Summary of quarterly results filing for Mahamaya Steel Industries Ltd published on 26 May, 2026
1. Auditor’s Note
- The Auditor’s Report for both Standalone and Consolidated financial results for the quarter and year ended 31 March 2026 contains no qualifications or adverse remarks.
- The opinion is unmodified, indicating the financial statements present a true and fair view in accordance with Indian Accounting Standards (Ind AS).
- Emphasis of Matter: The auditors have drawn attention to the recognition of an electricity duty receivable of ₹1,105.69 Lakhs, which lacks reasonable certainty of ultimate collection and hence the current assets should ideally be reduced by this amount. However, this has not resulted in qualification of the audit opinion.
- The quarterly results for Q4 FY26 are the balancing figures between audited full-year results and previously published quarterly results.
- The consolidated quarterly results for Q4 FY26 have been reviewed but not audited.
Conclusion:
No audit qualifications or concerns that affect the overall fairness of the financial statements. The Emphasis of Matter is a cautionary note but does not affect the audit opinion.
2. Financial Performance
Standalone and Consolidated Audited Financial Results
(₹ in Lakhs)
| Particulars | Q4 FY26 (31.03.2026) Audited | Q3 FY26 (31.12.2025) Unaudited | Q4 FY25 (31.03.2025) Audited | FY26 (31.03.2026) Audited | FY25 (31.03.2025) Audited |
|---|---|---|---|---|---|
| Standalone | |||||
| Revenue from operations | 26,311.95 | 22,411.06 | 23,617.28 | 88,284.83 | 80,176.43 |
| Other income | 124.37 | 9.88 | 104.64 | 157.57 | 123.29 |
| Total Income from Operations (net) | 26,436.32 | 22,420.94 | 23,721.92 | 88,442.40 | 80,299.72 |
| Expenses: | |||||
| (a) Cost of Materials Consumed | 21,600.72 | 18,624.03 | 17,779.74 | 71,250.64 | 64,194.95 |
| (b) Purchase of stock-in-trade | 0.57 | 0.52 | 11.69 | 51.87 | 215.81 |
| (c) Changes in inventories of finished goods, work-in-progress and stock-in-trade | (790.98) | (915.25) | 1,416.83 | (1,399.00) | 725.40 |
| (d) Excise duty | - | - | - | - | - |
| (e) Employees benefit expenses | 560.18 | 569.84 | 417.08 | 2,277.23 | 1,413.09 |
| (f) Finance cost | 116.17 | 150.76 | 109.31 | 501.66 | 386.60 |
| (g) Depreciation and amortisation expenses | 225.80 | 219.68 | 202.39 | 881.22 | 786.71 |
| (h) Other expenses | 4,057.36 | 3,546.48 | 3,220.33 | 13,738.56 | 11,755.54 |
| Total Expenses | 25,869.82 | 22,196.06 | 23,157.37 | 87,302.18 | 79,480.10 |
| Profit/(Loss) from ordinary activities before exceptional items & tax (1 - 2) | 566.50 | 224.88 | 564.55 | 1,140.22 | 819.62 |
| Exceptional items Income/(Expenses) | - | - | - | 68.49 | 45.39 |
| Profit/(Loss) from ordinary activities before tax (3 + 4) | 566.50 | 224.88 | 564.55 | 1,208.71 | 865.01 |
| Tax expense: | |||||
| - Current Tax | 170.20 | 70.00 | 154.94 | 358.20 | 276.60 |
| - Deferred Tax | (10.30) | (5.99) | (9.66) | (23.34) | (31.33) |
| Net Profit/(Loss) from ordinary activities after tax (5 + 6 – 7) | 406.60 | 160.87 | 419.27 | 873.85 | 619.74 |
| Other comprehensive income/(expenses) for the year, net of tax | 16.66 | - | 12.24 | 16.66 | 12.24 |
| Total Comprehensive Income/(Loss), Net of Tax (8 + 9) | 423.26 | 160.87 | 431.51 | 890.52 | 631.98 |
| Paid-up equity share capital (Face Value ₹10 each) | 1,643.44 | 1,643.44 | 1,643.44 | 1,643.44 | 1,643.44 |
| Earnings Per Share (₹10 each) | |||||
| - Basic | 2.47 | 0.98 | 2.55 | 5.32 | 3.77 |
| - Diluted | 2.47 | 0.98 | 2.55 | 5.32 | 3.77 |
