Maiden Forgings Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Maiden Forgings Ltd filed with BSE on 04 Jun 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Maiden Forgings reported H2 FY26 revenue of INR122.60 crores, up 17.46% year-on-year, with EBITDA of INR10.49 crores and net profit of INR2.93 crores, up 46.37% year-on-year. For full FY26, the company reported revenue of INR233.96 crores, EBITDA of INR17.22 crores and net profit of INR5.02 crores, with diluted EPS of INR3.53. Management described progress on a new integrated manufacturing facility at Modinagar, registrations with defense bodies including Ordnance Factory Board and DRDO laboratories, and plans for a Dubai warehousing subsidiary that were paused due to war circumstances.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Revenue: INR122.60 crores (H2 FY26)
p. 4
“We reported H2 financial '26 with revenue of INR122.60 crores, reflecting a growth of 17.46% year-on-year.”
Shruti Goel, page 4 of the filed PDF · View the filing
EBITDA: INR10.49 crores (H2 FY26)
p. 4
“EBITDA stood at INR10.49 crores registering a growth of 3.52% year-on-year, while net profit increased by 46.37% year-on-year to INR2.93 crores.”
Shruti Goel, page 4 of the filed PDF · View the filing
Diluted EPS: INR2.06 (H2 FY26)
p. 4
“Consequently, diluted EPS for the period stood at INR2.06, registering a growth of 46.10% year-on-year.”
Shruti Goel, page 4 of the filed PDF · View the filing
Revenue: INR233.96 crores (FY26)
p. 4
“For financial year '26, we reported revenue of INR233.96 crores, EBITDA of INR17.22 crores and net profit of INR5.02 crores, resulting in a diluted EPS of INR3.53.”
Shruti Goel, page 4 of the filed PDF · View the filing
Highest ever production: 35,546 metric tons (FY26)
p. 4
“During the year, we achieved our highest ever production of 35,546 metric tons, supported by better throughput, continuous process optimization and sustained demand across key industrial sectors.”
Shruti Goel, page 4 of the filed PDF · View the filing
Growth in first two months of FY27: more than 25% (April-May FY27)
p. 6
“Second, since April 2026, the shifting activity of the unit second to the new facility has been going on. And yet we have achieved more than 25% growth in the first 2 months itself vis-a-vis the corresponding month of the last financial year.”
Nishant Garg, page 6 of the filed PDF · View the filing
Pneumatic nails facility utilization: 60% to 70% (March-April 2026)
p. 10
“we are utilizing it at 60% to 70% level now, the pneumatic nails.”
Nishant Garg, page 10 of the filed PDF · View the filing
Current plant capacity utilization: 72%-74% (FY26)
p. 11
“See, we -- I think we would have achieved around 73%, 74% during the last financial year, the earnings call that we are having for.”
Nishant Garg, page 11 of the filed PDF · View the filing
Current installed capacity: 53,000 tons
p. 12
“I think we have totally installed capacity of 53,000, and we have done around 36,000 something.”
Nishant Garg, page 12 of the filed PDF · View the filing
GI wire margin: 20% to 25%
p. 13
“It would be around easily around 20%. 20% to 25%.”
Nishant Garg, page 13 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
EBITDA margin — 1% to 2% · FY27
stated firmly by Nishant Garg
p. 9
“Within this financial year, we target that like the EBITDA margin that we are currently enjoying, overall, it should go up by at least 1% to 2%.”
Nishant Garg, page 9 of the filed PDF · View the filing
Volume growth from new products — around 20% of growth from enhanced volumes · this financial year
stated as an aspiration by Nishant Garg
p. 10
“So you can say around say, 20% of the growth is expected from the enhanced volumes.”
Nishant Garg, page 10 of the filed PDF · View the filing
New plant capacity addition — 9,000 to 10,000 tons per annum · starting around October
stated firmly by Nishant Garg
p. 11
“On top of that, there would be an addition of capacity of 9,000 to 10,000 tons every year.”
Nishant Garg, page 11 of the filed PDF · View the filing
Quantity target — about 42,000 tons · this financial year
stated firmly by Nishant Garg
p. 12
“Yes, which I expect that within this financial year, we should cross the quantity -- we should reach a quantity of about 42,000 tons.”
Nishant Garg, page 12 of the filed PDF · View the filing
Peak plant utilization ceiling — 85% to 90%
stated firmly by Nishant Garg
p. 14
“85% to 90%. Maximum.”
Nishant Garg, page 14 of the filed PDF · View the filing
B2G segment revenue contribution — 20% to 25% of sales · mid-term
stated as an aspiration by Nishant Garg
p. 18
“I expect. I target not expect that 20% to 25% of our sales should come from the B2G segment in the mid-term future.”
