Maiden Forgings
Maiden Forgings (MAIDEN) share price was ₹93.50 at the 28 Oct 2026 close; market capitalisation ₹133 Cr; P/E (TTM) 17.64; sector Industrial Products. The share price rose 13.6% over the year to 28 Oct 2026 (adjusted for splits and bonuses). In the Mar 2026 quarter, revenue was ₹122 Cr, against ₹104 Cr a year earlier and net profit was ₹3 Cr, against ₹2 Cr a year earlier (compared with Mar 2025). Promoters held 71.97% of Maiden Forgings in Sep 2026, unchanged from Mar 2026. Its Tapetide Score is 55/100 (Good) as of 28 Oct 2026.
Key Fundamentals
SMEIndustrial ProductsCapital GoodsPrice-based figures as of 28 Oct 2026, 15:30 IST · TTM
Peer Comparison
Industrials › Industrial Products › Iron & Steel Products
| ₹2,582.10 | 29.49 | 68,113 Cr | 7.44 | 0.20% | 17.23% | 19.52% | 18,378 Cr | 2,319 Cr | |
| ₹2,227.90 | 50.33 | 61,860 Cr | 10.78 | 0.38% | 22.71% | 28.21% | 24,268 Cr | 1,229 Cr | |
| ₹1,156.20 | 28.73 | 32,273 Cr | 2.80 | 0.16% | 8.58% | 12.95% | 19,781 Cr | 1,121 Cr | |
| ₹2,338.00 | 37.86 | 16,388 Cr | 3.99 | 0.43% | 12.70% | 16.32% | 4,431 Cr | 514 Cr | |
| ₹241.95 | 28.20 | 15,473 Cr | 1.23 | 0.82% | 7.53% | 10.94% | 18,622 Cr | 498 Cr | |
| ₹453.80 | 27.27 | 13,829 Cr | 4.19 | 0.78% | 14.88% | 18.75% | 3,918 Cr | 508 Cr | |
| ₹562.00 | 31.10 | 13,560 Cr | 3.89 | 0.37% | 14.60% | 17.99% | 4,646 Cr | 436 Cr | |
| Maiden Forgings (this company) | — | 17.64 | 133 Cr | 1.64 | 0.00% | 6.19% | 13.89% | 113 Cr | 6 Cr |
| Median 8 companies | ₹1,156.20 | 29.11 | 15,930 Cr | 3.94 | 0.38% | 13.65% | 17.16% | 11,512 Cr | 511 Cr |
Comparable companies in the same industry. Market cap, P/E and P/B use the live price; other metrics are as reported in filings. A dash means the figure is not published for that company.
Tapetide Score
Data-driven rating, 0–100, as of . How it works →
Data confidence 100/100
Category scores
The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.
Key Insights
Weaknesses
4- Though the company is reporting repeated profits, it is not paying out dividend
- The company has delivered a poor sales growth of 3.08% over past five years.
- Company has a low return on equity of 9.99% over last 3 years.
- Debtor days have increased from 49.1 to 62.1 days.
Technical Indicators
Oscillators
Bullish
Overall
Bearish
Moving Averages
Bearish
Growth Rate
change over 1 year
change over 1 year
change over 1 year
change over 1 year Operating margin 8% · Mar 2026
Quarterly Results
| Particulars | Sep 2022 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Sales | 108 | 116 | 121 | 109 | 104 | 109 | 122 |
| Expenses | 99 | 105 | 108 | 99 | 94 | 105 | 112 |
| Operating Profit | 10 | 10 | 12 | 10 | 10 | 5 | 10 |
| OPM % | 9% | 9% | 10% | 9% | 9% | 4.4% | 8% |
| Other Income | 0 | 1 | 0 | 0 | 1 | 2 | 0 |
| Interest | 3 | 3 | 3 | 3 | 4 | 3 | 4 |
| Depreciation | 2 | 2 | 2 | 1 | 3 | 2 | 2 |
| PBT | 6 | 6 | 7 | 6 | 3 | 2 | 4 |
| Tax % | 28% | 33% | 26% | 32% | 24% | 16% | 34% |
| Net Profit | 4 | 4 | 6 | 4 | 2 | 2 | 3 |
| EPS (₹) | 3.97 | 2.94 | 3.9 | 2.85 | 1.41 | 1.48 | 2.06 |
Profit & Loss
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Sales | 204 | 199 | 210 | 221 | 236 | 213 | 232 |
| Expenses | 191 | 186 | 198 | 199 | 213 | 194 | 217 |
| Operating Profit | 13 | 13 | 12 | 22 | 23 | 19 | 15 |
| OPM % | 6% | 7% | 6% | 10% | 10% | 9% | 6% |
| Other Income | 0 | 0 | 0 | 0 | 1 | 1 | 2 |
| Interest | 7 | 7 | 6 | 5 | 6 | 7 | 7 |
| Depreciation | 4 | 4 | 3 | 4 | 4 | 4 | 4 |
| PBT | 2 | 2 | 3 | 13 | 14 | 9 | 7 |
| Tax % | 28% | 29% | 27% | 28% | 29% | 29% | 28% |
| Net Profit | 2 | 2 | 2 | 10 | 10 | 6 | 5 |
| EPS (₹) | 1.78 | 1.62 | 2.11 | 9.22 | 6.84 | 4.26 | 3.53 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Balance Sheet
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Equity Capital | 5 | 5 | 5 | 10 | 14 | 14 | 14 |
| Reserves | 17 | 24 | 26 | 30 | 57 | 62 | 67 |
| Borrowings | 63 | 61 | 62 | 68 | 63 | 69 | 69 |
| Other Liabilities | 14 | 15 | 17 | 19 | 15 | 18 | 30 |
| Total Liabilities | 99 | 105 | 110 | 127 | 149 | 164 | 181 |
| Fixed Assets | 29 | 26 | 24 | 29 | 29 | 37 | 34 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 4 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 70 | 79 | 86 | 98 | 119 | 127 | 143 |
| Total Assets | 99 | 105 | 110 | 127 | 149 | 164 | 181 |
Cash Flow
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Operating | 3 | 0 | 3 | 11 | -12 | 5 | 6 |
| Investing | -3 | 0 | -2 | -9 | -7 | -9 | -4 |
| Financing | -1 | 2 | -1 | -2 | 19 | 5 | -3 |
| Net Cash Flow | -1 | 2 | -1 | 0 | -1 | 0 | 0 |
| Free Cash Flow | 0 | -1 | 0 | 3 | -17 | -5 | 2 |
| CFO/EBITDA | 24 | 0 | 21 | 52 | -52 | 23 | 42 |
Ratios
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| 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 |
| ROCE % | — | 11% | 10% | 19% | 16% | 11% | 9% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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66 extracted metrics + investor summaries across FY19–FY26.
Documents
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Company Information
Incorporated in 2005, Maiden Forgings Ltd does manufacturing and sales of ferrous metal products including steel bright bars, wires, profiles, ground bars and nails[1]
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