Maiden Forgings Limited ($543874)

Ladies and gentlemen, good day, and welcome to Maiden Forging Limited H2 FY '26 and FY '26 Earnings Conference Call, hosted by Kirin Advisors. [Operator Instructions] Please note that this conference is being recorded. I now hand the conference over to Mr. Harshil Ghanshyani from Kirin Advisors. Thank you, and over to you, sir.

Yes. Thank you. On behalf of Kirin Advisors, I welcome you all on the H2 FY '26 and FY '26 conference call of Maiden Forgings Limited. From the management team, we have Mr. Nishant Garg, Managing Director; Ms. Shruti Goel, Assistant to CFO. With that, I'll now hand over the call to Mr. Nishant. Over to you, sir. Thank you.

Thank you, Harshil. Good afternoon, everyone. Thank you for joining Maiden Forgings Limited H2 Financial Year '26 and complete financial year '26 earnings call. We truly appreciate your continued trust and support in this journey of success as we strengthen our business across multiple segments and expand our operational capabilities. Over the years, Maiden Forgings Limited has evolved from a small establishment in 1988 into one of India's trusted manufacturers of die steel bar, wire and pneumatic nail. With more than 37 years of experience the company caters to industries such as automotive, engineering, infrastructure, hardware, defense and consumer applications. Backed by advanced manufacturing facility in Ghaziabad and a diversified customer base, the company continues to strengthen its market position through operational excellence, product diversification and customer and execution. Through its unwavering focus on quality, reliability and customer satisfaction we have established long-standing relationships with more than 450 customers across diverse industries. Also, we continue to focus on expanding its presence in higher margin and specialized product categories while strengthening operational efficiencies and manufacturing scalability. Its diversified business model and ability to cater to almost all type of steel gates under a single window and provide tailored solutions to varied customer requirements has positioned the company as a reliable and quality-driven manufacturing partner. Financial year '26 has been an important year for us, not just in terms of the growth achieved or operational capabilities added or the expansion in our market presence, but the year marked laying off a strong foundation for long-term growth. You can state that Maiden Forgings Limited was listed at BSE SME on 6th April 2023, that's when this baby was born. Now given the 3-years' span post listing, this year, we nourished this baby with the best guide, taught it the skills required and equipped it to be a warrior, who is ready to take up the bigger challenges and emerge as a winner in the future. Now before I throw more light on the above statement, I would hand over the call to Mr. Shruti Goel, Assistant to the CFO, who would take you through the results achieved in pure numbers and data form. Shruti, I hand over the call to you.

Thank you, sir. I'm happy to present the financial performance of the company for the period under review the policy present. During the year, we achieved highest ever production of 35,546 metric tonnes, supported by a better throughput, continuous process optimization and sustained demand across the industrial peers. Our strategic focus on enhancing the product mix, increasing the contribution from value-added products and extending our presence across multiple business verticals enabled us to deliver consistent growth despite the dynamic operating environment. The combined progress achieved across our 3 segments has directly contributed to our overall financial performance during the period. So put it by improved utilization levels better operational efficiency.

Sorry to interrupt, ma'am. Your audio is not clear. There is some disturbance coming [Technical Difficulty]

Sorry for the interruption. Shruti, please reread the last para, the combined progress? At a slower pace.

The combined progress achieved across our 3 segments has directly contributed to our overall financial performance. [Technical Difficulty]

It is not sounding clear.

Just hold on. Sorry, everyone.

I'll just reconnect give me a moment.

Yes, please. [Technical Difficulty]

Ladies and gentlemen, thank you for patiently holding. We have the line for the management reconnected. Over to you, ma'am.

Sorry for the inconvenience interrupted. During the year, we achieved our highest ever production of 35,546 metric tons, supported by better throughput, continuous process optimization and sustained demand across key industrial sectors. Our strategic focus on enhancing the product mix, increasing the contribution from value-added products, and expanding our presence across multiple business verticals enable us to deliver consistent growth despite dynamic operational environment. The combined progress achieved across our 3 segments has directly contributed to our overall financial performance during the period, supported by improved utilization level, better operational efficiencies and increasing contribution from value-added products. We reported H2 financial '26 with revenue of INR 122.60 crores, reflecting a growth of 17.46% year-on-year. EBITDA stood at INR 10.49 crores registering a growth of 3.52% year-on-year, while net profit increased by 46.37% year-on-year to INR 2.93 crores. Consequently, diluted EPS for the period stood at INR 2.06, registering a growth of 46.10% year-on-year. For financial year '26, we reported revenue of INR 233.96 crores, EBITDA of INR 17.22 crore and net profit of INR 5.02 crores, resulting in a diluted EPS of INR 3.53. These results demonstrate the benefit of our disciplined execution strategies in improving product mix, enhancing operational efficiencies and our continued focus on scaling higher-margin opportunities across B2B, B2C and B2G segments. With this, I would like to hand over the call to Managing Director for his -- for his remarks.

