Maiden Forgings Limited: FY26 Business and Operational Update

Key Growth Drivers in FY26

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• Operational Scale-Up: Achieved highest-ever production volumes, supported by improved throughput and process efficiencies 

• Stable Demand Environment: Continued traction across core industrial segments ensured consistent topline growth 

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• Execution Strength: Timely delivery of multiple orders to reputed institutional clients

B2G Segment Expansion

During FY26, the Company made notable progress in the B2G segment, strengthening its presence through registrations with key government and defence-related organizations, including:

• Ordnance Factory, Murad Nagar 

• Terminal Ballistics Research Laboratory (TBRL), DRDO 

• Centre for Military Airworthiness & Certification (CEMILAC), DRDO 

• Ordnance Factory Board, Kolkata (FY25)

Additionally, the Company successfully executed and delivered orders to esteemed organizations such as HAL, BHEL, and NTPC, reinforcing its credibility and positioning in the high-entry-barrier government segment.

This segment is expected to remain a key growth lever, supported by increasing indigenization and government focus on domestic manufacturing.

Capacity Expansion & Infrastructure Development

FY26 marked a landmark year in terms of infrastructure development, with ongoing construction of the Company’s new manufacturing facility.

Key highlights:

• Construction of the new plant is currently underway

• Commercial operations expected to commence by end of Q1 FY27

• Unit II to be fully relocated to the new facility 

• Enhanced capacity to support future volume growth and operational efficiencies

This expansion is expected to:

• Improve production scalability 

• Enhance operating efficiencies 

• Support higher order inflows across both B2B and B2G segments

Future Outlook & Strategic Direction

• Capacity-Backed Growth: New facility to drive higher production volumes and improved utilization levels 

• B2G Segment Scaling: Strong pipeline of opportunities with defence and government institutions 

• Operational Efficiency: Focus on cost optimization and process improvements to support margins 

• Sustained Growth Momentum: Strong FY26 performance provides a solid foundation for FY27

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