Mahamaya Steel Industries Limited is an India-based company engaged in the steel structural business that manufactures and sells structural steel products. Originally established in May 1988 as Rajesh Strips Limited, the company changed its name to Mahamaya Steel Industries Limited in 2009. The company operates from its manufacturing facilities located at Raipur, Chhattisgarh, establishing itself as a significant player in India's steel structural segment.
MSIL is an ISO 9001:2015 and ISO 14001:2015 certified company that runs a heavy steel structural mill, Steel Melting Shop, and Gas plant at Raipur. The company has evolved significantly since its inception, transforming from a small-scale operation to a modern manufacturing facility with substantial production capabilities.
The company offers a comprehensive range of products in the shape of angle, I-beam, joist, H-beam, channel, round, flat, railway sleepers, square, billet, and bloom, serving construction, automobile, railway, and power industries. It has high-capacity structural rolling mills and manufactures about 600 millimeters (mm) joist and 250 mm angles, positioning itself among the few companies in India capable of producing such specifications.
The company's products find application in infrastructure-related projects, including railways, power plants, dams, and bridges. This diversified application base provides the company with multiple revenue streams and reduces dependency on any single sector.
The company's heavy steel structural mill has an installed capacity of approximately 2,05,500 metric tons per annum (MTPA), complemented by a steel melting shop with over 2,00,000 tons per annum (TPA) capacity and a gas plant with approximately 9,00,000 cubic meters capacity. This substantial manufacturing infrastructure enables the company to meet large-scale industrial demands and maintain competitive positioning in the market.
It maintains high-capacity structural rolling mills with full-fledged supportive SMS (Steel Melting Shop), ensuring integrated operations from raw material processing to finished product delivery.
As of recent trading sessions, the company's market capitalization stands at ₹565.51 Cr, classifying it as a small-cap company in the Indian equity markets. Value Research classifies it as a Small Cap company with significant growth potential. The stock trades on both NSE and BSE exchanges under the symbol MAHASTEEL, providing liquidity for investors across major Indian stock exchanges.
The company has demonstrated strong financial recovery in recent periods. Mahamaya Steel Industries Ltd's net profit jumped 278.32% to ₹5.41 Cr in Q4 2024-2025 compared to the same period last year. On a quarterly growth basis, the company generated a 396.33% jump in its net profits compared to the previous quarter, indicating significant operational improvements and market recovery.
Key Financial Highlights:
- Revenue: Increased from ₹155.17 Cr to ₹238.43 Cr over the last 3 quarters, with an average increase of 19.3% per quarter.
- Net Profit: Surged from ₹0.23 Cr to ₹5.41 Cr over the last 3 quarters, with an average increase of 79.4% per quarter.
- TTM Profit After Tax: Stood at ₹4 Cr.
- Dividend: Declared a dividend of ₹0.50 in June 2010, translating to a dividend yield of 0.15%.
- P/E Ratio: 130.74 times (as of 22-May-2025), representing a 409% premium to its peers' median range of 25.67 times.
- P/B Ratio: 3.30 times (as of 22-May-2025), a 50% premium to its peers' median range of 2.20 times.
These elevated valuations reflect market optimism about the company's growth prospects and operational turnaround.
Mahamaya Steel Industries Ltd has delivered a return of 60.76% over the last 3 years, significantly outperforming broader market indices. The company's CAGR performance shows strong growth momentum:
- 5 Years: 31.27%
- 3 Years: 62.06%
- 1 Year: 160.06%
- 6 Months: 29.32%
- 3 Months: 17.13%
- 1 Month: 15.67%
- Promoters: 73.41%
- Institutions: 0.71%
- Public Shareholders: 25.88%
There is no promoter pledging in Mahamaya Steel Industries Ltd, indicating strong promoter confidence and financial stability. The managing director is Rajesh Agrawal, leading the company's strategic direction and operations.
The company has undergone several strategic transformations over the years. It came out with a public issue in February 1994 to part-finance its expansion-cum-modernisation program, with expanded capacity going on stream in March 1994. In June 2008, the company commissioned the first phase of expansion of its Steel Melting Shop (SMS) Plant, adding a production capacity of 1,50,000 MT per annum.
The company entered into an agreement with Steel Authority of India Limited (SAIL) for conversion of its structural products in 2007-08, establishing important strategic partnerships in the steel industry.
Mahamaya Steel Industries Ltd represents a compelling investment opportunity in India's steel sector, with its specialized focus on structural steel products, strong recent financial performance, and substantial manufacturing capabilities positioning it well for future growth in the expanding infrastructure and industrial sectors.
