MAHAMAYA STEEL — THE SMALL-CAP STEEL OPPORTUNITY ⚙️

MAHASTEEL India's infrastructure growth needs steel. And smaller steel manufacturers can benefit when demand, capacity and execution come together. Mahamaya Steel Industries manufactures steel products, including structural steel sections used in infrastructure, construction and industrial applications. The business operates in a competitive, cyclical industry where margins and raw-material costs matter as much as revenue growth. And Q2 FY27 delivered encouraging growth. The financial snapshot — consolidated: Revenue: ₹255.72 crore, up 35.6% YoY. EBITDA: ₹6.48 crore, up 22.6%. Net profit: ₹2.59 crore, up 37.3%. EPS: ₹1.57, compared with ₹1.15 a year ago. For H1 FY27, revenue stood at approximately ₹523.34 crore, while net profit reached ₹4.72 crore. The structural opportunity comes from India's infrastructure and construction cycle. Infrastructure spending → Steel demand → Higher capacity utilisation → Better operating leverage → Earnings growth. But there is a crucial point investors should not ignore. Revenue grew faster than EBITDA, meaning operating margins came under pressure. Q2 operating margin was approximately 2.4%, compared with 2.7% a year ago. This is a thin-margin business. Even small changes in steel prices, raw-material costs, power expenses and demand can materially affect profitability. The balance sheet also deserves attention. Consolidated borrowings stood at approximately ₹27.25 crore at September 2026, while inventory was around ₹68.21 crore. Working-capital discipline will be important. The risks include steel-price volatility, competition, cyclical demand, execution and limited profitability buffers. Mahamaya Steel offers exposure to India's steel and infrastructure demand, but the real trigger will be margin expansion and consistent cash generation — not revenue growth alone. Research perspective only. Not a guaranteed-return claim or personalised investment advice.