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Maithan Alloys


Maithan Alloys is in the business of producing manganese ferro alloys.

It has a reputed clientele with the likes of SAIL, Jindal Steel etc. in its roster.   It claims to differentiate itself from other ferro alloy producers by focusing on higher margin manganese alloy products used for special steel strengthening.

The company has reported somewhat erratic revenue growth over its short public history likely due to its industrial cycle – reporting 110cr of operating profits on 600cr of revenues in the last financial year.  It operates with modest net debt of about 50cr.

The company is heavily dependent on the availability and pricing of manganese ores – and hence, very exposed to adverse price spikes.  Moreover, it is exposed to cyclical risks of the steel industry – its primary customers and also to the oversupply within its own industry. 
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