Mahamaya Steel Industries Ltd

MAHASTEEL

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Market Cap

₹ 1,372 Cr

P/E

144.46

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Investment Checklist

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Performance

MARKET LEADER

Valuation

OVERVALUED

Growth

STABLE

Profitability

MODERATE MARGIN

Technicals

Bullish

Risk

LOW RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

Mahamaya Steel Industries Ltd., established in 1988, manufactures high-capacity steel structures like angles, beams, and railway sleepers. The company operates structural rolling mills with supportive steel melting shops.

Originally Rajesh Strips Ltd, the company expanded significantly post-1994 with upgraded facilities and increased production capabilities for steel structurals and strip coils.

In 2020-21, the company sold the manufacturing unit of its associate company, indicating a strategic divestment of non-core assets to streamline operations.

Past expansions include doubling drive systems, heavy structural mill projects, and a 3 MW power project, showcasing ongoing investments in capacity enhancements.

A partnership with Steel Authority of India Limited (SAIL) reflects the company's strategic collaborations to enhance product conversion capabilities.

Sector

Steel

Industry

Steel - Rolling

Market Cap

1,372 Cr

Volatility

Low Risk

P/E Ratio

144.5

Industry P/E

11.7

PEG Ratio

5.7

P/B Ratio

9.0

52W High

835.00

52W Low

179.00

Sales CAGR

2.29%

17.41%

17.51%

10Y

9.74%

Profit CAGR

13.10%

25.35%

13.77%

10Y

—

ROE

TTM

6.63%

3.79%

2.99%

10Y

1.64%

ROCE

TTM

8.08%

7.10%

6.56%

10Y

7.44%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
PRAKASH	133.55	2,392 Cr	7.30	0.70	1.12	9.55	9.86	7.17
MAHASTEEL	835.00	1,372 Cr	144.46	8.99	0.00	6.63	8.08	3.86
KRISHCA	170.85	247 Cr	21.28	2.38	0.00	11.12	11.35	5.48
RUDRA	22.25	222 Cr	27.71	1.71	0.00	6.16	8.48	1.89
SHBAJRG	192.05	173 Cr	4.70	0.49	0.00	10.36	1.68	0.85
SHRDAIS	180.00	92 Cr	20.18	1.53	0.00	7.57	8.92	4.66
UNISON	1.70	50 Cr	9.88	0.68	0.00	6.70	9.55	2.09

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	220	186	180	198	211	155	200	236	207	189
Expenses	216	182	176	194	207	152	196	228	202	184
Operating Profit	4.43	4.13	4.42	3.32	4.01	2.93	4.07	7.71	4.89	5.07
OPM %	2.01	2.22	2.45	1.68	1.90	1.89	2.04	3.26	2.36	2.69
Other Income	0.81	0.56	1.53	1.58	0.14	0.43	0.26	2.26	0.78	0.69
Interest	1.42	0.95	1.51	1.27	1.08	1.00	0.72	1.09	1.19	1.15
Depreciation	1.73	1.76	1.77	1.74	1.88	1.92	2.04	2.02	2.15	2.21
Profit Before Tax	2.09	1.98	2.69	1.89	1.19	0.44	1.56	6.86	2.33	2.40
Tax %	20.57	21.72	22.30	24.87	26.89	47.73	30.13	21.14	25.32	21.67
Net Profit	1.66	1.55	2.08	1.43	0.87	0.23	1.09	5.41	1.74	1.88
EPS in Rs	1.01	0.94	1.27	0.87	0.53	0.14	0.66	3.29	1.06	1.15

