Mahamaya Steel Industries Limited

BSE: MAHASTEEL513554ISIN INE451L01014

Industrials
Iron & Steel Products

Share price

₹1,418.10-51.00 (-3.47%)

as of 4 Nov 2026

Prices adjusted for splits and bonuses; cash dividends excluded. Volume shows actual shares traded.

52W high: ₹1,560.00
52W low: ₹595.00
Off 52W high: -9.10%
1M return: +20.74%
3M return: +32.05%
6M return: +72.41%
1Y return: +134.28%
20D avg volume: 758
50 DMA: ₹1,270.73
200 DMA: ₹970.11

Key ratios Consolidated

Market cap: ₹2,331 Cr
Current price: ₹1,418.10
52W high / low: ₹1,560.00 / ₹595.00
Face value: ₹10.00
P/E: 233.29
P/B: 14.68
EPS (TTM): ₹6.08
Book value / share: ₹96.59
ROE: —
ROCE: 9.90%
Operating margin: —
Net margin: —
Debt / equity: 0.37
Net debt: ₹57.92 Cr
Interest cover: 3.41
Dividend yield: —
Dividend / share (TTM): —
Payout: —
Cash conversion cycle: 43.2 days

Financials

Metric	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24	Q2 FY24
Income statement
	267.63	263.12	224.11	188.57	207.05	236.17	199.83	154.74	211.03	197.62	180.24	185.77
	0.12	1.24	0.10	0.16	0.07	1.05	0.03	0.13	0.03	1.11	0.04	0.11
	267.75	264.36	224.21	188.73	207.12	237.22	199.86	154.87	211.06	198.73	180.27	185.88
	264.86	258.70	221.96	186.86	205.50	231.57	198.53	154.73	209.97	197.30	179.09	184.35
	211.29	216.01	186.24	128.41	181.85	177.80	168.45	122.00	173.70	167.69	137.80	157.90
	0.89	0.01	0.01	0.40	0.10	0.12	0.16	0.22	1.66	0.05	0.11	0.09
	6.12	6.60	5.70	5.73	4.74	4.17	3.20	3.38	3.38	3.30	2.41	2.22
	0.69	1.16	1.51	1.15	1.20	1.09	0.72	1.00	1.08	1.27	1.51	0.95
	2.31	2.26	2.20	2.21	2.15	2.02	2.04	1.92	1.89	1.74	1.77	1.76
	34.57	40.57	35.47	28.35	32.99	32.20	29.18	28.36	27.81	28.06	26.83	27.91
	2.89	5.67	2.25	1.87	1.62	5.65	1.33	0.14	1.08	1.43	1.18	1.53
	0.00	0.00	0.00	0.05	0.63	0.00	0.17	0.28	0.00	0.00	1.09	-0.01
	2.89	5.67	2.25	1.92	2.25	5.65	1.50	0.42	1.08	1.43	2.27	1.52
	0.75	1.60	0.64	0.52	0.59	1.45	0.47	0.21	0.32	0.47	0.60	0.43
	2.13	4.07	1.91	1.88	1.74	5.41	1.09	0.23	0.87	1.43	2.08	1.55
	1.30	2.48	1.16	1.15	1.06	3.29	0.66	0.14	0.53	0.87	1.27	0.94
Key metrics
	5.89	9.09	5.96	5.28	5.60	8.76	4.26	3.34	4.05	4.44	5.55	4.23
	2.20%	3.50%	2.70%	2.80%	2.70%	3.70%	2.10%	2.20%	1.90%	2.20%	3.10%	2.30%
	0.80%	1.50%	0.90%	1.00%	0.80%	2.30%	0.50%	0.10%	0.40%	0.70%	1.20%	0.80%
	—	3.90%	—	1.80%	—	4.10%	—	—	—	—	—	—
	29.30%	11.40%	12.20%	21.90%	-1.90%	19.50%	10.90%	-16.70%	—	—	—	—
	22.40%	-24.80%	75.20%	717.40%	100.00%	278.30%	-47.60%	-85.20%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22
Income statement
	943.43	882.85	801.76	783.83	649.77	495.32
	1.62	1.58	1.23	1.42	0.97	0.44
	945.05	884.42	803.00	785.25	650.74	495.76
	932.38	873.02	794.80	779.67	645.46	490.84
	741.95	712.51	641.95	660.21	539.84	390.03
	1.31	0.52	2.16	0.58	0.37	8.87
	24.15	22.77	14.13	9.88	6.74	5.07
	4.51	5.02	3.89	5.14	3.20	5.03
	8.98	8.81	7.87	7.00	6.30	5.93
	138.96	137.39	117.56	110.50	92.39	70.03
	12.68	11.40	8.20	5.59	5.28	4.92
	0.05	0.69	0.45	1.14	0.73	0.00
	12.73	12.09	8.65	6.72	6.01	4.92
	3.51	3.35	2.45	1.93	1.84	1.77
	9.99	9.60	7.60	6.72	5.44	4.90
	6.09	5.84	4.62	4.09	3.31	3.31
Key metrics
	26.22	25.92	20.41	18.86	15.51	15.88
	2.78%	2.90%	2.50%	2.40%	2.40%	3.20%
	1.06%	1.10%	0.90%	0.90%	0.80%	1.00%
	—	9.90%	7.60%	—	—	—
	18.26%	10.10%	2.30%	20.60%	31.20%	—
	17.95%	26.30%	13.10%	23.50%	11.00%	—
	—	-2.89	-0.33	—	—	—
	—	0.80	1.16	—	—	—
	—	0.37	0.31	—	—	—
	—	57.92	45.28	—	—	—
	—	43.2	37.1	—	—	—
Balance sheet
	—	270.27	244.10	—	—	—
	—	136.61	117.80	—	—	—
	—	0.12	0.76	—	—	—
	—	18.08	24.81	—	—	—
	—	110.28	80.88	—	—	—
	—	6.90	10.26	—	—	—
	—	72.74	70.31	—	—	—
	—	23.99	24.15	—	—	—
	—	97.10	78.86	—	—	—
	—	58.04	46.04	—	—	—
	—	51.06	37.22	—	—	—
	—	6.98	8.82	—	—	—
	—	158.75	148.98	—	—	—
Cash flow
	—	7.67	8.85	—	—	—
	—	-15.30	-10.82	—	—	—
	—	6.99	1.30	—	—	—
	—	10.56	9.18	—	—	—