Sir, I think you are on mute, Nishant sir.

Thanks, Shruti, for the insight. Now that the financial performance has been broadly discussed, let me set it back to the foundation laid during the financial year. A key contributor to this momentum has been the strength of our diversified business model across B2B, B2G and B2C segments. Our core B2B business continued to provide stability through consistent demand from automotive, engineering, infrastructure and manufacturing customers despite there being a consistent volatility in the macroeconomic factors such as global tariff issues, frequent changes in the steel pricing, et cetera. Over the years, we have built strong relationships with OEMs and industrial clients by maintaining product quality, timely execution and the ability to cater to commenced across multiple steel grades and applications. This continued demand from our industrial customer base helped us to maintain healthy capacity utilization and operational stability during the year. These strong relationships and goodwill created form the first pillar to the strong foundation of MFL. The second pillar to this foundation is formed by the progress achieved during the year by our increased participation in the B2G and defense ecosystem. We initially channel our presence through registration with Ordinance Factory Board Kolkata, which marks an important step in establishing our credentials within India's government and defense manufacturing ecosystem. Building on this foundation, during financial year '26, we further expanded our positioning through registrations with Ordinance Factory Muradhnagar, Terminal Ballistic Research Laboratory, TBRL DRDO Chandigarh and Center for Military Air Worthiness and Certification, DRDO Bangalore. Alongside these registrations, we successfully executed and delivered orders for reputed institutions, including HAL, BHEL and NTPC further reinforcing our credibility and execution capabilities with a high entry barrier government-linked segment. With increasing focus on indigenization, defense, manufacturing and domestic sourcing initiatives in India, we believe B2G segment will continue to emerge as a strong long-term growth opportunity for the company. Now -- now comes the third pillar to this foundation. That is our plan for overseas warehousing and stronger distribution capabilities, which are expected to improve delivery time lines and enhance competitiveness in export markets. This segment aligns well with our strategy of increasing value addition and building recurring demand across global consumer channels. For the same during the financial year, we started laying the ground work in Dubai in the month of February '26, which due to war circumstances got slightly postponed. But once geopolitical situations are stable, we plan to resume the work instantly and etch the competitive edge in the international markets for the long-term gain of MFL. Now finally, the fourth and the strongest pillar laid during this financial year is a steady progress on the development of our 4 acre integrated manufacturing facility at Modinagar, which will consolidate 2 of our existing units and significantly improve operational efficiency, scalability and workflow optimization. Once operational, the facilities are expected to generate annual cost savings while supporting higher production volumes and better throughput. As part of our long-term sustainability focus, the new facility will also include a solar installation at, an optimum portion of our energy requirements, helping us reduce our carbon footprint while strengthening our cost structure over the long term. And the good news is that as we speak, over this earnings call, we expect the new unit to be operational very soon, and already unit second shifting is going on effectively to the new facility and the new facility is very much ready to move. Now I would like to throw some light at the level of efficiency that we were able to manage while laying this foundation. No external capital has been raised during the financial year from any financial institution or in form of equity for this entire CapEx as well as the growth in the top line. Entire growth and CapEx has been funded through internal accruals. The credit rating of the company and its financial discipline has been completely intact while doing all these activities. Second, since April 2026, the shifting activity of the units to the new facility has been going on. And yet we have achieved more than 25% growth in the first 2 months itself vis-a-vis the corresponding month of the last financial year. This means that even during the shifting process, there is no hampering in the operations, and we target the same for the entire shifting process. Third, as we continue to grow, our focus on forward integration initiatives aimed at strengthening long-term profitability and expanding product portfolio is very much on track, and we are prepared to introduce new product lines, including GI wires and stainless steel machine components, very soon post the shifting is complete. Fourth, alongside the development of the new plant and managing a decent growth in the H2 of financial year '26, we have also made the company prepared for the switch to name from the SME fulfilling all the credits required for the switch. And at the right time, we would be making this transition. So in this way, we have created this strong foundation for the brand Maiden Forgings Limited which was listed 3 years back on BSE SME by preparing a team and systems so efficient that they are able to make a fast-paced growth now driven by innovation and rightly using the assets at hand. Now looking ahead, our focus remains on building a stronger and more efficient organization by scaling our manufacturing capabilities, deepening our participation across B2B, B2C and especially B2G vertical and expanding our presence in export and specialized product markets. The major growth would be led by innovation and transitions that would be first of its kind in their varying nature. With ongoing investments in infrastructure, operational efficiency and forward indication, we remain confident in our ability to sustain growth momentum and create long-term value for all stakeholders. I would like to close my remarks by confidently stating that we started a journey for making the company and creating wealth for all. But now our vision has broadened, and we are focused on the path of creating a legacy. With that note, I thank you once again for your participation and continued trust in us. I now invite your questions on our performance, operations and strategic outlook.

