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Maithan Alloys

₹1110 -34.8 | 3%

Market Cap ₹3231 Cr.

Stock P/E 9.3

P/B 0.9

Current Price ₹1110

Book Value ₹ 1258.7

Face Value 10

52W High ₹1358

Dividend Yield 0.54%

52W Low ₹ 956

Maithan Alloys Research see more...

Overview Inc. Year: 1985Industry: Ferro & Silica Manganese

Maithan Alloys Ltd is a holding company. The Company is engaged in the business of manufacturing and exporting of all 3 bulk Ferro alloys, which includes Ferro Silicon, Ferro Manganese and Silico Manganese, and has a captive power plant. It operates via 2 segments: Ferro Alloys and Wind Mill. It is likewise engaged in the technology and delivery of wind power. Ferro manganese is alloy of manganese and iron, that is used in chrome steel and flat merchandise. Silico manganese is an alloy of manganese, silicon and iron, that's used in all steel merchandise, with higher quantities in 200 collection stainless steel, alloy metal and manganese metallic. Ferro silicon is an alloy of silicon and iron, which is utilized in special steels and in small portions in mid metallic. Its subsidiaries include Anjaney Minerals Ltd and AXL Exploration Pvt Ltd, which might be engaged in export, import, production, processing, sale, buy, distribution and working in metals and minerals.

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Maithan Alloys Share Price

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Maithan Alloys Quarterly Results

#(Fig in Cr.) Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018
Net Sales 493 445 459 549 439
Other Income -10 2 2 5 10
Total Income 483 446 461 554 448
Total Expenditure 347 366 369 444 335
Operating Profit 136 81 92 110 113
Interest 3 1 1 1 1
Depreciation 6 4 4 4 4
Exceptional Income / Expenses 0 0 0 0 0
Profit Before Tax 127 76 87 104 108
Provision for Tax 36 17 22 26 19
Profit After Tax 90 59 65 78 89
Adjustments -90 -59 -65 -78 -89
Profit After Adjustments 0 0 0 0 0
Adjusted Earnings Per Share 31 20.3 22.4 26.9 30.6

Maithan Alloys Profit & Loss

#(Fig in Cr.) Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 TTM
Net Sales 816 885 1151 1342 1879 1988 1831 1620 3058 2908 1723 1892
Other Income 2 3 4 8 17 26 66 24 35 181 357 19
Total Income 818 888 1155 1350 1896 2014 1897 1644 3092 3088 2080 1909
Total Expenditure 777 814 1019 1063 1497 1663 1596 1322 2004 2404 1613 1514
Operating Profit 41 74 136 288 399 351 301 321 1089 684 467 396
Interest 6 6 17 12 8 8 6 3 3 5 3 4
Depreciation 6 3 23 25 15 16 16 16 15 15 15 16
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 -102 0 0
Profit Before Tax 29 64 96 250 376 327 279 302 1070 563 449 375
Provision for Tax 6 13 17 64 84 72 57 69 262 137 98 84
Profit After Tax 23 52 79 186 292 255 222 233 808 427 351 291
Adjustments 0 0 0 0 0 0 0 0 0 0 0 -291
Profit After Adjustments 23 52 79 186 292 255 222 233 808 427 351 0
Adjusted Earnings Per Share 7.9 17.7 27.1 63.8 100.2 87.7 76.2 80.1 277.5 146.5 120.6 100.2

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR -41% 2% -3% 8%
Operating Profit CAGR -32% 13% 6% 28%
PAT CAGR -18% 15% 7% 31%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR -4% 5% 19% 29%
ROE Average 12% 24% 21% 23%
ROCE Average 16% 31% 28% 29%

Maithan Alloys Balance Sheet

#(Fig in Cr.) Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Shareholder's Funds 290 335 395 592 875 1120 1299 1531 2322 2731 3070
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 0 0 82 20 4 4 0 0 0 0 0
Other Non-Current Liabilities 6 8 19 28 28 31 37 39 31 30 56
Total Current Liabilities 211 208 301 293 315 371 186 336 369 268 232
Total Liabilities 507 551 797 934 1222 1526 1522 1905 2722 3028 3358
Fixed Assets 57 55 260 238 233 219 207 193 160 151 145
Other Non-Current Assets 92 93 32 52 61 69 67 67 88 124 196
Total Current Assets 358 402 505 645 927 1237 1248 1645 2474 2753 3018
Total Assets 507 551 797 934 1222 1526 1522 1905 2722 3028 3358

Maithan Alloys Cash Flow

#(Fig in Cr.) Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Opening Cash & Cash Equivalents 17 19 11 35 76 25 16 625 18 84 73
Cash Flow from Operating Activities -7 8 136 123 284 315 -45 116 128 958 -392
Cash Flow from Investing Activities 2 4 -11 -8 -280 -270 697 -760 -0 -956 369
Cash Flow from Financing Activities 7 -21 -101 -74 -55 -54 -43 37 -62 -13 -14
Net Cash Inflow / Outflow 2 -8 25 41 -50 -9 609 -607 66 -11 -37
Closing Cash & Cash Equivalent 19 11 35 76 25 16 625 18 84 73 36

