Maiden Forgings Ltd - Stock Valuation and Financial Performance

BSE: 543874 | NSE: | Steel & Iron Products | Small Cap

Maiden Forgings Share Price

87 1.60 1.87%
as on 28-Mar'24 16:01

DeciZen - make an informed investing decision on Maiden Forgings

Overall Rating
M-Cap below 500cr. High Risk from low Liquidity Bole Toh

1. Quality

2. Valuation

Fair

3. Price Trend

Maiden Forgings stock performance -

mw4me loader
P/E Ratio (SA):
12.74
Market Cap:
122.4 Cr.
52-wk low:
54
52-wk high:
138.7

Is Maiden Forgings Ltd an attractive stock to invest in?

1. Is Maiden Forgings Ltd 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.

2. Is Maiden Forgings Ltd 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 Fair zone.

3. Is Maiden Forgings Ltd 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.

10 Year X-Ray of Maiden Forgings:

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

Value Creation Index Colour Code Guide

Mar'20Mar'21Mar'22Mar'23TTM
ROCE % 7.5%7.7%6.7%12.8%-
Value Creation
Index
-0.5-0.5-0.5-0.1-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 204199211221221
Sales YoY Gr.--2.4%5.7%4.9%-
Adj EPS 1.81.629.26.8
YoY Gr.--9%25.3%351.2%-
BVPS (₹) 2327.829.938.444.9
Adj Net
Profit
1.71.72.19.610
Cash Flow from Ops. 2.6-0.42.611.5-
Debt/CF from Ops. 23.9-141.5275.9-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales NANA2.7%4.9%
Adj EPS NANA72.7%351.2%
BVPSNANA18.6%28.2%
Share Price - - - -

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'20Mar'21Mar'22Mar'23TTM
Return on
Equity %
7.86.7726.616.2
Op. Profit
Mgn %
6.46.85.810NAN
Net Profit
Mgn %
0.80.914.34.4
Debt to
Equity
32.12.21.7-
Working Cap
Days
01311371460
Cash Conv.
Cycle
0901021000

Recent Performance Summary

Return on Equity has increased versus last 3 years average to 16.20%

Net Profit is growing at healthy rate in last 3 years 72.65%

Debt to equity has declined versus last 3 years average to 1.69

Sales growth has been subdued in last 3 years 2.66%

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

Latest Financials - Maiden Forgings Ltd.

Standalone Consolidated
TTM EPS (₹) 6.8 -
TTM Sales (₹ Cr.) 221 -
BVPS (₹.) 44.9 -
Reserves (₹ Cr.) 50 -
P/BV 1.92 -
PE 12.74 -
From the Market
52 Week Low / High (₹) 54.03 / 138.70
All Time Low / High (₹) 54.03 / 138.70
Market Cap (₹ Cr.) 122
Equity (₹ Cr.) 14.2
Face Value (₹) 10
Industry PE 25.1

Management X-Ray of Maiden Forgings:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.00
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

Key Ratios of Maiden Forgings

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'20Mar'21Mar'22Mar'23
Sales204199211221
Operating Expenses 191186198199
Manufacturing Costs6477
Material Costs182178186185
Employee Cost 1223
Other Costs 2233
Operating Profit 13131222
Operating Profit Margin (%) 6.4%6.7%5.8%10.0%
Other Income 0000
Interest 7765
Depreciation 4434
Exceptional Items 0000
Profit Before Tax 22313
Tax 1114
Profit After Tax 22210
PAT Margin (%) 0.8%0.8%1.0%4.3%
Adjusted EPS (₹)1.81.62.19.2
Dividend Payout Ratio (%)0%0%0%0%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'20Mar'21Mar'22Mar'23

Equity and Liabilities

Shareholders Fund 21293141
Share Capital 55510
Reserves 17242630
Minority Interest0000
Debt58546263
Long Term Debt25201917
Short Term Debt33344246
Trade Payables1313713
Others Liabilities 691011
Total Liabilities 99105110127

Fixed Assets

Gross Block41424452
Accumulated Depreciation12162023
Net Fixed Assets29262429
CWIP 0000
Investments 0000
Inventories24374150
Trade Receivables31332725
Cash Equivalents 2433
Others Assets1361419
Total Assets 99105110127

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'20Mar'21Mar'22Mar'23
Cash Flow From Operating Activity 30311
PBT 22313
Adjustment 4433
Changes in Working Capital -4-6-3-5
Tax Paid 0000
Cash Flow From Investing Activity -30-2-9
Capex -30-2-8
Net Investments 000-1
Others 0000
Cash Flow From Financing Activity -12-1-2
Net Proceeds from Shares 0600
Net Proceeds from Borrowing -2-5-1-2
Interest Paid 0000
Dividend Paid 0000
Others 2100
Net Cash Flow -12-10
PARTICULARSMar'20Mar'21Mar'22Mar'23
Ratios
ROE (%)7.776.717.2826.99
ROCE (%)10.6910.899.5718.04
Asset Turnover Ratio2.061.961.961.86
PAT to CFO Conversion(x)1.501.51.1
Working Capital Days
Receivable Days55595243
Inventory Days43556876
Payable Days26262020

Maiden Forgings Ltd Stock News

Maiden Forgings Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Maiden Forgings on 28-Mar-2024 16:01 is ₹87.00.
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 28-Mar-2024 16:01 the market cap of Maiden Forgings stood at ₹122.4.
The latest P/E ratio of Maiden Forgings as of 28-Mar-2024 16:01 is 12.74.
The latest P/B ratio of Maiden Forgings as of 28-Mar-2024 16:01 is 1.92.
The 52-week high of Maiden Forgings is ₹138.7 and the 52-week low is ₹54.03.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Maiden Forgings is ₹220.8 ( Cr.) .

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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