Maithan Alloys Limited has received a credit rating reaffirmation from CARE Ratings, maintaining its strong financial standing in the market. The rating agency communicated its decision through a letter dated December 10, 2025, which was received by the company and subsequently disclosed to stock exchanges under regulatory compliance requirements.

Rating Details and Categories

CARE Ratings reaffirmed the company's credit ratings across multiple facility categories. The rating committee reviewed and maintained CARE AA- Stable (Double A Minus, Outlook: Stable) for long-term bank facilities and CARE A1+ (A One Plus) for short-term bank facilities.

Facility Breakdown and Banking Partners

The company's banking arrangements span across multiple leading financial institutions. Long-term fund-based limits of ₹90.00 crores include cash credit facilities with Axis Bank Limited (₹30.00 crores), State Bank of India (₹30.00 crores), IndusInd Bank Limited (₹18.00 crores), and HDFC Bank Limited (₹12.00 crores).

Short-term facilities totaling ₹435.00 crores primarily consist of letters of credit and bank guarantees. The letter of credit facilities are distributed among State Bank of India (₹130.00 crores), Axis Bank Limited (₹115.00 crores), HDFC Bank Limited (₹63.00 crores), CitiBank (₹49.00 crores), and IndusInd Bank Limited (₹43.00 crores). Bank guarantee facilities of ₹35.00 crores are provided by State Bank of India.

Rating Assessment Basis

The rating reaffirmation was conducted based on recent developments including the company's operational and financial performance for FY25 (Audited) and H1 FY26 (Unaudited). CARE Ratings' assessment reflects the company's continued financial stability and operational efficiency during the review period.

Regulatory Compliance and Timeline

Maithan Alloys submitted this information to stock exchanges pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The rating event occurred on December 10, 2025, at 09:52 P.M., and the company promptly communicated this development to the Calcutta Stock Exchange Limited, National Stock Exchange of India Limited, and BSE Limited on December 11, 2025.

Future Monitoring and Surveillance

CARE Ratings reserves the right to undertake surveillance and review of the rating from time to time based on circumstances warranting such review, subject to at least one review or surveillance every year. The rating agency may revise, reaffirm, or withdraw the rating assigned based on periodic reviews and any events or information that warrant such action.

Maithan Alloys Limited , a leading ferro alloys manufacturer, has successfully completed the incorporation of its wholly-owned subsidiary for Non-Banking Financial activities, marking a significant milestone in the company's diversification strategy.

NBFC Subsidiary Successfully Incorporated

The company has incorporated Maithan Capital Limited as its wholly-owned subsidiary, receiving the Certificate of Incorporation from the Ministry of Corporate Affairs on December 18, 2025. The certificate was received by the company at 11:47 A.M. on the same day, completing the process that was initially authorized by the Board of Directors on November 13, 2025.

Financial Structure and Investment Details

The subsidiary has been established with an authorized, issued, subscribed and paid-up capital of ₹11.00 crore, comprising 1,10,00,000 equity shares of ₹10 each. The entire shareholding is held by Maithan Alloys Limited and its nominees, making it a completely owned subsidiary.

Business Objectives and Strategic Impact

Maithan Capital Limited has been incorporated to carry out Non-Banking Financial activities as may be permitted by the Reserve Bank of India (RBI). This strategic move represents Maithan Alloys' diversification beyond its core ferro alloys operations, potentially opening new revenue streams in the financial sector.

The newly incorporated company is yet to commence its business operations and will require necessary approvals from RBI for its NBFC activities. As of the incorporation date, the subsidiary reports nil turnover and PAT, with a net worth of ₹11.00 crore.

Leadership Appointments and Operational Updates

Alongside the subsidiary incorporation, the company has also appointed Mr. Sreejith Ariyanthari Thazhemadam as Senior Management Officer and Plant Head of its Visakhapatnam Unit, effective from November 13, 2025. Mr. Thazhemadam brings over 20 years of experience in ferro alloys manufacturing, with qualifications including B.E. in Metallurgy Engineering and proficiency in SAP and ERP systems.

Company Operations Overview

These developments reflect Maithan Alloys' strategic approach to business diversification while strengthening its operational leadership across its ferro alloys manufacturing units.