- Category
- Medium (2023-24)
- Udyam number
- UDYAM-UP-29-0007090

About Maiden Forgings Limited
Data last updated:
Maiden Forgings Limited is a public limited company based in Delhi, India. It operates in the metalworking segment of the metals and mining sector. It was incorporated on 11 February 2005 and has been in existence for over 21 years.
The company is registered with the Registrar of Companies (ROC), Delhi, under CIN L29810DL2005PLC132913. Its GSTIN is 09AAECM1658H1ZC (Uttar Pradesh). The company holds 2 GST registrations, of which 1 is active. It is a listed company as per MCA records. Its shares are listed on BSE: 543874.
The company has an authorised share capital of ₹20 Cr and a paid-up capital of ₹14.21 Cr. It is led by directors including Nishant Garg (Managing Director) and Nivedita Garg (Whole-Time Director).
Its last annual general meeting (AGM) was held on 30 September 2025, and its latest financial statements are for the year ended 31 March 2026. The registered office is at B – 5 Arihant Tower Block D Market Vivek Vihar, Delhi, India – 110092.
As per the latest standalone financials for FY 2025-26, the company reported a revenue of ₹231.61 Cr, a growth of 8.8% compared to the previous year. For the same year it recorded a net profit of ₹5.05 Cr (net margin 2.2%) and EBITDA of ₹14.87 Cr (EBITDA margin 6.4%). The net worth stands at ₹81.13 Cr (up 6.1% YoY). Total assets are valued at ₹150.71 Cr (up 3.3% YoY).
The company has about 31 employees on its provident fund (EPFO) records.
The company is associated with 1 brand: Maiden Forgings. As per MCA filings, the company has open charges of ₹78 Cr and satisfied charges of ₹206.19 Cr on record. Court records list 1 case involving the company, including 1 filed by the company; 1 case is pending. The company has 22 deals on record (11 market trades, 4 funding rounds, 3 rights issues), with disclosed funding of ₹11.31 Cr; the latest was in November 2025. Its 6 peer companies in the Machinery and Equipment industry (Cables and Wires, Tools and Components), with the same principal business activity (metal and metal products) are compared by revenue, 3 larger and 3 smaller; the largest is Nexo Industries Private Limited with revenue of ₹217.06 Cr.
Maiden Forgings Limited is registered as a medium enterprise under the Udyam registration framework (Reg. No. UDYAM-UP-29-0007090). The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website maidenforgings.in.
Company details
CIN history
Maiden Forgings has 2 previous CINs, indicating changes in the company's corporate structure or registration details. The current CIN is L29810DL2005PLC132913, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| L29810DL2005PLC132913 | Current |
| U29810DL2005PTC132913 | Previous |
| U29810DL2005PLC132913 | Previous |
Recognitions & Rankings of Maiden Forgings
Contact details
Maiden Forgings Limited's registered office is in Delhi, Delhi.
- Registered AddressB – 5 Arihant Tower Block D Market Vivek Vihar, Delhi, India – 110092
- IndustryMetal & Minerals, Metalworking
- Company details, directors and signatories
- Historical financials and ratios
- Shareholding pattern and group structure
- Charges with holder and property details
- Legal cases, compliance and MCA filings
Brands
Maiden Forgings operates one associated brand: Maiden Forgings. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Manufacturer of steel bright bars, wires, and forgings | maidenforgings.in |
Business activity
The main business activity of Maiden Forgings is manufacturing. In detail, this covers metal and metal products.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| C | Manufacturing | C7 | Metal and metal products |
To see the full business activity and turnover split of Maiden Forgings Limited, buy the company report.
Financials of Maiden Forgings Limited
FY 2025-26 filings availableMaiden Forgings Limited reported revenue of ₹231.61 Cr (up 8.8% YoY) for FY 2025-26.