| Particulars | Q4 FY26 (31.03.2026) Audited | Q3 FY26 (31.12.2025) Unaudited | Q4 FY25 (31.03.2025) Audited | FY26 (31.03.2026) Audited | FY25 (31.03.2025) Audited |
|---|---|---|---|---|---|
| Consolidated | |||||
| Revenue from operations | 26,311.95 | 22,411.06 | 23,617.28 | 88,284.83 | 80,176.43 |
| Other income | 124.37 | 9.88 | 104.64 | 157.57 | 123.29 |
| Total Income from Operations (net) | 26,436.32 | 22,420.94 | 23,721.92 | 88,442.40 | 80,299.72 |
| Expenses: | |||||
| (a) Cost of Materials Consumed | 21,600.72 | 18,624.03 | 17,779.74 | 71,250.64 | 64,194.95 |
| (b) Purchase of stock-in-trade | 0.57 | 0.52 | 11.69 | 51.87 | 215.81 |
| (c) Changes in inventories of finished goods, work-in-progress and stock-in-trade | (790.98) | (915.25) | 1,416.83 | (1,399.00) | 725.40 |
| (d) Excise duty | - | - | - | - | - |
| (e) Employees benefit expenses | 660.18 | 501.66 | 109.31 | 2,277.23 | 1,413.09 |
| (f) Finance cost | 116.17 | 150.76 | 109.31 | 881.22 | 786.71 |
| (g) Depreciation and amortisation expenses | 225.80 | 219.68 | 202.39 | 13,738.56 | 11,755.54 |
| (h) Other expenses | 4,057.36 | 3,546.48 | 3,220.33 | 13,738.56 | 11,755.54 |
| Total Expenses | 25,869.82 | 22,196.06 | 23,157.37 | 87,302.18 | 79,480.10 |
| Profit/(Loss) from ordinary activities before exceptional items & tax (1 - 2) | 566.50 | 224.88 | 564.55 | 1,140.22 | 819.62 |
| Exceptional items Income/(Expenses) | - | - | - | 68.49 | 45.39 |
| Profit/(Loss) from ordinary activities before tax (3 + 4) | 566.50 | 224.88 | 564.55 | 1,208.71 | 865.01 |
| Share of Profit/(Loss) of Associates | 0.42 | 29.88 | 121.44 | 86.03 | 140.33 |
| Tax expense: | |||||
| - Current Tax | 170.20 | 70.00 | 154.94 | 358.20 | 276.60 |
| - Deferred Tax | (10.30) | (5.99) | (9.66) | (23.34) | (31.33) |
| Net Profit/(Loss) from ordinary activities after tax (5 + 6 – 7) | 407.02 | 190.75 | 540.71 | 959.88 | 760.07 |
| Other comprehensive income/(expenses) for the year, net of tax | 16.66 | - | 12.24 | 16.66 | 12.24 |
| Total Comprehensive Income/(Loss), Net of Tax (8 + 9) | 423.68 | 190.75 | 552.94 | 976.54 | 772.31 |
| Paid-up equity share capital (Face Value ₹10 each) | 1,643.44 | 1,643.44 | 1,643.44 | 1,643.44 | 1,643.44 |
| Earnings Per Share (₹10 each) | |||||
| - Basic | 2.48 | 1.16 | 3.29 | 5.84 | 4.62 |
| - Diluted | 2.48 | 1.16 | 3.29 | 5.84 | 4.62 |
3. Detailed Notes / Management Commentary
- The results have been prepared in accordance with Indian Accounting Standards (Ind AS) as per Companies Act, 2013.
- The company is eligible for an electricity duty subsidy under the Industrial Policy of Chhattisgarh. The receivable amount of ₹1,105.69 Lakhs as at 31 March 2026 has been recognized as an asset based on reasonable certainty of collection, though the approval is pending.
- Redemption of 10,00,000 8% Redeemable Non-Convertible Non-Cumulative Preference Shares at a premium was approved and completed in January 2026 for ₹2 Crores.
- The company has only one reportable business segment: Steel Segment.
- Previous year/period figures have been regrouped/rearranged wherever necessary.
- The quarterly results for Q4 FY26 are balancing figures between audited full-year results and previously published quarterly results.
- No changes in accounting policies or material adjustments reported.
- No caveats or contingencies other than the electricity duty receivable note.
4. Segment Information
- The company has one reportable business segment: Steel Segment.
- No further segment-wise financial breakdown or geographic/product-wise segmentation provided.
- No segment EBIT/PBIT margins or growth rates disclosed.
