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Maiden Forgings Ltd (543874)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 543874 NSE: Steel & Iron Products | Small Cap | Maiden Forgings Share Price

₹102.95 7.70 (8.08%)

As on 30-Sep'26 16:59

Maiden Forgings Ltd (543874)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 543874 NSE: Steel & Iron Products | Small Cap | Maiden Forgings Share Price

₹102.95 7.70 (8.08%)

As on 30-Sep'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹135 Cr.
Current Price
₹103
52-Week Low / High
₹64 / 125
TTM EPS
-
TTM Sales
-
Book Value per Share
-
P/E Ratio
Industry PE
25
Price to Book (P/B)
Price to Sales (P/S)
EV/EBITDA
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
%
Return on Capital Employed (ROCE)
%
Return on Assets (ROA)
%
Operating Profit Margin
0%
Net Profit Margin
-%
Gross Profit Margin
0%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-9.82%
Operating Profit Growth (1 Year)
-
-
Net Profit Growth (1 Year)
-
-
Asset Quality
Promoter Holding
71.97%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
-
Equity
₹14.2 Cr.
Face Value
₹10
All Time Low / High
₹50.55 / 138.70

Maiden Forgings stock performance

Key Ratios
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Check Before You Invest

Valuation

Fair

Price Trend

Weak
Q.1 Is Maiden Forgings Ltd a good quality company?
Maiden Forgings Ltd is a weak quality company, based on a inconsistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Maiden Forgings Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Maiden Forgings Ltd vs industry peers?
Maiden Forgings Ltd revenue CAGR is %, compared to the industry median CAGR of 0.00%, indicating stable growth and maintaining its market share.
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.
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 -3.92% based on the current price.

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Maiden Forgings Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good

Value Creation ⓘ

Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % ⓘ10.7%10.9%9.6%18%16.4%11.4%-
Value Creation
Index ⓘ
-0.2-0.2-0.30.30.2-0.2-

Growth Parameters ⓘ

Sales ⓘ204199211221236213232
Sales YoY Gr.--2.4%5.7%4.9%6.9%-9.8%-
Adj EPS ⓘ1.81.629.26.84.23.5
YoY Gr.--9%25.3%351.2%-26.1%-37.7%-
BVPS (₹) ⓘ2327.829.938.449.953.753.7
Adj Net
Profit ⓘ
1.71.72.19.69.665
Cash Flow from Ops. ⓘ2.6-0.42.611.5-124.5-
Debt/CF from Ops. ⓘ23.9-141.5275.9-5.215.3-

CAGR ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘNA0.9%0.4%-9.8%
Adj EPS ⓘNA18.8%27.6%-37.7%
BVPSⓘNA18.5%21.5%7.5%
Share Price - - -2.3% 32.2%

Key Financial Parameters ⓘ

Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity % ⓘ
7.86.7726.617.28.16.6
Op. Profit
Mgn % ⓘ
6.46.85.8109.89NAN
Net Profit
Mgn % ⓘ
0.80.914.34.12.82.2
Debt to
Equity ⓘ
32.12.21.70.90.9-
Working Cap
Days ⓘ
01311371461632060
Cash Conv.
Cycle ⓘ
0901021001091470

Valuation of Maiden Forgings - Consolidated

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

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No data found!

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Financials

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No data found!
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Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Maiden Forgings Ltd FAQs

The current trading price of Maiden Forgings on 30-Sep-2026 16:59 is ₹103.0.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 29-Sep-2026 the market cap of Maiden Forgings stood at ₹135.4 Cr

The latest P/E ratio of Maiden Forgings as of 29-Sep-2026 is 26.96.

The latest P/B ratio of Maiden Forgings as of 29-Sep-2026 is 1.78.

The 52-week high of Maiden Forgings is ₹125.0 and the 52-week low is ₹63.52.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Maiden Forgings is ₹232 ( Cr.) .

Past 10 year’s financial track record analysis by Moneyworks4me indicates that Maiden Forgings Ltd is a below average quality company.

