Maiden Forgings Ltd (543874) — concall transcript | 31 March 2026

Maiden Forgings reported record H2 FY26 production of 35,546 metric tons, driving 17.46% YoY revenue growth to INR122.60 crores and 46.37% YoY net profit growth to INR2.93 crores. Management highlighted margin expansion from product mix shifts, targeting 1-2% EBITDA margin increase in FY27, and plans to scale capacity to 42,000 tons this year with 85% utilization by September 2026. Defense sector growth via DRDO and OFB registration supports B2G revenue targets of 20-25% mid-term, while Dubai warehousing and overseas expansion remain on track. Financial discipline includes internal capex funding and readiness for BSE main board transition.