MAITHANALL

Maithan Alloys The future demand for manganese alloys. Steel production, infrastructure growth and even EV battery demand could keep this sector relevant for years. The global manganese alloy market itself is expected to grow steadily over the next decade. What Makes it interesting? • P/E of just 6.1× while the sector average is around 12.9× • Trading below book value with a P/B of only 0.64 • Completely debt-free • 5-year profit CAGR of 23%+ • Average ROE of 19% and ROCE above 25% Bull case Reasons to buy P/E 6.1× vs sector 12.9× pure mean reversion = ~100% upside Below book value (P/B 0.64) despite 25% ROCE — rare combo Kalyaneshwari plant resuming full capacity from May 1, 2026 — direct earnings catalyst IMFAL merger will add capacity without fresh capex or debt Zero debt — no balance sheet risk in a downcycle 56% export revenue = natural USD hedge Blue-chip clients (Tata Steel, JSW, SAIL, ArcelorMittal) — sticky demand EV battery + infra = structural demand for next decade