Mahamaya Steel Q1 FY27 Results (NSE: MAHASTEEL)
Signal: Growth reaccelerated
The read
The main trajectory is revenue acceleration to +29.3% YoY from +11.4% in Q4FY26, but EBITDA growth of +18.7% lagged sales growth and the 2.2% margin was below the prior quarter's 2.98%, so the current inflection is stronger top-line momentum without a confirmed margin recovery.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹267.63 Cr | 29.3% | +1.3% |
| EBIT | ₹3.58 Cr | 27.4% | |
| Net profit | ₹2.13 Cr | 22.4% | |
| EPS | ₹1.3 | 22.6% | |
| EBIT margin | 2.2% |
P&L walk
Revenue increased 29.3% YoY to ₹26774.99 lakh, while EBITDA grew 18.7% and PAT grew 22.4% to ₹212.84 lakh; the slower profit conversion indicates operating margin did not keep pace with sales growth.
Segments
No segment table is disclosed; standalone PAT of ₹213.55 lakh was ₹0.71 lakh above consolidated PAT of ₹212.84 lakh, indicating an immaterial subsidiary drag.
Key positives
- Revenue increased 29.3% YoY to ₹26774.99 lakh, accelerating from 11.4% YoY growth in Q4FY26.
- Consolidated EBIT grew 27.4% YoY to ₹3.58 Cr, ahead of PAT growth of 22.4%.
- EPS rose 22.6% YoY to ₹1.30 and tracked consolidated PAT growth, with the PAT-to-EPS check clearing.
Key concerns
- EBITDA grew 18.7% YoY to ₹5.89 Cr, 10.6 percentage points below revenue growth of 29.3%, indicating weaker conversion of sales into operating profit.
- EBITDA margin moderated to 2.2% from 2.98% in Q4FY26 after the recent margin improvement, leaving profitability sensitive to steel-cost and realisation movements.
- PAT declined 47.7% sequentially from ₹407.02 lakh to ₹212.84 lakh despite revenue increasing 1.3% sequentially.
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