[Operator Instructions] First question is from the line of Raj Shah from Shah ventures.

Yes, I have some...

For all the -- even future participants, I'm comfortable with English or Hindi, both. So whichever language you prefer, we'll go with that.

Okay. Okay, sir. So what measures are being taken to protect margins during periods of sharp steel price volatility sir?

See, first of all, we are currently the positioning of the company or say, the overall structure of the company that we are a steel processor. We are not manufacturers. So whatever volatility is going on, whether it's a price rise or price, we are already hedged by that because we order our raw materials back to back as we get orders from the customer. So primarily, as a basic nature of business, our margins are safeguarded. But that being said, in case the market is constantly falling, which was the case until, say, November 2025. And before that, like 1, 1.5 years that went by. During that time period, the steel prices were constantly falling. So that -- in that scenario, slightly the margins get reduced because you have to retain the customers that are there and acquire new customers in the slowdown market. But fortunately, at the moment, that phase has already gone. Now the volatility is both upwards and downwards since December 2025. So that period, you can say is a good period for us because the basic margins of ours are hedged. And on top of that, for last 5 months, let's say, from January 2026, the product whose sales we have increased are all high value, high-margin kind of product that is the pneumatic nails, stainless steel bar and alloy steel bar. So that is -- those are the products this contribution has recently increased in our entire product mix. And in this financial year, particularly, the 2 months that has passed by, those productions have increased further contribution. So overall, for Maiden Forgings limited at the current scenario, the basic margins are intact. And due to the product mix, they are on the increasing side. So I'm very hopeful, not hopeful actually -- are targeting that during the financial year, H1 and H2 of '26, '27, we shall increase the margins in a very decent way.

Okay. Okay. Sir, as you said, like that hedging that -- you are doing hedging, right? So I also want to know that how you maintain inventory hedging strategies or long-term procurement arrangements to mitigate raw material risk?

See, per earlier till say September 2025, we were almost giving an output of, say, 3,000 metric tonnes every month. Okay. At that time, there was almost a fixed kind of inventory level that was going on, plus minus 3%, 4%. That was the variation okay, maximum 5%. So that is almost like a fixed inventory for us. And we try to optimize it by reducing it alongside the sales increase. Then after that, it reached, I think, from November onwards till date, it has reached to about 3,500 tonnes, 3,600 tonnes per month, right? So slightly not exactly in that ratio, but slightly the inventory has went up. Okay. Because especially in stainless, we have to maintain a longer-term inventory, which is a very high-value item vis-a-vis the carbon steel or. So that inventory is more or less kind of fixed. So if there is a jump in the prices, it increases like it happened in the recent time, or if there is a reduction, it reduces. But overall, the buying and selling remains the same. So that is how, for example, today, the pricing is INR 100 of an item, the raw material price, and we have booked, let's say, 100 tonnes of order at INR 120. So if we need INR 20 margin, we'll book with the raw material supplier 100 tonnes of raw material. So that was a INR 20 for the day remains in type over the 100 tonnes. So that is how we work. Roughly 5% plus/minus. But overall, we try to maintain that and that is how that gets hedged in this process.

Okay. Okay. Got it, sir. And also I want to know that given the recent volatility in stainless steel and steel prices, what is the outlook for raw material cost in FY '27?

