Mahamaya Steel Industries Ltd

Mahamaya Steel Industries Limited — Closure of Trading Window from 1 October 2026 till 48 hours after the announcement of Financial Results for the quarter and half year ended 30 September 2026

Auditors and Independent Director changes

• Appointment of M/s. Chopra A J & Associates as Statutory Auditors; due to expiry of prior term.
• Re-appointment of Vanitha Rangaiah as Independent Director for a second term (28 Jun 2026 to 27 Jun 2031).
• Not related to any Director, KMP or Promoter.

AGM details

• Date/time/mode: 25 Sep 2026, 12:00 noon, via VC/OAVM.
• Record date for voting: 18 Sep 2026.
• Remote e-voting window: 22–24 Sep 2026.

Resolutions and voting outcomes

• Item 1: Standalone financials adoption — passed with 99.94% in favour.
• Item 2: Audited financials adoption — passed with 99.94% in favour.
• Item 3: Re-appointment of non-independent director by rotation — passed.
• Item 4: Statutory auditors Chopra Accountants appointed — passed.
• Item 5: Independent director Va Nitha Rangiah re-appointed — passed.
• Item 6: Remuneration payable to cost auditors ratified — passed.
• Item 8: Mortgage/charge on assets approved — passed.
• Item 9: Loans/guarantees/ securities under section 185 — passed.
• Item 10: Approval to advance security under section 185 — passed.
• Item 11: Related party transactions for sale, purchase and services — approved 97.22%.
• Item 12: Related party transactions for solar project — approved 97.22%.

Dividend

• Dividend: No dividend proposed or approved.

Director changes

• Non-independent director re-appointed by rotation.
• Independent director Va Nitha Rangiah re-appointed.

Auditors

• Statutory auditors Chopra Accountants appointed for year ended 31 March 2026.

Material related party transactions

• RPTs approved: related-party sales/purchases/services; counterparty and value not disclosed.

Content status

• No AGM date, resolutions, or governance details disclosed in this chunk.

Sales update

• Sales (units) for August 2026: 19610.350 MT.

Acquisition details

• Target company: Mahamaya Steel Industries Limited.
• Acquirer and PACs: Vijay Rathee and Kuldip Singh Rathee.
• Acquirer is not part of the promoter/promoter group.
• Stock exchanges: Shares listed on NSE and BSE.
• Pre-acquisition holding: 1,849,486 voting shares (11.254%).
• Encumbrances pre-acquisition: NIL.
• Acquisition: 31,410 voting shares acquired (0.191%).
• Post-acquisition holding: 1,880,896 voting shares (11.445%).
• Mode of acquisition: Open Market.
• Date of acquisition: 31-08-2026.
• Equity share capital before: 16,434,400 shares (INR 164,344,000).
• Equity share capital after: 16,434,400 shares (INR 164,344,000).
• Total diluted share/voting capital after: 16,434,400 shares (INR 164,344,000).
• Salient features: NIL.

Financial performance

• Standalone revenue from operations: 88,284.83 Lacs; up from 80,176.43 Lacs.
• Standalone PAT: 873.84 Lacs; up from 619.73 Lacs.
• Standalone EPS (Basic/Diluted): 5.32 ₹ per share.
• Consolidated revenue: 88,284.83 Lacs; Consolidated PAT: 959.87 Lacs; Consolidated EPS: 5.84.
• Current ratio: 1.41; Debt-to-equity: 0.39; Net debt: 5,887.27 Lacs; Net gearing: 0.40.
• YoY revenue growth supported by capacity utilization and efficiency.
• Standalone PBT: 12.08 Cr; last year 8.65 Cr.
• ROE: Standalone 6.1%; Consolidated 6.2%.

Capex & strategic initiatives

• 130 MW Solar Power Plant for captive use at Janjgir-Champa; capex ~₹600 Cr.
• Funding via internal accruals and debt; commissioning in 6-8 months.
• Solar initiative to reduce power costs and carbon footprint; ESG alignment.
• Logistics Park on ~100 acres behind plant; future growth opportunity.
• Strategic focus on green energy, efficiency, and sustainable expansion.

