Company Visit Note: Maithan Alloys Ltd. (MAL) - NOT RATED - Kotak

We met the management of Maithan Alloys (MAL) to understand long term prospects. MAL is a leading manufacturer and exporter of manganese alloys such as ferro manganese, silico manganese and ferro silicon largely used in manufacturing steel. The company currently has an installed capacity of 137.25MVA at the end of FY17, spread across three locations at Kalyaneshwari, Vishakhapatnam and Byrnihat, operating at over 90% capacity utilisation. The company also operates three wind turbine generators (one in Maharashtra and two in Rajasthan) with a cumulative capacity of 3.8 MW. With a low gearing ratio and no capex lined up, the Cash flow from operations should remain strong in the coming year. Focus of the management would be on acquiring stressed assets at the right time and at the right price (looking to acquire a ferro alloy furnace).

Shares of MAITHAN ALLOYS LTD. was last trading in BSE at Rs.458.7 as compared to the previous close of Rs. 466.05. The total number of shares traded during the day was 26734 in over 1373 trades.

The stock hit an intraday high of Rs. 476.2 and intraday low of 455. The net turnover during the day was Rs. 12360423.

Source : Equity Bulls

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