That would increase, but the selling price will also increase. That is my estimate, like both the things still increase because there is shortage of nickel, there is shortage of multiple elements that are being used in stainless steel. So there would be scarcity, but there won't be an issue with the kind of volumes that we are doing. At that stage, there shouldn't be any loss of volumes for us because we are working with at least 5 options as a vendor who are renowned and reputed. And we have been their long-term partners as a customer. So for us, till date also there has been no issue in the supply line. Plus the increased price that is definitely that has to be passed on to the customer. And the customer is also accepting the time because they also know that they require for their manufacturing. Most of our customers are the end users like they are the manufacturer themselves. So they can't stop the line. There is demand. It's not like there's no demand. So there is a shortage of supply. But as on date, we don't think Maiden Forgings Limited would have any such shortage of supplies because they have multiple options, multiple partners who have been working with us for 10 years, 2016, we started with the stainless steel business. So now it has been 10 years of relationships. So -- and on top of that, we are a good paymaster. So obviously, they want to -- they prioritize us as a customer and we buy good volumes from them.

Okay. Okay. And also, I want to know that what is the typical land between the raw material price moment and passing these changes on to the customers?

Sorry, I didn't get your question.

Yes. What is the typical lag between raw material price movements and passing these changes on to the customer?

Okay. That -- see that is more or less hand to hand. Like, for example, if we have given PO to the -- purchase order to the vendors. So they will supply me until and unless that purchase order gets over. They will supply me at that fixed price. Similarly, the -- when the customer gives me a purchase order, I have to honor. So as and when the priority change because stainless steel that is the major area where the margins can get hampered. So in stainless steel, the customer is kind of the current volatility as changes in the prices on a daily basis. But whatever purchase orders are there, we have to honor that. And against those purchase orders of the customers, we have already given the purchase order to the supplier at reduce -- at a fixed margin. So that purchase of ours is secure. So our margin doesn't get hampered. Suppose the new customer orders us today and the price has gone up, so he will give us at a increased price. And he will also order it to the vendor at a increased price, though we might take advantage in some cases. So in the rising price market, it's always beneficial for us actually.

Next question is from the line of Radhika Jaswal from Orion Capital.

So my first question is what are your medium-term EBITDA margin aspiration as the contribution from higher margin for this increase?

Radhika ji, can you repeat the question? I'm not clear like as to what you are asking.

Okay. I'm asking that what are your medium-term EBITDA margin aspirations as the contribution from higher-margin product increases?

By medium term, you mean H1 of this year, H2 of next year like? Within this financial year, we target that like the EBITDA margin that we are currently enjoying, overall, it should go up by at least 1% to 2%.

Okay. And my next question is what percentage of future is expected from volume expansion versus project mix improvement?

Sorry?

Hello?

Yes.

Yes, sir. So my next question is what percentage of our future growth is expected to come from volume expansion versus product mix improvement, sir?

This year, by -- let's say ideally by September or October, 2 of our new products would be starting their commercial production. So their increased capacity would be annually around 9,000 to 10,000 tonnes. Okay. So you can say around the 20% of the growth is expected from the enhanced volumes. And that would also be the increased margin -- changing of the product mix from there. So you could say most of the sales will come from the -- new sales would come from changing the product mix. And the volumes are increasing at a rate of 5% to 10%, that will be ongoing process. See, now we are standing at such a positioning that we don't have to make much efforts to sell the products that are already with us, basic products that we have been selling for 30 years. For that, we don't -- the orders automatically comes to us due to the reputation, due to the branding, whatever you want to call it. And we are just needing the efforts for the higher-margin products and the new products that we are launching, which have better value, and there is an increase of value creation for the company as well as for the. So we are focused on that. So most of the sale has to come from there only during this year as well as in the future.

Okay, sir. So my next question is, what is the current utilization level of the pneumatic nails facility? And when do you expect it to operate...

If I talk about -- if I talk about the last month or last to last month, like from April onwards or March onwards, maybe, we are utilizing it at 60% to 70% level now, the pneumatic nails.

Next question is from the line of Vinit Thakur from Plus 91 Asset Management.

Sir, I just wanted to get some clarity on the H1 margins and the H2 margins. And what would be our sustainable margins going forward as well?

