Maithan Alloys Q4 FY26 Results (NSE: MAITHANALL)
Signal: Loss widened
The read
The core P&L improved in Q4FY26: revenue reached ₹559.03 crore, +26.3% YoY, and gross margin expanded 642bps to 47.2% as material-related costs fell to 52.8% of revenue from 59.2%. However, the ₹74.65 crore PAT loss was driven by negative other income of ₹162.55 crore and a 71.5% YoY increase in finance cost, so the operating recovery remains obscured by non-operating volatility. The quarter was the second consecutive quarter of reported OPM expansion in the prior-results series, following Q3FY26's +500bps YoY improvement, although Q4's loss means the earnings trajectory remains uneven.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹559.03 Cr | +26.3% | +16.2% |
| Net profit | ₹-74.65 Cr | -7.5% | |
| EPS | ₹-25.64 | -7.5% | |
| EBIT margin | 47.2% |
P&L walk
Standalone revenue increased to ₹559.03 crore, +26.3% YoY and +16.2% QoQ, while gross margin expanded to 47.2% from 40.8% YoY; however, finance cost rose 71.5% YoY and negative other income of ₹162.55 crore converted operating performance into a ₹74.65 crore PAT loss.
Key positives
- Revenue from operations was ₹559.03 crore, up 26.3% YoY and 16.2% QoQ, reversing the 7.7% YoY decline reported in Q3FY26.
- Gross margin expanded 642bps YoY to 47.2%, with raw material, purchases and inventory-change costs falling to 52.8% of revenue from 59.2%.
- Employee benefits plus other expenses declined 11.2% YoY to ₹82.77 crore despite 26.3% revenue growth, improving fixed-cost absorption.
- Basic EPS tracked PAT without dilution evidence, with both declining 7.5% YoY.
Key concerns
- PAT was a ₹74.65 crore loss despite revenue growth and gross-margin expansion, because other income was negative ₹162.55 crore.
- Finance cost increased 71.5% YoY to ₹13.31 crore and 291.5% QoQ, creating a meaningful below-operating-profit drag.
- FY26 PAT fell 31.2% to ₹434.77 crore and FY26 EPS fell 31.1% to ₹149.35, indicating that the annual earnings trajectory remains weaker than the revenue trajectory.
- PPE plus CWIP declined 11.3% YoY to ₹165.13 crore, suggesting a harvesting or contraction phase rather than visible capacity expansion.
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