Maiden ForgingsShare price, financial results, shareholding and management
- Market cap
- ₹140 cr
- Stock P/E
- 27.9peers 16.5
- Book value
- ₹57
- Price to book
- 1.73
- EV / operating profit
- -
- Market cap to sales
- 0.60
- ROCE · FY26
- 9.3%
- ROE · FY26
- 6.4%
- ROE, 3-year average
- 10.7%
- Operating margin · FY26
- 6.4%peers 8.3%
- Sales growth, 3 years
- 1.6%
- Profit growth, 3 years
- -19.5%
- Debt to equity
- 0.85peers 0.72
- Borrowings
- ₹69 cr
- Interest cover
- 2.0×
- Cash from business / op. profit
- 40%
- Debtor days
- 62
- Pledged
- 0.00%
- Promoter holding
- 71.97%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 1,071
- 52-week high / low
- ₹125 / ₹64
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Maiden Forgings share price chart
Close on 5 Nov 2026 · +9.44% on the day · Vol 15,000
Daily prices to 5 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 5 Nov 2026
- 1 month
- +2.2%
- 3 months
- -5.3%
- 6 months
- +23.9%
- 1 year
- +15.9%
- Traded a day, 20 days
- ₹0.09 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +9% | -17% |
| 3 years, a year | +2% | -20% |
| Latest half, H2 FY26 | +18% | +47% |
About Maiden Forgings: business, products and customers
Maiden Forgings turns plain steel rods and wire into smooth, exact bright bars and wires for factories that make car parts, machines, fasteners, locks and furniture, at plants in Ghaziabad. It also makes nails for nail guns, mostly for export. Its shares trade on BSE SME.
Maiden Forgings takes hot rolled carbon, alloy and stainless steel bars and wire rods and pickles, draws, peels, straightens, polishes and anneals them into bright bars and wires in many sizes and shapes. It runs three units in Ghaziabad with its own testing laboratory, and also makes collated nails used in pneumatic nail guns. The business began as a proprietorship in 1988 and became a company in 2005.
The managing director describes it as a steel processor rather than a steel maker: raw steel, bought largely from large mills such as Tata Steel and SAIL, is booked against each customer order so that the spread per tonne holds when prices move. Because the company pays for the steel itself, revenue carries the full metal cost, so sales rise and fall with steel prices and the margin is a thin processing spread; raw material took about seven of every eight rupees of sales in FY26. Stainless steel stock has to be held for longer, and customers take time to pay, so much of its money sits in stock and dues funded by short term bank loans.
Read more about the business
Buyers are mostly engineering firms and second and third tier suppliers to car and two wheeler makers, with hardware, furniture and small unorganised buyers making up the rest; the company also names direct supply to BHEL, NTPC and HAL. The offer document set it beside three listed wire companies, Bharat Wire Ropes, Geekay Wires and Metal Coatings (India), while saying they are not strictly comparable in the nature and size of business.
What is new: the company is moving two of its units to a larger site at Modinagar, adding galvanised and mild steel wire and stainless steel machine components there, and has registered as a supplier with defence bodies. It planned a warehouse in Dubai in February 2026 but put it on hold because of the war in the region.
From the offer document, the annual report for FY26, the June 2026 investor presentation and the June 2026 earnings call.
Read the deeper study ↓In its favour
- It brings in more cash than it shows as profit: ₹6 cr against ₹5 cr in FY26.
- The promoters own a large part of the company: 71.97%.
To watch
- The Modinagar site running with both units moved, and the savings of at least ₹25 lakh a month the company expects (Investor presentation, June 2026, p.12; Earnings call, June 2026, p.5).
- Galvanised wire and stainless steel components starting around October 2026 and production of about 42,000 tonnes in FY27, as the managing director said (Earnings call, June 2026, p.10 and p.12).
- Other income, up from ₹0.66 cr to ₹2.35 cr in FY26, which the managing director linked to government business and promised to explain (Earnings call, June 2026, p.15; Investor presentation, June 2026, p.25).
- The Dubai warehouse, on hold until the war in the region eases (Earnings call, June 2026, p.6 and p.13).
- The promoters' share has come down: 71.97%, from 73.37%.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Maiden Forgings revenue and profit growth
Half-yearly results · Profit and lossSales have grown slowly. Last year profit fell even as sales rose, so the company kept less from each rupee of sales.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew faster than sales.
