Mahamaya Steel Industries

What Mahamaya Steel Industries does

Mahamaya Steel Industries Limited (MSIL) is a publicly listed Indian heavy structural steel manufacturer, founded in 1988 and incorporated under the Companies Act 1956. It operates a single integrated production complex at Urla Industrial Complex, Raipur, Chhattisgarh, comprising a Steel Melting Shop (200,000 TPA), a heavy steel structural Rolling Mill (205,500 MTPA), and an in-house Gas Plant (900,000 cubic meters). Its product range spans structural profiles (I-Beam, Channel, Angle, H-Beam, Flat), railway sleepers, long products (Rounds, Squares), and semi-finished intermediates (Billets, Blooms). The company holds a first-mover credential as the first private sector firm in India to produce 600mm Joist and establish a 26-inch Rolling Mill Unit (1998), and it introduced Direct Hot Charging technology in 2013 to reduce reheat energy costs.

The business serves infrastructure project operators across railway, power plant, dam, and bridge segments. Indian Railways is the named anchor buyer for railway sleepers and structural steel. Revenue is generated through direct B2B enterprise field sales, with pricing handled on a quotation basis (no public price list), and distribution is exclusively domestic (single-country, single-site). FY2024-25 consolidated revenue from operations was INR 80,176.43 lakhs (~$96M USD), with consolidated total profit of INR 760.07 lakhs, implying a thin ~0.9% net margin typical of cyclical commodity steel. The company is promoted by the Agrawal family (Rajesh Agrawal as Managing Director, Rekha Agrawal as Executive Director), with Suresh Raman serving as Executive Director & CFO.

The company maintains a single reportable Steel Segment and is listed on both BSE (513554) and NSE (MAHASTEEL) with full SEBI LODR compliance. GTM motion is direct enterprise sales supplemented by an investor relations portal and modest social media presence (LinkedIn, Facebook, Instagram, YouTube). Notable related-party transactions include significant purchases from Devi Iron & Power (INR 3,717.58 lakhs in H1 FY2024-25) and Abhishek Steel Industries, reflecting promoter-group vertical integration. Outstanding regulatory exposures include a paid NSE Reg 33 fine, multiple pending Income Tax disputes, a Central Excise case before the CG High Court, and a pending GST appeal.

Name

Mahamaya Steel Industries

Legal name

Mahamaya Steel Industries Limited

Website

https://mahamayagroup.in

Company type

Public

Founded year

1988

Operating status

Operating

Headcount range

101–250 employees

Short description

Mahamaya Steel Industries Limited is an Indian integrated heavy structural steel manufacturer producing I-Beams, Channels, Angles, H-Beams, Flats, Railway Sleepers, and Billets/Blooms at its single Raipur facility, serving railway, power plant, dam, and bridge infrastructure projects via direct B2B sales.

Ownership category

akta.pro rank

Product category

Steel Structural Products

NAICS

Plate Work and Fabricated Structural Product Manufacturing (33231)

akta.pro primary industry

Long Products Manufacturing (Rebar, Wire Rod, Merchant Bar, Sections/Beams) (IMAKABAH)

akta.pro secondary industry

Specialty & Alloy Steel (Stainless, Tool Steel, Electrical Steel, High-Strength/HSLA) (IMAKABAJ)

Keywords

• Structural steel manufacturing
• Steel rolling mill
• Heavy steel products
• Railway sleepers
• Steel structural sections

Headquarters

HQ city

Raipur

HQ country

India

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Infrastructure, Personnel, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Steel Structural Products Sales: The company manufactures and sells heavy steel structural products including I-Beam, Channel, Angle, H-Beam, Flat, Railway Sleepers, Rounds, Squares, Billets, and Blooms. Revenue is generated through direct B2B sales to infrastructure project operators.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels6 records

Core offering

Mahamaya Steel Industries Limited manufactures and sells heavy steel structural products through an integrated facility comprising a Steel Melting Shop, a 26-inch Rolling Mill, and a Gas Plant located at Raipur, Chhattisgarh. Its product portfolio includes structural sections (I-Beam, Channel, Angle, H-Beam, Flat), railway infrastructure products (Railway Sleepers), long products (Rounds, Squares), and semi-finished steel (Billets, Blooms). The company sells these products directly to infrastructure project operators in railway, power plant, dam, and bridge construction sectors.