Vinit ji, like I said, I think Radhika ji also asked similar question like what would be in the midterm, what would be your expected increase in the EBITDA margins. So we are on a side, especially after the new plant getting -- I think we would be soon announcing -- very, very soon announcing that the new plant is operational. So once that is there, it is -- the margins are expected to increase tremendously. So let's leave the H1 and H2 for now because the tangent that we are going on within the H1 of financial year '27 also, like the current period. So we expect a vast improvement over there. And that would be the maintainable margin actually.

From H2 you're saying, you would see margin...

In fact that would be very much visible in the H1 also as per my target and expectation, both. So H1 of this financial year should see an improvement over the last year and H2 would definitely be a good increase on the current margins.

Congratulation on the top line growth. If you could explain to me the economies of the new plant, like what will be a new capacity? And what will be the peak utilization? And when could we reach the new utilization as well? Like peak utilization in the new plant as well and our current plants?

See, we -- I think we would have achieved around 73%, 74% during the last financial year, the earnings call that we are having for that would be around 72%, 73% or 74% of the utilization, right? Once we shift over there, seeing the order book value that we have, seeing the circumstance like how much orders we are getting, the export orders we are getting despite all this volatility in geopolitics, we are getting good orders. I think today, our export order book would be the highest in the history as on date currently. So I expect that the current facility from, say, August or September onwards once the entire shifting and consolidation is over, should reach around 85% level, which is as per me, we will try for 90%, but that is not practically feasible in India. So 85% level I consider it to be a good level. On top of that, there will be an addition of capacity of 9,000 to 10,000 tonnes every year. So the capacity utilization would start in October -- around Diwali somewhere. So that would start in the next -- because the products that we are launching, the galvanized wires as well as the stainless steel components. Those are the products for which we just need to start the operation. We already have the LOI from the existing customer itself, we don't require any additional marketing cost for them or marketing efforts for them as on date. So we already have the LOI from the customer for both the product lines. So we expect that 2, 3, 4 months, whatever is the ceding period, ceding problem period, that should be there and post that, we should be able to utilize 85% capacity overall, which I expect you can say the portfolio, the impact would be in the next financial year.

Okay. So sir, if I'm -- just to reiterate what you've said, you are saying that we will be adding every year 9,000 to 10,000 tonnes per year going forward.

No, no, no. I'm just talking about the project that is ongoing right now. That would be fully operational by September, with the 2 products added right?

Yes.

So 3, 4 months is the period where we will be doing trials with the customers, establishing the quality and starting line of production for those 2 products, right? So the additional capacity that we are installing for those 2 products combined would be around 10,000 tonnes per annum. Current is 52,000 okay? And 52,000 or 53,000, and then it would be 62,000 or 63,000. So I'm just talking about the current setup that we are establishing, which should be operational by September? Okay. So I'm talking just about this financial year and the next financial year.

So what are the current utilization you mentioned around 70%?

72%, 73%. 72%, 73%.

So sir 72%, 73%, the sales value should be around...

See I'll tell you. I think we have totally strong capacity of 53,000, and we have done around 36,000 something. I think 70%. 70%. Yes.

Because -- okay. And sir, what would be a peak utilization of this plant?

If it can be like without adding the 2 new products, just the consolidation part, not the adding of 2 new products, I think we can reach 45,000 tonnes.

45,000 tonnes at peak? That would be around 72%, if I'm not wrong?

Yes. Yes, which I expect that within this financial year, we should reach a quantity of about 42,000 tonnes.

Okay. So this would be this year's guidance. And then once we add the new capacity, that would be taking another year to scale up to full utilization, if I'm not wrong.

Not 3 months to 6 months because those products are already -- we have the customer base. We have -- we have to just cater to our existing customers only. You can say that is a product that has -- both the products are being produced on customer demand.

Okay. So sir, could you explain the rationale going from bars to wires. So it's like a forward integration what I assume is...

No, no, no. We are producers of guide bars and wires. We produce wires from 1989. It is a vertical integration for us. See I will give you an example. I'll give you an example. There is a market segment who is producing bucket handles for example, or the hangers which you use in your home, okay? There are 2 types of hangers that you use all the bucket handles that you use. One is that is done over the Asian Paint [Foreign Language] And we calculated the -- we did the reverse calculation. We saw the margins are far more better because North India [Foreign Language]

So what are the margin profile for GI wires?

It would be around easily around 20%. 20% to 25%.

20% to 25%. Almost double than what our current margin is.

