Maiden Forgings Limited (MAIDEN.BO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-35.6%

₹59.23

vs ₹92.00 price

Levered DCF

-₹141.73

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.7

Grey zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	19.56×	15.03×	13.3×	12.81×	56.19×	72.84×	74.21×
P/B	1.21×	0.87×	1.34×	3.02×	3.94×	4.24×	5.76×
P/S	0.42×	0.31×	0.4×	0.56×	0.58×	0.62×	0.6×
EV / EBITDA	9.6×	6.72×	6.7×	8.38×	15.31×	13.49×	13.8×
Gross margin	9.8%	15.0%	9.4%	9.8%	5.7%	5.4%	5.2%
Operating margin	4.9%	7.1%	7.8%	8.4%	4.1%	4.7%	4.3%
Net margin	2.2%	2.8%	4.1%	4.4%	1.0%	0.8%	0.8%
Current ratio	1.69×	1.82×	1.81×	1.35×	1.37×	1.36×	1.26×
Debt / equity	0.85×	0.91×	0.88×	1.66×	2.23×	2.1×	2.96×
Interest coverage	1.68×	2.08×	3.12×	3.37×	1.45×	1.32×	1.3×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	6.2%	7.9%	13.7%	23.6%	7.0%	5.8%	7.8%
Return on invested capital	5.4%	7.4%	9.7%	12.2%	6.2%	7.3%	7.4%
Return on assets	2.8%	3.7%	6.5%	7.6%	2.0%	1.6%	1.7%
Free cash flow yield	-0.6%	-7.1%	-17.5%	-3.8%	-6.6%	-0.7%	-0.1%
Earnings yield	5.1%	9.1%	10.2%	7.8%	1.8%	1.4%	1.3%
Enterprise value	₹1.7B	₹1.3B	₹1.6B	₹1.9B	₹1.9B	₹1.8B	₹1.9B
Net debt / EBITDA	3.9×	3.36×	2.6×	2.86×	5.37×	4.39×	4.64×
Cash conversion cycle (days)	175	178	136	112	110	107	91