Maithan Alloys Limited has received a credit rating outlook upgrade from CRISIL, with the rating agency revising its long-term facilities rating from 'CRISIL AA-/Negative' to 'CRISIL AA-/Stable' while reaffirming the short-term rating at 'CRISIL A1+'. The rating action covers total bank loan facilities worth Rs 600 crore and was communicated through a rating rationale dated March 31, 2026.

Rating Action Details

The company disclosed the rating revision under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The rating communication was received by the company on April 2, 2026, at 4:30 PM, with the formal rating letter received on April 3, 2026.

Business Performance Analysis

CRISIL's rating rationale highlighted the continuation of a subdued business risk profile, particularly due to consistently muted top line performance and pressure on profitability. In the first nine months of fiscal 2026, the company achieved sales volume of over 1.8 lakh metric tons with moderate realization of around Rs 80,000 per ton, resulting in operating income (including other related income) being limited to Rs 1,613 crore.

Power costs, forming around 30% of the total cost of sales, continue to significantly impact profitability, resulting in an operating margin of 9.50% in the first nine months of fiscal 2026. The operating margin had previously lowered to 7–10% in the two fiscals through 2025, down from over 13–37% in the five fiscals through 2023.

Financial Strength Factors

Despite operational challenges, the company maintains a strong financial risk profile supported by several key factors:

• Healthy Capital Structure: Net worth of Rs 3,739 crore as of March 31, 2025
• Low External Debt: Gearing and total outside liabilities to total net worth (TOL/TNW) ratios at comfortable levels of 0.20 times and 0.30 times respectively
• Robust Interest Coverage: Interest coverage remains strong at 8.50 times as of March 31, 2025
• Superior Liquidity: Bank limit utilization averaging around 48% for the twelve months ended December 2025

Facility-wise Rating Distribution

The Rs 600 crore total facilities are distributed across multiple banking partners and facility types:

Key Rating Drivers

CRISIL identified extensive promoter experience as a key strength, noting the group's position as one of India's largest manganese alloy manufacturers with an estimated 5% domestic market share. With over four decades of experience, the promoters bring deep market knowledge and strong customer relationships, both domestic and overseas.

However, the rating agency also highlighted exposure to volatility in raw material and finished goods prices, along with cyclicality in the ferroalloys industry, as key weaknesses. Revenue from operations was Rs 1,806 crore in fiscal 2025, representing three-year compounded degrowth of 15%.

Outlook and Rating Sensitivity

The stable outlook reflects CRISIL's belief that Maithan Alloys will continue to benefit from extensive promoter experience and a healthy financial risk profile. Upward rating factors include significant improvement in revenue driven by higher sales volume and steady profitability, while downward factors include any downturn resulting in earnings before interest, taxes, depreciation and amortization sustaining below Rs 180 crore.

Maithan Alloys Limited has announced the opening of a special window for shareholders to re-lodge physical share transfer requests that were previously rejected or not processed due to document deficiencies. This initiative demonstrates the company's commitment to facilitating smooth share transfer processes for its stakeholders.

Regulatory Compliance and SEBI Circular

The special window has been established in accordance with SEBI Circular No. HO/38/13/11(2)2026-MIRSD-POD/3750/2026 dated January 30, 2026. This regulatory directive mandates companies to provide opportunities for shareholders to rectify and re-submit share transfer documentation that may have been previously rejected due to various deficiencies in the process or supporting documents.

Public Notice and Advertisement

To ensure maximum reach and awareness among shareholders, the company published advertisements in leading newspapers on March 17, 2026. The advertisements were strategically placed in both English and regional language publications to cater to diverse shareholder demographics.

Advertisement Publication Details:

• Financial Express (English Language)
• Arthik Lipi (Bengali Language)
• Publication Date: March 17, 2026

Stock Exchange Compliance

Company Secretary Rajesh K. Shah has fulfilled regulatory requirements by submitting copies of the newspaper advertisements to all relevant stock exchanges where the company's shares are listed. This ensures complete transparency and compliance with listing obligations.

Contact Information for Shareholders

Shareholders seeking to utilize this special window facility can contact the company through multiple channels. The company has provided comprehensive contact details to ensure easy accessibility for all stakeholders requiring assistance with share transfer processes.

Primary Contact:

• Company Secretary: Rajesh K. Shah
• Email: rajesh@maithanalloys.com
• Phone: 033-2660-6000

Share Transfer Agent:

• Maheshwari Data Matrix Private Limited
• Address: 23 R.N Mukherjee Road, Kolkata-700001
• Phone: 033-2248-2248 and 2248-2259

This special window initiative provides shareholders with a valuable opportunity to complete pending share transfers and ensure their holdings are properly recorded in the company's books. The one-year window period offers sufficient time for shareholders to gather necessary documentation and complete the re-lodgement process.