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INVESTMENT INSIGHTS

Check Before You Invest : Maiden Forgings Ltd

BSE: 543874 NSE: ISIN: INE0O1T01010
  |   Sector:  Metals & Mining   |   Industry:  Steel & Iron Products

Snapshot

Q.1 Which industry/sub-sector does Maiden Forgings Ltd belong to?
Maiden Forgings Ltd belongs to the Metals & Mining sector, operating specifically within the Steel & Iron Products segment.
Q.2 Is Maiden Forgings Ltd a good quality company?
Maiden Forgings Ltd is a weak quality company, based on a inconsistent 6-year financial track record.
Q.3 Is Maiden Forgings Ltd undervalued or overvalued?
Maiden Forgings Ltd appears Undervalued, as its key valuation ratios are below with their past averages.
Q.4 Is Maiden Forgings Ltd a good buy now?
Maiden Forgings Ltd is not a good buy now, based on weak price trend analysis suggesting prices may fall. However, you need to check its quality and valuation before making a decision

Performance Analysis

Q.1 Revenue growth of Maiden Forgings Ltd?
Maiden Forgings Ltd revenue growth is -9.8% for FY-2025, which is below its 5-year CAGR of 0.85%, indicating slower growth.
Q.2 Return on capital employed (ROCE) of Maiden Forgings Ltd?
Maiden Forgings Ltd Return on capital employed is 11.36% for FY-2025, which is in line with its 5-year historical median of 11.36%. The current ROCE is below its estimated weighted average cost of capital (WACC) of 14%, indicating value preservation.
Q.3 Return on Asset of Maiden Forgings Ltd?
Maiden Forgings Ltd Return on Asset is 3.87%, which is in line with its 5-year historical median of 3.87%, indicating stable asset utilization efficiency.
Q.4 Return on Equity (ROE) of Maiden Forgings Ltd?
Maiden Forgings Ltd Return on equity is 8.22% for FY-2025, which is in line with its 5-year historical median of 8.22%, indicating the business is making similar use of its shareholders capital.
Q.5 Cash conversion cycle of Maiden Forgings Ltd?
Maiden Forgings Ltd Cash conversion cycle is 146 days, above its 5-year historical median of 102 days, indicating deteriorated working capital management. However, you need to compare this with its peers in the industry.
Current Level 5-year
Historic Median
Asset Turnover 1.36 1.86
ROE 8.22 8.22
ROCE 11.36 11.36
Cash Conversion Cycle 146 days 102 days
Q.6 Gross Profit margin of Maiden Forgings Ltd?
Maiden Forgings Ltd Gross profit margin which is the profit after deduction of direct costs, is 5.9% for FY-2025, which is in line with its 5-year median of 5.9%, indicating stable margins.
Q.7 Operating Profit Margin of Maiden Forgings Ltd?
Maiden Forgings Ltd Operating Profit Margin which is the profit after deduction of all operating costs, is 9.04% for FY-2025, which is in line with its 5-year median of 9.04% indicating stable margins.
Q.8 Net Profit Margin of Maiden Forgings Ltd?
Maiden Forgings Ltd Net Profit Margin is 2.84% for FY-2025, is in line with with its 5-year median of 2.84%, indicating stable margins.
Current Level 5-year
Historic Median
Gross Profit Margin 5.9 5.9
Operating Profit Margin 9.04 9.04
Net Profit Margin 2.84 2.84
Q.9 Debt to Equity ratio of Maiden Forgings Ltd?
Maiden Forgings Ltd Debt-to-Equity ratio is 0.91, which is above with the industry average of 0.35, indicating higher debt levels in the industry.
Q.10 Debt to cash flow from operations of Maiden Forgings Ltd?
Maiden Forgings Ltd Debt to cash flow from operations is 15.34, which is at a unhealthy level.

Ownership & governance

Q.1 Promoter shareholding and pledge status of Maiden Forgings Ltd?
Promoters hold 71.97% of the Maiden Forgings Ltd, with 0.00% of their stake pledged, indicating no pledge risk.

Peer comparison (industry-wise, mcap)

Q.1 Revenue growth of Maiden Forgings Ltd vs industry peers?
Maiden Forgings Ltd revenue CAGR is 0.85%, compared to the industry median CAGR of 11.40%, indicating stable growth and maintaining its market share.
Profit Metrics
Current Level 5-year
Industry Median
Revenue Growth -9.8 11.4
Gross Profit Growth -27.8 19.8
Operating Profit Growth -17.4 13.9
Net Profit Growth -40 25.2
Operating Efficiency
Current Level 5-year
Industry Median
Asset Turnover 1.36 1.33
ROE 8.22 9.64
ROCE 11.36 12.04
Cash Conversion Cycle (days) 146.5 80

Valuation & price assessment

Q.1 Stock return of Maiden Forgings Ltd over the last decade?
Over the last 3 year(s), the stock has delivered a CAGR of 11.23% based on the current price.
Q.2 What return has the stock given over the last decade?
9Y 5Y 3Y 1Y
Share Price
CAGR		 - - 11.2% 19.2%
Q.3 Valuation ratios of Maiden Forgings Ltd vs historical?
The current P/E is higher that its historical median.
Q.4 How do the current valuation ratios compare with 5-year historical median and industry numbers?
Valuation Ratios Current 5-year
Historic Median		 5-year
Industry Median
Price to Earnings 19.49 15.33 17.26
Price to Book 1.55 1.71 1.63
Price to Sales 0.55 0.56 0.74
EV to EBITDA 9.27 8.84 10.03

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4. Sarda Energy&Min.
5. Godawari Power & Isp
6. Ratnamani Metals
7. Jindal Saw
8. Usha Martin
9. NMDC Steel
10. Jayaswal Neco Inds

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