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	286	303	465	358	251	495	650	784	802	798
Expenses	238	276	443	342	238	480	636	768	783	778
Operating Profit	48	27	23	16	13	15	14	16	19	20
OPM %	16.84	8.89	4.86	4.41	5.04	3.12	2.13	2.08	2.33	2.46
Other Income	1.53	1.52	1.86	-0.21	0.96	2.19	2.97	4.49	3.09	3.73
Interest	11	12	11	9.07	6.46	5.03	3.20	5.15	3.89	4.00
Depreciation	5.98	6.69	6.33	6.10	5.54	5.93	6.30	7.00	7.87	8.13
Profit Before Tax	0.76	4.21	6.97	0.40	1.59	6.67	7.28	8.65	10	11
Tax %	-63.25	43.93	15.91	-506.02	44.87	26.60	25.26	22.36	24.40	24.31
Net Profit	1.24	2.36	5.86	2.42	0.88	4.90	5.44	6.72	7.60	8.47
EPS in Rs	—	—	3.57	1.47	0.62	3.09	3.31	4.09	4.62	6.16
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	14	14	14	14	14	15	16	16	16	16
Reserves	68	74	76	82	85	97	112	118	125	133
Borrowings	102	92	100	100	78	81	45	43	41	46
Other Liabilities	31	31	42	42	35	32	31	47	51	49
Total Liabilities	214	211	231	238	211	224	205	225	233	244
Fixed Assets	69	74	69	66	63	61	60	65	69	70
CWIP	2.38	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	33	32	32	32	31	31	31	30	26	27
Other Assets	110	105	131	140	117	133	115	130	139	146
Total Assets	214	211	231	238	211	224	205	225	233	244

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	25	13	2.87	18	35	-4.22	44	1.77	14	8.85
Cash from Investing Activity	-16	2.40	1.41	-7.22	-3.10	0.53	-5.06	-11	-5.63	-11
Cash from Financing Activity	-10	-16	-3.51	-11	-31	5.32	-26	-5.28	-7.52	1.30
Net Cash Flow	-1.22	-0.46	0.77	-0.83	0.53	1.64	13	-15	1.13	-0.67

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	73.41%	73.41%	73.41%	73.41%	73.41%	73.41%	73.41%	73.41%	73.41%	73.41%	72.80%	72.80%
FIIs	0.00%	0.00%	0.00%	0.00%	0.04%	0.00%	0.11%	1.01%	0.83%	0.71%	0.55%	0.56%
DIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Public	26.59%	26.59%	26.59%	26.59%	26.55%	26.59%	26.48%	25.58%	25.76%	25.88%	26.65%	26.63%
Total Shareholders	9,216	9,216	8,878	8,880	9,344	10,636	10,253	8,183	7,603	7,211	6,868	6,933

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Jun 07, 2025	Ramanand agrawal huf	Insider - Promoter	Disposal	302.00	1.34 Cr	44,518	0.27
Jun 06, 2025	Kuldip singh rathee	Bulk	Buy	302.00	2.72 Cr	90,000	0.54
Jun 06, 2025	Ramanand agrawal huf	Insider - Promoter	Disposal	298.13	1.64 Cr	55,000	0.33
Aug 21, 2024	Qe securities llp	Bulk	Buy	142.49	1.46 Cr	1,02,519	0.62
Aug 21, 2024	Qe securities llp	Bulk	Sell	142.95	1.48 Cr	1,03,635	0.63
Dec 16, 2023	Abhishek agrawal	Insider - Promoter	Acquisition	84.62	6.85 Cr	8,10,000	—
Dec 16, 2023	Rekha agrawal	Insider - Promoter	Disposal	84.62	6.85 Cr	8,10,000	4.92
Mar 30, 2023	Escort finvest private limited	Insider - Promoter Group	Acquisition	52.49	8.73 Cr	16,64,000	10.1
Feb 21, 2023	Escort finvest private limited	Insider - Promoter Group	Acquisition	64.15	7.93 Cr	12,36,000	7.519

Projection

Actions

Action Type

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Announcements

Last 7 days

Newest

Sentiment

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Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q2 FY17

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Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
PRAKASH	133.55	2,392 Cr	7.30	0.70	1.12	9.55	9.86	7.17
MAHASTEEL	835.00	1,372 Cr	144.46	8.99	0.00	6.63	8.08	3.86
KRISHCA	170.85	247 Cr	21.28	2.38	0.00	11.12	11.35	5.48
RUDRA	22.25	222 Cr	27.71	1.71	0.00	6.16	8.48	1.89
SHBAJRG	192.05	173 Cr	4.70	0.49	0.00	10.36	1.68	0.85
SHRDAIS	180.00	92 Cr	20.18	1.53	0.00	7.57	8.92	4.66
UNISON	1.70	50 Cr	9.88	0.68	0.00	6.70	9.55	2.09

Financial Statements

AI Powered Summary

Discover detailed, AI-driven financial summaries that break down key metrics, trends, and insights—empowering you to make smarter investment decisions.

