Maiden Forgings Ltd (BSE: 543874) Q4 2025 Earnings Call dated Jun. 03, 2025
Corporate Participants:
Unidentified Speaker
Nishant Garg — Managing Director
Analysts:
Unidentified Participant
Harshil Ghanshyani — Analyst
Ishita — Analyst
Bhavesh Chavan — Analyst
Siddhi Joshi — Analyst
Rajesh Jain — Analyst
Ashwani — Analyst
Nalin Singh — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to the Made in Four Genes Limited Edge 2, FY25 and FY25 results conference call hosted by Kirin Advisors. As a reminder, all participants will be in the listen only mode. And there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star then zero on your touchstone phone. I now hand the conference over to Mr. Harshal Ghanshani from Kirin Advisors. Thank you. And over to you, sir.
Harshil Ghanshyani — Analyst
Yes, thank you. On behalf of Kirim Advisors, I welcome you all to the conference call of Maiden Project Limited. From the management we have Mr. Nishan Gauz, managing Director. With that I now hand over the call to Mr. Nishant. Over to you, sir. Thank you.
Nishant Garg — Managing Director
Good afternoon, ladies and gentlemen. I am delighted to welcome you to maiden project limited earnings conference call for the second half and full year of financial year 25. Thank you for joining us and for your continued interest in our journey. From our origins as a proprietorship in 1988 to becoming a publicly listed company in 2023. Maiden Forgings has evolved into a trusted manufacturer of steel guide bars, wires and pneumatic nails. With over 35 years of experience, we are proud to serve critical sectors including automotive engineering, infrastructure and increasingly defense and consumer markets. Our operations are spread across three advanced manufacturing units in Gazerbad.
With a combined install capacity of 50,000 metric tons per annum. Backed by complete in house capabilities such as handling, tool drawing, peeling, grinding and testing. We ensure product consistency and speed making us a reliable partner to over 500 customers including exports to the US and Europe. A key milestone during the year was the acquisition of a 4 acre industrial plot in Modi Nagar. Located about 25 km from our current facilities. This facility will allow us to consolidate two of our existing plants into a modern integrated unit. Unlocking operational synergies, enabling higher output and enhancing workflow efficiencies.
Once complete, this move is expected to result in annual cost savings of around 2.5 crore rupees. In line with our ESG focus. We are also planning a solar installation at this facility which will meet up to up to 50% of its energy requirements. This shall also enable us to plan our future expansion for the next five years without any further land acquisition in the same city. Thus making the process faster. We also marked our entry into the B2G segment during financial year 25. Becoming a registered supplier to the Ordinance Factory Board, Kolkata and successful executing our first order in September 2024.
This has paved the way for further supply relationships with hal, NTPC and dhel, aligning us with India’s growing defense and public infrastructure ecosystem. In parallel, we continued diversifying our product portfolio with high margin offerings such as stainless steel, bright bars and coil mills. Our B2C initiative gained traction with coil nails now listed on Amazon India and we are gearing up to launch on Amazon US and UK as well. To support our export strategy, we are also exploring overseas warehousing which will help reduce shipping costs and improve delivery timelines. India’s steel industry continues to show strong long term potential even as global markets face challenges due to subdued demand and pricing volatility.
India is now the second largest crude steel producer in the world and domestic demand is expected to rise significantly supported by the government’s focus on infrastructure development, affordable housing and urbanization. Sectors such as defense, railways and construction are leading this demand offering sustained opportunities for value added steel manufacturers initiatives such as National Steel Policy, the Production Link Incentives Scheme or specialty steel and the Vehicle Scrappage policy are further catalyzing investment and modernization across the sector. Import substitution and indigenization, particularly in defense and engineering align perfectly with our focus on precision engineered specialized products. These trends are creating a favorable environment for companies like ours committed to quality, innovation and sustainability.
These industry tailwinds are well aligned with Maiden Soldier’s strategic direction. As India’s infrastructure, automotive and defense sector expand under strong policy support, the demand for value added and specialty steel products is expected to surge, creating a favorable environment for our precision engineered offerings. The government’s focus on indigenization and import substitution, especially under the PLI scheme for specialty field opens new opportunities. Moreover, our investment in a solar powered consolidated facility positions us ahead of the curve on sustainability in sync with the industry’s shift towards low carbon manufacture. Collectively, these trends reinforce our ability to capture market share, expand into high growth sectors and build a future ready resilient business model.
