Maiden Forgings Limited (MFL), a leading manufacturer of bright steel bars and wires, has announced its financial results for the first half of fiscal year 2026, showcasing record production and sales volume along with strategic growth initiatives.

Financial Highlights

For the first half of FY26, Maiden Forgings reported:

The company achieved a record production and sales volume of 17,000 tons in H1 FY26, demonstrating strong operational performance despite volatility in steel prices.

Strategic Expansion

MFL has secured multiple defense sector registrations, including OFB approvals, positioning itself for potential growth in FY27. The company's expansion strategy includes:

1. New facility consolidation
2. Introduction of GI wire and stainless steel components
3. Aggressive expansion in the Business-to-Government (B2G) segment, targeting a 10% revenue contribution

These initiatives are expected to drive growth and diversify the company's revenue streams in the coming fiscal year.

Company Background

Maiden Forgings Limited, incorporated in 1988, has evolved from a sole proprietorship to a public limited company in 2023. With its manufacturing facilities spread across Ghaziabad in the National Capital Region, MFL boasts a total production area exceeding 100,000 square feet.

Recent Corporate Actions

As per the latest corporate filings, MFL has recently:

1. Approved unaudited financial results for H1 FY26 on November 14, 2025.
2. Planned a capital allocation strategy, including:
   • ₹13.00 crore for working capital requirements (by March 31, 2027)
   • ₹11.00 crore for capital expenditure towards new machinery (by March 31, 2027)
   • ₹0.95 crore for general corporate purposes (by September 30, 2027)

Market Position

For the fiscal year 2025, MFL reported:

• Total Income: ₹213.57 crore
• EBITDA: ₹19.91 crore
• PAT: ₹6.05 crore

These figures provide context for the company's H1 FY26 performance and indicate the potential for growth in the latter half of the fiscal year.

Looking Ahead

With its expanded focus on B2G and defence segments, coupled with its established presence in the bright steel bars and wires market, Maiden Forgings appears to be positioning itself for diversified growth. The company expects significant growth in FY27 with the consolidation of its new facility and the introduction of new product lines.

Investors and market watchers will likely keep a close eye on how Maiden Forgings' strategic initiatives in the B2G and defence sectors translate into financial performance in the coming quarters, particularly given the company's ability to achieve record production volumes despite challenging market conditions.

Maiden Forgings Limited (MFL), a prominent manufacturer of bright steel bars and wires, has achieved a significant milestone in its journey towards expanding its presence in the defence sector. The company has successfully secured registration with the Centre for Military Airworthiness & Certification (CEMILAC), Bengaluru, under the Ministry of Defence, Government of India.

Key Highlights

• MFL receives official registration from CEMILAC, enhancing its credentials in the defence manufacturing ecosystem.
• The certification enables MFL to supply products for defence applications, strengthening its role in India's indigenous defence supply chain.
• This achievement builds upon MFL's existing supplier registration with the Ordnance Factory Board (OFB).

Strategic Implications

The CEMILAC registration marks a crucial step for Maiden Forgings Limited, opening up new avenues for growth and collaboration within the defence sector. Managing Director Nishant Garg emphasized the significance of this certification, stating, "This certification validates our commitment to excellence, precision, and reliability - essential traits for serving critical defence and aerospace requirements."

Financial Performance

Maiden Forgings Limited reported the following financial results:

Company Background

Maiden Forgings Limited has been a key player in the steel manufacturing industry for 35 years. The company's journey from a sole proprietorship firm in 1988 to a public limited company in 2022 reflects its growth and evolution. With production facilities spanning over 100,000 square feet in Ghaziabad (National Capital Region), MFL has established itself as a domestic leader in the industry.

Future Outlook

The CEMILAC registration is expected to facilitate MFL's expansion into Business-to-Government (B2G) and defence sectors. This aligns with the company's focus on diversification into high-value, technology-intensive domains and its commitment to supporting India's self-reliance mission under the Atmanirbhar Bharat initiative.

As Maiden Forgings Limited continues to strengthen its position in the defence manufacturing sector, it remains poised for potential growth opportunities in this strategic industry vertical.