Financial Highlights
FY 2025-26 · StandaloneRevenue vs Net Profit ₹ Cr
Margin trends
Financial summary ₹ Cr
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 232 | 213 | 236 | 221 | 211 | 199 | 204 |
| Revenue growth | +8.8% | -9.8% | +6.9% | +4.9% | +5.7% | -2.4% | - |
| EBITDA | 14.87 | 19.24 | 23.02 | 21.98 | 12.20 | 13.38 | 13.15 |
| EBITDA margin | +6.4% | +9.0% | +9.8% | +10.0% | +5.8% | +6.7% | +6.4% |
| Profit before tax | 6.94 | 8.53 | 13.71 | 13.31 | 3.02 | 2.38 | 2.30 |
| Net profit | 5.05 | 6.04 | 9.72 | 9.61 | 2.20 | 1.68 | 1.65 |
| Net profit margin | +2.2% | +2.8% | +4.1% | +4.4% | +1.1% | +0.8% | +0.8% |
| EPS (₹) | 3.53 | 4.26 | 6.84 | 9.21 | 4.20 | 3.24 | 3.57 |
| Balance sheet | |||||||
| Total assets | 151 | 146 | 134 | 108 | 92.91 | 89.82 | 84.62 |
| Net worth | 81.13 | 76.47 | 70.96 | 40.72 | 31.20 | 28.99 | 21.37 |
| Total debt | 69.31 | 69.30 | 62.67 | 67.54 | 61.70 | 60.81 | 63.22 |
| Cash & bank | 2.16 | 2.65 | 2.48 | 3.19 | 3.00 | 3.63 | 2.12 |
| Net working capital | 109 | 105 | 97.67 | 74.34 | 64.44 | 60.40 | 51.88 |
| Cash flow | |||||||
| Cash from operations | 6.22 | 4.52 | (11.99) | 11.49 | 2.57 | (0.43) | 2.64 |
| Cash from investing | (3.91) | (9.03) | (7.29) | (9.21) | (2.33) | (0.41) | (2.80) |
| Cash from financing | (2.80) | 4.69 | 18.57 | (2.09) | (0.87) | 2.34 | (0.53) |
| Particulars | Mar 2023 | Dec 2022 |
|---|---|---|
| Revenue | 57.30 | 55.06 |
| Other income | 0.04 | 0.10 |
| Total expenses | 52.64 | 47.66 |
| EBITDA | 4.66 | 7.40 |
| EBITDA margin | +8.1% | +13.4% |
| Depreciation | 1.16 | 0.81 |
| Interest | 1.36 | 1.30 |
| Profit before tax | 2.18 | 5.39 |
| Tax | 0.59 | 1.50 |
Financial Statements
| Particulars | Mar 2023 | Dec 2022 |
|---|---|---|
| Revenue | 57.30 | 55.06 |
| Other income | 0.04 | 0.10 |
| Total expenses | 52.64 | 47.66 |
| EBITDA | 4.66 | 7.40 |
| EBITDA margin | +8.1% | +13.4% |
| Depreciation | 1.16 | 0.81 |
| Interest | 1.36 | 1.30 |
| Profit before tax | 2.18 | 5.39 |
| Tax | 0.59 | 1.50 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 232 | 213 | 236 | 221 | 211 | 199 | 204 |
| Revenue growth | +8.8% | -9.8% | +6.9% | +4.9% | +5.7% | -2.4% | - |
| Other income | 2.35 | 0.66 | 1.21 | 0.33 | 0.33 | 0.14 | 0.28 |
| Total expenses | 217 | 194 | 213 | 199 | 198 | 186 | 191 |
| Employee cost | 3.09 | 2.95 | 2.99 | 3.13 | 1.81 | 1.68 | 1.48 |
| EBITDA | 14.87 | 19.24 | 23.02 | 21.98 | 12.20 | 13.38 | 13.15 |
| EBITDA margin | +6.4% | +9.0% | +9.8% | +10.0% | +5.8% | +6.7% | +6.4% |
| Depreciation | 3.50 | 4.05 | 4.45 | 3.52 | 3.41 | 4.08 | 4.39 |
| Interest | 6.78 | 7.32 | 6.07 | 5.48 | 6.10 | 7.06 | 6.74 |
| Profit before tax | 6.94 | 8.53 | 13.71 | 13.31 | 3.02 | 2.38 | 2.30 |
| Tax | 1.92 | 2.49 | 3.99 | 3.70 | 0.82 | 0.70 | 0.65 |
| Net profit | 5.05 | 6.04 | 9.72 | 9.61 | 2.20 | 1.68 | 1.65 |
| Net profit margin | +2.2% | +2.8% | +4.1% | +4.4% | +1.1% | +0.8% | +0.8% |
