BSE: 543874 | NSE: | Steel & Iron Products | Small Cap
Past 10 year’s financial track record analysis by Moneyworks4me indicates that Maiden Forgings Ltd is a below average quality company.
The key valuation ratios of Maiden Forgings Ltd's currently when compared to its past seem to suggest it is in the Undervalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Maiden Forgings Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
Value Creation Index Colour Code Guide ⓘ
| Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|
| ROCE % ⓘ | 10.7% | 10.9% | 9.6% | 18% | 16.4% | - |
| Value Creation Index ⓘ | -0.2 | -0.2 | -0.3 | 0.3 | 0.2 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | ||||||
| Sales ⓘ | 204 | 199 | 211 | 221 | 236 | 236 |
| Sales YoY Gr. | - | -2.4% | 5.7% | 4.9% | 6.9% | - |
| Adj EPS ⓘ | 1.8 | 1.6 | 2 | 9.2 | 6.8 | 6.8 |
| YoY Gr. | - | -9% | 25.3% | 351.2% | -26.1% | - |
| BVPS (₹) ⓘ | 23 | 27.8 | 29.9 | 38.4 | 49.9 | 49.9 |
| Adj Net Profit ⓘ | 1.7 | 1.7 | 2.1 | 9.6 | 9.6 | 10 |
| Cash Flow from Ops. ⓘ | 2.6 | -0.4 | 2.6 | 11.5 | -12 | - |
| Debt/CF from Ops. ⓘ | 23.9 | -141.5 | 27 | 5.9 | -5.2 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | NA | NA | 5.8% | 6.9% | ||||
| Adj EPS ⓘ | NA | NA | 61.1% | -26.1% | ||||
| BVPSⓘ | NA | NA | 21.6% | 30.2% | ||||
| Share Price | - | - | - | -40.2% | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 7.8 | 6.7 | 7 | 26.6 | 17.2 | 13.7 |
| Op. Profit Mgn % ⓘ | 6.4 | 6.8 | 5.8 | 10 | 9.8 | NAN |
| Net Profit Mgn % ⓘ | 0.8 | 0.9 | 1 | 4.3 | 4.1 | 4.1 |
| Debt to Equity ⓘ | 3 | 2.1 | 2.2 | 1.7 | 0.9 | - |
| Working Cap Days ⓘ | 0 | 131 | 137 | 146 | 163 | 0 |
| Cash Conv. Cycle ⓘ | 0 | 90 | 102 | 100 | 109 | 0 |
Net Profit is growing at healthy rate in last 3 years 61.07%
Debt to equity has declined versus last 3 years average to 0.88
Return on Equity has declined versus last 3 years average to 13.70%
Sales growth has been subdued in last 3 years 5.82%
Sales growth is not so good in last 4 quarters at 0.00%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 6.8 | - |
| TTM Sales (₹ Cr.) | 236 | - |
| BVPS (₹.) ⓘ | 49.9 | - |
| Reserves (₹ Cr.) ⓘ | 57 | - |
| P/BV ⓘ | 1.26 | - |
| PE ⓘ | 9.20 | - |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 52.00 / 113.00 |
| All Time Low / High (₹) | 52.00 / 138.70 |
| Market Cap (₹ Cr.) | 89.4 |
| Equity (₹ Cr.) | 14.2 |
| Face Value (₹) | 10 |
| Industry PE ⓘ | 21.6 |
| Pledged * | 0.00 | 0.00 | 0.00 |
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| PARTICULARS | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|
| Sales | 204.12 | 199.24 | 210.51 | 220.82 | 236.10 |
| Operating Expenses ⓘ | 190.97 | 185.80 | 198.31 | 198.85 | 213.08 |
| Manufacturing Costs | 5.99 | 4.47 | 6.61 | 7.20 | 6.64 |
| Material Costs | 181.72 | 178.08 | 186.45 | 185.16 | 199.65 |
| Employee Cost | 1.48 | 1.68 | 1.81 | 3.13 | 2.99 |
| Other Costs ⓘ | 1.78 | 1.58 | 3.44 | 3.35 | 3.81 |
| Operating Profit ⓘ | 13.15 | 13.44 | 12.20 | 21.97 | 23.01 |
| Operating Profit Margin (%) | 6.4% | 6.7% | 5.8% | 10.0% | 9.7% |
| Other Income ⓘ | 0.28 | 0.14 | 0.33 | 0.33 | 1.21 |
| Interest ⓘ | 6.74 | 7.11 | 6.10 | 5.48 | 6.07 |
| Depreciation ⓘ | 4.39 | 4.08 | 3.41 | 3.52 | 4.45 |
