Maiden Forgings Limited
BSE: MAIDEN · Iron & Steel Products · sector
Key numbers
Last 12 months to Mar 2026, Standalone. "Sector median" = middle value of 118 companies in Iron & Steel Products (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Operating profit covered interest 2.0x in the last 12 months.
- Other income was 47% of net profit in the last 12 months.
- No dividend in the last 4 financial years.
- Price ₹94.00 on 2026-10-26: -24.8% from the 52-week high, +48.0% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Quarterly results
| ₹ cr | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|
| Revenue | 104 | 109 | 122 |
| EBITDA | 10 | 5 | 10 |
| OPM % | 9.2% | 4.4% | 8.2% |
| Other income | 1 | 2 | 0 |
| Net profit | 2 | 2 | 3 |
| EPS (₹) | 1.41 | 1.48 | 2.06 |
Standalone figures where filed. Latest quarter Mar 2026.
Profit & loss (yearly)
| ₹ cr | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|
| Revenue | 221 | 236 | 213 | 232 | 232 |
| EBITDA | 22 | 23 | 19 | 15 | 15 |
| Net profit | 10 | 10 | 6 | 5 | 5 |
| EPS (₹) | 9.21 | 6.84 | 4.26 | 3.53 | 3.53 |
| Revenue growth | +6.9% | -9.8% | +8.8% | – | |
| Profit growth | +1.1% | -37.8% | -17.0% | – | |
| Dividend / share (₹) | – | – | – | – |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | +1.6% | – | – |
| Net profit | -19.4% | – | – |
| EPS | -27.4% | – | – |
| Share price | – | +7.4% (2y) | +19.6% |
Balance sheet
| ₹ cr | FY25 | FY26 |
|---|---|---|
| Shareholders' equity | 62 | 67 |
| Cash & equivalents | 3 | 2 |
| Total assets | 164 | 181 |
| Fixed assets | 37 | 38 |
| Investments | 4 | 0 |
| Inventory | 76 | 83 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY25 | FY26 |
|---|---|---|
| Cash from operations | 5 | 6 |
| Cash from investing | -9 | -4 |
| Cash from financing | 5 | -3 |
| Capex | 9 | 4 |
| Free cash flow | -5 | 2 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY25 | FY26 |
|---|---|---|
| ROE % | 9.7% | 7.5% |
| ROCE % | 25.5% | 20.5% |
| Inventory days | 153 | 150 |
| Working capital days | 95 | 89 |
Peers in Iron & Steel Products
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| WELCORP | ₹61,798 cr | 26.7x | 6.8x | 27.8% | 19.2% | 13.9% | +19.8% | 0.21% |
| APLAPOLLO | ₹57,703 cr | 46.9x | 10.9x | 25.9% | 30.1% | 8.0% | +12.6% | 0.28% |
| SHYAMMETL | ₹31,351 cr | 28.0x | 2.7x | 7.8% | 14.2% | 12.9% | +13.7% | 0.36% |
| RATNAMANI | ₹16,345 cr | 37.8x | 4.0x | 11.2% | 15.7% | 16.7% | +0.1% | 0.60% |
| JINDALSAW | ₹14,824 cr | 26.9x | 1.2x | 4.4% | 7.2% | 9.5% | +0.1% | 0.86% |
| USHAMART | ₹14,192 cr | 27.9x | 4.3x | 16.8% | 20.1% | 19.6% | +4.1% | 0.64% |
| GALLANTT | ₹12,989 cr | 31.9x | 3.7x | 12.4% | 14.2% | 13.8% | +3.1% | 0.08% |
| GPIL | ₹11,769 cr | 14.6x | 2.0x | 15.1% | 18.7% | 21.4% | -2.2% | 0.54% |
| JAYNECOIND | ₹8,607 cr | 12.5x | 2.6x | 23.4% | 25.6% | 18.9% | +4.0% | – |
| MAIDEN | ₹134 cr | 26.6x | 2.0x | 7.8% | 20.5% | 6.4% | +1.6% | – |
Documents
Links go to the original files on the exchange website.
About the company
| Sector | Industrials |
| Industry | Iron & Steel Products |
| Sub-industry | Iron & Steel Products |
| Symbol | MAIDEN |
| BSE code | 543874 |
| ISIN | INE0O1T01010 |
| Face value | ₹10.0 |
| Incorporated | – |
| Website | – |
| Plants (India / abroad) | – |
Data built 2026-10-23 from BSE company filings (inline XBRL: Integrated Filing - Finance) + BSE results summary for earlier years; price = BSE close 2026-10-26.