Quarterly results for Mahamaya Steel Industries Ltd
Mahamaya Steel Industries Limited – Q4 FY26 & FY26 Results Summary
Announcement Date: 26 May 2026
Financial Performance (Consolidated, INR Crores)
- Reported Revenue: ₹263.12 Cr (Q4 FY26)
- No Excise Duty/VAT line item disclosed; reported figures used as-is.
- YoY Revenue Growth: +11.4% (Q4 FY26 vs Q4 FY25: ₹236.17 Cr)
- QoQ Revenue Growth: +17.4% (Q4 FY26 vs Q3 FY26: ₹224.11 Cr)
- FY26 Revenue: ₹882.85 Cr (+10.1% YoY)
Key Expense Heads (Q4 FY26)
- Cost of Materials Consumed: ₹216.01 Cr
- Other Expenses: ₹40.57 Cr
- Employee Benefits: ₹6.60 Cr
- Depreciation: ₹2.26 Cr
- Finance Cost: ₹1.16 Cr
Operating Profit / EBITDA
- Operating Margin: 3.0% (Q4 FY26)
- Up 40 bps QoQ (Q3 FY26: 2.6%), up 100 bps YoY (Q4 FY25: 2.0%)
- Net Profit: ₹4.07 Cr (Q4 FY26)
- Net Margin: 1.5% (Q4 FY26), down 90 bps YoY (Q4 FY25: 2.3%), up 60 bps QoQ (Q3 FY26: 0.9%)
- EPS (Basic): ₹2.48 (Q4 FY26), ₹5.84 (FY26)
Balance Sheet/Capital Structure
- Preference Share Redemption: ₹2 Cr of 8% preference shares redeemed in Jan 2026, reducing future obligations.
- No major capex, debt, or asset changes disclosed.
- Electricity Duty Receivable: ₹11.06 Cr recognized as current asset; realization risk flagged by auditors.
What’s Different This Quarter
- Revenue: Q4 revenue of ₹263.1 Cr is a new Q4 high, 8% above the Q4 historical average (₹191 Cr), and the second-highest quarterly revenue on record.
- Growth Acceleration: QoQ growth of +17.4% is well above the 4Q average (+4.0%), reversing the prior two quarters of sequential declines.
- Margins:
- Operating margin at 3.0% is at the upper end of the historical range (max: 3.3%), and 100 bps above the Q4 average (2.0%).
- Net margin at 1.5% is below the Q4 average (2.3%) due to higher depreciation and finance costs.
- Cost Structure:
- COGS ratio improved to ~79% of revenue (vs historical avg 81.5%), supporting margin expansion.
- Employee costs rose to 2.5% of revenue (vs 1.5% historical avg), continuing a multi-quarter upward trend.
- Other expenses increased in line with revenue.
- Depreciation: Remains elevated, reflecting higher asset base or associate impact.
- Associate Contribution: Minimal in Q4 (₹0.42 Lakhs), down sharply YoY.
Historical Context
- Seasonality: Q4 is typically a strong quarter; this Q4 outperformed both the Q4 and full-year averages.
- Growth Momentum: YoY revenue growth (+11.4%) is above the 8Q average (12.9%), and QoQ growth sharply accelerated after two weak quarters.
- Margin Trends: Operating margin expansion continues, with the last 4 quarters averaging 2.7% vs prior 4Q avg of 1.8% (+90 bps).
- Cost Ratios: COGS as % of revenue is at a multi-year low, supporting profitability. Employee cost ratio is at a record high.
- Record Performance: Q4 revenue is the highest for any Q4 and second-highest for any quarter.
Company Updates & Management Commentary
- Audit: Clean audit report; no qualifications. Auditor flags risk on electricity duty receivable (₹11.06 Cr), but no impact on opinion.
- Corporate Actions: Redemption of ₹2 Cr preference shares completed, reducing financial obligations.
- Segment: Remains a single-segment (Steel) business.
- No new capex, acquisitions, or major projects disclosed.
- No forward guidance provided.
Summary:
Q4 FY26 saw a sharp rebound in revenue and operating margin, with both metrics at or near historical highs for the company. Cost control, especially in COGS, drove margin expansion, though employee costs continue to rise as a share of revenue. Net margin remains below historical Q4 levels due to higher depreciation and finance costs. The main risk flagged is the large electricity duty receivable, which may not be fully realized. No major corporate actions or capex were announced. The company remains focused on its core steel business.