Metric	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24	Q2 FY24
Income statement
	267.63	263.12	224.11	188.57	207.05	236.17	199.83	154.74	211.03	197.62	180.24	185.77
	0.12	1.24	0.10	0.16	0.07	1.05	0.03	0.13	0.03	1.11	0.04	0.11
	267.75	264.36	224.21	188.73	207.12	237.22	199.86	154.87	211.06	198.73	180.27	185.88
	264.86	258.70	221.96	186.86	205.50	231.57	198.53	154.73	209.97	197.30	179.09	184.35
	211.29	216.01	186.24	128.41	181.85	177.80	168.45	122.00	173.70	167.69	137.80	157.90
	0.89	0.01	0.01	0.40	0.10	0.12	0.16	0.22	1.66	0.05	0.11	0.09
	6.12	6.60	5.70	5.73	4.74	4.17	3.20	3.38	3.38	3.30	2.41	2.22
	0.69	1.16	1.51	1.15	1.19	1.09	0.72	1.00	1.08	1.27	1.51	0.95
	2.31	2.26	2.20	2.21	2.15	2.02	2.04	1.92	1.88	1.74	1.77	1.76
	34.57	40.57	35.46	28.35	32.99	32.20	29.18	28.36	27.81	28.06	26.83	27.91
	2.89	5.67	2.25	1.87	1.62	5.65	1.33	0.14	1.08	1.43	1.18	1.53
	0.00	0.00	0.00	0.05	0.63	0.00	0.17	0.28	—	—	1.09	-0.01
	2.89	5.67	2.25	1.92	2.25	5.65	1.50	0.42	1.08	1.43	2.27	1.52
	0.75	1.60	0.64	0.52	0.59	1.45	0.47	0.21	0.32	0.47	0.60	0.43
	2.14	4.07	1.61	1.40	1.66	4.19	1.03	0.21	0.77	0.96	1.67	1.09
	1.30	2.47	0.98	0.85	1.01	2.55	0.63	0.13	0.47	0.58	1.02	0.67
Key metrics
	5.89	9.09	5.96	5.28	5.59	8.76	4.26	3.34	4.04	4.44	5.55	4.23
	2.20%	3.50%	2.70%	2.80%	2.70%	3.70%	2.10%	2.20%	1.90%	2.20%	3.10%	2.30%
	0.80%	1.50%	0.70%	0.70%	0.80%	1.80%	0.50%	0.10%	0.40%	0.50%	0.90%	0.60%
	—	4.20%	—	1.90%	—	4.30%	—	—	—	—	—	—
	29.30%	11.40%	12.20%	21.90%	-1.90%	19.50%	10.90%	-16.70%	—	—	—	—
	28.90%	-2.90%	56.30%	566.70%	115.60%	336.50%	-38.30%	-80.70%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22
Income statement
	943.43	882.85	801.76	783.83	649.77	495.32
	1.62	1.58	1.23	1.42	0.97	0.44
	945.05	884.42	803.00	785.25	650.74	495.76
	932.38	873.02	794.80	779.67	645.46	490.84
	741.95	712.51	641.95	660.21	539.84	390.03
	1.31	0.52	2.16	0.58	0.37	8.87
	24.15	22.77	14.13	9.88	6.74	5.06
	4.51	5.02	3.89	5.15	3.20	5.03
	8.98	8.81	7.87	7.00	6.30	5.93
	138.95	137.39	117.56	110.50	92.39	70.03
	12.68	11.40	8.20	5.59	5.28	4.92
	0.05	0.69	0.45	1.14	0.73	—
	12.73	12.09	8.65	6.72	6.01	4.92
	3.51	3.35	2.45	1.93	1.84	1.77
	9.22	8.74	6.20	4.79	4.17	3.15
	5.60	5.32	3.77	2.91	2.54	2.13
Key metrics
	26.22	25.92	20.41	18.87	15.51	15.88
	2.78%	2.90%	2.50%	2.40%	2.40%	3.20%
	0.98%	1.00%	0.80%	0.60%	0.60%	0.60%
	—	10.50%	8.10%	—	—	—
	18.26%	10.10%	2.30%	20.60%	31.20%	—
	30.04%	41.00%	29.40%	14.90%	32.40%	—
	—	-2.89	-0.33	—	—	—
	—	0.88	1.43	—	—	—
	—	0.39	0.33	—	—	—
	—	57.92	45.28	—	—	—
	—	43.2	37.1	—	—	—
Balance sheet
	—	259.54	234.23	—	—	—
	—	136.61	117.80	—	—	—
	—	0.12	0.76	—	—	—
	—	18.08	24.81	—	—	—
	—	110.28	80.88	—	—	—
	—	6.90	10.26	—	—	—
	—	72.74	70.31	—	—	—
	—	23.99	24.15	—	—	—
	—	97.10	78.86	—	—	—
	—	58.04	46.04	—	—	—
	—	51.06	37.22	—	—	—
	—	6.98	8.82	—	—	—
	—	148.01	139.11	—	—	—
Cash flow
	—	7.67	8.85	—	—	—
	—	-15.30	-10.82	—	—	—
	—	6.99	1.30	—	—	—
	—	10.56	9.18	—	—	—

