On 5 Nov 2026, Maiden Forgings was priced at ₹98.50, or 27.9× trailing earnings, against an industry P/E of 25.1×, and the shares are 21% below their 52-week high. It earns ROCE of 14% and ROE of 6.4%, and sales grew 1.6% a year over 3 years while net profit fell 19%. Debt is 0.85× equity. It is listed on an SME platform with a market cap of ₹140 Cr, ranked 48th of 71 Metal Fabrication companies by market cap; the shares rose 16% over the past year.
- ₹90.05
- ₹98.50
- ₹89.00
- ₹98.50
- 15K
Health check
- ReturnsBehind
+15.9% over a year, better than 1 of 7 peers.
- Price tagIn line
P/E 27.9 vs industry 25.1.
- GrowthSlow
Sales +1.6%, profit −19.4% a year over 3 years.
- ProfitabilityAverage
ROCE 13.7% vs peer median 15.6%.
- Balance sheetFair
Debt 0.85× equity, interest covered 2.1×, Piotroski 5 of 9.
- Red flags2 to check
Return on equity is low at 6.4%.
Small cap
Defensive
Key metrics
- Market cap
- ₹140 Cr
- Small cap
- P/E
- 27.9
- Industry 25.1
- Price to book
- 1.73
- Peers 7.00
- Dividend yield
- 0.00%
- ROE
- 6.4%
- Peers 8.6%
- ROCE
- 13.7%
- Peers 15.6%
- Debt to equity
- 0.85
- Debt ₹69 Cr
- EPS (TTM)
- ₹3.53
- OPM (TTM)
- 8.2%
- Net margin 2.2%
- Sales growth
- +17.7%
- Latest quarter vs a year ago
- Profit growth
- +45.2%
- Latest quarter vs a year ago
- Price to sales
- 0.60
- EV/EBITDA 12.4
Strengths and risks
Strengths
- Quarterly profit up 45.2% on a year ago.
- Quarterly sales up 17.7% on a year ago.
Risks to check
- Return on equity is low at 6.4%.
- Interest coverage of only 2.3×.
About Maiden Forgings
Maiden Forgings Limited manufactures and sells ferrous metal products in India. The company offers steel bright bars, wires, profiles, and ground bars, as well as plastic and wire collated, and loose nails. It also provides steel bright, ground, peeled, and shaped profile bars; fine wires; hard bright and half hard bright wires. The company was founded in 1989 and is based in Ghaziabad, India.
- Headquarters
- Ghaziabad
- Employees
- 98
- Sector
- Industrials
- ISIN
- INE0O1T01010
- Website
- maidenforgings.in
Price range
- Avg volume (3M)
- 15.5K
- 1-year return
- plus 15.9%
- From 52-week high
- minus 21.2%
Peers · Metal Fabrication
| Company | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| BHARATFORGBharat Forge | 1,740.00 | minus 0.74% | 85,029 | 121.8 | 7.23 | 15.6% | 6.7% | 14.7% | 9.7% | 26.9% | 0.49% | plus 32.3% |
| INDOMIMINDO-MIM | 1,219.50 | minus 3.93% | 60,302 | 101.1 | 20.94 | 22.8% | 21.3% | 28.6% | 15.8% | 4.9% | 0.00% | plus 64.4% |
| PTCILPTC Industries | 24,335.00 | plus 0.04% | 38,564 | 290.6 | 23.73 | 7.9% | 8.6% | 24.6% | 40.7% | 57.8% | 0.00% | plus 41.4% |
| ZETWERKZetwerk Manufacturing Businesses | 164.89 | minus 1.10% | 27,937 | – | −2.47 | −13.0% | −36.0% | 0.1% | 56.9% | – | 0.00% | plus 19.3% |
| HAPPYFORGEHappy Forgings | 1,694.50 | minus 10.00% | 15,996 | 49.0 | 7.00 | 18.9% | 15.2% | 30.6% | 9.8% | 13.1% | 0.24% | plus 85.8% |
| RKFORGERamkrishna Forgings | 693.85 | minus 4.25% | 13,087 | 68.4 | 3.51 | 4.7% | 5.6% | 17.1% | 10.5% | −33.9% | 0.58% | plus 35.6% |
| GRAVITAGravita India | 1,493.90 | minus 0.07% | 10,883 | 27.3 | 4.11 | 18.1% | 16.2% | 9.3% | 14.9% | 23.5% | 0.52% | minus 15.4% |
| MAIDENMaiden Forgings | 98.50 | 0.00% | 140 | 27.9 | 1.73 | 13.7% | 6.4% | 8.2% | 1.6% | −19.4% | 0.00% | plus 15.9% |
| Median of 7 peers | – | −1.10% | 27,937 | 84.7 | 7.00 | 15.6% | 8.6% | 17.1% | 14.9% | 18.3% | 0.24% | 35.6% |
Quarterly results
This company doesn’t report these figures in a format we can read yet.
Profit & loss
- Sales CAGR 3Y
- +1.6%
- Profit CAGR 3Y
- −19.4%
- ROE
- 6.4%
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 221 | 236 | 213 | 232 | |
| – | +6.9% | minus 9.8% | +8.8% | |
| 199 | 213 | 194 | 217 | |
| 22 | 23 | 19.2 | 14.9 | |
| 9.9% | 9.7% | 9.0% | 6.4% | |
| 0.3 | 1.1 | 0.3 | 2.1 | |
| 5.5 | 5.9 | 6.9 | 6.6 | |
| 3.5 | 4.4 | 4 | 3.4 | |
| – | – | – | −0 | |
| 13.3 | 13.7 | 8.5 | 6.9 | |
| 27.8% | 29.1% | 29.2% | 27.6% | |
| 9.6 | 9.7 | 6 | 5 | |
| – | +1.2% | minus 37.8% | minus 17.0% | |
| 6.76 | 6.84 | 4.26 | – |
Forecast
Balance sheet
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 10.4 | 14.2 | 14.2 | 14.2 | |
| 30.3 | 56.8 | 62.3 | 66.9 | |
| 67.5 | 62.7 | 69.3 | 69.3 | |
| 18.6 | 15 | 18.5 | 30.3 | |
| 127 | 149 | 164 | 181 | |
| 29.2 | 29.4 | 37.4 | 37.9 | |
| – | – | 0.2 | 3.5 | |
| 4.5 | 7.2 | 4.2 | 4.2 | |
| 3.7 | 3.3 | 3.6 | 3.1 | |
| 89.4 | 109 | 119 | 132 | |
| 127 | 149 | 164 | 181 |
Cash flow
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 11.5 | −12 | 4.5 | 6.2 | |
| −9.2 | −7.3 | −9 | −3.9 | |
| −2.1 | 18.6 | 4.7 | −2.8 | |
| 0.2 | −0.7 | 0.2 | −0.5 | |
| −8.2 | −7.4 | −9.3 | −4 | |
| 3.3 | −19.4 | −4.8 | 2.2 |
Shareholding pattern
This company is listed only on BSE, so there’s no NSE category split. See Major shareholders below for the named holders.
Major shareholders
Filings & events
News
No recent news coverage found.