BSE: 543874
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. 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
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · standalone | 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 |
Exhibit 2: Quarterly performance, last 7 quarters
| ₹ 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 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WELSPUN CORP LIMITED | 67,533 | 29.2 | 7.18 | 28.8 | 17.2 | 14.9 | 21.1 | 18.5 |
| APL APOLLO TUBES LTD | 60,250 | 49.0 | 11.38 | 31.4 | 22.7 | 26.1 | 22.1 | 8.0 |
| SHYAM METALICS AND ENGY L | 31,861 | 28.4 | 2.58 | 12.9 | 8.6 | 11.4 | 24.1 | 14.9 |
| RATNAMANI MET & TUB LTD. | 16,161 | 37.3 | 3.84 | 18.9 | 12.7 | 15.6 | 14.4 | 18.5 |
| JINDAL SAW LIMITED | 15,396 | 23.5 | 1.25 | 8.5 | 7.5 | 6.8 | 10.9 | 9.4 |
| USHA MARTIN LTD. | 14,152 | 27.9 | 4.29 | 18.6 | 14.1 | 17.7 | 12.0 | 21.0 |
| GALLANTT ISPAT LIMITED | 13,005 | 29.9 | 3.92 | 17.3 | 14.6 | 16.8 | 34.4 | 17.8 |
| GODAWARI POW & ISP LTD | 12,751 | 14.9 | 2.18 | 9.7 | 13.7 | 17.0 | 5.7 | 21.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 12.0 | 15.4 | 38 of 105 | 64% |
| ROCE | 7.0 | 9.1 | 66 of 115 | 43% |
| Revenue growth | (48.3) | 13.7 | 88 of 97 | 9% |
| Market cap | 133 | 216 | 69 of 122 | 44% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 9 Oct 2026 · Routine compliance filing for dematerialization of securities | compliance | minimal | — | — |
| 8 Oct 2026 · Maiden Forgings H1 FY27 Revenue Up 16% YoY to 127 Cr; Volume Up 14% | compliance | low | — | — |
| 30 Sept 2026 · Maiden Forgings 21st AGM: All 3 Resolutions Passed with 100% Approval | compliance | minimal | — | — |
| 28 Sept 2026 · Maiden Forgings 21st AGM held on Sep 28, 2026 via video conferencing | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Trading window closed for insiders from October 1, 2026 until H1 results announcement | compliance | minimal | — | — |
| 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 | — | — |
How to read this document
| 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 | 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 |
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Sources, method and disclosures
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.