Maithan alloys Limited's board of directors has approved the reclassification of four promoter group shareholders from "Promoter & Promoter Group Category" to "Public Category" during a board meeting held on January 30, 2026. The decision follows 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:

Board Resolution and Compliance

The board meeting, which commenced at 12:30 P.M. and concluded at 5:20 P.M. on January 30, 2026, thoroughly analyzed the reclassification request. The board formed a favorable opinion based on the rationale and justifications provided by the outgoing promoter group shareholders in their request letter dated January 13, 2026.

The outgoing promoter group shareholders have confirmed compliance with key regulatory requirements under Regulation 31A(3)(b), including:

• They do not hold more than ten percent of total voting rights
• They do not exercise control over company affairs, directly or indirectly
• They have no special rights through formal or informal arrangements
• They are not represented on the board of directors
• They do not act as Key Managerial Personnel
• They are not willful defaulters as per RBI Guidelines
• They are not fugitive economic offenders

Company Confirmations

Pursuant to Regulation 31A(3)(c), the board confirmed that the company will remain compliant with minimum public shareholding requirements under Regulation 38. The board also confirmed that trading in the company's shares has not been suspended by any stock exchanges and that the company has no outstanding dues to SEBI, stock exchanges, or depositories.

Authorization and Next Steps

The board has authorized key management personnel, including Chairman and Managing Director Mr. Subhas Chandra Agarwalla, Whole-time Director and CEO Mr. Subodh Agarwalla, President & CFO Mr. Sudhanshu Agarwalla, and Company Secretary Mr. Rajesh K. Shah, to complete all requisite formalities and represent before regulatory authorities as required.

The reclassification approval is 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.

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.