| EPS (₹) | 3.53 | 4.26 | 6.84 | 9.21 | 4.20 | 3.24 | 3.57 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 14.21 | 14.21 | 14.21 | 10.43 | 5.21 | 5.21 | 4.65 |
| Reserves & surplus | 66.92 | 62.26 | 56.75 | 30.29 | 25.99 | 23.78 | 16.72 |
| Shareholders' funds (net worth) | 81.13 | 76.47 | 70.96 | 40.72 | 31.20 | 28.99 | 21.37 |
| Secured loans | 61.35 | 61.75 | 53.96 | 59.27 | 53.12 | 56.01 | 52.77 |
| Unsecured loans | 7.96 | 7.55 | 8.71 | 8.27 | 8.58 | 4.80 | 10.45 |
| Total debt | 69.31 | 69.30 | 62.67 | 67.54 | 61.70 | 60.81 | 63.22 |
| Total liabilities | 151 | 146 | 134 | 108 | 92.91 | 89.82 | 84.62 |
| Assets | |||||||
| Gross block | 68.86 | 68.70 | 56.92 | 52.30 | 44.07 | 41.71 | 41.31 |
| Net block | 34.35 | 37.17 | 29.38 | 29.21 | 24.49 | 25.53 | 29.21 |
| Capital work in progress | 3.53 | 0.25 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Investments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Inventories | 83.12 | 75.80 | 67.68 | 50.38 | 41.43 | 36.54 | 23.81 |
| Sundry debtors | 39.42 | 29.69 | 22.26 | 24.99 | 27.15 | 33.06 | 30.86 |
| Cash & bank balances | 2.16 | 2.65 | 2.48 | 3.19 | 3.00 | 3.63 | 2.12 |
| Loans & advances | 13.72 | 14.23 | 19.59 | 13.77 | 9.77 | 1.77 | 8.78 |
| Total current assets | 138 | 122 | 112 | 92.33 | 81.35 | 75.00 | 65.57 |
| Total current liabilities | 29.69 | 17.84 | 14.34 | 17.99 | 16.91 | 14.60 | 13.69 |
| Net working capital | 109 | 105 | 97.67 | 74.34 | 64.44 | 60.40 | 51.88 |
| Total assets | 151 | 146 | 134 | 108 | 92.91 | 89.82 | 84.62 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 2.65 | 2.48 | 3.19 | 3.00 | 3.63 | 2.12 | 2.81 |
| Net cash from operating activities | 6.22 | 4.52 | (11.99) | 11.49 | 2.57 | (0.43) | 2.64 |
| Net cash from investing activities | (3.91) | (9.03) | (7.29) | (9.21) | (2.33) | (0.41) | (2.80) |
| Net cash from financing activities | (2.80) | 4.69 | 18.57 | (2.09) | (0.87) | 2.34 | (0.53) |
| Net change in cash | (0.49) | 0.17 | (0.71) | 0.18 | (0.63) | 1.50 | (0.68) |
| Closing cash | 2.16 | 2.65 | 2.48 | 3.19 | 3.00 | 3.63 | 2.12 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Sales growth | +8.8% | -9.8% | +6.9% | +4.9% | +5.7% | -2.4% | - |
| EBITDA growth | -22.7% | -16.4% | +4.7% | +80.2% | -8.8% | +1.8% | - |
| PBT growth | -18.6% | -37.8% | +3.0% | +340.7% | +26.9% | +3.5% | +9997.0% |
| Net income growth | -16.4% | -37.9% | +1.1% | +336.8% | +31.0% | +1.8% | - |
| Revenue CAGR (3Y) | +1.6% | +0.4% | +5.8% | +2.7% | - | - | - |
| EBITDA CAGR (3Y) | -12.2% | +16.4% | +19.8% | +18.7% | - | - | - |
| Profitability & leverage | |||||||
| Net income margin | +2.2% | +2.8% | +4.1% | +4.4% | +1.1% | +0.8% | +0.8% |
| Return on capital employed | +9.3% | +11.3% | +16.3% | +18.7% | +10.0% | +10.8% | +10.7% |
| Return on net worth | +6.4% | +8.2% | +17.4% | +26.7% | +7.3% | +6.7% | +7.8% |
| Debt / equity | 0.88 | 0.90 | 1.17 | 1.80 | 2.04 | 2.46 | 2.96 |
| Long-term debt / equity | 0.23 | 0.24 | 0.29 | 0.51 | 0.68 | 0.92 | 1.16 |
| Interest cover | 59.63 | 48.19 | 32.69 | 29.69 | 69.40 | 75.91 | 76.94 |