Let me take you through our financial performance of H2FY25. We remain focused on strengthening our balance sheet. Our target is to reduce debt to below 10% of annual turnover supported by improved operating cash flows and monetization of surplus assets including from the plant consolidation in H2FY25. Despite industry wide headwinds and pricing volatility, we maintained operational stability and continued our strategic push into high margin segments. We reported a total income of 104.37 crores with an EBITDA of 10.13 rupee crore reflecting an EBITDA margin 9.71%. Net profit for the period stood at 2 crore. These numbers reflect the strength of our product mix and the resilience of our business model amid a dynamic market environment.
For the full year FY25, we achieved a total income of 213.57 crores with EBITDA at 19.91 crore rupees and an EBITDA margin of 9.32%. Our net profit for the year was 6.05 crore. This performance underlines our focus on efficiency, premium product offerings and disciplined cost management as we look ahead. We remain committed to strengthening our financial foundation by reducing debt, optimizing working capital and reinvesting strategically to support long term growth and value creation. These results underscore our ability to sustain steady operations while navigating market fluctuations and focusing on long term value creation. Our entry into the B2G segment through our maiden orders from the Hindustan Aeronautics Limited positions us to capitalize on the immense potential in defense and infrastructure driven by the government indigenization initiatives.
We have successfully expanded into the B2B markets through the sale of coil nails on Amazon India and now planning to broaden our reach by launching on Amazon US and uk. We are actively diversifying our product portfolio by entering high demand high margin categories such as giys and stainless steel tools. These additions strengthen our presence in premium segments and align with our broader strategy to enhance profitability through value added options. Looking ahead, our long term aspiration is to establish Made in Phoenix Limited As a premium innovation driven brand that is trusted across B2B2C and B2G markets in both domestic and international seminars.
Financial year 25 has been a period of meaningful progress despite a challenging backdrop and we believe our strong foundation, focused execution and evolving capabilities have set the stage for the next phase of sustainable growth. I now invite you to ask questions regarding our financial performance, operational strategies and growth initiatives and I once again thank you for your time and continued confidence in Maiden Forums limited.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star N1 on their touchstone telephone. If you wish to remove yourself from the question queue, you may press Star and two participants are requested to use answers while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Our first question comes from the line of Ishita from Unity Finance. Please go ahead.
Ishita
Hello.
operator
Yes ma’ am. Please, what is your question?
Ishita
Hi, Good afternoon. Significant groundwork lead in H2 financial year 25 what are your key strategic priorities? Financial year 26.
Nishant Garg
Good afternoon. I would like a bit clarity on your question in terms are you talking simply performance wise or what further groundwork we will be doing in next one? Financial year 26.
Ishita
I’m getting what groundwork you will be doing.
Nishant Garg
Okay, see first and foremost the priority is that already since we are, you know, we have started supplies to hal, NTP and currently we have also delivered an order to DHEL and again we have repeat orders from hal. So first and foremost would be to, you know, capitalize on this particular segment that is B2G. These three are already onboarded and we are, you know, getting repeat orders now as well. And the basic concept would be maximize and further all the B2B segmentally. For example, we are trying for some different companies and for the Northern Railways as well.
So that would be the first and foremost focus area that is B2B segment to penetrate that market in a better manner though it’s a long term process like it will take another one year or so. But whatever maximization we can do within H1 25 we would be more focused towards that. Especially considering the current boost that the Indian government is giving to infrastructure and defense segments particularly. So first and foremost is that. And secondly it would be more towards, you know, like I mentioned in my opening remarks as well, that we are focusing on, you know, creating little infrastructure, I won’t say full fledged facility, but a part or segment of infrastructure in, you know, US and Gulf market.
Because I have never ever before this call mentioned anywhere that we would be doing something in Gulf markets. But during the last six months we found certain opportunities and even like the pneumatic nails product which we planned for us majorly US market though last year was, you know, a bit tricky in terms of all the geopolitical scenarios. But finally, you know, the clouds have, and now we are a little bit clarity. Thus the weak point that we were facing. We recognized that very well why we were not able to boost sales of that particular product in the US market.