Compounded growth

Standalone

Sales CAGR 3Y: +10.76%
Sales CAGR 5Y: —
Profit CAGR 3Y: +27.98%
Profit CAGR 5Y: —
Sales YoY (TTM): +18.26%
Profit YoY (TTM): +30.04%

Consolidated

Sales CAGR 3Y: +10.76%
Sales CAGR 5Y: —
Profit CAGR 3Y: +20.84%
Profit CAGR 5Y: —
Sales YoY (TTM): +18.26%
Profit YoY (TTM): +17.95%

Compounded from reported annual figures. We publish no share-price CAGR: our prices are as-traded, so one would be wrong across every split and bonus issue.

Shareholding as of 30 Sep 2026

Promoter holding: 72.80%

Quarter	September 2026	June 2026
Promoter %	72.80%	72.80%

Holder	Type	Holding	Previous	Change
ESCORT FINVEST PRIVATE LIMITED	Promoter Group	24.95%	24.95%	0.00%
RAJESH AGRAWAL	Promoter	20.50%	20.50%	0.00%
ABHISHEK STEEL INDUSTRIES PRIVATE LIMITED	Promoter Group	8.21%	8.21%	0.00%
VIJAY RATHEE	Public	7.13%	4.96%	+2.17%
REKHA AGRAWAL	Promoter	7.10%	7.10%	0.00%
RAJESH AGRAWAL HUF (RAJESH AGRAWAL)	Promoter	6.33%	6.33%	0.00%
ABHISHEK AGRAWAL	Promoter	4.93%	4.93%	0.00%
KULDIP SINGH RATHEE	Public	4.31%	4.31%	0.00%
INVETSOR EDUCATION AND PROTECTION FUND	Public	1.54%	1.55%	-0.01%
PRASHANT P SAWANT	Public	1.31%	1.29%	+0.02%
RAMANAND AGRAWAL HUF (RAMANAND AGRAWAL)	Promoter	0.78%	0.78%	0.00%
RAMANAND AGRAWAL	Promoter	0.00%	0.00%	0.00%

Public shareholders are disclosed individually only above 1%.

