Investors tracking multibagger stocks had Magnus Steel and Infra Ltd. on their radar on Thursday after the stock hit the 5% upper circuit following its June-quarter earnings.
Even though the stock witnessed a sharp correction over the past few months, it continues to remain a standout performer over the longer term, delivering more than 400% returns over a year.
The stock stood at Rs 52.04 apiece on the Bombay Stock Exchange today, gaining nearly 5%. After the company reported robust growth in both revenue and profitability for the quarter ended June 30, 2026. This rally came amid a broader market sell-off on Thursday.
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Strong Q1 Performance Drives Buying Interest
Magnus Steel and Infra Ltd. reported a 490.6% year-on-year rise in its net profit to Rs 241.13 lakh for the quarter ended on 30 June 2026, compared with Rs 40.83 lakh in the corresponding quarter last year.
Revenue from operations climbed 273.7% YoY to Rs 730.25 lakh, up from Rs 195.43 lakh a year ago, reflecting a sharp increase in business activity.
The company's profitability also improved sequentially as total expenses declined to Rs 489.12 lakh from Rs 561.39 lakh reported in the March quarter.
Rights Issue Proposal Awaiting Exchange Approval
In a separate filing, the company also updated investors on its proposed rights issue. Magnus Steel and Infra has deferred the meeting of its Rights Issue Committee until it receives in-principle approval from the stock exchange.
“As the In-Principle approval from the Stock Exchange w.r.t. above said Rights Issue is under process as of now, the meeting of the Rights Issue Committee which was scheduled to be held on July 21, 2026 is now postponed and will be held within next working day post receipt of In-principle approval letter from the stock exchange for the abovementioned rights issue,” the company said in the filing.
Earlier this month, the company's board approved a proposal to raise up to Rs 40 crore through a rights issue of equity shares. The proposed fund raise is aimed at strengthening the company's financial position and augmenting its capital base.
400%+ Gains Over a Year Despite Recent Correction
Magnus Steel and Infra shares opened at Rs 52.03 on the BSE, nearly 5% up from the previous close at Rs 49.57 apiece. Then touched an intraday high of Rs 52.04, locking in the 5% upper circuit on Thursday.
The stock has remained volatile in recent weeks, declining 9.95% over the past week and 37.90% over the past month.
Despite the recent decline, the stock has gained 15.06% over the past six months, 43.20% so far this year, and has delivered over 444% returns in the last year.
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