Mahamaya Steel September profit rises 83% on revenue gain

Mahamaya Steel Industries Limited reported standalone net profit of Rs 2.56 crore for the quarter ended 30 September 2026, up 83% from Rs 1.40 crore a year earlier, as revenue from operations rose 36% to Rs 255.72 crore. Mahamaya Steel’s board approved the unaudited results on 13 November 2026.

How did Mahamaya Steel perform in the September 2026 quarter?

Mahamaya Steel increased standalone profit after tax to Rs 2.56 crore in the three months ended 30 September 2026 from Rs 1.40 crore in the corresponding 2025 quarter. Basic and diluted earnings per share, or EPS, rose to Rs 1.56 from Rs 0.85, with both quarterly EPS figures not annualised.

Revenue from operations reached Rs 255.72 crore in the September 2026 quarter, compared with Rs 188.57 crore a year earlier. Total income was Rs 255.79 crore, including other income of Rs 7.40 lakh, versus total income of Rs 188.73 crore and other income of Rs 35.91 lakh in the September 2025 quarter.

Profit before tax rose to Rs 3.51 crore from Rs 1.92 crore, while total expenses increased to Rs 252.52 crore from Rs 186.86 crore. The September 2026 result included exceptional income of Rs 24.55 lakh, compared with Rs 5.07 lakh in the year-earlier quarter.

What changed in Mahamaya Steel’s costs during the quarter?

Mahamaya Steel reported cost of materials consumed of Rs 204.90 crore in the September 2026 quarter, up from Rs 128.41 crore in the September 2025 quarter. Purchases of stock-in-trade rose to Rs 84.25 lakh from Rs 40.39 lakh, while employee-benefit expense increased to Rs 6.98 crore from Rs 5.73 crore.

The inventory-change line recorded a credit of Rs 3.62 crore in the September 2026 quarter, compared with an expense of Rs 20.60 crore in the prior-year period. Other expenses rose to Rs 40.45 crore from Rs 28.35 crore, while depreciation and amortisation expense increased to Rs 2.36 crore from Rs 2.21 crore.

Finance cost declined to Rs 60.29 lakh from Rs 1.15 crore year on year. Before exceptional items and tax, profit rose to Rs 3.27 crore from Rs 1.87 crore, showing that the increase preceded the respective exceptional-income entries of Rs 24.55 lakh and Rs 5.07 lakh.

Mahamaya Steel disclosed the Steel Segment as its only reportable business segment for the quarter ended 30 September 2026. The filing therefore does not provide separate revenue or profit figures for multiple operating segments; the reported Rs 255.72 crore revenue relates to the company’s standalone business activity.

How did Mahamaya Steel’s September profit compare with June?

Mahamaya Steel’s standalone net profit rose sequentially to Rs 2.56 crore in the September 2026 quarter from Rs 2.14 crore in the quarter ended 30 June 2026. Revenue from operations moved the other way, declining to Rs 255.72 crore from Rs 267.63 crore over the two quarters.

Total expenses decreased to Rs 252.52 crore in September from Rs 264.86 crore in June. Material-consumption cost declined to Rs 204.90 crore from Rs 211.29 crore, while other expenses increased to Rs 40.45 crore from Rs 34.57 crore.

The September quarter included exceptional income of Rs 24.55 lakh, whereas the June 2026 column did not report an exceptional item. Current tax was Rs 1 crore in September against Rs 91 lakh in June, while deferred tax was a credit of Rs 4.79 lakh compared with a credit of Rs 25.84 lakh.

What do Mahamaya Steel’s half-year results and balance sheet show?

Mahamaya Steel reported net profit of Rs 4.70 crore for the six months ended 30 September 2026, compared with Rs 3.06 crore in the corresponding six months of 2025. Six-month revenue from operations increased to Rs 523.34 crore from Rs 395.62 crore, and profit before tax rose to Rs 6.40 crore from Rs 4.17 crore.

Total standalone assets stood at Rs 237.95 crore at 30 September 2026, down from Rs 259.54 crore at 31 March 2026. Non-current assets rose to Rs 128.57 crore from Rs 122.93 crore, while current assets declined to Rs 109.38 crore from Rs 136.61 crore.

Inventory was Rs 68.21 crore at 30 September 2026, down from Rs 110.28 crore at the preceding financial year-end. Trade receivables increased to Rs 21.50 crore from Rs 18.08 crore, while property, plant and equipment rose to Rs 76.21 crore from Rs 72.74 crore.

Equity increased to Rs 152.71 crore at 30 September 2026 from Rs 143.01 crore at 31 March 2026. Current borrowings fell to Rs 19.88 crore from Rs 51.06 crore, while non-current borrowings increased to Rs 7.37 crore from Rs 6.98 crore.

Was Mahamaya Steel’s September result independently reviewed?

Mahamaya Steel’s standalone results for the quarter and six months ended 30 September 2026 were subject to a limited review by Chopra AJ & Associates. The auditor stated that nothing had come to its attention suggesting the results failed to make the disclosures required under Regulation 33 of the Securities and Exchange Board of India, or SEBI, listing regulations or contained a material misstatement.

The auditor noted that the predecessor statutory auditor had issued an unmodified conclusion on the comparative quarter and half-year results dated 13 November 2025. The predecessor auditor also issued an unmodified opinion on the financial statements for the year ended 31 March 2026, dated 26 May 2026.

Mahamaya Steel said its Audit Committee and board reviewed and approved the results on 13 November 2026. The board meeting started at 12 noon and concluded at 1.15 pm, and the limited-review report contained no modification.

Conclusion

Mahamaya Steel converted a 36% year-on-year increase in September-quarter revenue to Rs 255.72 crore into an 83% rise in net profit to Rs 2.56 crore. For the six months ended 30 September 2026, revenue reached Rs 523.34 crore and net profit was Rs 4.70 crore, compared with Rs 395.62 crore and Rs 3.06 crore respectively a year earlier.

The next results will show whether profit growth continues after quarterly revenue declined from Rs 267.63 crore in June 2026 to Rs 255.72 crore in September. The filing also leaves the movement in inventory, which fell by Rs 42.07 crore from 31 March 2026, and receivables, which increased by Rs 3.42 crore, as key balance-sheet developments to track.