Capital structure & liquidity

• Gross debt 5899.22 Lacs; Net debt 5887.27 Lacs; cash 11.95 Lacs.
• Current ratio 1.41; Debt-to-equity 0.39; Net gearing (standalone) 0.40.
• Short-term borrowings 5105.95 Lacs; cash credit 4909.81; current maturities 196.14.
• Borrowing limit under section 180(1)(c) up to ₹900 Cr; security provisions under 180(1)(a).
• Promoter group unsecured loans for solar project up to ₹125 Cr.

Dividends & corporate actions

• No dividend declared for FY2025-26.
• Chopra A J & Associates appointed as Statutory Auditors for 5 years; FY2026-27 remuneration ₹6.0 Lacs.
• Ms. Vanitha Rangaiah re-appointed as Independent Director for 2026-31; not liable to rotate.
• Mr. Suresh Raman re-appointed; AGM notices include related resolutions.
• NSE penalty for delayed filing paid; ₹1.30 Lacs.

Governance, risk & controls

• Board: 6 directors; Independent: 3; Board meetings: 11; Audit Committee: 12 meetings.
• MD & CFO certification; secretarial audit; NFRA communications compliance.
• Internal controls deemed adequate; going concern assumption maintained.
• Familiarization programs for independence; whistleblower policy publicly documented.

Related party transactions

• Material related party transactions with Abhishek Steel, Devi Iron & Power, and Rajesh Agrawal HUF.
• Aggregate limits: Abhishek Steel up to ₹50 Cr; Devi Iron up to ₹150 Cr; Rajesh Agrawal HUF up to ₹10 Cr.
• Approval via Ordinary Resolution for 2026-27 related party transactions.
• Promoter-group unsecured loans for solar up to ₹125 Cr; lenders include Escort Finvest, MD & relatives.
• Arm's-length basis; substantial related party disclosures in Form AOC-2.

CSR & ESG

• CSR outlay: ₹12.60 Lacs; obligation ₹11.98 Lacs; surplus carry-forward ₹0.62 Lacs.

Outlook & risks

• Indian steel demand remains positive with infrastructure thrust and Make in India.
• Focus on efficiency, cost optimization, green energy, and diversification into logistics.
• Risks include raw material price volatility, imports, regulatory changes, and macro shocks.

AGM Details

• Date: 25 September 2026; Time: 12:00 noon; Mode: VC/OAVM.

Ordinary Business

• Adopt audited standalone financial statements for year ended 31 March 2026.
• Adopt audited consolidated financial statements for year ended 31 March 2026.
• Re-appoint Suresh Raman as Non-Executive Non-Independent Director, retiring by rotation.
• Appoint Chopra A J & Associates as Statutory Auditors for five years.

Special Business

• Re-appoint Vanitha Rangaiah as Independent Director for second five-year term.
• Ratify remuneration of Cost Auditors Sanat Joshi & Associates.
• Approve borrowing limit up to Rs 900 crores.
• Create mortgage/charge on assets to secure borrowings.
• Approve investments/loans under Section 186 up to Rs 900 crores.
• Approve loans/advances to subsidiaries/related entities up to Rs 300 crores.

Material Related Party Transactions

• Approve material RPTs with Abhishek Steel Industries, Devi Iron & Power, and Rajesh Agrawal HUF.
• Approve unsecured loans from promoter group up to Rs 125 crores.

Auditors and Directors

• M/s Chopra A J & Associates appointed Statutory Auditors for 5 years (38th AGM to 43rd AGM).
• Ms. Vanitha Rangaiah reappointed Independent Director for second term from 28 Jun 2026 to 27 Jun 2031.

Capital and Related-Party Approvals

• Borrowing limit under 180(1)(c) increased to Rs 900 crore; mortgage/charge under 180(1)(a) subject to shareholders approval.
• Increase in Loans/Guarantee/Investment limits to Rs 900 cr and Rs 300 cr for group entities, subject to approvals.
• Material RPTs under LODR 188 and Reg 23 approved subject to shareholder approvals.

AGM and Regulatory Disclosures

• Approved Notice of 38th AGM, Directors' Report, MDAR and related documents.
• AGM on 25 September 2026 via VC/OAVM; remote evoting 22–24 September; cut-off 18 September.
• Register of Members and Share Transfer Books closed 19–25 September 2026.

Regulatory Disclosures

• Annexure I provides Regulation 30 disclosures for auditors and Independent Director appointments.