Mahamaya Steel Industries Limited has delivered impressive financial performance for the third quarter of FY26, demonstrating strong growth across key metrics. The Raipur-based steel manufacturer announced its unaudited results for the quarter and nine months ended December 31, 2025, showcasing significant improvements in both revenue and profitability.

Strong Revenue Growth in Q3FY26

The company's standalone revenue from operations reached ₹22,411.06 lakhs in Q3FY26, representing a substantial increase from ₹19,982.58 lakhs in the corresponding quarter of the previous year. This growth trajectory continued from the sequential improvement seen in Q2FY26, where revenue stood at ₹18,856.98 lakhs.

Exceptional Profitability Improvement

The company's net profit performance was particularly noteworthy, with standalone net profit reaching ₹160.87 lakhs in Q3FY26, marking a remarkable 56.24% increase compared to ₹102.92 lakhs in Q3FY25. The profit margin improvement reflects enhanced operational efficiency and better cost management across the steel manufacturing operations.

Nine-Month Performance Highlights

For the nine-month period ended December 31, 2025, Mahamaya Steel Industries demonstrated consistent growth momentum. Total income for the period reached ₹62,006.08 lakhs compared to ₹56,577.80 lakhs in the corresponding period of the previous year.

The nine-month net profit more than doubled to ₹467.26 lakhs from ₹200.48 lakhs, representing an exceptional growth of 133.08%. This performance translated to earnings per share of ₹2.84 compared to ₹1.22 in the previous year.

Consolidated Results Show Enhanced Performance

The consolidated financial results, which include the performance of associate company Abhishek Steel Industries Private Limited, showed even stronger metrics. Consolidated net profit for Q3FY26 reached ₹190.75 lakhs compared to ₹109.29 lakhs in Q3FY25. For the nine-month period, consolidated net profit stood at ₹552.87 lakhs against ₹219.36 lakhs in the previous year.

Operational Efficiency and Cost Management

The company's improved profitability stems from effective cost management strategies. While the cost of materials consumed increased to ₹18,624.03 lakhs in Q3FY26 from ₹16,845.37 lakhs in Q3FY25, the company benefited from favorable inventory changes of ₹915.25 lakhs compared to ₹522.43 lakhs in the previous year. Employee benefit expenses rose to ₹569.84 lakhs from ₹319.69 lakhs, reflecting business expansion and operational scaling.

The financial results were reviewed by the Audit Committee and approved by the Board of Directors in their meeting held on February 13, 2026. The company operates primarily in the steel segment, manufacturing products including joists, channels, angles, flats, rounds, crossing sleeper bars, blooms, and billets, serving major clients including BSP, BHEL, DMRC, SAIL, RIL, NTPC, and ONGC.

Mahamaya Steel Industries Limited has announced that Infomerics Valuation and Rating Private Limited has reaffirmed its credit rating for the company's long-term bank facilities. The rating agency maintained the IVR BBB rating with a stable outlook, reflecting continued confidence in the steel manufacturer's financial position.

Credit Rating Details

The comprehensive rating information has been disclosed in compliance with SEBI regulations:

Regulatory Compliance

The disclosure has been made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has provided the rating details in the format prescribed under SEBI Master Circular dated July 11, 2025. The information was communicated to both BSE Limited (Scrip Code: 513554) and National Stock Exchange of India Limited (Symbol: MAHASTEEL) on February 7, 2026.

Company Background

Mahamaya Steel Industries Limited operates from its registered office and works located in Urla Industrial Complex, Raipur, Chhattisgarh. The company serves as an approved supplier to major organizations including BSP, BHEL, DGS&D, DMRC, SAIL, RIL, NTPC, SEBs, RDSO, CORE, ONGC, GAIL, and EIL. The company manufactures various steel products including joist, channel, angle, flat, round, crossing sleeper bar, bloom, and billet.

The credit rating reaffirmation provides stakeholders with continued assurance regarding the company's creditworthiness and its ability to meet long-term banking obligations. The stable outlook indicates that the rating agency expects the company to maintain its current financial profile over the rating horizon.