Maiden Forgings half-yearly results
SME companies report every six months · ₹ crore
| H1FY23 | H1FY24 | H2FY24 | H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|---|---|---|
| Sales | 108 | 115.50 | 121 | 109.09 | 103.82 | 109.44 | 122.17 |
| Expenses | 99 | 105 | 108 | 99.42 | 94.24 | 104.63 | 112.11 |
| Operating profit | 10 | 10.50 | 12 | 9.67 | 9.58 | 4.82 | 10.06 |
| OPM | 9.0% | 9.1% | 10.0% | 8.9% | 9.2% | 4.4% | 8.2% |
| Interest | 3 | 2.98 | 3 | 2.82 | 4.49 | 2.66 | 4.12 |
| Depreciation | 2 | 2.09 | 2 | 1.05 | 3 | 1.58 | 1.93 |
| Profit before tax | 6 | 6.22 | 7 | 5.91 | 2.64 | 2.50 | 4.44 |
| Net profit | 4 | 4.18 | 6 | 4.05 | 2 | 2.10 | 2.93 |
Maiden Forgings profit and loss
Full years to March, FY20 to FY26 · ₹ crore, consolidated where reported
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Sales | 204 | 199 | 210 | 220.82 | 236.09 | 212.91 | 231.61 |
| Expenses | 191 | 186 | 198 | 198.85 | 213.24 | 193.66 | 216.74 |
| Operating profit | 13 | 13 | 12 | 21.97 | 22.86 | 19.25 | 14.87 |
| OPM | 6.0% | 7.0% | 6.0% | 9.9% | 9.7% | 9.0% | 6.4% |
| Other income | 0 | 0 | 0 | 0.34 | 1.21 | 0.66 | 2.35 |
| Interest | 7 | 7 | 6 | 5.48 | 5.91 | 7.32 | 6.78 |
| Depreciation | 4 | 4 | 3 | 3.52 | 4.45 | 4.05 | 3.50 |
| Profit before tax | 2 | 2 | 3 | 13.31 | 13.71 | 8.54 | 6.94 |
| Tax rate | 0.0% | 0.0% | 33.3% | 27.8% | 29.1% | 29.2% | 27.7% |
| Net profit | 2 | 2 | 2 | 9.61 | 9.72 | 6.05 | 5.02 |
| EPS ₹ | 3.57 | 3.24 | 4.20 | 9.21 | 6.84 | 4.26 | 3.53 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY22 come rounded to the nearest crore in the source.
Maiden Forgings profitability
Margins and returns on capitalLast year the company kept less from each rupee of sales than the year before. It earns a low return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Operating margin | 6.0% | 7.0% | 6.0% | 9.9% | 9.7% | 9.0% | 6.4% |
| Tax rate | 0.0% | 0.0% | 33.3% | 27.8% | 29.1% | 29.2% | 27.7% |
| ROCE | · | 10.3% | 9.8% | 18.7% | 16.2% | 11.4% | 9.3% |
| ROE | · | 7.8% | 6.7% | 27.1% | 17.5% | 8.2% | 6.4% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Maiden Forgings debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown. Its loans are smaller than its own money. Last year the business brought in more cash than it showed as profit. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
Maiden Forgings balance sheet
At each 31 March · ₹ crore
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Equity capital | 5 | 5 | 5 | 10 | 14 | 14 | 14 |
| Reserves | 17 | 24 | 26 | 30 | 57 | 62 | 67 |
| Net worth | 22 | 29 | 31 | 40 | 71 | 76 | 81 |
| Borrowings | 63 | 61 | 62 | 68 | 63 | 69 | 69 |
| Other liabilities | 14 | 15 | 17 | 19 | 15 | 19 | 31 |
| Total liabilities | 99 | 105 | 110 | 127 | 149 | 164 | 181 |
| Fixed assets | 29 | 26 | 24 | 29 | 29 | 37 | 34 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 | 0 | 4 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other assets | 70 | 79 | 86 | 98 | 120 | 127 | 143 |
Maiden Forgings cash flow
₹ crore
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | 3 | 0 | 3 | 11 | -12 | 5 | 6 |
| Cash from investing | -3 | 0 | -2 | -9 | -7 | -9 | -4 |
| Cash from financing | -1 | 2 | -1 | -2 | 19 | 5 | -3 |
| Net cash flow | -1 | 2 | 0 | 0 | 0 | 1 | -1 |
Working capital
Days
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Debtor days | 55 | 61 | 47 | 41 | 34 | 51 | 62 |
| Inventory days | 48 | 75 | 81 | 99 | 124 | 153 | 150 |
| Days payable | 26 | 26 | 14 | 25 | 17 | 26 | 33 |
| Cash conversion cycle | 77 | 110 | 114 | 116 | 141 | 178 | 179 |
| Working capital days | 20 | 30 | 33 | 34 | 74 | 90 | 86 |
Maiden Forgings peers and competitors
Listed SME companies in the same industryBy sales, Maiden Forgings is number 41 of the 156 listed SME companies in industrial products.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Auro Impex & Chemicals | 51 | 12.3 | 250 | 4.2 | 3.6% | 0.83 |
| Uma Converter | 33 | 10.5 | 249 | 3.2 | 6.3% | 0.97 |
| Visaman Global Sales | 43 | 7.0 | 249 | 6.1 | 5.8% | 1.00 |
| Classic Electrodes (India) | 93 | 7.4 | 243 | 12.6 | 9.3% | 0.20 |
| Prime Cable Industries | 368 | 30.6 | 235 | 12 | 10.0% | 0.85 |
| Krishca Strapping Solutions | 308 | 26.9 | 234 | 11.4 | 12.2% | 0.62 |
| Maiden Forgings | 140 | 27.9 | 232 | 5 | 6.4% | 0.85 |
| Sharvaya Metals | 198 | 16.5 | 230 | 12 | 8.0% | 0.16 |
| ANB Metal Cast | 401 | 19.1 | 225 | 21 | 15.0% | 0.49 |
| Aeron Composite | 148 | 17.0 | 222 | 8.7 | 8.7% | 0.53 |
| Vama Wovenfab | - | - | 214 | 12 | 8.0% | 0.86 |
| Median of the 10 others | 148 | 16.5 | 234 | 11.7 | 8.3% | 0.72 |
Maiden Forgings shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company, a little less than in the first filing shown. Big foreign and Indian funds own very little. The number of shareholders is about the same.
