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.

Maithan Alloys Ltd has completed its merger with Impex Metal & Ferro Alloys Ltd, effective June 30, 2026. The consolidation combines the operations of both entities under a single umbrella to streamline operations and enhance market presence. The merger process was formally concluded with a digital signature from Rajesh K. Shah on July 1, 2026, finalizing the regulatory and procedural requirements necessary to bring the two companies together.

Merger Details

The following table outlines the key details of the merger:

The integration of Impex Metal & Ferro Alloys Ltd into Maithan Alloys Ltd is expected to streamline operations and enhance market presence. The company has not yet disclosed specific financial impacts or operational changes resulting from the merger.