Maithan Alloys (MAITHANALL) — concall transcript

📢 Key Event
Maithan Alloys held its maiden earnings call on May 6, 2019, reporting FY19 results and growth strategy.

🔄 What Changed
Operating ROCE above 60%, EBITDA margin sustained at 15-17%, and Rs 275 crore greenfield plant announcement.

🔮 What's Next
Rs 275 crore greenfield plant in West Bengal to be operational in 24 months; inorganic growth opportunities under review.

💡 Investor Takeaway
The company prioritizes organic growth, maintains strong cash reserves, and targets long-term EBITDA margins of 15-17% with ROCE above 60%.

Maithan Alloys Limited, India's largest manganese alloys producer, reported FY19 revenue of Rs 1,988 crores (6% YoY growth) and PAT of Rs 255 crores with 12.8% margins, driven by full capacity utilization (2.25 lakh tonnes) and strong export demand in Asia. The company maintains EBITDA margins of 15-17% long-term, with operating ROCE above 60%. It plans a Rs 275 crore greenfield ferro alloy plant in West Bengal (24-month timeline) and prioritizes organic growth over inorganic expansion, retaining Rs 667 crores cash for future opportunities. Management emphasized sustainable growth, cost efficiency, and cautious capital allocation amid industry capacity constraints.

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About Maithan Alloys Ltd (MAITHANALL)

Metals & Mining · Ferro Alloys · Listed on BSE

Market Cap: ₹2,898.49 Cr P/E: 10.0 ROE: 7.2% ROCE: 10.1% Div Yield: 1.71%

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"What is the expected EBITDA margin in a bear case scenario?" "When will the West Bengal greenfield plant receive environmental clearance?" "How much of the Rs 667 crores cash will fund the inorganic growth?"

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🔥 Also filed on 31 March 2019

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Source: Stock Announcements. Analysis by StockFin.ai. For informational purposes only — not investment advice.

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