Yes. MS wire [Foreign Language] definitely double, maybe triple. Gross terms.

Gross terms. And -- okay. And sir, what was the realization of the consolidate around INR 65, INR 64.

[Foreign Language]

Realization per tonne?

That I'll have to crack. I didn't saw that. As of now, I don't remember that.

Sir, my other question would be we were doing international, as you mentioned in the call is we're doing international expansions as well. Lastly spoken Dubai...

Yes, warehousing in Dubai that was -- that was the plan. Creating a subsidy of Maiden Forgings Limited. 100% owned subsidy in Gulf, UAE particularly. I was there in Dubai, we also initiated the process from 9th February to 15th February, I believe. Then this war broke out, so we had to hold on for a moment. We are waiting for the war to subside.

So sir, what would be our top line 3 years down the line? Like what are you -- what are we targeting or what would be our utilization of target capacity by the end of '29 if you -- as I want to look forward...

So target capacity [Foreign Language] So we are -- we have acquired that lab for the say, for next 5 -- to support next 5 years of the expansion plans. Okay. So the capacity will keep on increasing every year. Because as per my target, we should reach 85% of the increased capacity by next year itself, in the next financial year, itself.

Okay. So then you would need another capacity.

Yes, capacity, but the land would be available and in the same capability. So we have acquired the land with a longer-term vision. Not just the midterm or small term. So we'll keep on adding on in -- it is said that data is the new fuel. So we are using a very much data-driven approach. I think what we do in '28, '29, I have already told you like what we are doing in '26, '27, and even '27, '28. I think that it would be clear in the beginning of '27 or in the end of '26, '27. Maybe a new product line concern, Okay. I also pointed on one very important thing during my opening remarks that the entire thing that we are going to do in the future would be driven by innovation. There are lot many things, lots, many developments that are going on behind the scene, which one will be executed both in terms of commercially being viable as well as being a value creator, basically. That idea would be executed. Let's go step by step and will be -- one thing is clear that this year, the growth is going to be phenomenal, whatever growth we have done that has done. But this year, it is going to be better. The next year is going to be even better. But what would be there in the next to next year that I'll disclose only maybe in the end quarter of the financial year.

And sir, just to get back when the margins are apart because you said since we're going 20% margin from GI wires and it will be live by the end of this year, the 20 would be the 1 where we were able to see proper GI wires revenue, if I'm not mistaken.

That I have also told you that this financial year is also going to see an excellent growth.

So sir, we would be able to reverse back to our FY '25 margins?

We should be. Maybe even better.

Okay. That's good to hear, sir. And sir, what is the peak utilization of plants like this? Like you can have more than more 75% or 80%?

85% to 90%.

90% by debottlenecking or anything, we cannot do it, right?

[Foreign Language]

Last question would be just to get...

Maybe [Foreign Language] that would be suffice at maximum 90%.

And sir, [Foreign Language] midterm Q4 [Foreign Language]

Q4 [Foreign Language].

Q4 raw material prices were very low and whereas the commodity prices has increased by a lot, so I'm assuming H2 [Foreign Language] margin gain was because of that? Or is it just because of our product mix and able to it.

No, no, no. majorly due to product mix.

Not because of the raw material is...

No, no, no. [Foreign Language] our margins are more or less hedged until and unless we don't change the product mix so more or less hedged.

[Foreign Language] raw material is bloomed, right?

[Foreign Language] at almost 36,000 [Foreign Language] and last 3 months, [Foreign Language] that was around -- that was around 11,000 tonnes. So maximum output was -- see, what happens is we started this process of increasing the volumes, the efforts -- additional efforts that we made from the last April, May, June. The impact started coming from September onwards right? And then December, January, February and March was the highest. Though general trend [Foreign Language]

So October, capacity would be approximately around...

[Foreign Language] Q3, Q4 better.

Q2, Q3 and Q4. And the recalculation [Foreign Language]

[Foreign Language]

And sir, going just suggestion forward, like if you could give always your capacity and utilization and realization or at least the quantum sales and production that would be beneficial for us to also...

[Foreign Language] after March 31, [Foreign Language] quantity and I think top line I declared. So [Foreign Language] utilization level.

Yes. And sir, last would be my other income and other income has increased by a lot...

[Foreign Language] September onwards, it is going to improve a lot.

