Is Maiden Forgings Ltd (543874) a good quality company?

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

Is Maiden Forgings Ltd (543874) undervalued or overvalued?

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

What is Maiden Forgings Ltd (543874) share price return in the past 10 years?

Data is not available for this company

Is Maiden Forgings Ltd (543874) a good buy now?

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.

What is the share price of Maiden Forgings Ltd (543874)?

Company share prices are keep on changing according to the market conditions. The current trading price of Maiden Forgings Ltd (543874) on 05-May-2026 16:59:59 at 16:59 is 82.02.

What is the market cap of Maiden Forgings Ltd (543874)?

Market capitalization is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 05-May-2026 at 16:59, the market cap of Maiden Forgings stood at Rs. 116.57 Cr.

What is the P/E ratio of Maiden Forgings?

The latest standalone P/E ratio of Maiden Forgings as of 05-May-2026 is 19.27.

What is the P/B ratio of Maiden Forgings Ltd (543874)?

The latest standalone P/B ratio of Maiden Forgings Ltd (543874) as of 05-May-2026 is 1.53.

What is the 52-week high and low of Maiden Forgings Ltd (543874)?

The 52-week high of Maiden Forgings Ltd (543874) is Rs. 96.85 and the 52-week low is Rs. 63.52.

What is the TTM revenue of Maiden Forgings Ltd (543874)?

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Maiden Forgings is Rs. 212.91 (Cr.).

Maiden Forgings Ltd (543874) Share Analysis – Quality, Valuation Zone & Price Trend & DeciZen Rating

Name: Maiden Forgings Ltd (543874)
Brand: Maiden Forgings

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

Value Creation ⓘ

Value Creation Index Colour Code Guide ⓘ

	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25	TTM
ROCE % ⓘ	10.7%	10.9%	9.6%	18%	16.4%	11.4%	-
Value Creation Index ⓘ	-0.2	-0.2	-0.3	0.3	0.2	-0.2	-
Growth Parameters ⓘ Growth Parameters Colour Code Guide ⓘ
Sales ⓘ	204	199	211	221	236	213	213
Sales YoY Gr.	-	-2.4%	5.7%	4.9%	6.9%	-9.8%	-
Adj EPS ⓘ	1.8	1.6	2	9.2	6.8	4.2	4.3
YoY Gr.	-	-9%	25.3%	351.2%	-26.1%	-37.7%	-
BVPS (₹) ⓘ	23	27.8	29.9	38.4	49.9	53.7	53.7
Adj Net Profit ⓘ	1.7	1.7	2.1	9.6	9.6	6	6
Cash Flow from Ops. ⓘ	2.6	-0.4	2.6	11.5	-12	4.5	-
Debt/CF from Ops. ⓘ	23.9	-141.5	27	5.9	-5.2	15.3	-

CAGR ⓘ

CAGR Colour Code Guide ⓘ

	9 Years	5 Years	3 Years	1 Years
Sales ⓘ	NA	0.9%	0.4%	-9.8%
Adj EPS ⓘ	NA	18.8%	27.6%	-37.7%
BVPSⓘ	NA	18.5%	21.5%	7.5%
Share Price	-	-	10.8%	23%

Key Financial Parameters ⓘ

Performance Ratio Colour Code Guide ⓘ

	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25	TTM
Return on Equity % ⓘ	7.8	6.7	7	26.6	17.2	8.1	7.9
Op. Profit Mgn % ⓘ	6.4	6.8	5.8	10	9.8	9	NAN
Net Profit Mgn % ⓘ	0.8	0.9	1	4.3	4.1	2.8	2.8
Debt to Equity ⓘ	3	2.1	2.2	1.7	0.9	0.9	-
Working Cap Days ⓘ	0	131	137	146	163	206	0
Cash Conv. Cycle ⓘ	0	90	102	100	109	147	0

Recent Performance Summary

Net Profit is growing at healthy rate in last 3 years 27.63%

Debt to equity has declined versus last 3 years average to 0.91

Return on Equity has declined versus last 3 years average to 7.90%

Sales growth has been subdued in last 3 years 0.38%

Sales growth is not so good in last 4 quarters at 0.00%

	Standalone	Consolidated
TTM EPS (₹)	4.3	-
TTM Sales (₹ Cr.)	213	-
BVPS (₹) ⓘ	53.7	-
Reserves (₹ Cr.) ⓘ	62	-
P/BV ⓘ	1.53	-
PE ⓘ	19.27	-

From the Market
52 Week Low / High (₹)	63.52 / 96.85
All Time Low / High (₹)	50.55 / 138.70
Market Cap (₹ Cr.)	117
Equity (₹ Cr.)	14.2
Face Value (₹)	10
Industry PE ⓘ	27.3