Product overview

Mahamaya Steel Industries Limited operates as a steel manufacturing company with a single-segment business focused on the Steel Segment. The company runs a heavy steel structural mill, Steel Melting Shop, and Gas plant at its Raipur, Chhattisgarh facility. Its product portfolio consists of structural steel profiles (I-Beam, Channel, Angle, H-Beam, Flat), railway infrastructure products (Railway Sleepers), and long products (Rounds, Squares), along with semi-finished intermediate products (Billet, Bloom) produced from its steel melting operations. The company achieved a milestone in 1998 as the first private sector company in India to produce 600mm Joist and established a 26-inch Rolling Mill Unit. In 2021, the company introduced new product ranges including BEAM 100 X 50 and FLATS up to 500mm wide.

Differentiator

Problem solved

Functional benefit

Products and services

• I-Beam

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Four partnerships are on record, tiered core and minor.

• Devi Iron & Power Private LimitedcoreOthers · 1 January 2022Enterprises owned or significantly influenced by Key Managerial Personnel or their relatives. Significant related party transactions including purchase of goods and services (INR 3,717.58 Lakhs in H1 FY2024-25), sale of goods (INR 39.33 Lakhs), and account payables (INR 581.18 Lakhs).
• Abhishek Steel Industries LimitedcoreOthers · 1 January 2022Associate company with related party transactions including purchase of goods and services (INR 59.06 Lakhs in H1 FY2024-25), rent income (INR 0.42 Lakhs), and account payables (INR 143.84 Lakhs). Historically significant purchases reaching INR 4,152.56 Lakhs in H2 FY2022-23.
• Escort Finvest Private LimitedminorOthers · 1 January 2022Enterprises owned or significantly influenced by KMP or relatives. Related party transactions include interest paid (INR 23.55 Lakhs in H1 FY2024-25), loans payable (INR 62.65 Lakhs), and redemption of preference shares. Merged with Antriksh Commerce Private Limited.
• Mahamaya Charitable FoundationminorOthers · 1 January 2022CSR entity under related party transactions. Transactions include rent income (INR 0.10 Lakhs in H1 FY2024-25) and CSR expenses (INR 1.27 Lakhs in H2 FY2023-24). Promotes corporate social responsibility activities.

Scale indicators7 records

Recent moves3 records

Expansion highlights3 records

Direct peers

• Visa Steel Limited: Indian integrated steel producer focused on specialty and long products. Comparable in scale, Indian market focus, and infrastructure/driven end-customer mix.
• Kamdhenu Limited: Indian steel manufacturer producing structural steel products (TMT bars, beams, channels) for infrastructure and construction. Highly comparable to Mahamaya in product portfolio, B2B go-to-market, and Indian market focus.
• Sarda Energy & Minerals Limited: Integrated steel producer with sponge iron, billets, and structural long products. Comparable in steel manufacturing process and Indian infrastructure end-market exposure.
• Kalyani Steels Limited: Indian producer of forging and structural steel products for automotive and infrastructure. Comparable mid-scale Indian steel manufacturing footprint and B2B industrial customer mix.
• APL Apollo Tubes Limited: Large Indian structural steel tube and section manufacturer selling into infrastructure and construction. Comparable in structural product focus and B2B sales model, though larger in scale.
• Godawari Power & Ispat Limited: Integrated steel producer with structural steel, TMT bars, and long products from its Raipur-area operations. Directly comparable in product range, geographic proximity, and channel mix.
• Shyam Steel (Shyam SEL and Power Limited): Indian structural steel and TMT bar manufacturer serving infrastructure and construction segments. Comparable product mix (structural sections) and similar B2B distribution model to Mahamaya.

Broad incumbents

• Tata Steel Limited: India's largest private steel producer with diverse structural and long products. Overlaps in end-market (railways, infrastructure) but operates at vastly greater scale and with deeper backward integration.
• Steel Authority of India Limited (SAIL): India's largest state-owned integrated steel producer, supplying heavy structural sections for railways, power, and bridges. Comparable end-markets and customer base, but vastly larger scale and broader portfolio.
• Jindal Steel & Power Limited: Large private integrated steel producer with structural, plate, and rail products serving Indian railways and infrastructure. Comparable end-segment presence, but at significantly larger scale and broader product mix.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCzVcuWaT-nVtVlrje8hoydg
• Facebookfacebook.com/mahamayasteels
• LinkedInlinkedin.com/company/mahamaya-steel-industries-ltd
• Instagraminstagram.com/mahamayasteel

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Mahamaya Steel Industries