Maithan Alloys Limited has progressed further in its promoter reclassification process by submitting formal applications to stock exchanges on February 3, 2026. The company has applied to the National Stock Exchange of India Limited (NSE) and The Calcutta Stock Exchange Limited (CSE) seeking approval for reclassification of four promoter group shareholders from "Promoter & Promoter Group Category" to "Public Category."

Board Approval and Initial Process

The company's board of directors had earlier approved the reclassification during a board meeting held on January 30, 2026. The decision followed a formal request received by the company on January 13, 2026, pursuant to Regulation 31A of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Shareholders Seeking Reclassification

The four promoter group shareholders requesting reclassification collectively hold a significant stake in the company:

Stock Exchange Application Process

On February 4, 2026, the company formally communicated to the stock exchanges about the submission of applications on February 3, 2026. The applications were submitted to:

The company is seeking No-Objection certificates from these exchanges as required under the regulatory framework.

Regulatory Compliance

The outgoing promoter group shareholders have confirmed compliance with key regulatory requirements under Regulation 31A(3)(b), including that they do not hold more than ten percent of total voting rights, do not exercise control over company affairs, have no special rights through formal arrangements, are not represented on the board of directors, and are not willful defaulters as per RBI Guidelines.

Next Steps

The reclassification approval remains subject to necessary approvals from stock exchanges where the company's shares are listed and approval from company shareholders, along with any other approvals that may be required under applicable regulations. The board has authorized key management personnel to complete all requisite formalities and represent before regulatory authorities as required.

Maithan Alloys has released its third quarter financial results, revealing a comprehensive year-on-year decline across key financial metrics including net profit, revenue, and EBITDA performance. The alloys manufacturer faced operational headwinds during the quarter, with all major financial indicators showing downward trends compared to the same period in the previous year.

Comprehensive Financial Performance

The company's Q3 results demonstrate broad-based challenges across multiple financial parameters. The decline was evident in revenue generation, profitability metrics, and operational efficiency measures when compared to the corresponding quarter of the previous year.

Revenue and Profitability Analysis

Maithan Alloys recorded revenue of 5.20 billion rupees in Q3, marking a decrease from the 5.40 billion rupees achieved in the same quarter of the previous year. This revenue decline directly impacted the company's bottom line performance, with net profit falling to 865 million rupees from 952 million rupees year-on-year.

EBITDA Performance

The company's operational efficiency also came under pressure during the quarter. EBITDA for Q3 stood at 290 million rupees compared to 310 million rupees in the previous year's corresponding quarter. The EBITDA margin contracted to 5.59% from 5.74% year-on-year, indicating challenges in maintaining operational profitability amid revenue pressures.

Overall Assessment

The comprehensive decline across revenue, net profit, EBITDA, and margin metrics highlights the operational challenges faced by Maithan Alloys during Q3. The company experienced contraction in both its top-line performance and operational efficiency, reflecting the need to address underlying factors affecting its financial trajectory.