01 — At a Glance
The Alloy King Who Decided to Play Chess by Closing Chessboards
- 52-Week High / Low₹1,265 / ₹834
- Q3 FY26 Revenue₹490 Cr
- Q3 FY26 PAT₹93 Cr
- TTM EPS₹152
- Annualised EPS (Q1-Q3 Avg × 4)₹122
- Book Value / Share₹1,416
- Price to Book0.66x
- ROCE28.0%
- Installed Capacity311,500 MTPA
- Investment Portfolio₹3,483 Cr (Sep 2025)
The Plot Twist: Maithan Alloys trades at 6.15x P/E with 22% ROE, 28% ROCE, and a book value of ₹1,416 per share. The stock is at ₹935 — trading at 0.66x book, which is the kind of valuation that makes analysts either very excited or very suspicious. Spoiler: they’re busy closing factories, so maybe they have a point.
02 — Introduction
The Ferroalloy Entrepreneur Who Got Bored With Making Money
Here’s the thing about Maithan Alloys. The company does something genuinely useful: it makes ferroalloys. These are metals that get mixed into steel to make it stronger, lighter, shinier, and less likely to rust while you’re yelling at your Audi to stop creaking. Every tonne of steel needs about 0.7% manganese. Every tonne of stainless steel needs 17-23% chromium. Maithan has been doing this since 1985, which means it was manufacturing exotic metal compounds while you were still learning to tie your shoelaces.
The company has a diversified manufacturing footprint across West Bengal, Meghalaya, and Andhra Pradesh. They export to global steel conglomerates. They serve domestic giants like SAIL and Tata Steel. Their loan from CARE ratings? CARE AA; Stable. Everything was humming along reasonably well, and then — in September 2025 — management announced they were shutting down the Byrnihat unit in Meghalaya. Permanently. In October, they completed the sale of assets for ₹25.48 crore. By March, they’d acquired ₹60+ crore worth of bank stocks. The narrative started sounding less like “alloy manufacturer” and more like “family office with an alloy hobby.”
Q3 FY26 numbers are a mixed bag: Revenue fell 7.68% to ₹490 crore. Net profit fell 2.12% to ₹93 crore. The quarter-on-quarter trends are weak. Yet the company has ₹3,483 crore in investments, a 0.66x price-to-book valuation, and ROCE of 28%. It’s like buying a restaurant that’s losing customers, but the owner has a Ferrari in the basement.
CARE Ratings Assessment (Dec 2025): CARE AA; Stable outlook. The rating agency notes that “earnings include Rs 454 crore in other income” (mostly investment gains) and that “PBILDT per tonne declined sharply from ₹25,198 in FY23 to ₹5,985 in FY24” but “improved to ₹10,057 in FY25.” Translation: the core business is struggling. The ratings are held up by the company’s massive investment portfolio acting as a financial shock absorber.
03 — Business Model: WTF Do They Even Do?
Making Exotic Metals for Steel, While Building an Investment Portfolio as a Side Hustle
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