Company Overview

Maiden Forgings Limited (MFL) is a manufacturer of Bright Steel bars, wires, and pneumatic nails with over 35 years of experience. The company has state-of-the-art in-house facilities including testing, pickling, and annealing. MFL serves over 450 diversified clients across various sectors.

Management Team

The management team includes:

  • Mr. Nishant Garg, Managing Director (MBA, 14+ years experience)
  • Mrs. Nivedita Garg, leads Planning and Administration in HR
  • Ms. Urvi Agarwal, Independent Director (Software Engineer, Founder of Media 29 Consulting)
  • Mr. Raj Kumar Mittal, Independent Director (B.Tech Civil Engineer, project construction consultant)
  • Mr. Abhilash Rastogi, Independent Director (B.Tech Electronics, entrepreneur)
  • Mrs. Prachla Garg, Liaison Officer (Post-Graduate in Accounting and Finance)
  • Mr. Manish Mittal, Business Strategy & Development Head (30+ years liaison experience)
  • Mr. Neeraj Naman, Business Strategy & Development Head (MBA Finance and Marketing)
  • Mr. Sanjay Bhattacharya, COO (Post-graduate from FMS Delhi, 30 years management experience)
  • Mr. Mayank Govil, Marketing Head (Marketing graduate from Delhi University)

Product Portfolio

MFL offers a diverse range of products:

  • S.S. Round Bright Bars: 3 mm to 100 mm
  • Carbon & Alloy Steel Bright Bars: 3 mm to 100 mm
  • Plastic Strip nails & wire welded coil nails: 1 mm To 7 mm
  • S.S. Hex & Square Bright Bars: 5 mm to 65 mm
  • Carbon & Alloy Steel Hex & Square Bright Bars: 4 mm to 65 mm
  • S.S. Wires: 0.25 mm to 23 mm
  • Carbon & Alloy Steel Wires: 0.25 mm to 23 mm

Applications include automobile industries, machining equipment, fasteners, chemical industry, plumbing, oil & gas industry, and defense sector.

Strategic Developments

Defense Sector Entry:

  • April 2024: Received official registration with Ordnance Factory Board (OFB), Kolkata for Guns and Shell Factory items (valid for five years with automatic renewal)
  • September 2024: Secured first B2G order from Hindustan Aeronautics Limited (HAL)
  • Received CEMILAC registration from Centre for Military Airworthiness & Certification, Bengaluru for defense applications
  • Secured supplier registration with OFB Muradnagar

Expansion Initiatives:

  • October 2024: Acquired 4 acres of land in Modinagar, Ghaziabad (~18,300 sq. yd, located ~25 KM from existing facilities)
  • Planned consolidation of two units to boost efficiency and support future expansion
  • Development to be funded through proceeds from Unit II sale
  • New facility to accommodate growth strategy over next 5-7 years

Operational Efficiencies:

  • Projected minimum monthly saving of ₹25,00,000 (~Annual saving of ₹2,50,00,000)
  • Streamlined operations with centralized operations
  • Reduced overhead costs with consolidated management
  • Better resource allocation leading to optimized spending

Sustainability Initiative:

  • Planned solar plant installation to maximize solar power generation
  • Anticipated reductions in energy costs

Client Base

MFL has strong partnerships with Tier 1 suppliers to leading automotive manufacturers including Hero Motocorp, Bajaj, Maruti, Honda, and BMW. Also supplies directly to Government and PSU customers such as BHEL, NTPC, and HAL. Supplies to Tier 1 and Tier 2 suppliers for brands including USHA, TTK, Prestige, and Hawkins, serving both domestic and international markets.

Financial Performance

H2 FY26 Financial Highlights (₹ crore):

  • Revenues: 122.17 (vs 103.82 in H2 FY25)
  • Other Income: 0.43 (vs 0.55 in H2 FY25)
  • Total Income: 122.60 (vs 104.37 in H2 FY25) - 17.46% YoY growth
  • Raw Material Costs: 103.51 (vs 87.29 in H2 FY25)
  • Employee Costs: 1.72 (vs 1.51 in H2 FY25)
  • Other Expenses: 6.88 (vs 5.45 in H2 FY25)
  • Total Expenditure: 112.11 (vs 94.24 in H2 FY25)
  • EBITDA: 10.49 (vs 10.13 in H2 FY25) - 3.52% YoY growth
  • Finance Costs: 4.12 (vs 4.49 in H2 FY25)
  • Depreciation: 1.93 (vs 3.00 in H2 FY25)
  • PBT: 4.44 (vs 2.64 in H2 FY25) - 68.44% YoY growth
  • Tax: 1.52 (vs 0.63 in H2 FY25)
  • Net Profit: 2.93 (vs 2.00 in H2 FY25) - 46.37% YoY growth
  • EPS: 2.06 (vs 1.41 in H2 FY25) - 46.10% YoY growth

Full Year FY26 Financial Highlights (₹ crore):

