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Maiden Forgings (BSE 543874)₹95.00+5.50%Iron & Steel Products
In the Mar 2026 quarter (standalone), Maiden Forgings reported sales of ₹122 Cr, up 17.2% from Mar 2025, and net profit of ₹2.99 Cr, up 50.3% year on year. For the year to Mar 2026, sales were ₹232 Cr and net profit ₹4.99 Cr.
Company filings, standalone accounts; latest reported quarter Mar 2026
| Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Sales | 116 | 121 | 109 | 104 | 109 | 122 |
| Expenses | 105 | 108 | 99.45 | 94.29 | 105 | 112 |
| Operating Profit | 10.01 | 12.01 | 10.01 | 10.01 | 5.01 | 9.99 |
| OPM % | 8.9% | 10.0% | 8.9% | 9.0% | 4.4% | 8.0% |
| Other Income | 1.01 | 0.00 | 0.00 | 1.01 | 2.01 | 0.00 |
| Interest | 2.99 | 3.01 | 2.99 | 4.01 | 3.01 | 4.01 |
| Depreciation | 2.01 | 2.01 | 1.01 | 3.01 | 2.01 | 2.01 |
| Profit before tax | 5.99 | 6.99 | 5.99 | 2.99 | 1.99 | 3.99 |
| Tax % | 32.9% | 25.9% | 32.0% | 24.0% | 16.0% | 34.0% |
| Net Profit | 3.99 | 5.99 | 3.99 | 1.99 | 1.99 | 2.99 |
| EPS (Rs) | 2.93 | 3.89 | 2.84 | 1.40 | 1.47 | 2.05 |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Sales | 204 | 199 | 210 | 221 | 236 | 213 | 232 |
| Expenses | 192 | 187 | 199 | 200 | 214 | 195 | 218 |
| Operating Profit | 13.01 | 13.01 | 11.99 | 22.01 | 23.01 | 19.02 | 14.99 |
| OPM % | 6.0% | 7.0% | 6.0% | 9.9% | 10.0% | 9.0% | 6.0% |
| Other Income | 0.00 | 0.00 | 0.00 | 0.00 | 1.01 | 1.01 | 2.01 |
| Interest | 7.01 | 7.01 | 6.01 | 5.01 | 6.01 | 7.01 | 7.01 |
| Depreciation | 4.01 | 4.01 | 3.01 | 4.01 | 4.01 | 4.01 | 4.01 |
| Profit before tax | 1.99 | 1.99 | 2.99 | 12.99 | 13.98 | 8.99 | 6.99 |
| Tax % | 27.9% | 28.9% | 26.9% | 27.9% | 28.9% | 29.0% | 28.0% |
| Net Profit | 1.99 | 1.99 | 1.99 | 9.99 | 9.98 | 5.99 | 4.99 |
| EPS (Rs) | 3.56 | 3.23 | 4.19 | 9.20 | 6.83 | 4.25 | 3.52 |
| Dividend payout % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 5.02 | 5.01 | 5.01 | 10.03 | 14.03 | 14.02 | 14.01 |
| Reserves | 17.08 | 24.10 | 26.11 | 30.14 | 57.23 | 62.27 | 67.29 |
| Borrowings | 63.19 | 61.13 | 62.11 | 68.20 | 63.10 | 69.09 | 69.04 |
| Other Liabilities | 14.06 | 15.08 | 17.09 | 19.09 | 15.08 | 18.09 | 30.14 |
| Total Liabilities | 99.35 | 105 | 110 | 127 | 149 | 164 | 181 |
| Fixed Assets | 29.06 | 26.03 | 24.04 | 29.05 | 29.05 | 37.06 | 38.06 |
| CWIP | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Investments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other Assets | 70.29 | 79.29 | 86.28 | 98.41 | 119 | 127 | 143 |
| Inventories | 23.95 | 36.90 | 40.88 | 49.89 | 67.85 | 75.84 | 82.86 |
| Trade receivables | 30.97 | 32.99 | 26.97 | 24.97 | 21.98 | 29.97 | 38.95 |
| Cash & equivalents | 2.01 | 4.01 | 3.01 | 3.01 | 2.01 | 3.01 | 2.01 |
| Total Assets | 99.35 | 105 | 110 | 127 | 149 | 164 | 181 |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Cash from operating activity | 3.01 | 0.00 | 3.01 | 11.01 | −12.01 | 5.01 | 6.01 |
| Cash from investing activity | −3.01 | 0.00 | −2.01 | −9.02 | −7.02 | −9.02 | −4.01 |
| Cash from financing activity | −1.01 | 2.01 | −1.01 | −2.01 | 19.01 | 5.01 | −3.01 |
| Net cash flow | −1.01 | 2.01 | −1.01 | 0.00 | −1.01 | 0.00 | 0.00 |
| Capex | 2.79 | 0.40 | 2.34 | 8.23 | 4.61 | 9.26 | 3.99 |
| Free cash flow | 0.00 | −0.99 | 0.00 | 2.99 | −16.96 | −4.99 | 1.99 |
| CFO / OP % | 23.9% | 0.0% | 20.9% | 51.9% | −52.1% | 23.0% | 41.9% |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor days | 55 | 61 | 47 | 41 | 34 | 51 | 62 |
| Inventory days | 48 | 75 | 81 | 99 | 124 | 153 | 150 |
| Days payable | 25 | 25 | 13 | 24 | 16 | 25 | 32 |
| Cash conversion cycle | 76 | 109 | 113 | 115 | 140 | 177 | 178 |
| Working capital days | 20 | 30 | 33 | 34 | 74 | 90 | 86 |
| ROCE % | — | 11.0% | 10.0% | 18.9% | 16.0% | 11.0% | 9.0% |
For the Mar 2026 quarter, Maiden Forgings reported sales of ₹122 Cr, up 17.2% year on year and net profit of ₹2.99 Cr, up 50.3% year on year. The operating margin was 8.0%.
Maiden Forgings' sales for the year to Mar 2026 were ₹232 Cr.
Net profit for the year to Mar 2026 was ₹4.99 Cr. Earnings per share over the same trailing period were ₹3.52.
Maiden Forgings reported borrowings of ₹69.04 Cr at Mar 2026, against cash and equivalents of ₹2.01 Cr.
Cash from operations was ₹6.01 Cr in the year to Mar 2026; after capital spending, free cash flow was ₹1.99 Cr.