| Exceptional Items ⓘ | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax ⓘ | 2.30 | 2.38 | 3.02 | 13.31 | 13.71 |
| Tax ⓘ | 0.64 | 0.69 | 0.82 | 3.70 | 3.99 |
| Profit After Tax | 1.66 | 1.69 | 2.19 | 9.61 | 9.72 |
| PAT Margin (%) | 0.8% | 0.8% | 1.0% | 4.3% | 4.1% |
| Adjusted EPS (₹) | 1.8 | 1.6 | 2.1 | 9.2 | 6.8 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | |||||
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 21.37 | 28.99 | 31.21 | 40.72 | 70.97 | |||||
| Share Capital ⓘ | 4.65 | 5.21 | 5.21 | 10.43 | 14.21 | |||||
| Reserves ⓘ | 16.72 | 23.78 | 25.99 | 30.29 | 56.75 | |||||
| Minority Interest | 0 | 0 | 0 | 0 | 0 | |||||
| Debt | 57.88 | 54.29 | 61.71 | 62.87 | 59.21 | |||||
| Long Term Debt | 24.69 | 20.14 | 19.27 | 17.18 | 15.22 | |||||
| Short Term Debt | 33.20 | 34.15 | 42.44 | 45.69 | 43.99 | |||||
| Trade Payables | 13.16 | 12.66 | 7.31 | 12.65 | 9.47 | |||||
| Others Liabilities ⓘ | 6.49 | 8.90 | 9.92 | 10.58 | 8.97 | |||||
| Total Liabilities ⓘ | 98.90 | 104.84 | 110.14 | 126.81 | 148.61 | |||||
Fixed Assets | ||||||||||
| Gross Block | 41.31 | 41.71 | 44.07 | 52.30 | 56.92 | |||||
| Accumulated Depreciation | 12.10 | 16.18 | 19.58 | 23.09 | 27.54 | |||||
| Net Fixed Assetsⓘ | 29.21 | 25.54 | 24.49 | 29.21 | 29.38 | |||||
| CWIP ⓘ | 0 | 0 | 0 | 0 | 0 | |||||
| Investmentsⓘ | 0 | 0 | 0 | 0 | 0 | |||||
| Inventories | 23.81 | 36.54 | 41.43 | 50.38 | 67.68 | |||||
| Trade Receivables | 30.86 | 33.06 | 27.15 | 24.99 | 22.26 | |||||
| Cash Equivalents | 2.12 | 3.63 | 3 | 3.19 | 2.48 | |||||
| Others Assetsⓘ | 12.90 | 6.07 | 14.07 | 19.04 | 26.81 | |||||
| Total Assets ⓘ | 98.90 | 104.84 | 110.14 | 126.81 | 148.61 | |||||
| PARTICULARS | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | 2.64 | -0.43 | 2.57 | 11.49 | -11.99 |
| PBT ⓘ | 2.30 | 2.38 | 3.02 | 13.31 | 13.71 |
| Adjustment ⓘ | 4.39 | 4.08 | 2.54 | 2.72 | 0.77 |
| Changes in Working Capital ⓘ | -3.56 | -6.5 | -2.98 | -4.54 | -26.47 |
| Tax Paid ⓘ | -0.49 | -0.39 | 0 | 0 | 0 |
| Cash Flow From Investing Activity ⓘ | -2.80 | -0.41 | -2.33 | -9.21 | -7.29 |
| Capex | -2.80 | -0.41 | -2.35 | -8.24 | -4.62 |
| Net Investments | 0 | 0 | 0.02 | -0.98 | 0.08 |
| Others ⓘ | 0 | 0 | 0 | 0 | -2.75 |
| Cash Flow From Financing Activityⓘ | -0.53 | 2.34 | -0.87 | -2.09 | 18.57 |
| Net Proceeds from Shares ⓘ | 0 | 5.93 | 0 | 0 | 20.53 |
| Net Proceeds from Borrowing ⓘ | -2.03 | -4.55 | -0.87 | -2.09 | -1.96 |
| Interest Paid ⓘ | 0 | 0 | 0 | 0 | 0 |
| Dividend Paid ⓘ | 0 | 0 | 0 | 0 | 0 |
| Others ⓘ | 1.51 | 0.95 | 0 | 0 | 0 |
| Net Cash Flow ⓘ | -0.68 | 1.50 | -0.63 | 0.18 | -0.71 |
| PARTICULARS | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 7.77 | 6.71 | 7.28 | 26.99 | 17.52 | |||||
| ROCE (%) | 10.69 | 10.89 | 9.57 | 18.04 | 16.4 | |||||
| Asset Turnover Ratio | 2.06 | 1.96 | 1.96 | 1.86 | 1.71 | |||||
| PAT to CFO Conversion(x) | 1.59 | -0.25 | 1.17 | 1.2 | -1.23 | |||||
| Working Capital Days | ||||||||||
| Receivable Days | 55 | 59 | 52 | 43 | 37 | |||||
| Inventory Days | 43 | 55 | 68 | 76 | 91 | |||||
| Payable Days | 26 | 26 | 20 | 20 | 20 | |||||