And that was the reason that we required a tie up with the importer over there who can do all the import formalities and we can go deliver the products to the customer. So that infrastructure we have already created in over last one month. And that is why now currently we have like five containers for that particular product and pipeline for this month. So that is one key factor like establishing a part of infrastructure in the US and Gulf so that we can immediately capitalize on the opportunities that exist. And the opportunities are quite Huge in terms of sizes.
So these two would be the major focus area for H1 financial year 26.
Ishita
Okay, thank you so much for the details. I also wanted to know, do you foresee any headwinds, raw material cost, logistics or customer demand that could impact near term growth?
Nishant Garg
Sorry, I didn’t get the question. Can you repeat that?
Ishita
Do you foresee any headwinds, raw material cost or customer demand that could impact.
Nishant Garg
See currently the macro factors are very volatile, right. But looking at the trend over the last one year or 18 months as such, there is no, you know, threat that I foresee in the near future. So maybe there might be opportunities because recently like this, like last month, Indian government has post some anti dumping duties against China, especially in the steel sector. So that is giving slight advantage, you know, in the present time. So maybe there are such more protections which might give us an advantage.
Ishita
Okay, I need to know what is the status of your entry into Amazon’s international marketplaces and the B2B digital platform you mentioned. Are these expected to be revenue contributions in financial year 26?
Nishant Garg
I would say. See this is particularly first and foremost these are more towards, you know, branding exercises rather than just revenue because that will establish us as a brand. Like already we are there on Amazon India and we are generating very slight revenue. But due to that branding, what is happening is the bigger players who are buying coil, they are reaching to us more. And that visibility is creating further, you know, a snowball effect in the business. So that is the primary purpose of getting listed over there, that we create a visibility due to which more number of queries come to us and a bigger chunk of business gets diverted towards us due to that resiliency.
Yes, we are very much focused. Like I already told that, you know the two things, one is B2G and second is establishing its small infrastructure which were bottlenecks for us last year in making our products dispatched more to in the export market. So that visibility is a sub part that we would be focused on this year. And they will ultimately, not directly but indirectly give us a boost in revenues in this financial year.
Ishita
Okay, thank you so much for answering my questions. I will get back in if I have any more questions to ask.
Nishant Garg
Thank you so much. Thank you.
operator
Thank you. Our next question comes from the line of Bhavish Chawan who’s an investor. Please go ahead.
Bhavesh Chavan
Sir. In terms of rate, volume growth.
operator
Mr. Bish, before you go ahead with your question, maybe request that you use your handset, sir. Your audio is very low, sir.
Bhavesh Chavan
Hello, Audible now.
Nishant Garg
Yes, yes, please Go ahead.
Bhavesh Chavan
My question is what is the kind of volume growth that targeting over the next three years?
Nishant Garg
The volume growth that we are targeting over next two, three years is at least you know, annually we are targeting around 30 to 35% because already we have, you know, like last year due to lots many macro factor pressures we were not able to grow as such. Thus you know we did a kind of introspection into our strategy, into our quality that where it’s required once you see that growth is isn’t happening as you expected. So you have to introspect many sectors and you have to you know, create an ecosystem or a protective scene against these macro sectors and so that you can ensure growth.
And that is why this year we are targeting a 30 to 35% jump from our existing revenues so that we can slightly cover up for the growth that didn’t happen last year. And definitely once you reach that level you would want to continue with that. And in that case I can’t do as long as to commit to comment on 3 years growth pattern. But definitely for this year I would be targeting 30 to 35% kind of a growth in the revenue.
Bhavesh Chavan
And in terms of margin, sir, are we looking at better margins from current.
Nishant Garg
Level margins last year also we did some, you know, errors in the last quarter due to which we were not able to, you know, maintain that kind of high margin level. So this time we won’t be repeating that and our primary focus would remain on the market.
Bhavesh Chavan
Right answer. In terms of capital expenditure, what is our plan for this year?
Nishant Garg
We would be doing a capex of at least 12 to 14 crores this year by borrowing? No, no, no, that would be from borrowing the consolidation plan that we have currently. Right. So in that the land sales is also included the parcels of land sales. So that would be mostly to self accrual borrowing is nowhere in the horizon for this financial year. In fact like I said in my opening remarks, debt reduction is a target for this financial.
Bhavesh Chavan
Okay. And so talking more about volume growth, you said that you introspected why we did not have any significant sales growth in this year. So can you just highlight, I mean what couldn’t go as per our plan idea.