So that's great to hear, sir. Sir, just to understand, [Foreign Language] like from INR 66 lakh toward INR 2 crores. INR 2.5 crores [Foreign Language]

I'll let you know this in a separate call. I'll let you know in this separate call, but it is somewhere related to the B2G segment.

And sir, [Foreign Language] what is the -- what are we looking forward like we are entering a lot of B2G segments and government has spent a lot of on the defense budget as well. So what are we targeting in? We are to at -- like what product would be targeting in defense mix? Because we have got a lot of approvals as well.

Again, [Foreign Language] the future growth will be driven by innovation. As a SME player, MD of a small company, commodity company, steel company [Foreign Language] because once we are done with September, the new facility is over there, there would be a lot more new things. And we are -- we got registered with DRDO, right? DRDO [Foreign Language] So we are not -- we don't need to register with DRDO for that. And where the mindset is what is required we will be supplying that. We would be doing R&D over that. So there are multi products that are going on. That's why I said that what next step we are going to do, which will give us growth in, say, year '28, '29, financial year '28, '29. That would -- that say would be more clear in Q4 of '26, '27 because there are multiple ongoing things and the new facility would be able to support those size and development better. The key area is we won't be -- I don't think any of my investor would want that we should be steel bar and wire company forever.

For future we do see a lot of potential in growth...

Maybe in the future, we are called defense tech company, right? Not hopefully. Definitely, we would be seen in a different position and acquisitioning and branding of Maiden Forgings, brand Maiden Forgings would be different.

Next question is from the line of Vidhi Purohit from Phoenix Capital.

Sir, I have a question -- hello, am I audible?

Yes, we request you to please use your handset.

Am I audible?

Yes, yes.

Yes. So I have a question, sir, like despite strong revenue growth in H2 financial year '25 EBITDA growth remains relatively moderate. But what are the key factors impacting margins during the period?

During H2?

Yes.

Well, I think one of the earlier callers asked me this, and I told him that the major impact in the margin shift whatever cut was during the last 3 months only. Because of the change in the product mix in the last quarter. And that is continuing in the first 2 months of this financial year also. -- in Q1 first 2 months have already gone. That is continued. So the margins are ought to improve this year in a decent manner.

Okay. And I have one more question. Could you provide the current trend and mix between the carbon steel, alloy steel, stainless steel products and then...

Sorry, I didn't prepare that as of now. So I can't give you exact numbers, but definitely, you can connect with and I think they would have done analysis or my team would has also done the analysis so I'll share through a separate email to you. Maybe that's there in the presentation also.

Next question is from the line of Riya Shah from Shah Consultancy Limited.

So my question is, you have recently secured a registration with OFB Madura Nagar. So what...

Muradnagar.

Different do you expect from the defense and the B2G segment over next 2, 3 years?

Yes, I expect that like at least 20 to 20, I target, not expect target that 20% to 25% of our sales should come from the B2G segment in the midterm future. Okay. So firstly, that? And secondly, the Ordinance Factory Board, whether it's called Kolkata or Murad Nagar, this give us the credibility and credentials. Our product might not be used over there directly. But we have supplied last year to BHEL, NTPC, HAL. And I think 1 or 2 more organizations, B2G organizations for the purpose of either defense or some infrastructure projects. So that Ordinance Factory Board registration gives us the credibility to do so. That is done for the purpose of credibility any -- if still the supply into the B2G segment is entry barrier restricted area. It is having an entry area. So these are somewhere the base the gate pass -- the registration with Ordinance Factory Board is a gate pass to that entry barrier. So that is why we got registered, and we are supplying regularly to the B2G.

Okay. Okay. And can you provide an update on the order pipeline from the defense, aerospace and PSU...

Like frankly being said that data movement, what is there. So that for that, again, you can shoot it, email to the investor ID or through Kirin Advisors, and we'll be happy to respond to that. Give the exact numbers.

Ladies and gentlemen, as there are no further questions from the participants, I now hand the conference over to Mr. Harshil Ghanshyani from Kirin Advisors for his closing remarks. Over to you, sir.

Yes. Thank you. Thank you, everyone, for joining the conference call of Maiden Forgings. If you have any queries, you can reach us at [email protected] and [email protected]. Once again, thank you, everyone, for joining the conference call.

Thank you, sir. On behalf of Kirin Advisors, that concludes this conference. Thank you all for joining us, and you may now disconnect your lines.