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Maiden Forgings Ltd
MAIDENFORGINGSLTD NSE
Maiden Forgings Ltd
IndustrialsNSE: MAIDENFORGINGSLTD BSE: 543874 Industrial Products
Key Fundamentals
SMEIron & Steel ProductsIndustrial ProductsMarket Cap
₹113 Cr
Volatility
Moderate
P/E Ratio
18.6
Book Value
₹53.81
52W High
₹2,301.4
52W Low
₹1,492
Technical Indicators
Key Insights
Weaknesses
5- Though the company is reporting repeated profits, it is not paying out dividend
- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of 0.85% over past five years.
- Debtor days have increased from 42.2 to 50.9 days.
- Promoter holding has decreased over last 3 years: -28.0%
Growth Rate
Revenue Growth
7.69% ↗
Net Income Growth
-57.00% →
Cash Flow Change
-
ROE
8.00% ↗
ROCE
-
EBITDA Margin (Avg.)
-
Quarterly Results
| Sep 2022 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|
| Depreciation | 2 | 2 | 2 | 1 | 3 | 2 |
| EPS in Rs | 7.92 | 2.94 | 3.9 | 2.85 | 1.41 | 1.48 |
| Expenses | 99 | 105 | 108 | 99 | 94 | 105 |
| Interest | 3 | 3 | 3 | 3 | 4 | 3 |
| Net Profit | 4 | 4 | 6 | 4 | 2 | 2 |
| OPM % | 9% | 9% | 10% | 9% | 9% | 4% |
| Operating Profit | 10 | 10 | 12 | 10 | 10 | 5 |
| Other Income | 0 | 1 | 0 | 0 | 1 | 2 |
| PBT | 6 | 6 | 7 | 6 | 3 | 2 |
| Sales | 108 | 116 | 121 | 109 | 104 | 109 |
| Tax % | 28% | 33% | 26% | 32% | 24% | 16% |
Profit & Loss
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|
| Depreciation | 4 | 4 | 3 | 4 | 4 | 4 | 5 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | — |
| EPS in Rs | 3.57 | 3.24 | 4.2 | 9.22 | 6.84 | 4.26 | 2.89 |
| Expenses | 191 | 186 | 198 | 199 | 213 | 194 | 199 |
| Interest | 7 | 7 | 6 | 5 | 6 | 7 | 7 |
| Net Profit | 2 | 2 | 2 | 10 | 10 | 6 | 4 |
| OPM % | 6% | 7% | 6% | 10% | 10% | 9% | 7% |
| Operating Profit | 13 | 13 | 12 | 22 | 23 | 19 | 14 |
| Other Income | 0 | 0 | 0 | 0 | 1 | 1 | 2 |
| PBT | 2 | 2 | 3 | 13 | 14 | 9 | 5 |
| Sales | 204 | 199 | 210 | 221 | 236 | 213 | 213 |
| Tax % | 28% | 29% | 27% | 28% | 29% | 29% | — |
Balance Sheet
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|
| Borrowings | 63 | 61 | 62 | 68 | 63 | 69 | 69 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Capital | 5 | 5 | 5 | 10 | 14 | 14 | 14 |
| Fixed Assets | 29 | 26 | 24 | 29 | 29 | 37 | 33 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| Other Assets | 70 | 79 | 86 | 98 | 119 | 127 | 134 |
| Other Liabilities | 14 | 15 | 17 | 19 | 15 | 18 | 20 |
| Reserves | 17 | 24 | 26 | 30 | 57 | 62 | 64 |
| Total Assets | 99 | 105 | 110 | 127 | 149 | 164 | 168 |
| Total Liabilities | 99 | 105 | 110 | 127 | 149 | 164 | 168 |
Cash Flow
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| CFO/OP | 24 | 0 | 21 | 52 | -52 | 23 |
| Financing | -1 | 2 | -1 | -2 | 19 | 5 |
| Investing | -3 | 0 | -2 | -9 | -7 | -9 |
| Operating | 3 | 0 | 3 | 11 | -12 | 5 |
| Free Cash Flow | 0 | -1 | 0 | 3 | -17 | -5 |
| Net Cash Flow | -1 | 2 | -1 | 0 | -1 | 0 |
Ratios
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Cash Conversion Cycle | 77 | 110 | 114 | 116 | 141 | 178 |