Maiden Forgings shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Sep 23 | Mar 24 | Sep 24 | Mar 25 | Sep 25 | Mar 26 | |
|---|---|---|---|---|---|---|
| Promoters | 73.37% | 73.37% | 73.37% | 73.37% | 71.97% | 71.97% |
| Indian institutions (DIIs) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | - |
| Number of shareholders | 841 | 1,256 | 1,488 | 1,490 | 1,288 | 1,071 |
Maiden Forgings study: the business from its own documents
Read from 12 of the company's own documentsMaiden Forgings key facts from the filings
Each figure with the document it comes from
- Installed capacity
- 53,000 tonnes a year
- Across three Ghaziabad units, about seventy percent used, the company says.Investor presentation, June 2026, p.9
- Production in FY26
- 35,546 tonnes
- The highest the company has made in a year.Earnings call, June 2026, p.4
- Customers
- 450+
- With more than 40 new clients added in FY26.Investor presentation, June 2026, p.29
- Engineering industry
- 50% of sales
- Auto component suppliers give 20%, hardware 10%, furniture 10% and other buyers 10%.Investor presentation, June 2026, p.13
- Top ten customers
- 20.4% of sales
- In April to December 2022, up from 16.2% in FY20; no single buyer dominates.Offer document, p.134
Show 5 more facts
- Exports in FY26
- ₹4.6 cr
- About 2% of sales, so the business is almost wholly domestic.Annual report FY26, p.20; our arithmetic
- Delivery time
- 48 hours
- For carbon and alloy steel orders, against at least a week as the industry norm, the company says.Investor presentation, June 2026, p.17
- New site at Modinagar
- 4 acres
- Bought in October 2024 about 25 km away, to bring two units together and leave room to grow.Investor presentation, June 2026, p.11
- Defence registrations
- 4
- Ordnance Factory Kolkata and Muradnagar, TBRL DRDO and CEMILAC DRDO; supplies made to HAL, BHEL and NTPC.Earnings call, June 2026, p.5
- Preferential issue
- 25 lakh shares at ₹100
- Approved in November 2025, but not allotted because the investor did not send the money in time.Annual report FY26, p.21 and p.43
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company says Unit II has been moving to the new Modinagar site since April 2026 and that the whole move should be finished around August or September 2026, with savings of at least ₹25 lakh a month once the units are together. The managing director said galvanised wire and stainless steel components would start around October 2026 against letters of intent from existing customers, that production should reach about 42,000 tonnes in FY27, and that the EBITDA margin should rise by one to two points within the year. The managing director also aims for a fifth to a quarter of sales from government buyers over time, and said the company meets the criteria to move to the main board.
| What management said | When | What happened |
|---|---|---|
| Exports to grow, mainly to the USA, once the collated nail plant began production in 2023, with about 95% of its output exported | Offer document, 2023 | Exports of ₹4.6 cr in FY26, below ₹8.1 cr in FY22 |
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Maiden Forgings earns a small processing spread on steel it shapes into precise bars and wires for hundreds of factories, and the spread is protected by booking steel against each order.
Its weak spots are a crowded industry with little pricing power, a lot of money held in stock and customer dues, and profit that has slipped as steel prices fell.
WatchCan it set its own prices?It passes steel costs on, but in a crowded market it has little room to charge more, and margins shrink when prices keep falling.
AverageHow strong is it against rivals?A wide range of sizes and grades and quick delivery keep buyers coming back, but nothing stops others making the same products.
StrongWho are its customers?Sales are spread over hundreds of industrial buyers in several industries, so no single customer carries the business.
