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 announced two significant developments that signal the company's strategic expansion and operational changes.

NBFC Subsidiary Formation

The Board of Directors of Maithan Alloys has authorized the incorporation of a new subsidiary to venture into Non-Banking Financial activities. This move marks a diversification of the company's business interests beyond its core ferro alloys operations, potentially opening up new revenue streams in the financial sector.

New Leadership at Visakhapatnam Unit

In a key personnel change, the company has appointed Mr. Sreejith Ariyanthari Thazhemadam as the Senior Management Officer and Plant Head of its Visakhapatnam Unit. Mr. Thazhemadam will be taking over from Mr. B. Venugopal Rao, indicating a transition in the unit's leadership.

Profile of the New Plant Head

Mr. Sreejith Ariyanthari Thazhemadam brings a wealth of experience to his new role:

• Educational Background: B.E. in Metallurgy Engineering
• Industry Experience: Over 20 years in the ferro alloys manufacturing sector
• Additional Qualifications:
  • Diploma in Electronics Engineering
  • Pre-Degree in Science
  • Proficiency in SAP, ERP, MS Office, and other computer programs

His extensive background in ferro alloys manufacturing, coupled with his technical expertise, positions him well to lead the Visakhapatnam Unit's operations.

Appointment Details

• Effective Date: November 13, 2025
• Term: Until retirement, resignation, or termination of employment

This strategic appointment aligns with Maithan Alloys' focus on strengthening its operational leadership, particularly in its Visakhapatnam facility.

Company Overview

Maithan Alloys Limited, with its registered office in Kolkata, is a key player in the ferro alloys industry. The company operates multiple units across India:

1. Unit-I: Kalyaneshwari, Paschim Bardhaman, West Bengal
2. Unit-II: E.P.I.P, Byrnihat, Ri-bhoi, Meghalaya
3. Unit-III: APSEZ, Atchutapuram, Visakhapatnam, Andhra Pradesh

These strategic moves by Maithan Alloys – entering the NBFC sector and strengthening its plant leadership – reflect the company's efforts to diversify its business portfolio and enhance its operational efficiency in the ferro alloys segment.