AI Mode

Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	220	186	180	198	211	155	200	236	207	189
Expenses	216	182	176	194	207	152	196	228	202	184
Operating Profit	4.43	4.13	4.42	3.32	4.01	2.93	4.07	7.71	4.89	5.07
OPM %	2.01	2.22	2.45	1.68	1.90	1.89	2.04	3.26	2.36	2.69
Other Income	0.81	0.56	1.53	1.58	0.14	0.43	0.26	2.26	0.78	0.69
Interest	1.42	0.95	1.51	1.27	1.08	1.00	0.72	1.09	1.19	1.15
Depreciation	1.73	1.76	1.77	1.74	1.88	1.92	2.04	2.02	2.15	2.21
Profit Before Tax	2.09	1.98	2.69	1.89	1.19	0.44	1.56	6.86	2.33	2.40
Tax %	20.57	21.72	22.30	24.87	26.89	47.73	30.13	21.14	25.32	21.67
Net Profit	1.66	1.55	2.08	1.43	0.87	0.23	1.09	5.41	1.74	1.88
EPS in Rs	1.01	0.94	1.27	0.87	0.53	0.14	0.66	3.29	1.06	1.15

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	286	303	465	358	251	495	650	784	802	798
Expenses	238	276	443	342	238	480	636	768	783	778
Operating Profit	48	27	23	16	13	15	14	16	19	20
OPM %	16.84	8.89	4.86	4.41	5.04	3.12	2.13	2.08	2.33	2.46
Other Income	1.53	1.52	1.86	-0.21	0.96	2.19	2.97	4.49	3.09	3.73
Interest	11	12	11	9.07	6.46	5.03	3.20	5.15	3.89	4.00
Depreciation	5.98	6.69	6.33	6.10	5.54	5.93	6.30	7.00	7.87	8.13
Profit Before Tax	0.76	4.21	6.97	0.40	1.59	6.67	7.28	8.65	10	11
Tax %	-63.25	43.93	15.91	-506.02	44.87	26.60	25.26	22.36	24.40	24.31
Net Profit	1.24	2.36	5.86	2.42	0.88	4.90	5.44	6.72	7.60	8.47
EPS in Rs	—	—	3.57	1.47	0.62	3.09	3.31	4.09	4.62	6.16
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	14	14	14	14	14	15	16	16	16	16
Reserves	68	74	76	82	85	97	112	118	125	133
Borrowings	102	92	100	100	78	81	45	43	41	46
Other Liabilities	31	31	42	42	35	32	31	47	51	49
Total Liabilities	214	211	231	238	211	224	205	225	233	244
Fixed Assets	69	74	69	66	63	61	60	65	69	70
CWIP	2.38	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	33	32	32	32	31	31	31	30	26	27
Other Assets	110	105	131	140	117	133	115	130	139	146
Total Assets	214	211	231	238	211	224	205	225	233	244

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	25	13	2.87	18	35	-4.22	44	1.77	14	8.85
Cash from Investing Activity	-16	2.40	1.41	-7.22	-3.10	0.53	-5.06	-11	-5.63	-11
Cash from Financing Activity	-10	-16	-3.51	-11	-31	5.32	-26	-5.28	-7.52	1.30
Net Cash Flow	-1.22	-0.46	0.77	-0.83	0.53	1.64	13	-15	1.13	-0.67

Oscillators

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Overview

Detailed Summary

Originally Rajesh Strips Ltd, the company expanded significantly post-1994 with upgraded facilities and increased production capabilities for steel structurals and strip coils.

In 2020-21, the company sold the manufacturing unit of its associate company, indicating a strategic divestment of non-core assets to streamline operations.

Past expansions include doubling drive systems, heavy structural mill projects, and a 3 MW power project, showcasing ongoing investments in capacity enhancements.

A partnership with Steel Authority of India Limited (SAIL) reflects the company's strategic collaborations to enhance product conversion capabilities.

Sector

Steel

Industry

Steel - Rolling

Market Cap

1,372 Cr

Volatility

Low Risk

P/E Ratio

144.5

Industry P/E

11.7

PEG Ratio

5.7

P/B Ratio

9.0

52W High

835.00

52W Low

179.00

Sales CAGR

2.29%

17.41%

17.51%

10Y

9.74%

Profit CAGR

13.10%

25.35%

13.77%

10Y

—

ROE

TTM

6.63%

3.79%

2.99%

10Y

1.64%

ROCE

TTM

8.08%

7.10%

6.56%

10Y

7.44%