Maiden Forgings H1 FY27 profit rises 233% to Rs 6.99 crore

Maiden Forgings Limited reported H1 FY27 net profit of Rs 6.99 crore, up 233.12% year on year, while EBITDA margin reached 10.21% from 6.05%. Total income increased 24.86% to Rs 139.04 crore, although other income included a one-time gain from the sale of a Ghaziabad land parcel.

How did MFL’s H1 FY27 financial results change?

MFL’s total income rose to Rs 139.04 crore in H1 FY27 from Rs 111.36 crore in H1 FY26, while net profit increased to Rs 6.99 crore from Rs 2.10 crore. Net profit therefore grew faster than total income, rising 233.12% against 24.86% for income during the half year.

Earnings before interest, tax, depreciation and amortisation, or EBITDA, more than doubled to Rs 14.20 crore in H1 FY27 from Rs 6.74 crore a year earlier. Earnings per share rose to Rs 4.92 from Rs 1.48, a 232.43% increase, in the company’s unaudited half-year results.

Revenue from operations increased 22.4% to Rs 133.99 crore, according to Managing Director Nishant Garg. MFL reported sales volume of about 19,239.35 metric tonnes in H1 FY27, up about 14.20% year on year, meaning revenue from operations grew faster than the disclosed volume increase.

What drove MFL’s margin expansion and profit increase?

MFL’s EBITDA margin increased by 416 basis points to 10.21% in H1 FY27 from 6.05% in H1 FY26, while net profit margin rose by 314 basis points to 5.02% from 1.88%. A basis point equals one-hundredth of a percentage point, and the reported changes show a higher share of total income flowing into these profit measures.

Management attributed revenue-from-operations growth to better realisations and a richer product mix. The release does not quantify either factor by product line, customer group or manufacturing unit, but it records EBITDA growth of 110.81% alongside a 24.86% increase in total income.

Other income was Rs 5.05 crore in H1 FY27, compared with Rs 1.92 crore in H1 FY26. MFL said the H1 FY27 amount included a one-time gain from the sale of its vacant land parcel at C-10, Bulandshahr Road Industrial Area, Ghaziabad.

Mr. Garg said operating improvement was visible even without the land-sale gain, but MFL did not disclose adjusted EBITDA or adjusted net profit excluding the item. The stated Rs 12.90 crore land-sale proceeds and Rs 5.05 crore other-income line are separate figures, and the announcement does not say that the full proceeds were recognised as H1 FY27 income.

What did MFL disclose about its Bhojpur expansion plan?

MFL commenced operations at its new Bhojpur manufacturing facility in July 2026, completing Phase I of its Unit II consolidation. The company said the facility gives it additional space for capacity and product expansion, while the consolidation is expected to improve production workflows and delivery timelines.

Once the consolidation is fully completed, MFL estimates minimum savings of about Rs 25 lakh per month. This is a management estimate rather than a reported H1 FY27 saving, and the release gives neither a completion date for the remaining work nor the additional capacity planned at Bhojpur.

MFL sold the vacant Ghaziabad land parcel for Rs 12.90 crore and proposes to deploy the proceeds towards expanding and developing new manufacturing facilities. Mr. Garg said this would make the expansion self-funded to that extent, while the announcement does not specify total project cost, a construction timetable or external funding requirements.

For the second half, management cited added Bhojpur capacity, a growing presence in specialty and defence-linked products, and a healthy order pipeline. Mr. Garg said MFL was confident of meeting its full-year targets, although the announcement did not disclose numerical FY27 targets for revenue, margin, profit, volume or capacity.

What is MFL’s manufacturing footprint and credit position?

MFL manufactures bright steel bars, wires and pneumatic nails, and operates three manufacturing units with aggregate capacity of 53,000 metric tonnes per annum. Its portfolio includes stainless steel and carbon and alloy steel bright bars and wires, alongside plastic strip nails and wire-welded coil nails.

The company said it serves more than 450 domestic and international customers in automotive, engineering, railways, defence, power and fabrication. The 53,000-metric-tonne annual capacity provides context for H1 FY27 sales volume of about 19,239.35 metric tonnes, although MFL did not disclose half-year capacity utilisation.

CRISIL reaffirmed MFL’s long-term rating at CRISIL BBB/Stable on total bank facilities of Rs 42.50 crore. The release identifies this as a reaffirmation but does not disclose debt outstanding, interest cost, financial covenants or a change in the rated-facility amount.

For comparison, MFL reported FY26 total income of Rs 233.96 crore, EBITDA of Rs 17.22 crore and net profit of Rs 5.02 crore. Its H1 FY27 EBITDA of Rs 14.20 crore was close to the FY26 full-year figure, while the announcement did not provide a comparable H1 FY26 balance-sheet update.

Conclusion

MFL’s H1 FY27 results show net profit rising 233.12% to Rs 6.99 crore, supported by a 416-basis-point expansion in EBITDA margin and 22.4% revenue-from-operations growth to Rs 133.99 crore. However, total income included Rs 5.05 crore of other income containing a one-time land-sale gain, and no adjusted profit measure was disclosed.

The next disclosed operational milestone is completion of the Unit II consolidation after the Bhojpur facility started operations in July 2026. Subsequent results can show whether the estimated minimum savings of Rs 25 lakh per month, the proposed deployment of Rs 12.90 crore of land-sale proceeds and management’s stated full-year targets are reflected in reported performance.