Mahamaya Steel Industries reported a 41% year-on-year increase in standalone net profit to ₹87.38 crore for the fiscal year ended March 31, 2026. Total revenue from operations grew 10.1% to ₹8,828.48 crore, supported by improved capacity utilization and operational efficiency.

The company's profit before tax (PBT) rose 40% to ₹12.09 crore. This growth occurred despite a significant increase in finance costs, which jumped 29% to ₹5.02 crore from ₹3.89 crore in the previous year. Depreciation expenses also increased to ₹8.81 crore from ₹7.87 crore.

Financial Performance

Revenue from operations stood at ₹8,828.48 crore compared to ₹8,017.64 crore in FY25. Other income contributed ₹1.58 crore to the total revenue of ₹8,844.24 crore.

What the Numbers Show

A divergence exists between the company's operating performance and its bottom-line profitability. While EBITDA grew 26.5% to ₹25.23 crore, net profit surged 41%. This disparity is largely driven by exceptional items, which contributed ₹0.68 crore in FY26 compared to ₹0.45 crore in FY25. Additionally, the effective tax rate management played a role, with deferred tax credits offsetting current tax provisions.

Strategic Initiatives

The board highlighted a major capital expenditure project: a 130 MW solar power plant for captive consumption at the Janjgir-Champa facility. The project requires an outlay of approximately ₹600 crore and is funded through internal accruals and debt. Commissioning is expected within six to eight months.

This initiative aims to reduce dependence on conventional power, lower energy costs, and support the company's ESG goals. The board also noted plans to develop a logistics park on 100 acres of owned land in the coming years, though this will follow the completion of the solar project.

Corporate Actions

No dividend was declared for FY26 as the board chose to conserve resources for long-term growth. The company redeemed 10 million 8% redeemable non-convertible preference shares during the year. The 38th Annual General Meeting is scheduled for September 25, 2026.

Mahamaya Steel Industries has scheduled its 38th Annual General Meeting for Friday, September 25, 2026. The Board of Directors approved the date during a meeting held on August 22, 2026.

The meeting will be conducted through Video Conferencing or Other Audio Visual Means at 12:00 noon. The board appointed a scrutinizer to oversee the e-voting process and approved the draft predispatch notice for newspaper publication.

Jaswinder Kaur Mission, Company Secretary and Compliance Officer, confirmed the outcomes in a letter to the exchanges on August 24, 2026.

Key Board Approvals

• Appointment of scrutinizer for e-voting process
• Approval of draft predispatch notice for newspaper publication
• Fixing of AGM date for September 25, 2026

AGM Agenda Highlights

The notice for the 38th AGM outlines several key resolutions for shareholder approval:

Ordinary Business

1. Adoption of Financial Statements: Approval of audited standalone and consolidated financial statements for FY26 (ended March 31, 2026).
2. Re-appointment of Director: Re-appointment of Mr. Suresh Raman as a Non-Executive Non-Independent Director liable to retire by rotation.
3. Statutory Auditor Appointment: Appointment of M/s Chopra A J & Associates as Statutory Auditors for five years from the conclusion of this AGM until the 43rd AGM. The proposed remuneration for FY27 is ₹6 lakh excluding taxes.
4. Cost Auditor Ratification: Ratification of remuneration payable to M/s Sanat Joshi & Associates for cost audit of FY27 records at ₹40,000 plus taxes.

Special Business

1. Independent Director Re-appointment: Re-appointment of Ms. Vanitha Rangaiah as an Independent Director for a second term of five years (June 28, 2026 to June 27, 2031).
2. Borrowing Limits: Approval to borrow up to ₹900 crore under Section 180(1)(c) of the Companies Act, 2013. This amount may exceed the aggregate of paid-up share capital and free reserves.
3. Creation of Charge: Approval to create mortgage or charge on assets to secure borrowings under Section 180(1)(a).
4. Investment and Loan Thresholds: Increase in threshold for loans, guarantees, and investments under Section 186 up to ₹900 crore.
5. Related Party Loans: Approval to advance loans/guarantees to subsidiaries, associates, or group entities up to ₹300 crore under Section 185.

Related Party Transactions

The company seeks approval for material related-party transactions for the period from September 30, 2026, to September 30, 2027:

Additionally, the company proposes to avail unsecured loans from promoter group entities for its Solar Power Plant project:

The total unsecured loan facility is capped at ₹125 crore, with interest rates not exceeding 8.25% per annum or interest-free, repayable on demand or over three years.