PARTICULARS	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Sales	204	199	211	221	236	213
Operating Expenses ⓘ +	191	186	198	199	213	194
Manufacturing Costs	6	4	7	7	7	7
Material Costs	182	178	186	185	200	181
Employee Cost	1	2	2	3	3	3
Other Costs ⓘ	2	2	3	3	4	3
Operating Profit ⓘ	13	13	12	22	23	19
Operating Profit Margin (%)	6.4%	6.7%	5.8%	10.0%	9.7%	9.0%
Other Income ⓘ +	0	0	0	0	1	1
Exceptional Items ⓘ	0	0	0	0	0	0
Interest ⓘ	7	7	6	5	6	7
Depreciation ⓘ	4	4	3	4	4	4
Profit Before Tax ⓘ	2	2	3	13	14	9
Tax ⓘ	1	1	1	4	4	2
Profit After Tax	2	2	2	10	10	6
PAT Margin (%)	0.8%	0.9%	1.0%	4.4%	4.1%	2.8%
Adjusted EPS (₹)	1.8	1.6	2.1	9.2	6.8	4.3
Dividend Payout Ratio (%)	0%	0%	0%	0%	0%	0%

PARTICULARS	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Equity and Liabilities
Shareholders Fund +	21	29	31	41	71	76
Share Capital ⓘ	5	5	5	10	14	14
Reserves ⓘ	17	24	26	30	57	62
Debt +	58	54	62	63	59	65
Long Term Debt	25	20	19	17	15	20
Short Term Debt	33	34	42	46	44	45
Minority Interest	0	0	0	0	0	0
Trade Payables	13	13	7	13	9	13
Others Liabilities ⓘ	6	9	10	11	9	10
Total Liabilities ⓘ	99	105	110	127	149	164
Fixed Assets
Net Fixed Assets ⓘ +	29	26	24	29	29	37
Gross Block	41	42	44	52	57	69
Accumulated Depreciation	12	16	20	23	28	32
CWIP ⓘ	0	0	0	0	0	0
Investments ⓘ	0	0	0	0	0	0
Inventories	24	37	41	50	68	76
Trade Receivables	31	33	27	25	22	30
Cash Equivalents	2	4	3	3	2	3
Others Assets ⓘ	13	6	14	19	27	19
Total Assets ⓘ	99	105	110	127	149	164

PARTICULARS	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Cash Flow From Operating Activity ⓘ +	3	-0	3	11	-12	5
PBT ⓘ	2	2	3	13	14	9
Adjustment ⓘ	4	4	3	3	1	-0
Changes in Working Capital ⓘ	-4	-6	-3	-5	-26	-4
Tax Paid ⓘ	-0	-0	0	0	0	0
Cash Flow From Investing Activity ⓘ +	-3	-0	-2	-9	-7	-9
Capex	-3	-0	-2	-8	-5	-9
Net Investments	0	0	0	-1	0	0
Others ⓘ	0	0	0	-0	-3	0
Cash Flow From Financing Activity ⓘ +	-1	2	-1	-2	19	5
Net Proceeds from Shares ⓘ	0	6	0	0	21	0
Net Proceeds from Borrowing ⓘ	-2	-5	-1	-2	-2	5
Interest Paid ⓘ	0	0	0	0	0	0
Dividend Paid ⓘ	0	0	0	0	0	0
Others ⓘ	2	1	0	0	-0	0
Net Cash Flow ⓘ	-1	2	-1	0	-1	0

PARTICULARS	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Ratios
ROE (%)	7.77	6.71	7.28	26.99	17.52	8.22
ROCE (%)	10.69	10.89	9.57	18.04	16.4	11.36
Asset Turnover Ratio	2.06	1.96	1.96	1.86	1.71	1.36
PAT to CFO Conversion(x)	1.5	-0	1.5	1.1	-1.2	0.83
Working Capital Days
Receivable Days	55.20	58.60	52.20	43.10	36.50	44.50
Inventory Days	42.60	55.30	67.60	75.90	91.30	123
Payable Days	26.40	26.50	19.60	19.70	20.20	22.40

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.

Name of the IA registered with SEBI:	The Alchemists Ark Pvt. Ltd.
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Trade/Brand Name of IA:	MoneyWorks4Me Investment Advisers
Brand Logo:
SEBI Registration Number:	INA000013323 Validity – May 16, 2019 – Perpetual
Registration:	Non-Individual
BSE Enlistment No:	1187
Address:	B-101, Signet Corner Building, Balewadi Phata, Baner, Pune, Maharashtra 411045
Compliance officer Details:	Name: Shrikant Jagtap Email: shrikant.jagtap@moneyworks4me.com Telephone: +919860359463 Address: Same as IA
Grievance Officer Details:	Name: Mukta Vaze Email: mukta.vaze@moneyworks4me.com Telephone: +91 98609 19463 Address: Same as IA
Principal Officer Details:	Name: Atharva Bhide Email: atharva.bhide@moneyworks4me.com Telephone: +91 91758 99463 Address: Same as IA
Standard Warning:	Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
Disclaimer:	Registration granted by SEBI, enlistment with exchange and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

Maiden Forgings Ltd (543874) Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating

Maiden Forgings Share Price