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Maiden Forgings Streamlines Operation; Adds Galvanised Wire to Target Margin Growth
New Delhi [India], September 16: Maiden Forgings Ltd – the Ghaziabad-based bright steel bar, wire, and pneumatic nail manufacturer – has completed the first phase of its long-planned manufacturing consolidation. The company has shifted its Unit II into a new four-acre plant at Bhojpur, near Modinagar, clearing the way for operational cost reductions and the [...]
New Delhi [India], September 16:Maiden Forgings Ltd – the Ghaziabad-based bright steel bar, wire, and pneumatic nail manufacturer – has completed the first phase of its long-planned manufacturing consolidation. The company has shifted its Unit II into a new four-acre plant at Bhojpur, near Modinagar, clearing the way for operational cost reductions and the addition of two higher-margin product lines.
Operations began on 18 July 2026, and dispatches left the site the same week. In its filing to the BSE, the company put the savings from consolidation at a minimum of ₹ 25 lakh a month, close to ₹ 2.5 Cr a year, from lower administrative, power and fuel and labour costs. Notably, the expansion was funded entirely through internal accruals. Managing Director Nishant Garg told analysts on the H2 FY26 earnings call in June that the entire capex, along with the year’s growth, was funded internally, without raising equity or taking on fresh institutional borrowing during the year.
The point of the new site is what goes into it next. Maiden Forgings is installing lines for galvanised wire and stainless-steel machine components, together about 10,000 tonnes a year, which would lift installed capacity from 53,000 MTPA to roughly 62,000 to 63,000 MT. Garg said on the call that commercial production is targeted for around September, with the ramp beginning near Diwali, and that letters of intent are already in hand from existing customers for both products. On galvanised wire, he was blunt about the appeal: gross margins of 20% to 25%, in a North Indian market with barely a couple of established suppliers, against a company-wide EBITDA margin that has been running in single digits.
