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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. B2B industrial sales, B2G / Defence, B2C retail, Exports. Asset-heavy steel processor with a diversified B2B/B2C/B2G model and forward-integration into higher-margin GI wires and stainless-steel components
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 221 | 236 | 213 | 232 |
| EBITDA (ex other income) | 22 | 23 | — | — |
| margin % | 10.0 | 9.7 | — | — |
| Owners' profit | 10 | 10 | — | — |
| EPS, as reported (₹) | 9.21 | 6.84 | 4.26 | 3.53 |
| ROE % · ROCE % | 23.6 · 32.1 | 13.7 · 22.6 | — · 16.3 | — · 13.9 |
| Debt / equity (x) | 1.66 | 0.88 | — | — |
| Cash from operations | 11 | (12) | 5 | 6 |
| Capex | (8) | (5) | (9) | 0 |
| ₹ crore | Q4 FY23 | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|
| Revenue | 112 | 116 | 236 | 109 | 104 | 109 | 122 |
| Profit before tax | 6 | 6 | 14 | 6 | 3 | 3 | 4 |
| Net profit | 5 | 4 | 10 | 4 | — | — | — |
| EPS (₹) | 4.36 | 2.93 | 6.84 | 2.85 | 1.41 | 1.48 | 2.06 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WELSPUN CORP LIMITED | 70,880 | 30.7 | 7.54 | 30.2 | 17.2 | 14.9 | 21.1 | 18.5 |
| APL APOLLO TUBES LTD | 59,803 | 48.6 | 11.29 | 31.1 | 22.7 | 26.1 | 22.1 | 8.0 |
| SHYAM METALICS AND ENGY L | 29,979 | 26.8 | 2.43 | 12.2 | 8.6 | 11.4 | 24.1 | 14.9 |
| JINDAL SAW LIMITED | 20,016 | 30.5 | 1.63 | 10.5 | 7.5 | 6.8 | 10.9 | 9.4 |
| RATNAMANI MET & TUB LTD. | 19,815 | 45.8 | 4.71 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 5 Sept 2026 · Book closure from Sept 21-28, 2026 for 21st AGM | board shareholder meetings | low | — | — |
| 5 Sept 2026 · Newspaper ad for 21st AGM published, meeting on 28 Sept 2026 | compliance | minimal | — | — |
| 4 Sept 2026 · Maiden Forgings files FY26 Annual Report and 21st AGM notice | compliance | minimal | — | — |
| 4 Sept 2026 · Maiden Forgings 21st AGM notice on Sept 28 via video conferencing | board shareholder meetings | medium | — | — |
| 4 Sept 2026 · Maiden Forgings files prior newspaper ad for 21st AGM notice | compliance | minimal | — | — |
| 1 Sept 2026 · Maiden Forgings appoints M/s Vivek Agrawal and Co as Cost Auditor for FY26-27 | management changes | medium | — | — |
| 1 Sept 2026 · Board appoints M Lal and Co as Internal Auditor for FY27 | management changes | low | — | — |
| 1 Sept 2026 · Appoints CS Mohit Singhal as Secretarial Auditor for FY 2026-27 | management changes | low | — | — |
| 1 Sept 2026 · Board approves auditor appointments and 21st AGM notice | management changes | medium | — | — |
| 20 Aug 2026 · Analyst/investor meeting held on 20 Aug 2026, no UPSI shared | investor communications | low | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions |
| 23.1 |
| 12.7 |
| 15.6 |
| 14.4 |
| 18.5 |
| GODAWARI POW & ISP LTD | 15,875 | 18.6 | 2.71 | 12.0 | 13.7 | 17.0 | 5.7 | 21.0 |
| USHA MARTIN LTD. | 15,069 | 29.7 | 4.56 | 19.8 | 14.1 | 17.7 | 12.0 | 21.0 |
| GALLANTT ISPAT LIMITED | 13,270 | 30.6 | 4.00 | 17.7 | 14.6 | 16.8 | 34.4 | 17.8 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 13.6 | 16.2 | 46 of 118 | 62% |
| ROCE | 7.0 | 8.7 | 67 of 120 | 45% |
| Revenue growth | (48.3) | 13.7 | 88 of 97 | 9% |
| Market cap | 151 | 247 | 68 of 120 | 44% |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
