Maiden Forgings Ltd (MAIDEN)

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Maiden Forgings Ltd (MAIDEN) · mywealthgrid

About

Maiden Forgings Ltd is a small-cap iron and steel forgings company in the industrials sector with a market cap of ₹157.9 Cr, trading at ₹111.2. Multiple profitability metrics are unavailable (PE, ROE, OPM), indicating either losses or reporting gaps that require verification of current financial health.

Face value: ₹10

Market cap

₹141 Cr

P/E

28.1×

P/B

—

Dividend yield

ROE

—

ROCE

—

Debt / equity

—

OPM

6.4%

EPS (TTM)

₹3.5

Book value

—

52-week high

—

52-week low

—

Key insights

Company research notes and source-linked reviews

Key risks

Profitability metrics unavailable (PE n/a, ROE n/a, OPM n/a) — verify whether the company is currently profitable and what fundamentals drove the 36.44% 1-year price appreciation
Negligible institutional ownership (0% FII, 0.15% DII) combined with ₹157.9 Cr market cap creates liquidity and scale constraints; verify trading volumes and analyst coverage
Debt structure opaque (D/E n/a) in a capital-intensive industry — verify leverage levels and debt service capacity in an economically sensitive sector
Iron & Steel sector exposure to commodity cycles and economic slowdowns — verify end-market exposure, customer concentration, and pricing power

Generated analysis · source review pending

Growth drivers

Stock recovered from 52w low of ₹69.04 to ₹111.37, contributing to 36.44% annual return; verify whether this reflects fundamental business turnaround or technical bounce
Recent filing (2026-08-10) may signal capital structure or strategic changes; verify what was disclosed and implications for business direction
Iron and steel forgings serve cyclical sectors (auto, railways, heavy equipment) that may see demand recovery; verify end-market mix and cyclical positioning
Unavailable profitability metrics (PE n/a, ROE n/a) might indicate prior losses; recovery to 52w high could signal emerging profitability; verify latest quarterly results for margin inflection or return to earnings

Generated analysis · source review pending

842 historical price candles were omitted because the exchange source has not been verified.

₹99.5+4.5%1Y

Quick read

rule-based

Pros

+Strong return on equity of 20.5% (3-yr avg)
+High return on capital employed of 29.6%
+High promoter holding of 72% with no pledge

Cons

−Thin operating margin of 6.4%
−Profit declined 19.5% a year over the last 3 years
−Modest revenue growth of 1.6% a year over the last 3 years

Research score

Structured signal from quality, growth, valuation and momentum.

18/100

Business quality: 6
Growth: 3
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Standalone figures · ₹ crore

₹ Cr	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	221	236	213	232
COGS	185	200	181	202
Gross profit	36	36	32	29
	14	14	13	14
	22	23	19	15
OPM %	10%	9.7%	9%	6.4%
Depreciation	4	4	4	4
Interest	5	6	7	7
	0	1	1	2
Profit before tax	13	14	9	7
Tax	4	4	2	2
Tax %	27.8%	29.1%	29.2%	27.7%
	10	10	6	5
PAT margin %	4.4%	4.1%	2.8%	2.2%
EPS (₹)	9.2	6.8	4.3	3.5
EPS adjusted (₹)	9.2	6.8	—	—
Annual report	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	10	14	—	—
Reserves	30	57	—	—
Minority interest	—	0	—	—
	68	63	—	—
	19	15	164	181
Total equity & liabilities	127	149	164	181
	29	29	37	38
CWIP	0	0	—	—
Investments	0	0	4	0
	98	119	123	143
Total assets	127	149	164	181

₹ Cr	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	11	-12	5	6
	-9	-7	-9	-4
	-2	19	5	-3
Net cash flow	0	-1	0	-0
Free cash flow	3	-17	-5	6
CFO / Operating profit %	52.3%	-52.5%	23.5%	41.8%

Compounded sales growth

7 years: —
5 years: —
3 years: 2%
1 year: 9%

Compounded profit growth

7 years: —
5 years: —
3 years: -20%
1 year: -17%

Return on equity

7 years: —
5 years: —
3 years: —
Last year: 14%

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Ratios

Annual operating, return, leverage and working-capital ratios.

Standalone figures

Ratio	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	16.1%	15.4%	15%	12.6%
EBITDA margin %	10%	9.7%	9%	6.4%
EBIT margin %	8.4%	7.8%	7.1%	4.9%
PAT margin %	4.4%	4.1%	2.8%	2.2%
Working capital
Receivable days	41	34	—	—
Inventory days	99	124	153	150
Payable days	25	17	—	—
NWC days	116	141	—	—
Leverage
Current ratio	1.35	1.81	1.82	1.69
Debt to EBITDA	3.07	2.74	—	—
Debt to equity	1.66	0.88	—	—
Interest coverage	3.4	3.3	2.2	2
Asset turnover	1.74	1.59	1.3	1.28
Return ratios
Return on assets %	7.6%	6.5%	3.7%	2.8%
Return on capital employed %	32.1%	27%	17.3%	14%
Return on equity %	23.6%	13.7%	—	—

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2024	Mar 2025	Sep 2025	Mar 2026
	73.37%	73.37%	71.97%	71.97%
FII	0%	0%	0%	0%
	0%	0%	0%	0.15%
Government	0%	0%	0%	0%
	26.63%	26.63%	28.03%	27.88%
No. of shareholders	1,488	1,490	1,288	1,071

Promoter holding down 1.4 percentage points since Sep 2024.

