Mahamaya Steel Industries Limited has recommended the re-appointment of Mrs. Vanitha Rangaiah as a Non-Executive Independent Director for a second term of five years. The Board of Directors approved the proposal based on the recommendation of the Nomination and Remuneration Committee. The re-appointment is subject to the approval of members by way of a Special Resolution at the ensuing Annual General Meeting.

Mrs. Vanitha Rangaiah (DIN: 09211334) is not liable to retire by rotation. If approved, her tenure will commence on June 28, 2026, and conclude on June 27, 2031. The company affirmed that the director is not debarred from holding the office of director by any order passed by the Securities and Exchange Board of India or any other authority, in accordance with relevant exchange circulars.

The Board meeting was convened on June 26, 2026, under the provisions of Regulation 30 read with Schedule III and 33(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The proceedings commenced at 01:30 P.M. (IST) and concluded at 2:00 P.M. (IST).

Key Details of the Re-appointment

Mahamaya Steel Industries Limited reported a 41% year-on-year increase in net profit for the financial year ended March 31, 2026, reaching ₹873.85 lakh. Revenue from operations grew 10% to ₹8,828.48 lakh, driven by higher sales volumes. The company’s board approved the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, at a meeting held on May 26, 2026.

For the quarter ended March 31, 2026, the company recorded a net profit of ₹406.60 lakh, a decrease from ₹419.27 lakh in the same period last year. Revenue from operations for the quarter stood at ₹2,631.19 lakh, compared to ₹2,361.73 lakh in the corresponding quarter of the previous year. Total expenses for the quarter rose to ₹2,586.98 lakh from ₹2,315.74 lakh.

Financial Performance

The annual results show a steady improvement in profitability despite a rise in material costs. The cost of materials consumed increased to ₹7,125.06 lakh from ₹6,419.50 lakh in the previous year. Finance costs for the year rose to ₹501.66 lakh from ₹388.60 lakh. Earnings per share (EPS) for the year improved to ₹5.32 from ₹3.77 in the previous year.

Auditor and Governance Updates

The statutory auditors, M/s KPRK & Associates LLP, issued an unmodified opinion on the audited standalone and consolidated financial results. However, the auditors drew attention to an electricity duty receivable of ₹1,105.69 lakhs recognized in previous years, noting that in the absence of reasonable certainty of ultimate collection, the current assets should have been reduced to that extent. The conclusion remains unqualified in respect of this matter.

The board appointed M/s Sanat Joshi & Associates as the Cost Auditor and Mr. Subhash Rao as the Internal Auditor for the financial year 2026-27. Additionally, the board adopted the details of outstanding qualified borrowings and incremental qualified borrowings for FY 2026. Outstanding qualified borrowings at the end of the financial year stood at ₹18.78 crore, with incremental borrowings during the year totaling ₹0.62 crore.