Price
Financials
Standalone, Rs crore| Sep 2022 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Sales | 108 | 116 | 121 | 109 | 104 | 109 | 122 |
| Expenses | 99 | 105 | 108 | 99 | 94 | 105 | 112 |
| Operating Profit | 10 | 10 | 12 | 10 | 10 | 5 | 10 |
| OPM % | 9% | 9% | 10% | 9% | 9% | 4.4% | 8% |
| Other Income | 0 | 1 | 0 | 0 | 1 | 2 | 0 |
| Interest | 3 | 3 | 3 | 3 | 4 | 3 | 4 |
| Depreciation | 2 | 2 | 2 | 1 | 3 | 2 | 2 |
| Profit before tax | 6 | 6 | 7 | 6 | 3 | 2 | 4 |
| Tax % | 28% | 33% | 26% | 32% | 24% | 16% | 34% |
| Net Profit | 4 | 4 | 6 | 4 | 2 | 2 | 3 |
| EPS in Rs | 7.92 | 2.94 | 3.90 | 2.85 | 1.41 | 1.48 | 2.06 |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Sales | 204 | 199 | 210 | 221 | 236 | 213 | 232 |
| Expenses | 191 | 186 | 198 | 199 | 213 | 194 | 217 |
| Operating Profit | 13 | 13 | 12 | 22 | 23 | 19 | 15 |
| OPM % | 6% | 7% | 6% | 10% | 10% | 9% | 6% |
| Other Income | 0 | 0 | 0 | 0 | 1 | 1 | 2 |
| Interest | 7 | 7 | 6 | 5 | 6 | 7 | 7 |
| Depreciation | 4 | 4 | 3 | 4 | 4 | 4 | 4 |
| Profit before tax | 2 | 2 | 3 | 13 | 14 | 9 | 7 |
| Tax % | 28% | 29% | 27% | 28% | 29% | 29% | 28% |
| Net Profit | 2 | 2 | 2 | 10 | 10 | 6 | 5 |
| EPS in Rs | 3.57 | 3.24 | 4.20 | 9.22 | 6.84 | 4.26 | 3.53 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| 10 Years | 5 Years | 3 Years | TTM | 1 Year | Last Year | |
|---|---|---|---|---|---|---|
| Compounded Sales Growth | % | 3% | 2% | 9% | ||
| Compounded Profit Growth | % | 24% | -19% | -17% | ||
| Stock Price CAGR | % | % | -4% | 32% | ||
| Return on Equity | % | 12% | 10% | 6% |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 5 | 5 | 5 | 10 | 14 | 14 | 14 |
| Reserves | 17 | 24 | 26 | 30 | 57 | 62 | 67 |
| Borrowings | 63 | 61 | 62 | 68 | 63 | 69 | 69 |
| Other Liabilities | 14 | 15 | 17 | 19 | 15 | 18 | 30 |
| Total Liabilities | 99 | 105 | 110 | 127 | 149 | 164 | 181 |
| Fixed Assets | 29 | 26 | 24 | 29 | 29 | 37 | 34 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 4 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 70 | 79 | 86 | 98 | 119 | 127 | 143 |
| Total Assets | 99 | 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 | -0 | 3 | 11 | -12 | 5 | 6 |
| Cash from Investing Activity | -3 | -0 | -2 | -9 | -7 | -9 | -4 |
| Cash from Financing Activity | -1 | 2 | -1 | -2 | 19 | 5 | -3 |
| Net Cash Flow | -1 | 2 | -1 | 0 | -1 | 0 | -0 |
| Free Cash Flow | -0 | -1 | 0 | 3 | -17 | -5 | 2 |
| CFO/OP | 24% | -0% | 21% | 52% | -52% | 23% | 42% |
| 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 | 26 | 26 | 14 | 25 | 17 | 26 | 33 |
| Cash Conversion Cycle | 77 | 110 | 114 | 116 | 141 | 178 | 179 |
| Working Capital Days | 20 | 30 | 33 | 34 | 74 | 90 | 86 |
| ROCE % | 11% | 10% | 19% | 16% | 11% | 9% |
| Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Promoters | 73.37% | 73.37% | 73.37% | 73.37% | 71.97% | 71.97% |
| DIIs | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.15% |
| Public | 26.64% | 26.63% | 26.62% | 26.63% | 28.04% | 27.88% |
| No. of Shareholders | 841 | 1,256 | 1,488 | 1,490 | 1,288 | 1,071 |
Fundamentals
Market Cap₹ 141 Cr.
Current Price₹ 98.9
Stock P/E27.8
Book Value₹ 57.1
ROCE9.30 %
ROE6.41 %
Dividend Yield0.00 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)9%
Compounded Profit Growth (TTM)-17%
Standalone figures.