Nishant GargManaging Director
Nivedita GargWhole Time Director
Abhilash RastogiIndependent Director
Raj Kumar MittalIndependent Director
Urvi AgarwalIndependent Director
Ms. Monika NegiCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Maiden Forgings Ltd. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Loading documents…

Events

Upcoming dates and the company’s corporate-action history.

No events on record

Corporate actions, results dates and filings will appear here once ingested.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

13 announcementsExport CSV

1 Sept 2026, 5:58 pmCompany Update

Announcement under Regulation 30 (LODR)-Change in Management

Change in Management PDF

1 Sept 2026, 5:53 pmCompany Update

Announcement under Regulation 30 (LODR)-Change in Management

Change in Management PDF

1 Sept 2026, 5:38 pmOthers

Board Meeting Outcome for Outcome Of Board Meeting Held On Tuesday, September 01, 2026, At 04:00 P.M.

Outcome without intimation PDF

20 Aug 2026, 6:52 pmCompany Update

Outcome Of Analysts / Investors' Meeting Held On 20Th August, 2026

General PDF

14 Aug 2026, 4:59 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

Date	Category	Subject	Filing
1 Sept 2026, 5:58 pm	Company Update Change in Management	Announcement under Regulation 30 (LODR)-Change in Management	PDF
1 Sept 2026, 5:53 pm	Company Update Change in Management	Announcement under Regulation 30 (LODR)-Change in Management

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Ratio	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	16.1%	15.4%	15%	12.6%
EBITDA margin %	10%	9.7%	9%	6.4%
EBIT margin %	8.4%	7.8%	7.1%	4.9%
PAT margin %	4.4%	4.1%	2.8%	2.2%
Working capital
Receivable days	41	34	—	—
Inventory days	99	124	153	150
Payable days	25	17	—	—
NWC days	116	141	—	—
Leverage
Current ratio	1.35	1.81	1.82	1.69
Debt to EBITDA	3.07	2.74	—	—
Debt to equity	1.66	0.88	—	—
Interest coverage	3.4	3.3	2.2	2
Asset turnover	1.74	1.59	1.3	1.28
Return ratios
Return on assets %	7.6%	6.5%	3.7%	2.8%
Return on capital employed %	32.1%	27%	17.3%	14%
Return on equity %	23.6%	13.7%	—	—

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Welspun Corp LimitedWELCORPWELCORP	₹68,741 Cr	₹70,904 Cr	₹17,300 Cr	₹2,403 Cr	13.3%	₹2,309 Cr	9.7%	19.2%	19.4%	85
Apl Apollo Tubes LimitedAPLAPOLLOAPLAPOLLO	₹58,753 Cr	₹59,205 Cr	₹22,897 Cr	₹1,841 Cr	7.8%	₹1,229 Cr	5.2%	30.8%	25.3%	-12
Shyam Metalics And Energy LimitedSHYAMMETLSHYAMMETL	₹29,244 Cr	₹30,225 Cr	₹19,574 Cr	₹2,519 Cr	12.6%	₹860 Cr	5.7%	13.5%	9.7%	8
Ratnamani Metals & Tubes LimitedRATNAMANIRATNAMANI	₹18,362 Cr	₹18,666 Cr	₹4,314 Cr	₹732 Cr	16.9%	₹433 Cr	11.9%	17.8%	12.5%	210
Jindal Saw LimitedJINDALSAWJINDALSAW	₹17,286 Cr	₹21,976 Cr	₹18,263 Cr	₹1,941 Cr	12.4%	₹653 Cr	5.2%	11.4%	8.1%	159
Usha Martin LimitedUSHAMARTUSHAMART	₹14,982 Cr	₹15,128 Cr	₹3,837 Cr	₹768 Cr	19.1%	₹507 Cr	12.6%	20%	15.4%	190
Godawari Power And Ispat LimitedGPILGPIL	₹14,517 Cr	₹14,943 Cr	₹5,808 Cr	₹1,263 Cr	23.3%	₹808 Cr	14.9%	20.1%	14.9%	73
Gallantt Ispat LimitedGALLANTTGALLANTT	₹12,793 Cr	₹13,340 Cr	₹4,437 Cr	₹655 Cr	16.2%	₹436 Cr	11%	19.2%	15.7%	58
Maharashtra Seamless LimitedMAHSEAMLESMAHSEAMLES	₹9,363 Cr	₹9,377 Cr	₹4,620 Cr	₹696 Cr	14.6%	₹737 Cr	15%	13.6%	10.6%	153
Jayaswal Neco Industries LimitedJAYNECOINDJAYNECOIND	₹8,863 Cr	₹10,960 Cr	₹7,589 Cr	₹1,409 Cr	18.6%	₹564 Cr	6.5%	22.9%	17.8%	151
Sunflag Iron And Steel Company LimitedSUNFLAGSUNFLAG	₹7,812 Cr	₹8,286 Cr	₹3,995 Cr	₹476 Cr	12.1%	₹206 Cr	5.1%	3.8%	2.3%	95
Man Industries (India) LimitedMANINDSMANINDS	₹6,912 Cr	₹7,411 Cr	₹3,875 Cr	₹532 Cr	12.3%	₹204 Cr	4.8%	18.4%	9.2%	114

Maiden Forgings Ltd

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Ratios

Ratio timeline

Shareholding

Quarterly record

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

No events on record

Announcements

Ratio timeline

No events on record

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

Quarterly record

Board and management

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity