Financial Performance Highlights
Mahamaya Steel Industries Limited reported strong FY26 results with revenue from operations increasing 10.1% to ₹882.85 crore (FY25: ₹801.76 crore) and profit before tax rising 39.8% to ₹12.09 crore (FY25: ₹8.65 crore).
Net profit attributable to equity shareholders jumped 55% to ₹9.60 crore (FY25: ₹6.20 crore), with basic and diluted earnings per share increasing to ₹5.84 (FY25: ₹3.77). The company reported consolidated performance as it has no subsidiaries, with share of profit from associate Abhishek Steel Industries Private Limited contributing ₹0.86 crore.
Strategic Initiatives & Capital Expenditure
The company commenced a significant 130 MW solar power plant project at its Janjgir-Champa facility with an estimated capital outlay of ₹600 crore. The project, expected to be commissioned within 6-8 months from August 2026, aims to reduce dependence on conventional power, generate renewable energy for captive consumption, achieve cost savings, improve operating margins, and reduce carbon footprint.
Funding for the solar project will come from a mix of internal accruals and debt, with the company seeking shareholder approval for related party transactions including unsecured loans up to ₹125 crore from promoter entities.
AGM & Corporate Governance
The 38th Annual General Meeting is scheduled for September 25, 2026, with several resolutions including:
- Re-appointment of directors including Mr. Suresh Raman and Ms. Vanitha Rangaiah
- Appointment of new statutory auditors M/s. Chopra A J & Associates
- Approval for borrowing limits up to ₹900 crore
- Approval for material related party transactions with promoter entities
- Approval for loans/guarantees/security to related parties up to ₹300 crore
Related Party Transactions & Contingencies
The company disclosed significant related party transactions totaling ₹10.83 crore, including purchases from Devi Iron and Power Private Limited (₹78.09 crore) and loans from Escort Finvest Private Limited. Contingent liabilities stood at ₹11.19 crore, primarily from an income tax demand of ₹10.84 crore across multiple assessment years.
Capital Structure & Debt Position
Net debt increased to ₹58.87 crore (FY25: ₹45.99 crore) with net gearing rising to 0.37 (FY25: 0.31). The company redeemed preference shares aggregating ₹2.00 crore during FY26. Current ratio stood at 1.41 (FY25: 1.49) while return on equity improved to 6.2% (FY25: 5.2%).