| Efficiency & per share | |||||||
| Fixed asset turnover | 3.37 | 3.39 | 4.32 | 4.58 | 4.91 | 4.80 | 4.94 |
| Inventory turnover | 2.91 | 2.97 | 4.00 | 4.81 | 5.40 | 6.60 | 8.57 |
| Debtors turnover | 6.70 | 8.20 | 9.99 | 8.47 | 6.99 | 6.23 | 6.61 |
| EPS (₹) | 3.53 | 4.26 | 6.84 | 9.21 | 4.20 | 3.24 | 3.57 |
| Dividend per share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Book value per share (₹) | 57.09 | 53.81 | 49.93 | 39.04 | 59.85 | 55.60 | 45.97 |
To see the full year-wise statements and ratios of Maiden Forgings Limited, buy the company report.
Board of directors of Maiden Forgings Limited
Maiden Forgings has 5 current directors and 4 former directors. Current directors are listed first, with their designation and appointment date.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Nishant Garg | Managing Director | 28 Nov 2022 | 3 Years 11 Months | Current |
| Nivedita Garg Also directs: Annapurna Melters and Founders Private Limited | Whole-Time Director | 28 Nov 2022 | 3 Years 11 Months | Current |
| Raj Kumar Mittal | Director | 06 Jan 2023 | 3 Years 9 Months | Current |
| Abhilash Rastogi | Director | 06 Jan 2023 | 3 Years 9 Months | Current |
| Urvi Agarwal | Director | 06 Jan 2023 | 3 Years 9 Months | Current |
Peer comparison
Maiden Forgings Limited is compared with the 6 companies closest to it by revenue in the Machinery and Equipment industry (Cables and Wires, Tools and Components), with the same principal business activity (metal and metal products), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Maiden Forgings Limitedthis company | ₹231.61 Cr (FY 2026) | ₹5.05 Cr | 2.2% | 8.8% | Delhi, India | |
| Nexo Industries Private Limited | ₹217.06 Cr (FY 2025) | 5.0% | Ludhiana, Punjab, India | |||
| Forbes & Company Limited | ₹215.57 Cr (FY 2025) | 46.0% | Mumbai, Maharashtra, India | |||
| Bhuj Polymers Private Limited | ₹215.19 Cr (FY 2025) | 12.0% | Delhi, India | |||
| Forge Auto International Limited | ₹212.67 Cr (FY 2025) | 24.0% | Ludhiana, Punjab, India | |||
| Agarwal Fastners Pvt Ltd | ₹210.86 Cr (FY 2025) | 3.0% | Mumbai, Maharashtra, India | |||
| Santhom Metacast Private Limited | ₹210.82 Cr (FY 2025) | 10.0% | Kottayam, Kerala, India |
To see the full peer comparison of Maiden Forgings Limited, buy the company report.
Charges & borrowings
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 05 Jun 2026 | 101318588 | Others | ₹5 Cr | Open | |
| 26 May 2026 | 101316180 | Sidbi | ₹1 Cr | Open | |
| 30 May 2025 | 101106282 | Others | ₹7 Cr | Open | |
| 26 Sep 2024 | 100980173 | Others | ₹28.36 Cr | Open | |
| 25 Apr 2024 | 100917517 | Axis Bank Limited | ₹31.59 Cr | Open |
To see the full charge records of Maiden Forgings Limited, buy the company report.
Total charge records: 34 View all charges
Deals & funding
Maiden Forgings Limited has 22 deals on record (11 market trades, 4 funding rounds, 3 rights issues), with disclosed funding of ₹11.31 Cr; the latest was in November 2025.
