Maiden Forgings Limited reported a ~16% year-on-year increase in revenue from operations for the first half of FY27, reaching approximately ₹127 crore. This growth was accompanied by a ~14.20% rise in total sales volumes to approximately 19,239.35 MT, reflecting continued business momentum.

The company commenced operations at its new Bhojpur manufacturing facility in July 2026, completing Phase I of its Unit II consolidation. Management estimates this consolidation will generate minimum savings of approximately ₹25 lakh per month once fully operational, while also providing additional space for capacity and product expansion.

To support these expansion plans, Maiden Forgings sold a vacant land parcel at C-10, Bulandshahr Road Industrial Area, Ghaziabad, for ₹12.90 crore. Proceeds from this monetisation are proposed for deployment towards the development of new manufacturing facilities. Additionally, CRISIL reaffirmed the company's long-term credit rating at BBB/Stable for ₹42.50 crore of total bank loan facilities.

Strategic initiatives

The company is pursuing several strategic initiatives to drive future growth:

• Capacity Expansion: Scaling overall iron and steel products manufacturing capacity towards 62,000 tonnes and implementing planned solar power capacity for energy cost optimisation.
• Product Portfolio: Increasing focus on higher-margin products such as pneumatic/collated nails, stainless steel bars, alloy steel bars, and GI wires, while pursuing forward integration into value-added components.
• Market Expansion: Strengthening presence in government and defence-linked segments through registrations with DRDO entities and Ordnance Factories, and scaling institutional business with organisations including HAL, BHEL, and NTPC.
• International Presence: Developing a distribution and warehousing presence in Dubai to support international markets and expand recurring export opportunities.
• Listing Migration: Pursuing migration from the BSE SME platform to the BSE Mainboard, subject to eligibility and regulatory requirements.

What the numbers show

Revenue growth of ~16% YoY outpaced sales volume growth of ~14.20%, indicating a slight improvement in average selling prices or a favorable product mix shift toward higher-value items. The commencement of the Bhojpur facility aligns with the company's stated goal to scale capacity to 62,000 tonnes, suggesting that current volume gains are supported by tangible infrastructure additions rather than just utilization improvements.

Maiden Forgings Limited confirmed that all three resolutions proposed at its 21st Annual General Meeting were passed with the requisite majority. The company submitted the scrutinizer's report and consolidated voting results to BSE on September 30, 2026, following the virtual meeting held on September 28, 2026.

The meeting was conducted through Video Conferencing and Other Audio-Visual Means in compliance with Ministry of Corporate Affairs and SEBI circulars. The deemed venue was the company's registered office in Delhi. Eighteen members participated remotely, comprising two promoter shareholders and sixteen public shareholders.

Resolutions passed and voting details

The Board of Directors presented three items of ordinary business for shareholder approval. The meeting commenced at 3:30 pm and concluded at 4:25 pm, including a 15-minute window for voting. Remote e-voting facilities were provided through National Securities Depository Limited from September 25 to September 27, 2026.

Nivedita Garg, holding Director Identification Number 03359751, retired by rotation and was re-appointed following eligibility confirmation. The ratification of the Cost Auditor's remuneration applies to the financial year 2026-27. No dissent or abstention votes were recorded for any resolution.

Governance and attendance

Managing Director Nishant Garg chaired the proceedings. The board was represented by Whole-Time Director Nivedita Garg, Independent Directors Raj Kumar Mittal, Urvi Agarwal, and Abhilash Rastogi, and Chief Financial Officer Prachla Garg. Statutory Auditor Himanshu Garg and Scrutinizer Mohit Singhal attended the virtual session.

The scrutinizer's report, dated September 29, 2026, confirmed that 18 members cast their votes through e-voting. The total number of shareholders on the record date (September 21, 2026) was 976. Of these, 6 promoters and 12 public shareholders attended the meeting via video conferencing. No shareholders attended in person or through proxy.

What the numbers show

The voting data reveals a high concentration of promoter influence in decision-making. Promoters held 10,228,000 shares out of the total 14,212,000 outstanding shares, representing approximately 72% of the equity base. In each of the three resolutions, promoters cast 10,127,800 votes, accounting for nearly 99% of the total votes polled (10,237,000). Public non-institutional shareholders cast only 109,200 votes, while institutional public shareholders cast zero votes. This indicates that the outcome of all AGM resolutions was effectively determined by the promoter group, given their overwhelming shareholding weight relative to the low participation rate from public investors.