WatchDoes it need a lot of money?Stock and unpaid bills tie up far more money than the plants do, and short term bank loans fill the gap.
AverageCan it keep finding new work?Regular orders come from long standing buyers and new lines have customer interest, while exports have stayed small.
WatchDo good and bad years swing a lot?Profit has moved with steel prices and the product mix even when tonnes held up.
Who runs Maiden Forgings?
Promoters, directors and officers; tap a name for the background
NGNishant GargPromoter and Managing Director · holds 29.35%
MBA (Marketing). Managing Director since 28 November 2022; the June 2026 presentation credits over 14 years of experience across international marketing, operations and finance. Also a director of Annapurna Melters And Founders and Rarepixel Ventures. The offer document records Nishant Garg as the son of Nivedita Garg.
Offer document, p.150 and p.152; Investor presentation, June 2026, p.6NGNivedita GargPromoter and Whole-time Director · holds 42.62%
Master of Arts from the University of Delhi. Leads planning and administration and the HR department, handling staff matters. Named Chairman and Whole-time Director in the offer document; retired by rotation and offered for reappointment at the September 2026 AGM.
Offer document, p.150 and p.152; Annual report FY26, p.19PGPrachla GargChief Financial Officer
M.Com from Kota University, with almost 30 years in finance and accounting and more than 20 years with the company, running the finance department.
Offer document, p.161MNMonika NegiCompany Secretary and Compliance Officer
Associate member of the Institute of Company Secretaries of India, with earlier work at listed companies in infrastructure and non banking finance.
Offer document, p.161RKRaj Kumar MittalIndependent Director
Degree in civil engineering from Zakir Hussain College of Engineering and Technology, Aligarh Muslim University (1980); worked with the Delhi Development Authority and Wig Brothers Construction.
Offer document, p.152ARAbhilash RastogiIndependent Director
B.Tech in electronics and communication from Jaypee Institute of Information Technology (2013); runs an electricals trading business in Delhi NCR.
Offer document, p.152UAUrvi AgarwalIndependent Director
B.Tech; software engineer and professional speaker, founder of Media29, consulting brands and professionals.
Offer document, p.151 and p.152Maiden Forgings latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹122 cr (+18%), net profit ₹2.9 cr (+47%) on H2 FY25.
- Shareholding, 31 March 2026: promoters unchanged at 71.97%.
Maiden Forgings announcements
4 on record, latest first; each opens the filing on the exchange
- Company UpdateThe Company is hereby submitting the confirmation certificate received from M/S Maashilta Securities Private Limited, Registrar and Transfer Agent of the CompanPDF ↗
- Company UpdatePursuant to the provisions of Regulation 30 of security exchange board of India (Listing Obligations and Disclosure Requirements)Regulation 2015, we hereby enclPDF ↗
- AGM/EGMPursuant to the provisions of Regulation 44 of the SEBI(LODR), 2015, we hereby enclose the voting results and the scrutinizers report for the AGM, which was helPDF ↗
- AGM/EGMSummary proceedings of 21st Annual General Meeting of M/s Maiden Forgings Limited held on Monday, September 28, 2026, at 3:30 P.M. through video confrencing (VCPDF ↗
Maiden Forgings annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
Maiden Forgings share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Maiden Forgings' data · 8
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,42,12,000 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- ✓Earnings per share moves in line with profit across the years shown.
- ✓Revenue and profit are reported for every year shown, FY20 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Maiden Forgings
What does Maiden Forgings do?
Maiden Forgings turns plain steel rods and wire into smooth, exact bright bars and wires for factories that make car parts, machines, fasteners, locks and furniture, at plants in Ghaziabad. It also makes nails for nail guns, mostly for export. Its shares trade on BSE SME.
What is the share price of Maiden Forgings?
₹98.5 at the close on 5 Nov 2026, from the exchange's daily figures.
What is the market cap of Maiden Forgings?
₹140 cr at the close on 5 Nov 2026, on 1,42,12,000 shares.
What is the P/E of Maiden Forgings?
27.9 times FY26 profit at the close on 5 Nov 2026 (our arithmetic).
What are Maiden Forgings' revenue and profit?
Revenue ₹232 cr and profit after tax ₹5 cr in FY26.
Who are the promoters of Maiden Forgings?
Nishant Garg, Nivedita Garg; promoters held 71.97% at 31 March 2026.
What is Maiden Forgings' website?
www.maidenforgings.in
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Other listed SME companies in industrial products, the closest in size first, each read from its own documents.
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Built from 3 earnings call transcripts, 3 investor presentations, 3 annual reports, 2 credit rating notes, 1 offer document, 4 exchange announcements, 6 shareholding patterns and 7 years of reported results. Every figure carries its source; where the documents are silent, the page says so.