Peer comparison

Company	Mkt cap (₹ Cr)	Price (₹)	P/E	ROCE	Sales YoY	Profit YoY	1Y return
Welspun Corp Limited	63,062	2,390.60	26.60	16.70%	+13.62% TTM	+9.55% TTM	+158.46%
APL Apollo Tubes Limited	61,038	2,198.30	46.60	28.20%	+15.83% TTM	+24.90% TTM	+23.52%
Shyam Metalics and Energy Limited S	34,361	1,231.00	58.56	12.00%	+6.12% TTM	+12.47% TTM	+38.81%
Ratnamani Metals & Tubes Ltd	17,199	2,453.80	33.44	16.30%	-16.31% TTM	-8.61% TTM	+0.53%
Jindal Saw Ltd.	16,202	253.35	32.58	10.80%	-0.73% TTM	-55.61% TTM	+48.64%
Usha Martin Ltd.	14,798	485.60	29.16	18.20%	+8.54% TTM	+25.85% TTM	+2.31%
GODAWARI POWER AND ISPAT LTD.	13,845	205.65	17.14	17.90%	+8.43% TTM	+8.78% TTM	-26.21%
GALLANTT ISPAT LIMITED	12,753	528.55	31.30	18.00%	+5.52% TTM	-17.31% TTM	-5.83%
Jayaswal Neco Industries Ltd S	8,906	91.72	12.94	24.20%	+18.34% TTM	+82.81% TTM	+21.19%
Aeroflex Industries Limited	7,504	567.10	83.87	16.50%	+55.03% TTM	+87.04% TTM	+210.65%
Maharashtra Seamless Ltd.	7,450	556.00	10.11	13.00%	-12.21% TTM	-16.12% TTM	-3.03%
Sunflag Iron & Steel Co. Ltd.	7,070	392.30	34.35	3.70%	+9.35% TTM	+4.58% TTM	+48.12%
Shivalik Bimetal Controls Ltd.	6,178	1,072.50	58.24	25.00%	+27.78% TTM	+33.44% TTM	+130.55%
Technocraft Industries (India) Ltd.	6,166	2,719.40	17.69	19.30%	+12.39% TTM	+33.31% TTM	+12.14%
Man Industries (India) Ltd	5,756	767.35	28.17	16.10%	+10.75% TTM	+26.33% TTM	+94.91%
Goodluck India Limited	5,412	542.70	24.86	19.40%	+18.76% TTM	+31.22% TTM	+32.51%
SAMBHV STEEL TUBES LIMITED	4,886	165.80	25.04	17.50%	—	—	+41.23%
Bansal Wire Industries Limited	4,681	59.80	5.97	16.20%	+20.27% TTM	+2.82% TTM	-2.99%
Surya Roshni Ltd.	4,492	206.40	14.41	15.00%	+11.69% TTM	+8.34% TTM	-31.93%
Electrosteel Castings Ltd.	4,241	68.60	35.12	5.10%	-15.69% TTM	-78.91% TTM	-23.36%
Venus Pipes & Tubes Limited S	3,813	1,840.60	40.76	22.80%	+21.73% TTM	+15.01% TTM	+45.10%
Kalyani Steels Ltd	3,774	864.65	13.40	16.20%	-1.11% TTM	+8.01% TTM	+1.58%
Kirloskar Industries Ltd	3,479	3,308.30	10.24	—	+3.82% TTM	-0.15% TTM	-12.15%
Vardhman Special Steels Ltd S	3,454	356.90	21.41	13.50%	+14.75% TTM	+68.58% TTM	+20.94%
Ratnaveer Precision Engineering Limited S	3,192	380.35	41.84	13.30%	+21.02% TTM	+45.53% TTM	—
Mahamaya Steel Industries Limited	2,331	1,418.10	233.29	9.90%	+18.26% TTM	+17.95% TTM	+134.28%

