is the future outlook for Mahamaya Steel Industries Ltd?
Mahamaya Steel Industries Ltd's forward outlook based on current data signals
- Key Catalyst: Value Added Product Mix Shift
- Key Risk: Fluctuations in iron ore and coal prices directly impact the cost of billets and
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.