MAIDEN
Maiden Forgings financials
- Market cap
- ₹111 Cr
Quarterly results
Q4 FY26: revenue up 0.8%, net profit down 50.0% against the same quarter last year.
| Line item | Q2 FY23 | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|
| Revenue | 108 | 116 | 121 | 109 | 104 −4% | 109 −6% | 122 +1% |
| EBITDA | 10 | 10 | 12 | 10 | 10 +0% | 5 −50% | 10 −17% |
| Net profit | 4 | 4 | 6 | 4 | 2 −50% | 2 −50% | 3 −50% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +41.3% 1Y
1Y: ₹75 on 10 Sept 2025 → ₹106. High ₹113.2 (21 Aug 2026), low ₹69.04 (30 Mar 2026).
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹5 Cr | ₹5 Cr | ₹10 Cr | ₹14 Cr | ₹14 Cr | ₹14 Cr |
| Reserves | ₹24 Cr | ₹26 Cr | ₹30 Cr | ₹57 Cr | ₹64 Cr | ₹67 Cr |
| Borrowings | ₹61 Cr | ₹62 Cr | ₹68 Cr | ₹63 Cr | ₹69 Cr | ₹69 Cr |
| Other liabilities | ₹15 Cr | ₹17 Cr | ₹19 Cr | ₹15 Cr | ₹20 Cr | ₹30 Cr |
| Total liabilities | ₹105 Cr | ₹110 Cr | ₹127 Cr | ₹149 Cr | ₹168 Cr | ₹181 Cr |
| Fixed assets | ₹26 Cr | ₹24 Cr | ₹29 Cr | ₹29 Cr | ₹33 Cr | ₹38 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹1 Cr | ₹0 Cr |
| Other assets | ₹79 Cr | ₹86 Cr | ₹98 Cr | ₹119 Cr | ₹134 Cr | ₹143 Cr |
| Total assets | ₹105 Cr | ₹110 Cr | ₹127 Cr | ₹149 Cr | ₹168 Cr | ₹181 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Mar 2026
Since Mar 2025, promoters trimmed −1.40 pp while the public added +1.25 pp. The shareholder count shrank 28% to 1,071.
- Promoters
- 72.0%
- DIIs
- 0.1%
- Public
- 27.9%
Since Mar 2025
- Promoters −1.40 pp
- Public +1.25 pp
- DIIs +0.15 pp
How it drifted, 6 quarters
Over this window promoters fell from 73.4% to 72.0% — −1.4 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 73.4%, Public 26.6%.Mar '24: Promoters 73.4%, Public 26.6%.Sep '24: Promoters 73.4%, Public 26.6%.Mar '25: Promoters 73.4%, Public 26.6%.Sep '25: Promoters 72.0%, Public 28.0%.Mar '26: Promoters 72.0%, DIIs 0.1%, Public 27.9%.
Who bought this quarter
since Sep 2025
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Mukesh Sharma +1.48 pp 3.17% held
The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Mar 2026 filing
Every holder of Maiden Forgings Limited above SEBI's 1% disclosure line, and what changed since Sep 2025.
| Holder | Stake | Change |
|---|---|---|
| Nivedita Garg | 42.62% | unchanged |
| Nishant Garg | 29.35% | unchanged |
| Mukesh Sharma | 3.17% | +1.48 pp |
| Mayank Govil | 0.00% | unchanged |
| Harsh Prakash | 0.00% | unchanged |
| Divya Jaiswal | 0.00% | unchanged |
| Apoorva Garg | 0.00% | unchanged |
| Sarthi Agarwal | 0.00% | unchanged |
| Hemant Kumar | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Learn to analyse Maiden Forgings Limited
Guides on how to read this kind of business and the numbers that matter.