i. Mr. Nishant Garg, aged 32 years, Executive Director of the Company. He holds Masters’ Degree in Business Administration – Marketing (MBA-Marketing). He has good domestic and international network in the same product lines. Ever since his joining as director he has taken the company out to various domestic and international platforms and enabled the company to increase its turnover in huge values over the past 10 years ii. Ms. Nivedita Garg, aged 57 years, is the Chairperson and Whole–time Director of the Company. She holds the degree of Master of Arts from University of Delhi. She is responsible for implementation of all the systems related to the administration of Maiden Forgings Limited. She has been actively engaged into handling the office staff and works since her appointment as a Director of the company. She is currently involved with entire administrative handling of the company and is a great support to the company. She would be continuing the same task in the new plant. iii. Ms. Urvi Agarwal, aged 36 years, is the Independent Director of the Company. She is a founder of Media29, (professional speaker and software engineer), consults various brands, professionals, and celebrities by guiding them on various aspects based on successful case studies which can change their growth drastically. She is also a certified professional speaker, A master in leadership & transformation, trained more than 10000+ people, Empowering them with the knowledge to evaluate different products and make informed decisions in various areas including finance, entrepreneurship, sales, startups, etc. She has extensive experience of working with renowned Corporates and financial organizations like the National Stock Exchange (NSE), Idfc Bank, Hdfc Bank, IT companies, etc.

P&L Statement
Particulars (in Lakhs)	2022	2021	2020
Revenue	21,051	19,924	20,412
COGS	19,027	18,515	18,176
Change in Inventories	-383	-707	-4
Manufacturing Expense	666	446	599
Employees Benefit Expenses	189	168	148
Sales & Administration expenses	354	164	178
EBITDA	1,198	1,338	1,315
OPM	5.69%	6.72%	6.44%
Other Income	33	14	28
Depreciation	341	408	439
Finance Cost	596	706	674
PBT	294	238	230
Tax	80	69	64
PAT	214	169	166
NPM	1.01%	0.85%	0.81%
Shares	142.12	142.12	142.12
EPS	1.50	1.19	1.17

 

Name of the Companies	Revenue (Cr)	Profit (Cr)	EPS	P/E	CMP	MCap
Bharat Wire Ropes	561	54	8.41	13.1	110	708
Geekey Wires	375	13	15.13	8.26	142	148
Metal Coating	172	2	2.55	34.6	88.2	65
Maiden Forging IPO	217	10	7.04	9	63	89.5

Note: 1. Financials of Peer is taken for Fy23 on TTM basis. 2. Financials of Maiden Forging IPO is taken by annualising the 9MFy23 results.  

Review and Recommendation of Maiden Forging IPO by IZ team is 5/10

1. 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.

2. They supply their products to diversified portfolio of over 450 B2B customers including Top Tier-I & Tier-II suppliers of major two-wheeler & four wheelers manufacturers 3. Steel is a cyclical industry that goes through alternate phases of boom and bust. The key reason for such cyclicity in the steel business is the nature of its customers. Steel production is consumed primarily by housing, infrastructure, automobile, shipbuilding, capital goods etc. Demand from all these industries is highly dependent on the state of the general economy. 4. It has 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. These manufacturing facilities are spread over around 12,500 square yards land area having combined aggregated manufacturing capacity of 50000 MT/p.a. 5. Company’s revenue has increased steadily from ~200 Crores in Fy20 to ~218 Crores in Fy23. 6. EBITDA Margins are steady average around 6% in the last 3 years. 7. PAT has increased from ~2Cr in Fy20 to ~10 Crores in Fy23. 8. On Fy23 basis, the asking P/E is 9x.

Maiden Forgings Limited B-5, Arihant Tower, Block D Market, Vivek Vihar, East Delhi, New Delhi – 110092 Phone: +011-44796732 Email: cs@maidenforgings.in Website: https://maidenforgings.in/