Filings & corporate actions

Recent announcements

Certificate under regulation 74(5) of SEBI DP Regulations for the quarter ended 30.09.2026.10 Oct 2026 · Company Update / Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
Sales Figures for the month of September, 20261 Oct 2026 · Company Update / Monthly Business Updates
Closure of Trading Window.29 Sep 2026 · Insider Trading / SAST / Closure of Trading Window
Change in Management- App pf Statutory Auditor and Re-app of Independent Director26 Sep 2026 · Company Update / Change in Management
Disclosure of Voting Results along with Scrutinizer''s Report for the AGM26 Sep 2026 · AGM/EGM / AGM
Proceedings of 38th AGM.25 Sep 2026 · AGM/EGM / AGM
Sales Figure for the month of August, 20267 Sep 2026 · Company Update / Monthly Business Updates
The Exchange has received the disclosure under Regulation 29(1) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Vijay Rathee & Kuldip Rathee3 Sep 2026 · Insider Trading / SAST / Disclosures under Reg. 29(1) of SEBI (SAST) Regulations, 2011
The Exchange has received the disclosure under Regulation 29(1) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Vijay Rathee & Kuldip Rathee2 Sep 2026 · Insider Trading / SAST / Disclosures under Reg. 29(1) of SEBI (SAST) Regulations, 2011
Newspaper Publication - Notice of AGM1 Sep 2026 · Company Update / Newspaper Publication
Annual Report 2025-2631 Aug 2026 · Others / Reg. 34 (1) Annual Report
Book Closure for AGM31 Aug 2026 · Corp. Action / Book Closure
Appointment of Statutory Auditor subject to shareholders approval31 Aug 2026 · Company Update / Appointment of Statutory Auditor/s
Change in Management - Re-app of Independent Director and App of Auditor subject to shareholders approval31 Aug 2026 · Company Update / Change in Management
Shareholders meeting to be held on 25.09.202631 Aug 2026 · AGM/EGM / AGM
Outcome of Board Meeting31 Aug 2026 · Others / Outcome without intimation
Newspaper Publication - Predispatch AGM Notice 2025-2624 Aug 2026 · Company Update / Newspaper Publication
Intimation of Board meeting to be held on 31st August, 202622 Aug 2026 · Company Update / General
Subject: -Outcome of Board Meeting held on Saturday 22nd August, 2026. The Board of Directors at their meeting held on 22nd August, 2026, has interalia approved the following: 1. ....22 Aug 2026 · Board Meeting / Outcome of Board Meeting
Mahamaya Steel Industries Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 22/08/2026 ,inter alia, to consider and approve To decide the day ....19 Aug 2026 · Board Meeting / Board Meeting
Publication of Unaudited Financial Results for the quarter ended 30.06.202614 Aug 2026 · Company Update / Newspaper Publication
STANDALONE AND CONSOLIDATED UNAUDITED FINANCIAL RESULTS 30.06.202613 Aug 2026 · Result / Financial Results
Acquisition of approx 350 acres of land in Chhattisgarh for Solar Power Plant Project.13 Aug 2026 · Company Update / Acquisition
Standalone & Consolidated Unaudited Financial Results for the Quarter ended on 30th June, 202613 Aug 2026 · Board Meeting / Outcome of Board Meeting
Mahamaya Steel Industries Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 13/08/2026 ,inter alia, to consider and approve To consider and approve ....7 Aug 2026 · Board Meeting / Board Meeting
Sales Figure for the month of July, 20264 Aug 2026 · Company Update / Monthly Business Updates
Compliance Certificate under Regulation 74(5) of SEBI DP Regulations for the quarter ended 30.06.202615 Jul 2026 · Company Update / Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
The Exchange has received the disclosure under Regulation 29(1) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Vijay Rathee10 Jul 2026 · Insider Trading / SAST / Disclosures under Reg. 29(1) of SEBI (SAST) Regulations, 2011
The Exchange has received the disclosure under Regulation 29(1) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Vijay Rathee10 Jul 2026 · Insider Trading / SAST / Disclosures under Reg. 29(1) of SEBI (SAST) Regulations, 2011
Sales Figure for the month of June 2026.1 Jul 2026 · Company Update / Monthly Business Updates
Closure of Trading Window29 Jun 2026 · Insider Trading / SAST / Closure of Trading Window
Reappointment of Independent Director for 2nd term.26 Jun 2026 · Company Update / Change in Directorate
Reappointment of independent Director for 2nd term26 Jun 2026 · Company Update / Change in Management
Reappointment Of Independent Director for 2nd term.26 Jun 2026 · Others / Outcome without intimation
Intimation of Credit Rating.23 Jun 2026 · Company Update / Credit Rating
Intimation of Credit Rating.23 Jun 2026 · Company Update / Credit Rating
Intimation of Credit Rating.23 Jun 2026 · Company Update / Credit Rating
Newspaper Publication Audited Results 31.03.202627 May 2026 · Company Update / Newspaper Publication
Outcome of Board Meeting26 May 2026 · Board Meeting / Outcome of Board Meeting
Outcome of Board Meeting26 May 2026 · Board Meeting / Outcome of Board Meeting

Board meetings

13 Aug 2026 Board Meeting - Financial Results