5. Capex, Projects, and Corporate Activity
- No explicit disclosures on capital expenditure (capex) or ongoing/planned projects.
- No mention of writedowns, writebacks, impairments, or provisions beyond normal provisions in the financials.
- Redemption of 10 lakh 8% Redeemable Non-Convertible Non-Cumulative Preference Shares completed in January 2026 at ₹10 premium per share (total ₹2 Crores).
- No acquisitions, disposals, divestitures, mergers, or restructuring efforts disclosed.
6. Standalone vs Consolidated
- Both Standalone and Consolidated audited financial results are provided for Q4 FY26, Q3 FY26, Q4 FY25, FY26, and FY25.
- Consolidated results include the Parent and its associate (M/s Abhishek Steel Industries Private Limited).
- Consolidated depreciation and amortization expenses are significantly higher in FY26 (₹13,738.56 Lakhs) compared to standalone (₹881.22 Lakhs), indicating inclusion of associate or group assets.
- Consolidated PAT and EPS are higher than standalone, reflecting contribution from associates.
- Auditor’s report confirms unmodified opinion on both standalone and consolidated results.
Summary Table of Key Financials (Standalone & Consolidated) for Q4 FY26 and FY26 (₹ Lakhs)
| Particulars | Standalone Q4 FY26 | Standalone FY26 | Consolidated Q4 FY26 | Consolidated FY26 |
|---|---|---|---|---|
| Revenue from operations | 26,311.95 | 88,284.83 | 26,311.95 | 88,284.83 |
| Other income | 124.37 | 157.57 | 124.37 | 157.57 |
| Total Income | 26,436.32 | 88,442.40 | 26,436.32 | 88,442.40 |
| Cost of Materials Consumed | 21,600.72 | 71,250.64 | 21,600.72 | 71,250.64 |
| Purchase of stock-in-trade | 0.57 | 51.87 | 0.57 | 51.87 |
| Changes in inventories | (790.98) | (1,399.00) | (790.98) | (1,399.00) |
| Employees benefit expenses | 560.18 | 2,277.23 | 660.18 | 2,277.23 |
| Finance cost | 116.17 | 501.66 | 116.17 | 881.22 |
| Depreciation & amortisation | 225.80 | 881.22 | 225.80 | 13,738.56 |
| Other expenses | 4,057.36 | 13,738.56 | 4,057.36 | 13,738.56 |
| Total Expenses | 25,869.82 | 87,302.18 | 25,869.82 | 87,302.18 |
| Profit before exceptional items & tax | 566.50 | 1,140.22 | 566.50 | 1,140.22 |
| Exceptional items | - | 68.49 | - | 68.49 |
| Profit before tax | 566.50 | 1,208.71 | 566.50 | 1,208.71 |
| Share of profit of associates | - | - | 0.42 | 86.03 |
| Net Profit after tax | 406.60 | 873.85 | 407.02 | 959.88 |
| Other comprehensive income | 16.66 | 16.66 | 16.66 | 16.66 |
| Total comprehensive income | 423.26 | 890.52 | 423.68 | 976.54 |
| EPS (Basic) | 2.47 | 5.32 | 2.48 | 5.84 |
Key Actionable Points for Investment Analysis Team
- Profitability: Both standalone and consolidated profits improved YoY and QoQ, with FY26 PAT of ₹873.85 Lakhs (Standalone) and ₹959.88 Lakhs (Consolidated).
- Revenue Growth: FY26 revenue grew by ~10% YoY (Standalone and Consolidated).
- Cost Control: Cost of materials and other expenses increased but remained proportionate to revenue growth.
- Exceptional Items: Small positive exceptional income in FY26 (₹68.49 Lakhs).
- Electricity Duty Subsidy: Recognized receivable of ₹1,105.69 Lakhs pending approval; potential risk if not realized.
- Capital Structure: Redemption of preference shares completed in Jan 2026, reducing financial obligations.
- Segment: Single business segment (Steel), no further segmentation.
- Depreciation: Significant increase in consolidated depreciation indicates asset additions or associate impact.
- Auditor’s Opinion: Clean audit report with emphasis on electricity duty receivable; no qualifications.
- No major corporate actions or capex disclosed.
Conclusion
Mahamaya Steel Industries Limited has reported steady growth in revenue and profitability for FY26 with clean audit opinions on both standalone and consolidated results. The key risk remains the realization of the electricity duty subsidy receivable. No major restructuring or corporate activity reported. The company operates in a single steel segment with no further segment disclosures. The financials are suitable for further detailed operational and market analysis.