The key valuation ratios of Maiden Forgings Ltd's currently when compared to its past seem to suggest it is in the Fair zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Maiden Forgings Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

About Maiden Forgings Ltd

Maiden Forgings was originally incorporated on February 11, 2005 as ‘Maiden Forgings Private Limited’, as a private limited company, under the provisions of the Companies Act, 1956. Later on, consequent upon the conversion of the company into public limited company, the name of the company was changed to ‘Maiden Forgings Limited’ and fresh Certificate of Incorporation dated December 02, 2022 was issued by Registrar of Companies, Delhi.

Maiden Forgings Limited (‘MFL’ or ‘Maiden’) is in the business of manufacturing and sales of diversified ferrous metal products and focuses on providing customized and specialized solutions to a diverse client base across different industries. Maiden specializes in design and manufacture of different type of ferrous metal products including carbon steel, stainless-steel and alloy steel, mainly in the form of drawn products like bright bars, wires, profiles and ground bars. Its fully integrated infrastructure consists of steel melting shops, rolling mills and finishing machines installed at its three manufacturing facilities (Unit-1, II & III), located at Kavi Nagar Industrial Area, Ghaziabad, Uttar Pradesh.

The company manufactures its products in a large assortment of sizes starting from 0.19mm up to 100mm, from different grades of steel and in different shapes making it one of the few Indian manufacturing facilities offering such a diversified range of products. This product diversity helps it to maintain an edge over competition, since it can provide customized and specialized solutions to its customers. Further, the planned expansion into super alloys and other specialized products will help to transform the company to become one of the only few similar global manufacturing facilities offering widest range of products. With a large infrastructure, zero tolerance quality policies and an energetic team of experts, its makes sure that it can fulfil any special customer requirements for various critical product applications. Its products are used across industries like automobile, engineering, infrastructure, hardware, utensils etc. its major customers are spread across states Delhi, Rajasthan, Gujarat, Maharashtra and Uttar Pradesh. It has been exporting small volumes to mainly to US. The exports are likely to grow significantly as recently installed collated pneumatic nail plant becomes fully operational.

Business area of the company

Maiden Forgings is in the business of manufacturing and sales of diversified ferrous metal products and focuses on providing customized and specialized solutions to a diverse client base across different industries.

Products of the company

  • Carbon steel bright bars: 2mm to 100mm
  • Stainless steel bright bars: 2mm to 100mm
  • Alloy steel bright bars: 2mm to 100mm
  • Carbon steel wires: 0.2mm to 22mm
  • Stainless steel wires: 0.8mm to 22mm
  • Alloy steel wires: 0.2mm to 22mm
  • Profiles and ground bars in different sizes and shapes
  • Collated pneumatic nail

Awards, accreditations or recognition

  • 2018: It is awarded with the ‘Fastest Growing Company in its business category’ by Business Sphere magazine. The award was conferred by Honorable cabinet minister Dr. Harshvardhan.
  • 2019: The company received the ‘Heroes Next Door Award’ in the year 2019 conferred by Honorable cabinet minister Gen. V.K. Singh.
  • 2021: The company received the ‘Most Versatile Company for steel Bright bar in India’ by Business Sphere magazine in 2021. The award was conferred by honorable cabinet minister Dr. Sanjeev Balyan & MP lok Sabha Shri Manoj Tiwari.

History and milestones

  • 2005: Incorporation as Private Limited Company.
  • 2011: Infusion of additional capital & set-up of 1st owned manufacturing facility.
  • 2013: Commenced exports.
  • 2015: Established Unit-II & started manufacturing of stainless-steel bright bars.
  • 2016: Established full fledge product testing facility.
  • 2017: Started diversifying consumer portfolio.
  • 2018: Started Unit-III & commenced production of SS wires, Awarded with the ‘Fastest Growing Company in its business category’ by Business Sphere magazine.
  • 2019: Received the ‘Heroes Next Door’ award.
  • 2021: Received the ‘Most Versatile Company for steel Bright bar in India’ by Business Sphere.
  • 2022: Forward integration and expansion by installing collated pneumatic nails plant.
  • 2022: Converted to Public Limited Company. 
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