  • Revenues: 231.61 (vs 212.91 in FY25 and 236.10 in FY24)
  • Other Income: 2.35 (vs 0.66 in FY25 and 1.21 in FY24)
  • Total Income: 233.96 (vs 213.57 in FY25 and 237.31 in FY24)
  • Raw Material Costs: 202.36 (vs 180.88 in FY25 and 199.65 in FY24)
  • Employee Costs: 3.09 (vs 2.95 in FY25 and 2.99 in FY24)
  • Other Expenses: 11.30 (vs 9.83 in FY25 and 10.60 in FY24)
  • Total Expenditure: 216.74 (vs 193.66 in FY25 and 213.24 in FY24)
  • EBITDA: 17.22 (vs 19.91 in FY25 and 24.07 in FY24)
  • Finance Costs: 6.78 (vs 7.32 in FY25 and 5.91 in FY24)
  • Depreciation: 3.50 (vs 4.05 in FY25 and 4.45 in FY24)
  • PBT: 6.94 (vs 8.54 in FY25 and 13.71 in FY24)
  • Tax: 1.92 (vs 2.49 in FY25 and 3.99 in FY24)
  • PAT: 5.02 (vs 6.05 in FY25 and 9.72 in FY24)
  • EPS: 3.53 (vs 4.26 in FY25 and 6.84 in FY24)

Balance Sheet (₹ crore) as of FY26:

  • Net Worth: 81.13 (vs 76.47 in FY25 and 70.97 in FY24)
  • Non Current Liabilities: 17.10 (vs 19.90 in FY25 and 15.22 in FY24)
  • Long-term Borrowing: Not specified in breakdown
  • Deferred Tax Liabilities: 0.32 (vs 0.45 in FY25 and 0.49 in FY24)
  • Long Term Provision: 0.26 (vs 0.17 in FY25 and 0.15 in FY24)
  • Total Non-Current Liabilities: 17.67 (vs 20.53 in FY25 and 15.86 in FY24)
  • Current Liabilities: 52.22 (vs 49.40 in FY25 and 47.45 in FY24)
  • Short Term Borrowings: 18.43 (vs 12.71 in FY25 and 9.47 in FY24)
  • Trade Payables: Not specified in breakdown
  • Other Current Liabilities: 9.20 (vs 2.59 in FY25 and 1.03 in FY24)
  • Short Term Provision: 2.06 (vs 2.53 in FY25 and 3.84 in FY24)
  • Total Current Liabilities: 81.91 (vs 67.24 in FY25 and 61.79 in FY24)
  • Total Liabilities: 180.71 (vs 164.24 in FY25 and 148.61 in FY24)

Assets (₹ crore) as of FY26:

  • Fixed Assets: 37.88 (vs 37.41 in FY25 and 29.38 in FY24)
  • Other Non Current Financial Assets: 4.22 (vs 4.22 in FY25 and 7.22 in FY24)
  • Other Non Current Assets: 0.19 (vs 0.22 in FY25 and 0.00 in FY24)
  • Total Non Current Assets: 42.30 (vs 41.86 in FY25 and 36.60 in FY24)
  • Inventories: 83.12 (vs 75.80 in FY25 and 67.68 in FY24)
  • Trade Receivables: 39.42 (vs 29.69 in FY25 and 22.26 in FY24)
  • Cash & Bank Balance: 2.16 (vs 2.65 in FY25 and 2.48 in FY24)
  • Other Current Financial Assets: 13.37 (vs 13.90 in FY25 and 19.31 in FY24)
  • Other Current Assets: 0.35 (vs 0.33 in FY25 and 0.28 in FY24)
  • Total Current Assets: 138.42 (vs 122.38 in FY25 and 112.01 in FY24)
  • Total Assets: 180.71 (vs 164.24 in FY25 and 148.61 in FY24)

Market Data

As on May 27, 2026:

  • Share Price: ₹81.00
  • Market Capitalization: ₹115.12 crore
  • Number of Shares Outstanding: 1,42,12,000
  • Face Value: ₹10.00
  • 52-week High-Low: ₹96.85 – ₹63.52
  • Share Holding Pattern (as on March 31, 2026): Promoters 28.03%, Public 71.97%

Production and Business Metrics

  • FY26 Production: 35,546 MT (highest-ever production)
  • Manufacturing Capacity: 53,000 MT annually
  • Three owned manufacturing plants in Ghaziabad
  • Total production area: beyond 1,00,000 square feet
  • Added over 40 new clients in FY26
  • Exports contribute 6-8% of production (US and Europe markets)

Future Strategy

  • Forward integration into Specialty Steel for import substitution
  • Development of B2B platform to streamline sales
  • Expansion to Amazon US, UK and other international networks
  • Plans for warehousing abroad
  • Introduction of high-margin finished goods under MFL brand
  • Brand creation initiatives across B2B, B2C, and B2G segments