Maiden Forgings

- No specific new fundraising through debt or equity was announced during the call. - The company increased its authorized share capital from INR 15 crores to INR 20 crores as a precaution for possible future corporate actions but has not finalized any plans for equity issuance or bonuses. - Debt reduction is planned mainly through proceeds from the sale of surplus land assets (~INR 30 crores expected), aiming to reduce total borrowings to approximately 10% of sales. - The company is focusing on improving the bottom line and using internal funds/reserves generated through higher-margin products for growth rather than raising fresh equity or debt currently. - Management indicated efforts will be made to strengthen reserves to utilize the company’s own funds for future expansion, reducing reliance on external funding.

- Maiden Forgings has acquired approximately 4 acres of land in Modi Nagar for consolidating plants and streamlining operations. - New plant construction and related capex are estimated at around INR20-21 crores; about INR11 crores spent as of September. - Additional capex balance of roughly INR9 crores remaining for the new facility. - The company plans forward integrations into high-margin products such as stainless steel screws, fasteners, and wire meshes. - Expansion is focused on enhancing bottom-line through higher value-added products rather than doubling capacity. - Future growth includes establishing international warehousing to optimize logistics and reduce shipping costs. - Capex aims to improve operational efficiency, margins, and manufacturing capacity with advanced technologies. - Proceeds from sale of existing land (expected around INR30 crores) will help reduce net borrowings and finance working capital needs.

- **Volume Growth:** Targeting approximately 15%-20% annual growth in top-line revenue, driven primarily by volume increase rather than price hikes. - **Product Mix Shift:** Increasing focus on higher value-added products like stainless steel screws, fasteners, and wire meshes, aiming for stainless steel to comprise 40% of sales volume. - **Capacity Utilization:** Current capacity utilization is around 70%; plans to maintain 75%-80% utilization while expanding product lines. - **New Plant Capex:** INR11 crores already utilized for new plant; expansion supports higher-value products and improved margins. - **Market Expansion:** Expanding global footprint with exports to US and Europe; establishing warehousing abroad to reduce costs and improve delivery. - **B2G Segment Entry:** Beginning to supply government entities like HAL and NTPC with plans to grow this business. - **Overall Outlook:** Growth to be achieved through forward integration, improved product mix, and enhanced bottom-line focus despite market volatilities.

- Maiden Forgings targets annual top-line growth of 15%-20%, driven primarily by volume growth rather than price increases. - The company is shifting towards higher value-added products like stainless steel screws and fasteners, which have better margins, expecting this to improve profitability. - Despite recent volatility and investment in marketing, management expects EBITDA margins to improve as markets stabilize and prior efforts yield results. - Expansion plans include consolidation of plants and new facilities to enhance operational efficiency and margins with advanced technologies. - Profit accumulation and net inflows over the next 18 months are expected to reduce net borrowings to below 10% of annual turnover, lowering finance costs. - Earnings per share (EPS) for H1 FY25 stood at INR 2.85; growth is anticipated with increased sales and margin improvement over coming quarters. - Entry into government (B2G) and export markets supports long-term sustainable growth in profits.

- The company currently has a significant volume of orders, with a lot of orders in the pipeline and running shorter in deliveries, indicating strong demand (page 6). - Approximately 4-5 containers of orders are regularly in the pipeline from a global large customer (page 6). - Supply to government entities like HAL and NTPC has started with initial smaller orders; potential for bulk orders is huge (pages 7, 12). - Participation in international exhibitions (e.g., Germany) has led to winning orders; two containers already delivered to a European customer with continued business expected (page 10-11). - Despite market volatility and pricing fluctuations, the order book remains robust, maintaining or slightly higher volume compared to the previous period (page 6).