Maiden Forgings was originally incorporated on February 11, 2005 as ‘Maiden Forgings Private Limited’, as a private limited company, under the provisions of the Companies Act, 1956. Later on, consequent upon the conversion of the company into public limited company, the name of the company was changed to ‘Maiden Forgings Limited’ and fresh Certificate of Incorporation dated December 02, 2022 was issued by Registrar of Companies, Delhi.
Maiden Forgings Limited (‘MFL’ or ‘Maiden’) is in the business of manufacturing and sales of diversified ferrous metal products and focuses on providing customized and specialized solutions to a diverse client base across different industries. Maiden specializes in design and manufacture of different type of ferrous metal products including carbon steel, stainless-steel and alloy steel, mainly in the form of drawn products like bright bars, wires, profiles and ground bars. Its fully integrated infrastructure consists of steel melting shops, rolling mills and finishing machines installed at its three manufacturing facilities (Unit-1, II & III), located at Kavi Nagar Industrial Area, Ghaziabad, Uttar Pradesh.
The company manufactures its products in a large assortment of sizes starting from 0.19mm up to 100mm, from different grades of steel and in different shapes making it one of the few Indian manufacturing facilities offering such a diversified range of products. This product diversity helps it to maintain an edge over competition, since it can provide customized and specialized solutions to its customers. Further, the planned expansion into super alloys and other specialized products will help to transform the company to become one of the only few similar global manufacturing facilities offering widest range of products. With a large infrastructure, zero tolerance quality policies and an energetic team of experts, its makes sure that it can fulfil any special customer requirements for various critical product applications. Its products are used across industries like automobile, engineering, infrastructure, hardware, utensils etc. its major customers are spread across states Delhi, Rajasthan, Gujarat, Maharashtra and Uttar Pradesh. It has been exporting small volumes to mainly to US. The exports are likely to grow significantly as recently installed collated pneumatic nail plant becomes fully operational.
Business area of the company
Maiden Forgings is in the business of manufacturing and sales of diversified ferrous metal products and focuses on providing customized and specialized solutions to a diverse client base across different industries.
Products of the company
Awards, accreditations or recognition
History and milestones
MoneyWorks4Me rating and ranking of funds for SIP is available to subscribers only. Moneyworks4Me is not a rating and ranking agency, however it is required that users have a way of selecting funds and building a Portfolio. The method used by it are described below to enable users to understand the logic behind the rating and ranking Subscriber will find more details on this in the various content made available from time to time. In case you need more please write to besafe@moneyworks4Me.com
MoneyWorks4Me rates and ranks mutual funds based on the following data-driven system:
Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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