Nishant Garg, page 18 of the filed PDF · View the filing
H1 FY27 margins — H1 FY27
stated firmly by Nishant Garg
p. 11
“So H1 of this financial year should see an improvement over the last year, and H2 would definitely be a good increase from the current margins.”
Nishant Garg, page 11 of the filed PDF · View the filing
Raw material cost and selling price — FY27
stated as an aspiration by Nishant Garg
p. 8
“That would increase, but the selling price will also increase. That is my estimate.”
Nishant Garg, page 8 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management explained margins are hedged through back-to-back raw material ordering aligned to customer orders, and that recent shift to higher-margin products has helped.
Answered by Nishant Garg
Asked by Raj Shah: What measures are being taken to protect margins during periods of sharp steel price volatility?
p. 7
“So whatever volatility is going on, whether it's a price rise or a price fall, we are already hedged by that risk because we order our raw materials back-to-back as we get orders from the customer.”
Nishant Garg, page 7 of the filed PDF · View the filing
Management targeted a 1-2% increase in EBITDA margin within the current financial year.
Answered by Nishant Garg
Asked by Radhika Jaiswal: What are medium-term EBITDA margin aspirations as higher-margin product contribution increases?
p. 9
“By medium term, you mean H1 of this year, H2 of next year like? Within this financial year, we target that like the EBITDA margin that we are currently enjoying, overall, it should go up by at least 1% to 2%.”
Nishant Garg, page 9 of the filed PDF · View the filing
Management said around 20% of growth is expected from enhanced volumes with the rest driven by product mix change, and base volumes growing 5-10%.
Answered by Nishant Garg
Asked by Radhika Jaiswal: What percentage of future growth will come from volume expansion versus product mix improvement?
p. 10
“So you can say around say, 20% of the growth is expected from the enhanced volumes.”
Nishant Garg, page 10 of the filed PDF · View the filing
Management clarified it is vertical integration, not forward integration, citing customer demand for GI wire alongside MS wire products.
Answered by Nishant Garg
Asked by Vinit Thakur: What is the rationale for expanding from bright bars into wires, and is it forward integration?
p. 12
“No, no, no. We are producers of bright bars and wires. We produced wires from 1989. Sorry, it is a vertical integration for us.”
Nishant Garg, page 12 of the filed PDF · View the filing
Management attributed the margin gain mainly to product mix rather than raw material price timing.
Answered by Nishant Garg
Asked by Vinit Thakur: Was the H2 margin improvement due to raw material timing or product mix?
p. 15
“No, no, no. majorly due to product mix.”
Nishant Garg, page 15 of the filed PDF · View the filing
Management said the margin shift occurred mainly in the last three months due to change in product mix, and this trend is continuing.
Answered by Nishant Garg
Asked by Viddhi Purohit: What factors impacted margins during H2 FY26 despite strong revenue growth?
p. 17
“Well, I think one of the earlier caller asked me this and I told him that the major impact in the margin shift whatever occurred was during the last three months only.”
Nishant Garg, page 17 of the filed PDF · View the filing
Management targeted 20-25% of sales from B2G segment in the mid-term, citing Ordnance Factory Board registration as providing credibility.
Answered by Nishant Garg
Asked by Riya Shah: What revenue contribution is expected from defence and B2G segments over the next two-three years?
p. 18
“I expect. I target not expect that 20% to 25% of our sales should come from the B2G segment in the mid-term future.”
Nishant Garg, page 18 of the filed PDF · View the filing
Risks flagged
Volatility in steel pricing and global tariff issues affecting the macro environment
p. 5
“Our core B2B business continued to provide stability through consistent demand from automotive, engineering, infrastructure and manufacturing customers despite there being a consistent volatility in the macroeconomic factors such as global tariff issues, frequent changes in the steel pricing, etcetera.”
Nishant Garg, page 5 of the filed PDF · View the filing
Postponement of Dubai warehousing plans due to geopolitical/war circumstances
p. 6
“For the same, during the financial year, we started laying the groundwork in Dubai in the month of February '26, which due to war circumstances, got slightly postponed.”
Nishant Garg, page 6 of the filed PDF · View the filing
Shortage of nickel and other raw material elements used in stainless steel
p. 8
“That would increase, but the selling price will also increase. That is my estimate. Like both the things still increase because there is shortage of nickel, there is shortage of multiple elements that are being used in stainless steel.”
Nishant Garg, page 8 of the filed PDF · View the filing
Reduced margins during a sustained falling price market requiring customer retention and acquisition efforts
p. 7
“But that being said, in case the market is constantly falling, which was the case till November 2025 and before that 1 year, 1.5 years that went by.”
Nishant Garg, page 7 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.