Maiden Forgings Limited reported a 9% year-on-year rise in revenue from operations for FY26, reaching ₹2,316.1 crore, but saw its net profit decline by 17% to ₹50.2 crore due to increased expenses and adverse market conditions.

The Ghaziabad-based forging manufacturer filed its annual report for the financial year ended March 31, 2026, alongside the notice for its 21st Annual General Meeting (AGM) scheduled for September 28, 2026. The board had previously convened on September 1, 2026, to approve auditor appointments and governance decisions for the upcoming fiscal year.

Financial Performance

Total revenue stood at ₹2,339.6 crore in FY26, compared to ₹2,135.7 crore in FY25. While operating revenue grew, total expenses rose to ₹2,270.2 crore from ₹2,050.3 crore in the previous year. Profit before tax fell to ₹69.4 crore from ₹85.4 crore, leading to a net profit after tax of ₹50.2 crore, down from ₹60.5 crore in FY25.

Exports contributed ₹46.1 crore to the top line. The company did not declare any dividend for FY26 to strengthen its financial position.

Auditor Appointments and Governance

The company appointed M/s Vivek Agrawal & Co as its cost auditor for FY27. The remuneration for this appointment, set at ₹75,000 plus applicable taxes, requires ratification by shareholders at the AGM. M/s Mohit Singhal & Associates was named as the secretarial auditor, and M/s M Lal & Co as the internal auditor for the term.

Ms. Nivedita Garg, Whole Time Director, retires by rotation at the AGM but has offered herself for re-appointment. The board has recommended her re-appointment to shareholders. Ms. Garg holds 60.57 lakh equity shares, representing 42.62% of the company’s paid-up capital.

Capital Structure and Failed Preferential Issue

The authorized share capital remained unchanged at ₹20 crore, with issued and paid-up capital at ₹14.21 crore. During FY25, the board had approved a preferential issue of up to 25 lakh equity shares at ₹100 per share. Although BSE granted in-principle approval in December 2025, the allotment did not proceed as the proposed investor failed to remit funds within the stipulated period.

What the Numbers Show

While Maiden Forgings managed to grow its top line nearly 9%, the bottom line contracted significantly. Finance costs remained high at ₹67.8 crore, consuming approximately 98% of the pre-tax profit of ₹69.4 crore. This indicates that despite operational revenue growth, the company’s profitability remains heavily leveraged and sensitive to interest expenses and working capital dynamics, as evidenced by the rise in trade receivables to ₹394.2 crore from ₹296.9 crore in FY25.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE0O1T01010/6429ad75-9ae8-4f71-8807-079a7092f0af.pdf

Maiden Forgings hosted a virtual analyst and investor meeting on August 20, 2026, at 4:35 pm. The session was conducted under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The company officials engaged in a question-and-answer format with representatives from various financial institutions and high-net-worth individuals. No formal presentation was delivered by the company during the event.

Participants

The following institutions and investors participated in the meeting via Zoom:

• Plus91 PMS (Vinit Thakur)
• 3 Head Capital (Bhaskar Kanrar)
• Torro Wealth Management (Vaibhav Jain)
• Sagun Capital (Deepak Pandey)
• Family Office (Mithen Shah)
• Ninedot Ventures (Chitresh Lunawat)
• Piper Serica (Viraj Negandhi)
• Motozak (Ankur Lemarc Agarwal)
• Mayka Invest (Aalap Savla)
• HNI (Aditi Jain)
• HNI (Rajesh Garg)

Disclosure Statement

Maiden Forgings stated that no unpublished price-sensitive information was shared during any of the interactions. The Company Secretary and Compliance Officer, Monika Negi, signed the disclosure on record.