Valuation
Market capRs 104 Cr
Enterprise valueRs 168 Cr
P/E (TTM)10.80x
Price to book2.55x
Price to sales0.47x
EV / EBITDA7.54x
EV / EBIT8.95x
EV / sales0.76x
Price to cash flow9.03x
Earnings yield9.26%
Profitability
Operating margin (excl. other income)9.95%
Operating margin (incl. other income)10.10%
EBITDA margin10.10%
Pre-tax margin6.03%
Net profit margin4.35%
ROE26.72%
ROCE18.68%
ROA8.11%
ROE, 3-year average13.57%
ROCE, 3-year average13.17%
ROA, 3-year average3.94%
ROIC (approx.)12.91%
Tax rate27.80%
Other income / net worth0.81%
Growth
Sales growth (latest year)4.96%
Profit growth (latest year)338.81%
Sales CAGR, 3 years2.66%
Profit CAGR, 3 years79.56%
Per share
EPS (TTM)Rs 9.22
EPS (latest year)Rs 9.22
EPS, 3-year averageRs 5.55
Book value per shareRs 39.05
Sales per shareRs 211.75
Cash flow per shareRs 11.02
Free cash flow per shareRs 1.92
Efficiency
Asset turnover1.74x
Fixed asset turnover7.56x
Inventory turnover3.83x
Inventory days95 days
Debtor days41 days
Debtors turnover8.84x
Creditor days33 days
Cash conversion cycle179 days
Working capital days86 days
Leverage
Total debtRs 68 Cr
Cash and bankRs 3 Cr
Net debtRs 64 Cr
Debt to equity1.66x
Net debt / EBITDA2.88x
Interest coverage3.43x
Owners' fund to total sources32.11%
Debt to assets53.26%
Cash flow
Cash from Operating Activity (latest year)Rs 11 Cr
Cash from Investing Activity (latest year)Rs -9 Cr
Cash from Financing Activity (latest year)Rs -2 Cr
Net Cash Flow (latest year)Rs 0 Cr
Free cash flow (latest year)Rs 2 Cr
FCFE (approx.: FCF + change in debt)Rs 8 Cr
Cash from ops / profit, 5 years0.39x
Sales to cash flow19.22x
Statement figures
Net sales (TTM)Rs 221 Cr
Net sales (latest year)Rs 221 Cr
Operating profit excl. other income (latest year)Rs 22 Cr
Other income (TTM)Rs 0 Cr
EBITDA (TTM)Rs 22 Cr
PBDT (TTM)Rs 17 Cr
Profit before tax (TTM)Rs 13 Cr
Tax (latest year)Rs 4 Cr
Net profit (TTM)Rs 10 Cr
Net profit (latest year)Rs 10 Cr
Depreciation (TTM)Rs 4 Cr
Interest (TTM)Rs 5 Cr
Cost of goods sold (latest year)Rs 193 Cr
Total expenditure (latest year)Rs 199 Cr
Total income (latest year)Rs 221 Cr
Share capitalRs 10 Cr
ReservesRs 30 Cr
Shareholders' fundsRs 41 Cr
Total assetsRs 127 Cr
Net blockRs 29 Cr
ReceivablesRs 25 Cr
InventoryRs 50 Cr
Other liabilitiesRs 19 Cr
Shares outstanding (crore)1.04
Ownership
Promoter holding71.97% (-1.40 in a year)
Computed by MarketFriction from the standalone statements. Returns use average balances.
P/E 10.8 is at the 5th percentile of its own 3.4-year range
(median 43.8, low 8.4, high 79.6).
P/B 2.55 is at the 20th percentile (median 2.87).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
| Period | 543874 | Nifty 50 | Difference |
|---|---|---|---|
| 1 week | -2.0% | -2.8% | +0.8 pts |
| 1 month | -7.1% | -6.8% | -0.4 pts |
| 3 months | +29.2% | -7.6% | +36.8 pts |
| 3 years | -10.0% | +14.2% | -24.1 pts |
Red flags
F-score 6 of 7No red flags in the latest statements and filings.
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.
Latest quarter
Mar 2026Sales ₹122 Cr +0.8% vs Mar 2024.
Net profit ₹3 Cr -50.0%.
Activity
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|---|---|---|---|
| Welspun Corp Ltd | 74,969 | 32.5 | 22.9 % |
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| Jindal Saw Ltd | 17,759 | 27.2 | 10.4 % |
| Usha Martin Ltd | 15,204 | 27.9 | 19.5 % |
| Godawari Power & Ispat Ltd | 14,902 | 18.2 | 20.5 % |
| Gallantt Ispat Ltd. | 13,007 | 29.8 | 18.2 % |
| Maharashtra Seamless Ltd | 9,672 | 13.1 | 14.3 % |
| Jayaswal Neco Industries Ltd | 8,997 | 15.7 | 20.7 % |
| Sunflag Iron & Steel Company Ltd | 8,368 | 39.4 | 4.07 % |
| Man Industries (India) Ltd | 7,198 | 35.2 | 16.2 % |
| Aeroflex Industries Ltd | 7,141 | 106 | 18.9 % |
| Technocraft Industries (India) Ltd | 6,635 | 19.5 | 16.3 % |
| Shivalik Bimetal Controls Ltd | 6,402 | 60.1 | 26.6 % |
No bulk or block deals on record.
No corporate actions on record.
No announcements in our files yet.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Not on any NSE surveillance list in the latest file.
Quick answers
What is the market cap of Maiden Forgings Ltd?
Maiden Forgings Ltd (543874) has a market capitalisation of Rs 141 Cr. at the 2026-10-01 close.
What is the P/E ratio of Maiden Forgings Ltd?
Maiden Forgings Ltd trades at a P/E of 27.8 on trailing twelve-month profit, at the 2026-10-01 close.
What were Maiden Forgings Ltd's latest quarterly results?
In the Mar 2026 quarter, Maiden Forgings Ltd sales was Rs 122 Cr (+0.8% vs Mar 2024) and net profit was Rs 3 Cr.