, an Ahmedabad-based stainless steel manufacturer listed on the NSE SME platform, said on Monday its board has approved a proposal to split its equity shares in a 10-for-1 ratio, reducing the face value from ₹10 to ₹1 per share. The decision, taken at a board meeting on May 15, is subject to shareholder and regulatory approvals.
Alongside the split, the board approved a proposal for direct listing on the BSE main board, pending approval from the exchange and relevant authorities. The company also approved a consequential amendment to the Capital Clause of its Memorandum of Association.
The moves come on the back of MWL’s financial results for FY26, in which the company reported revenue of ₹1,214.98 crore and profit after tax of ₹50.14 crore. The board has also recommended a final dividend of ₹0.30 per share for FY26.
Managing Director Chandragupt Prakash Mangal said the split was aimed at improving accessibility of the stock for a wider investor base and cited strong operational performance as a supporting factor.
MWL operates four manufacturing plants in Gujarat — at Halol, Changodar, and Kapadvanj — with a combined installed capacity of over 190,000 metric tonnes per annum. The company produces a range of stainless steel products including billets, bright bars, and seamless pipes and tubes.