Deals on record (5 of 22)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Nov 2025 | Market trade | ₹1.21 Cr | Buyer: Mukesh Sharma Family Trust |
| Jun 2023 | Market trade | ₹1.84 Cr | Buyer: Ajiam Capital Private Limited Seller: Ajiam Capital Private Limited , an individual |
| Jun 2023 | Market trade | ₹6.05 Cr | Buyer: Dues Manager Private Limited , 2 individuals Seller: Dues Manager Private Limited , Rajasthan Global Securities Private Limited , 2 individuals |
| Apr 2023 | Market trade | ₹1.65 Cr | Buyer: Eastend Infrastructure Private Limited |
| May 2006 | Secondary share transfer | Undisclosed | Buyer: 3 individuals Seller: All Times Yours Securities (P) Limited, Junoon Capital Services Private Limited , Bhagwan Krishnan Investment & Trading Co (P) Limited |
To see the full deal history of Maiden Forgings Limited, buy the company report.
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal cases
Maiden Forgings Limited has 1 court case on record: 1 filed by Maiden Forgings. All case is pending.
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| High courts | 1 | 0 | 1 |
Cases on record (1 of 1)
| Court | Type of case | Party | Status |
|---|---|---|---|
| High Court, UTTARPRADESH | Court case (WTAX) | Filed by the company against Union of India and 2 Others and 2 others | Pending |
To see the full case history of Maiden Forgings Limited, buy the company report.
Case records are compiled from court listings and may lag the court's own records. A case filed against a company is not a finding against it.
MSME payment delays
No delayed payments to MSME suppliers are on our record for Maiden Forgings Limited; the supplier-wise MSME Form 1 check is in the company report Buy the company report.
GST
Maiden Forgings has 2 GST registrations: 1 active and 1 cancelled or inactive.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 09AAECM1658H1ZC | Uttar Pradesh | Active | 01 Jul 2017 |
To see the full GST registrations and return filing status of Maiden Forgings Limited, buy the company report.
Recent activity
Maiden Forgings Limited has 8 board changes on record since 2010: 6 appointments and 2 cessations. The latest: Abhilash Rastogi was appointed as Director on 06 Jan 2023.
65 earlier events are in the company report.
News
Frequently asked questions
Maiden Forgings is an active public limited company based in Delhi, India. The company works in metalworking, within the metal and minerals industry. It was incorporated on 11 February 2005 (21+ years old) and is registered under CIN L29810DL2005PLC132913. Listed on BSE: 543874.
Maiden Forgings reported revenue of ₹231.61 Cr for FY 2025-26 (up 8.8% YoY) based on standalone financials.
Maiden Forgings has 5 current directors:
- Nishant Garg - Managing Director
- Nivedita Garg - Whole-Time Director
- Raj Kumar Mittal - Director
- Abhilash Rastogi - Director
- Urvi Agarwal - Director
The latest financial statements of Maiden Forgings on record with the MCA are for the year ended 31 March 2026. Its last annual general meeting was held on 30 September 2025. Year-wise statements from 2015 are in the company report.
The GSTIN of Maiden Forgings is 09AAECM1658H1ZC, registered in Uttar Pradesh. The company has 2 GST registrations in all, of which 1 is active and 1 is cancelled or inactive.
The CIN (Corporate Identification Number) of Maiden Forgings is L29810DL2005PLC132913. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Yes. Maiden Forgings is a listed company as per MCA records. Its shares are listed on BSE (code: 543874).
Maiden Forgings has 1 court case on record: 1 filed by the company. 1 is pending.
Maiden Forgings was incorporated on 11 February 2005, making it 21+ years old. It is registered with the Registrar of Companies, Delhi.
Maiden Forgings has 22 deals on record (11 market trades, 4 funding rounds, 3 rights issues), with disclosed funding of ₹11.31 Cr; the latest was in November 2025.
The peers of Maiden Forgings by revenue are Nexo Industries Private Limited, Forbes & Company Limited, Bhuj Polymers Private Limited, Forge Auto International Limited, Agarwal Fastners Pvt Ltd and 1 more, all in the Machinery and Equipment industry (Cables and Wires, Tools and Components), with the same principal business activity (metal and metal products).