Maiden Forgings Limited

Manufactures steel bright bars, wires and pneumatic nails from an integrated plant at Bhojpur/Modinagar that is consolidating two older facilities. Operates a diversified B2B/B2C/B2G model serving roughly 450 customers across industrial buyers, defence and government bodies (registrations with DRDO's TBRL and CEMILAC, Ordnance Factory Board at Kolkata and Muradnagar; orders delivered to HAL, BHEL and NTPC) and consumer channels including Amazon India. FY26 production hit a record 35,546 MT against installed capacity of 53,000 MT, with capacity utilisation around 72–74%, and FY26 revenue from operations was ₹231.61 cr (H2 FY26 at ₹122.60 cr). The company is forward-integrating into higher-margin GI wires (stated target 20–25% gross margin) and stainless-steel components from the new facility, and has set up a 100%-owned Dubai subsidiary for overseas distribution. Raw materials dominate costs at 86.7% of revenue, with a back-to-back raw-material model used to hedge steel input prices. The 4-acre Modinagar plant is expected to lift capacity to ~63,000 MT, take utilisation to 85% from August/September 2026, and deliver stated annual cost savings of about ₹2.5 cr.