Maiden Forgings Ltd

BSE: 543874

₹ 94+0.00%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 134 crWebsite: www.maidenforgings.inUpdated: 24 Oct 2026

About

Maiden Forgings manufactures a wide range of bright steel bars and wires and has more than 20 years of experience in bright steel bars. It reported FY26 revenue of 231.61 Cr and a record production of 35,546 MT from its 53,000 MT annual capacity in Ghaziabad. The company describes itself as a domestic leader in the industry, and its shares are listed on the BSE SME Platform.^[1][2][3]

Products and mix

Makes a wide range of bright steel bars and wires, offering customised solutions to customers in India and abroad.^[1]
Stainless steel was about 15% of volume but about 40% of revenue as of H1 FY26. It earns an operating margin of 18-20%, against 10-12% for carbon and alloy steel.^[4]
Coil nails are listed on Amazon India, and sales through Amazon US, UK and other networks are planned (FY25-FY26).^[5][3]
SS bright bars and nails volume was 2,303 MT in FY25.^[5]

Operations and capacity

53,000 MT annual capacity in Ghaziabad, running at 70% utilisation (FY26 Q4 call; also 70% in FY25).^[3][5]
Complete in-house manufacturing facility, including testing, pickling and annealing.^[1]

Key operating numbers

Production reached a record 35,546 MT in FY26, against FY25 sales volume of 29,576 MT.^[3][5]
H1 FY26 volume was a record 16,873 tons, but revenue was flat because steel prices were at 2016-17 levels.^[4]

Customers and exports

More than 40 new clients were added in FY26, including a NASDAQ-listed Fortune 500 company, taking the customer base to over 450.^[3]
Customer retention was above 90% in FY25, with 40+ customers added.^[5]
Exports to the US and Europe made up 6-8% of production in FY26. Overseas warehousing is planned.^[3]
US tariffs held up export orders for 3-4 months in 2025, and the company is exploring a Gulf channel (Q2 FY26).^[4]

Government and defence business

Registered with OFB Kolkata and has supplied HAL, NTPC and BHEL, with repeat orders from HAL (FY25).^[5][3]
Received CEMILAC registration and OFB Muradnagar supplier registration in H2 FY26.^[3]
Government and defence (B2G) sales were only about 1-2% of revenue in H1 FY26, with a target of about 10% in FY27.^[4]

Expansion and capex

New 4-acre Modinagar plant to consolidate 2 units and take capacity from 53,000 to about 62,000 MT. The second unit is to be fully running by July 2026 (Q2 FY26 call).^[4]
Consolidation is expected to save at least ₹25 lakh per month (about ₹2.5 Cr per year), targeted for FY27.^[3]
Capex of Rs 12-14 cr planned for FY26, mainly for the new plant, funded by land sales and internal accruals.^[5]
GI wire, with about 800 tons/month of demand already in hand, and SS machine components are to start sales by Q1 FY27.^[4]
Planned forward integration into galvanized wires, stainless steel components and screws, and specialty steel for import substitution.^[3]

Recent developments

A planned preferential issue of 25 lakh shares at ₹100 was aborted because funds from the proposed investor were not received in time (FY26 annual report).^[1]

Market Cap

₹134 Cr

High / Low

₹125 / 64

Stock P/E

26.6

Price / Book

1.8

Book Value

₹57

EPS

₹3.5

No. of Shares

1.42 Cr

ROCE

9.8%

ROE

6.4%

OPM

5.9%

Debt / Equity

0.64

Sales

₹232 Cr

Net Profit

₹5 Cr

Promoter holding

72.0%

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