| Days Payable | 26 | 26 | 14 | 25 | 17 | 26 |
| Debtor Days | 55 | 61 | 47 | 41 | 34 | 51 |
| Inventory Days | 48 | 75 | 81 | 99 | 124 | 153 |
| ROCE % | — | 11% | 10% | 19% | 16% | 11% |
| Working Capital Days | 20 | 30 | 33 | 34 | 74 | 90 |
Documents
Closure of Trading Window
27 Mar - Trading window closed from April 1, 2026 until 48 hours after FY2025-26 results announcement.
27 Mar - Trading window closed from April 1, 2026 until 48 hours after FY2025-26 results announcement.
Announcement under Regulation 30 (LODR)-Credit Rating
2 Apr - Crisil reaffirmed Maiden Forgings' BBB/Stable rating on Rs 42.5 crore bank facilities.
2 Apr - Crisil reaffirmed Maiden Forgings' BBB/Stable rating on Rs 42.5 crore bank facilities.
Disclosure Under Regulation 31(4) Of SEBI (SAST) Regulations, 2011
6 Apr - Maiden Forgings forwarded FY2026 Regulation 31(4) promoter and PAC disclosure to BSE.
6 Apr - Maiden Forgings forwarded FY2026 Regulation 31(4) promoter and PAC disclosure to BSE.
Regulation 30 Of SEBI (LODR) Regulations, 2015- Update On Operational Performance And Capacity Expansion For FY 2025-26
9 Apr - Maiden Forgings recorded 35,546 MT production, revenue above ₹233 crore, and completed new plant construction for Q1 FY2026–27 operations.
9 Apr - Maiden Forgings recorded 35,546 MT production, revenue above ₹233 crore, and completed new plant construction for Q1 FY2026–27 operations.
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
9 Apr - Submitted Regulation 74(5) confirmation certificate for quarter ended March 31, 2026.
9 Apr - Submitted Regulation 74(5) confirmation certificate for quarter ended March 31, 2026.
Regulation 30 Of SEBI (LODR) Regulations, 2015- Update On Operational Performance And Capacity Expansion For FY 2025-26
9 Apr - Maiden Forgings recorded 35,546 MT production, revenue above ₹233 crore, and completed new plant construction for Q1 FY2026–27 operations.
9 Apr - Maiden Forgings recorded 35,546 MT production, revenue above ₹233 crore, and completed new plant construction for Q1 FY2026–27 operations.
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
9 Apr - Submitted Regulation 74(5) confirmation certificate for quarter ended March 31, 2026.
9 Apr - Submitted Regulation 74(5) confirmation certificate for quarter ended March 31, 2026.
Disclosure Under Regulation 31(4) Of SEBI (SAST) Regulations, 2011
6 Apr - Maiden Forgings forwarded FY2026 Regulation 31(4) promoter and PAC disclosure to BSE.
6 Apr - Maiden Forgings forwarded FY2026 Regulation 31(4) promoter and PAC disclosure to BSE.
Announcement under Regulation 30 (LODR)-Credit Rating
2 Apr - Crisil reaffirmed Maiden Forgings' BBB/Stable rating on Rs 42.5 crore bank facilities.
2 Apr - Crisil reaffirmed Maiden Forgings' BBB/Stable rating on Rs 42.5 crore bank facilities.
Closure of Trading Window
27 Mar - Trading window closed from April 1, 2026 until 48 hours after FY2025-26 results announcement.
27 Mar - Trading window closed from April 1, 2026 until 48 hours after FY2025-26 results announcement.
Outcome Of Participation In Virtual Investor Summit
7 Mar - Virtual investor meeting with Arihant Capital Markets on March 6, 2026, 4-5 PM; no UPSI.
7 Mar - Virtual investor meeting with Arihant Capital Markets on March 6, 2026, 4-5 PM; no UPSI.
Rating update
1 Apr from crisil
1 Apr from crisil
Rating update
20 Feb 2024 from care
20 Feb 2024 from care
Rating update
10 Dec 2024 from infomerics
10 Dec 2024 from infomerics
Rating update
31 Jan 2025 from crisil
31 Jan 2025 from crisil
Rating update
19 Feb 2025 from care
19 Feb 2025 from care
Rating update
29 Apr 2025 from infomerics
29 Apr 2025 from infomerics
Concall - Jun 2023
Jun 2023
Concall - Nov 2023
Nov 2023
Concall - Jun 2024
Jun 2024
Concall - Jul 2024
Jul 2024
Concall - Nov 2024
Nov 2024
Concall - Jun 2025
Jun 2025
Concall - Nov 2025
Nov 2025
Financial Year 2023
from bse
from bse
Financial Year 2024
from bse
from bse
Financial Year 2025
from bse
from bse
Frequently Asked Questions about Maiden Forgings Ltd
What does Maiden Forgings Ltd do?
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]
Where is Maiden Forgings Ltd (543874) listed?
Maiden Forgings Ltd is listed on the Indian stock exchanges. It is listed on NSE: MAIDENFORGINGSLTD and BSE: 543874. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Maiden Forgings Ltd belong to?
Maiden Forgings Ltd operates in the Industrials sector within the Industrial Products industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Maiden Forgings Ltd?
Maiden Forgings Ltd has a market capitalisation of approximately ₹112.60 Cr. Based on this, it is classified as a Small Cap stock.
What is the PE ratio of Maiden Forgings Ltd?
The Price-to-Earnings (PE) ratio of Maiden Forgings Ltd is 18.60. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Maiden Forgings Ltd?
Over the past 52 weeks, Maiden Forgings Ltd has traded between a low of ₹1,492 and a high of ₹2,301.4. This range helps investors understand the stock's price volatility and recent trading levels.
How can I research Maiden Forgings Ltd on Tapetide?
On Tapetide, you can view Maiden Forgings Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.
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]