The Board of Directors of Maithan Alloys Limited approved alterations to its Memorandum of Association (MOA) during a meeting held on August 4, 2026, expanding the company’s operational scope to include capital market investments and merger activities. The resolution, which requires subsequent approval from shareholders, aims to enhance treasury management capabilities and facilitate strategic corporate restructuring. This structural change signals a potential shift in how the company deploys internal accruals, moving beyond traditional operational expenditures into financial instruments.

The board meeting commenced at 4:30 P.M. and concluded at 6:40 P.M. The disclosure was made in compliance with Regulation 30 read with Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as well as Master Circular No. HO/49/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026. Rajesh K. Shah, Company Secretary, signed off on the communication to the stock exchanges.

Key Alterations to Memorandum of Association

The approved changes target two specific clauses within the company’s MOA, introducing new powers while updating existing ones:

The new main object explicitly permits investments directly or through wholly-owned subsidiaries. Crucially, the clause includes a safeguard requiring the company to remain outside the regulatory thresholds prescribed by the Reserve Bank of India for classification as a Non-Banking Financial Company (NBFC).

Strategic Implications

The insertion of the investment clause provides Maithan Alloys with greater flexibility in managing surplus cash flows. By allowing deployment in instruments such as derivatives and Alternate Investment Funds, the company can potentially improve returns on idle capital. However, the explicit exclusion from NBFC classification indicates an intent to limit exposure to banking-style regulations while retaining investment autonomy.

The revision to the ancillary objects streamlines the legal framework for mergers and acquisitions. The updated language covers amalgamations, demergers, and slump sales, providing a broader mandate for future corporate restructuring without needing further MOA amendments for each transaction.

Next Steps

Shareholder approval is required for these alterations to become effective. The company has notified the National Stock Exchange of India Ltd., The Calcutta Stock Exchange Limited, and BSE Limited of the board’s decision. Investors should monitor subsequent filings for notice dates regarding the general meeting where these resolutions will be put to vote.

Maithan Alloys revised its standalone financial results for the quarter and financial year ended March 31, 2026, following the effective merger of its wholly-owned subsidiary, Impex Metal & Ferro Alloys Limited. The revision, driven by the National Company Law Tribunal (NCLT) Kolkata Bench order dated June 8, 2026, which became effective on June 30, 2026, resulted in a higher standalone net profit after tax (PAT) for FY26 of ₹434.77 crore, up from the previously reported ₹428.40 crore. This adjustment reflects the retrospective accounting treatment of the merger with an appointed date of March 31, 2024, under Ind AS 103. Consolidated results remained unchanged because Impex was already fully consolidated in prior filings.

The Board of Directors approved the revised standalone and consolidated financial results at a meeting held on August 4, 2026. Statutory auditors Singhi & Co. issued unmodified audit opinions on the revised statements, complying with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The revision was limited solely to the impact of the merger; no other adjustments were made for events occurring after the initial approval date of May 16, 2026. The company also confirmed that the final dividend recommendation of ₹6 per equity share for FY26 remains unchanged, pending shareholder approval at the upcoming Annual General Meeting.

Revised Financial Highlights

The table below details the key changes in standalone financial metrics for the quarter and year ended March 31, 2026, compared to the earlier reported figures.

For FY26, standalone revenue from operations stood at ₹2,188.90 crore, while total income reached ₹2,631.85 crore. Other income contributed significantly, totaling ₹442.95 crore for the year, driven largely by fair value gains and realized gains on investments. The company’s ferro alloys segment generated ₹2,188.90 crore in revenue for FY26, maintaining its position as the primary revenue driver.

What the Numbers Show

The revision highlights the accounting impact of merging entities under common control rather than operational changes. While standalone PAT improved by ₹6.37 crore in FY26 due to the merger adjustments, consolidated profitability remained static at ₹440.94 crore for the year. A notable operational factor was a ₹25.33 crore refund in demand charges recognized in Q4FY26, following a Government of Andhra Pradesh notification extending tariff concessions for ferro alloy producers until March 31, 2026. This refund reduced power costs during the quarter, contributing to the improved bottom line despite a loss before tax of ₹95.03 crore in the standalone Q4FY26 statement. The company also disclosed no material financial impact from the new Labour Codes notified by the Government of India in November 2025.