Maithan Alloys Ratios

# Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Earnings Per Share (Rs) 7.9 17.7 27.15 63.78 100.22 87.7 76.23 80.05 277.46 146.52 120.59
CEPS(Rs) 9.89 18.86 35.15 72.48 105.52 93.06 81.66 85.42 282.71 151.5 125.8
DPS(Rs) 1 2 2 2.5 3 6 6 6 6 6 6
Book NAV/Share(Rs) 99.68 114.98 135.57 203.53 300.61 384.7 446.38 525.93 797.69 938.06 1054.74
Core EBITDA Margin(%) 4.56 7.55 10.89 19.9 20.21 16.33 12.83 18.37 34.47 17.32 6.4
EBIT Margin(%) 4.12 7.51 9.29 18.68 20.29 16.85 15.57 18.87 35.11 19.52 26.23
Pre Tax Margin(%) 3.41 6.86 7.92 17.8 19.88 16.44 15.25 18.67 34.99 19.37 26.06
PAT Margin (%) 2.67 5.5 6.54 13.23 15.43 12.84 12.12 14.39 26.42 14.67 20.37
Cash Profit Margin (%) 3.34 5.86 8.47 15.03 16.24 13.63 12.98 15.35 26.92 15.17 21.25
ROA(%) 4.54 9.75 11.73 21.46 27.07 18.58 14.56 13.6 34.91 14.84 10.99
ROE(%) 8.2 16.49 21.67 37.62 39.76 25.59 18.34 16.47 41.92 16.88 12.1
ROCE(%) 11.4 20.45 25.13 43.44 48.17 32.74 23.43 21.21 55.05 22.43 15.52
Receivable days 46.31 56.68 58.39 55.11 45.26 45.94 53.55 80.77 71.51 74.39 85.89
Inventory Days 57.49 50.82 40.64 43.86 41.96 46.74 53.61 70.47 57.1 55.27 64.83
Payable days 56.03 49.02 65.19 58.91 41.55 62.71 54.96 56.07 52.39 36.5 45.64
PER(x) 4.08 5.7 4.29 6.6 7.82 5.76 4.59 6.73 4.79 5.42 8.11
Price/Book(x) 0.32 0.88 0.86 2.07 2.61 1.31 0.78 1.02 1.66 0.85 0.93
Dividend Yield(%) 3.1 1.98 1.72 0.59 0.38 1.19 1.71 1.11 0.45 0.76 0.61
EV/Net Sales(x) 0.13 0.34 0.37 0.91 1.21 0.72 0.21 0.98 1.23 0.43 1.62
EV/Core EBITDA(x) 2.59 4.09 3.13 4.23 5.7 4.09 1.3 4.94 3.46 1.82 5.98
Net Sales Growth(%) -4.91 8.39 30.07 16.62 40 5.8 -7.9 -11.53 88.77 -4.91 -40.74
EBIT Growth(%) -42.56 98.24 59.45 133.63 46.31 -12.68 -14.93 7.23 251.22 -47.11 -20.38
PAT Growth(%) -47.41 124.22 53.36 134.94 57.13 -12.5 -13.08 5.02 246.6 -47.19 -17.7
EPS Growth(%) -47.41 124.22 53.36 134.94 57.13 -12.49 -13.08 5.02 246.6 -47.19 -17.7
Debt/Equity(x) 0.13 0.07 0.35 0.14 0.05 0.01 0.01 0.03 0 0 0
Current Ratio(x) 1.7 1.94 1.68 2.2 2.94 3.34 6.72 4.9 6.71 10.28 13
Quick Ratio(x) 1.02 1.37 1.18 1.56 2.15 2.63 5.23 3.86 5.06 9.27 11.54
Interest Cover(x) 5.82 11.43 6.79 21.24 49.06 40.76 48.39 95.81 312.04 122.35 154.79
Total Debt/Mcap(x) 0.41 0.08 0.41 0.07 0.02 0 0.01 0.03 0 0 0

Maithan Alloys Shareholding Pattern

# Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024
Promoter 74.99 74.99 74.99 74.99 74.99 74.99 74.99 74.99 74.99 74.99
FII 1.77 1.68 1.54 1.52 1.83 1.88 2.14 1.87 1.8 1.33
DII 0.62 0.59 0.59 0.55 0.56 0.52 0.44 0.15 0.41 0.45
Public 22.62 22.75 22.89 22.95 22.63 22.62 22.43 23 22.81 23.23
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Pros

  • Stock is trading at 0.9 times its book value
  • Company has a good return on equity (ROE) track record: 3 Years ROE 24%
  • Company is almost debt free.

Cons

  • Debtor days have increased from 36.5 to 45.64days.
  • The company has delivered a poor profit growth of 6% over past five years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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