Maiden Forgings MD cuts peak revenue target, admits past mindset issues
Nishant Garg downgrades expanded capacity potential to ₹550-600 cr from ₹700-800 cr, flags internal problems before Oct '23, and lays out a ₹1,000 cr revenue roadmap by FY30.
— 1 earlier story on Maiden Forgings Ltd. →What's new
- Revenue potential of expanded 62,000-ton capacity cut to ₹550-600 cr from ₹700-800 cr guided six months ago.
- MD admits 'mindset' issues within management before October 2023 hindered growth.
- Roadmap targets ₹300 cr (FY25), ₹450 cr (FY26), ₹1,000 cr (FY29-30) with ₹150 cr EBITDA.
Why this matters
For a nano-cap with ₹109 cr market cap, a 20%+ downgrade on the headline capacity potential is material — but the candid admission of past internal failures and a clear long-term plan could rebuild credibility. Execution on the FY25 target (nearly 3x current revenue) is the first real test.
What we're watching
- Whether the ₹300 cr FY25 target materialises given current run-rate.
- Cost savings from consolidation into new 20,000 sq yard facility by September 2024.
- Defence/Infrastructure traction from DRDO and Ordnance Factory registrations.
The full read
Maiden Forgings Managing Director Nishant Garg used a June 18 analyst call to reset expectations and admit past mistakes. The new peak revenue potential for the 62,000-ton expanded capacity: ₹550-600 crore, down from ₹700-800 crore guided six months ago — a 20%+ cut driven by a product-mix rethink. More candidly, Garg reversed his earlier external finger-pointing and said internal 'mindset' issues before October 2023 were the real drag. Now the vision: ₹300 crore for FY25, ₹450 crore for FY26, and ₹1,000 crore by FY29-30, with ₹150 crore EBITDA. A nano-cap at ₹109 crore market cap can get away with ambitious targets, but credibility rests on FY25. The company is also consolidating plants to save ₹2.5 crore annually and targeting Fortune 500 audit-readiness by October. And for the record: no equity raise is coming, no loans; all capex from internal accruals. Honesty buys time. The downgrade stings, but the candid admission is a start.
Questions answered
- Why did Maiden Forgings lower its peak revenue guidance for the expanded capacity?
- MD Nishant Garg cited a shift in product mix assumptions. The new peak range is ₹550-600 cr, down from ₹700-800 cr guided six months ago.
- What caused flat revenue growth before the recent period?
- Garg reversed prior external attributions and admitted internal 'mindset' issues before October 2023 hindered growth. This suggests management cultural changes were needed.
- Is Maiden Forgings raising fresh equity amid these plans?
- No. Garg firmly denied market rumours of a ₹25 cr preferential equity raise, stating all capex has been funded from internal accruals with no loans or equity raised in the past two years.
- How does the company plan to achieve the ₹1,000 cr revenue target by FY30?
- The roadmap is built on the expanded 62,000-ton capacity, with intermediate milestones of ₹300 cr (FY25) and ₹450 cr (FY26). The company is also targeting ₹150 cr EBITDA by the end of the period.
- What steps is Maiden Forgings taking to modernise operations?
- It is consolidating two units into a new 20,000 square yard facility by September 2024, targeting ₹2.5 cr annual cost savings and audit-readiness for Fortune 500 clients by October 2024.
Maiden Forgings Ltd.
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All notes on MAIDEN →- 18 Jun 2026 · 3:14 PM IST Maiden Forgings MD cuts peak revenue target, admits past mindset issues
- 7d ago Maiden Forgings targets 60-70% revenue from defense within 3 years