Maiden Forgings Limited H1 FY27 Profit Rises 233% to ₹6.99 Crore

Maiden Forgings Limited reported a 233.12% year-on-year rise in H1 FY27 profit after tax to ₹6.99 crore for the half year ended September 30, 2026, while total income rose 24.86% to ₹139.04 crore. The results show a substantial increase in profitability, supported by higher revenue, operating leverage and a one-time gain from a land sale.

How did Maiden Forgings perform in H1 FY27?

Maiden Forgings reported revenue from operations of ₹133.99 crore in H1 FY27, compared with ₹109.44 crore in H1 FY26, an increase of 22.4% year-on-year. Other income rose to ₹5.05 crore from ₹1.92 crore, taking total income to ₹139.04 crore from ₹111.36 crore.

Profit after tax increased to ₹6.99 crore from ₹2.10 crore in the corresponding prior-year period. Profit before tax rose to ₹9.09 crore from ₹2.50 crore. Basic and diluted earnings per share increased to ₹4.92 from ₹1.48. The company also reported EBITDA of ₹14.20 crore, up 90.04% year-on-year.

The result announcement attributes the improvement to volume growth and operational improvements, alongside a one-time gain related to a land sale. Management said it was confident of meeting its full-year targets and building on the momentum reported in the first half.

What are the key H1 FY27 financial figures for Maiden Forgings?

The reported financial statements show that expenses increased more slowly than revenue during the period, supporting the rise in profit before tax and profit after tax. Revenue from operations was the main contributor to income, while higher other income also lifted the reported total.

Some result summaries referred to revenue of ₹127 crore and growth of about 16%. However, the detailed standalone half-year financial statement lists revenue from operations at ₹133.99 crore. The figures in the table use the detailed reported statement for the period ended September 30, 2026.

What affected Maiden Forgings' cash flow and balance sheet?

Maiden Forgings recorded an operating cash-flow outflow of ₹13.86 crore in H1 FY27. The reported outflow was primarily linked to working-capital movements, including higher inventories and lower sundry creditors. A profit increase therefore did not translate into positive operating cash generation in the half year.

Inventories stood at ₹87.54 crore as of September 30, 2026, compared with ₹83.12 crore as of March 31, 2026. Total assets were ₹178.44 crore at the end of the reporting period. These data points indicate that a larger amount of funds was tied up in inventory during the half year.

Cash flow from investing activities was positive at ₹5.90 crore, aided by fixed-asset sales of ₹10.90 crore. Cash and cash equivalents declined by ₹0.11 crore during the period and stood at ₹2.05 crore at September 30, 2026. The land-related transaction is relevant because it contributed to the period's reported profitability and investing cash flow.

What does the H1 result mean for Maiden Forgings investors?

The H1 result shows that Maiden Forgings delivered faster profit growth than revenue growth, with revenue from operations increasing 22.4% and profit after tax increasing 233.12%. This reflects the effect of operating leverage, lower relative growth in expenses, higher other income and the disclosed one-time land sale gain.

Investors should distinguish between recurring operating progress and items that may not recur. Sales volume was reported to have risen 14.2% year-on-year, and the Bhojpur plant commenced operations, providing operational context for the revenue performance. The company also said CRISIL had reaffirmed its rating.

No standalone quarter-on-quarter or same-quarter comparison can be made from the supplied information because July-September figures for FY27 and FY26 were not provided. The half-year result is therefore the available basis for assessing the company's reported financial progress.

When will Maiden Forgings discuss its H1 FY27 performance?

Maiden Forgings has scheduled an earnings call for November 17, 2026, at 4:00 PM IST, organised by Kirin Advisors. The call is intended to cover H1 FY27 financial performance and operational updates, with participation from management including the Managing Director and Chief Financial Officer.

The discussion may provide further context on the Bhojpur facility, volume growth, working-capital movements and management's confidence in meeting full-year targets. The supplied disclosures do not specify a revenue, profit or volume target for the full year, so any additional guidance would need to come from the scheduled management interaction.

Conclusion

Maiden Forgings reported a marked improvement in H1 FY27 profitability, with profit after tax rising to ₹6.99 crore and total income reaching ₹139.04 crore. Higher revenue and volume, operating improvements, increased other income and a one-time land-sale gain all contributed to the reported outcome, while negative operating cash flow highlighted the effect of working-capital changes.

The next disclosed event is the November 17, 2026 earnings call at 4:00 PM IST. Investors will be watching for management's explanation of the Bhojpur plant's contribution, inventory and cash-flow movements, and the basis for its confidence in meeting full-year targets.