Maiden Forgings Q4 FY26 Share Price & Earnings Call Analysis
- Market cap
- ₹131 Cr
- P/E
- 25.90
- ROE
- 6.41%
- PEG
- -1.35
- Price to sales
- 0.56
- Debt to equity
- 0.85
- 52W high / low
- ₹113 / ₹69.0
- Sales growth (5Y)
- 3.08%
- EBITDA margin
- 6.45%
- Net profit margin
- 2.18%
- Promoter holding
- 71.97%
- Sales (last year)
- ₹232 Cr
Guidance scorecard · Q4 FY26 call
What Maiden Forgings Ltd's management guided
and where it ranks in Industrial Products
Industrial Products
RevenueQ4 FY26 call
20–40%- Maiden Forgings targets phenomenal growth in FY27 and even better in FY28.
- Expected volume growth of 5% to 10% annually, driven by increased capacity and product mix changes.
- New product lines (galvanized wires, stainless steel components) beginning commercial production by September 2026, adding ~9,000-10,000 tons capacity.
- Capacity utilization expected to rise from current ~72-73% to about 85% post new facility operationalization.
- Focus on innovation and higher-margin products to drive both volume and margin improvements.
- Export order book at historic highs, supporting growth.
- Medium-term sales growth driven mainly by product mix enhancement rather than volume increase.
2 more points from Maiden Forgings Ltd's call on revenue
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MarginsQ4 FY26 call
Up 0–2%See what Maiden Forgings Ltd said on margins — free account, 30 seconds.
CapexQ4 FY26 call
Planned- Maiden Forgings Limited is developing a 4-acre integrated manufacturing facility at Modinagar to consolidate two existing units, enhancing operational efficiency and scalability.
- The new facility is expected to generate annual cost savings, support higher production volumes, and improve workflow optimization.
- It will include a solar installation to reduce carbon footprint and strengthen long-term cost structure.
- The new plant is expected to be operational by September 2026, with shifting ongoing, enabling improved margins and product mix.
- Additional capacity of around 9,000 to 10,000 tons per annum will be added through this new plant, focusing on high-margin products like GI wires and stainless steel machine components.
- The company has acquired land with a long-term vision to support expansion for the next five years.
2 more points from Maiden Forgings Ltd's call on capex
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FundraisingQ4 FY26 call
None plannedSee what Maiden Forgings Ltd said on fundraising — free account, 30 seconds.
Order bookQ4 FY26 call
Rising- For precise and updated figures on the order book or pending orders, investors are advised to send an email to the company's investor grievance ID or Kirin Advisors.
- Nishant assured that the team would respond with exact numbers upon receiving such requests.
- It is noted that the export order book is currently the highest in the company's history as of the date of the call.
- The company has Letters of Intent (LOIs) from existing customers for new products like galvanized wires and stainless-steel components, indicating a favorable order pipeline for upcoming capacity expansions.
Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Industrial Products
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Industrial Products companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹532 Cr | 21.2 | |
| 2 | 40%+ | Up 2%+ | ₹450 Cr | 13.2 | |
| 3 | 40%+ | Up 2%+ | ₹371 Cr | 26.1 | |
| 4 | 40%+ | Up 0–2% | ₹1,340 Cr | 32.9 | |
| 5 | 40%+ | Up 0–2% | ₹1,196 Cr | 14.1 | |
| 6 | 40%+ | Flat | ₹966 Cr | 25.0 |
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Pro shows every company guiding 40%+ revenue growth →Full Industrial Products rankingFinancials of Maiden Forgings Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Maiden Forgings Ltd
Quarterly Results
Quarter-by-quarter operating performance
Financials of Maiden Forgings Ltd
Profit & Loss
Annual income statement trend
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|
| Sales + | 204 | 199 | 210 | 221 | 236 | 213 | 213 |
| Expenses + | 191 | 186 | 198 | 199 | 213 | 194 | 199 |
| Operating Profit | 13 | 13 | 12 | 22 | 23 | 19 | 14 |
| OPM % | 6% | 7% | 6% | 10% | 10% | 9% | 7% |
| Other Income + | 0 | 0 | 0 | 0 | 1 | 1 | 2 |
| Interest | 7 | 7 | 6 | 5 | 6 | 7 | 7 |
| Depreciation | 4 | 4 | 3 | 4 | 4 | 4 | 5 |
| Profit before tax | 2 | 2 | 3 | 13 | 14 | 9 | 5 |
| Tax % | 28% | 29% | 27% | 28% | 29% | 29% | |
| Net Profit + | 2 | 2 | 2 | 10 | 10 | 6 | 4 |
| EPS in Rs | 3.57 | 3.24 | 4.20 | 9.22 | 6.84 | 4.26 | 2.89 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
Financials of Maiden Forgings Ltd
Balance Sheet
Capital structure and asset base
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 5 | 5 | 5 | 10 | 14 | 14 | 14 |
| Reserves | 17 | 24 | 26 | 30 | 57 | 62 | 64 |
| Borrowings + | 63 | 61 | 62 | 68 | 63 | 69 | 69 |
| Other Liabilities + | 14 | 15 | 17 | 19 | 15 | 18 | 20 |
| Total Liabilities | 99 | 105 | 110 | 127 | 149 | 164 | 168 |
| Fixed Assets + | 29 | 26 | 24 | 29 | 29 | 37 | 33 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| Other Assets + | 70 | 79 | 86 | 98 | 119 | 127 | 134 |
| Total Assets | 99 | 105 | 110 | 127 | 149 | 164 | 168 |
Financials of Maiden Forgings Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 3 | -0 | 3 | 11 | -12 | 5 |
| Cash from Investing Activity + | -3 | -0 | -2 | -9 | -7 | -9 |
| Cash from Financing Activity + | -1 | 2 | -1 | -2 | 19 | 5 |
| Net Cash Flow | -1 | 2 | -1 | 0 | -1 | 0 |
| Free Cash Flow | -0 | -1 | 0 | 3 | -17 | -5 |
| CFO/OP | 24% | -0% | 21% | 52% | -52% | 23% |
Financials of Maiden Forgings Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Debtor Days | 55 | 61 | 47 | 41 | 34 | 51 |
| Inventory Days | 48 | 75 | 81 | 99 | 124 | 153 |
| Days Payable | 26 | 26 | 14 | 25 | 17 | 26 |
| Cash Conversion Cycle | 77 | 110 | 114 | 116 | 141 | 178 |
| Working Capital Days | 20 | 30 | 33 | 34 | 74 | 90 |
| ROCE % | 11% | 10% | 19% | 16% | 11% |
Guidance history
How Maiden Forgings Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q4 FY26 call → | 20–40% | Up 0–2% | Planned | None planned | Rising |
| Q2 FY26 call → | 20–40% | Up 2%+ | Planned | Planned | Rising |
| Q4 FY25 call → | 20–40% | Up 0–2% | Planned | None planned | — |
| Q2 FY25 call → | 10–20% | Flat | Planned | — | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Continue your research
What Maiden Forgings Ltd's management said in earlier quarters
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