Nishant Garg
Okay, I will cover, I’ll try to cover 3, 4, 5 points, whatever I can cover in this. Okay. In a short way first and foremost was the macro sectors. In the beginning of the year we were looking, you know, we thought the markets are slow and sluggish because the elections, Indian elections were ahead of us. But unfortunately post elections also there Was no aspect then since we are relying on the domestic as well as the exports market. Our primary target for last year was to enhance the exports sale. Then came and one of the major area at that time we were focusing was the US market.
So then the US elections were upcoming. Then in between that the budget was there. So multiple factors. And this volatility remained there throughout the year by time. But like I said that we have, you know, learned after this introspection that we can counter those even those macro factors. If we are focused on, you know, in certain terms, not just growth, but the expansion part as well. If we broaden the product category, we explore newer market, then these macro factors can also be counted. So first and foremost was that secondly particularly talking about the steel markets.
So you know, I will give you just a few figures that I have just brought it down earlier. So there was one factor that 2018-19, the wire size that we were buying. That is the most basic product that we buy as raw material. You know, the cheapest one. So that was priced at 44 rupees in 2018 19. Then in 202021 post Covid it reached like a level of 64 rupees. Then in 2324 it went back to 48 rupees which we expected was the worst. But unfortunately during 2425 it further went down to a level of rupees 43 or 44.
So you know, the overall pricing structure also hampered. But again since we are already focused on selling the products which cost the selling price are around 250 or 300 rupees per kilogram. So we would be. We immediately changed our strategy back in March that we would be primarily trying to sales, you know, outgoing sales that we will try to do is of the product which are higher value and higher margin proposition. We won’t further focus on, you know, spending the products which are not that much valuable or that much profit making. So we have drastically shifted in that over last three months.
So that would be the second way to counter another macro factor that occurred our way. And third factor which was internal measures that we planned this consolidation. We purchased the land. The acquisition of the land was completed in back in August. Then we also had a deal for the sales of one of the plants through which we planned our construction activities and the expansion activities. The funds that we were about to realize from there from the payload from the proceed of that sale. But unfortunately we made a deal back in November but it got flipped out because of non payment from the other side.
So we had to look for another deed which we again have cracked recently. But still the paperwork has to be done. That’s why we are not announcing it. So that factor also somewhere hampered our internal strategy because the things got delayed and that is why we were neither able to shift and we had to again rework our current facilities a little bit so that we can produce more. So that was third internal factor that, you know, hampered it and fourth was that the overall geopolitical factors that were going on, you know, the uncertainty level was very high and due to which decision making was hampered to an extent.
And now we have, since we know where the clause existed and we have worked them out to the best of our capabilities and the results should be soon out like by the results of H1 Financial at 26. I hope so. That is my hope and I see that right now we are positioned very rightly with the upcoming things as well as the overall macro factors going on from last one one and a half months. So they are slightly skewed in the favor of any Indian manufacturer, Indian steel manufacturer. That is why I see that, you know, the future should be very bright.
Bhavesh Chavan
Yeah, so that’s helpful.
Bhavesh Chavan
So are we seeing that kind of attraction? We are already two months into first half, so are we seeing that kind of growth?
Nishant Garg
That kind of. Yes. I mean the April this year was better than what the April was last year. So the first month is usually very, very dull because you know, everyone is doing inventoring and etc. Etc. So the first month of financial year is usually done, but it was better than the last year. I mean April to April comparison.
Bhavesh Chavan
Right. And similarly in the export market, are we seeing better traction?
Nishant Garg
Yes, we have like, like we have already exported four containers by now. We are. No, sorry, maybe five containers maybe. So usually it was one or two containers earlier.
Bhavesh Chavan
This month or these two months.
Nishant Garg
You’re saying these two months. And right now we are in pipeline around five, six containers. Like I said, the nail, nail container is also there, which was not there earlier last year, first quarter. So those, you know, in stainless steel products as well as in the nails product. Now we have order booking in both from the export markets. Okay.
Bhavesh Chavan
And sir, what the capex that we are doing this year, what is that?
Nishant Garg
That would be primarily for consolidation and few additions for GI wire. Like I said in my opening remarks, that is galvanized wire. Okay. So that is a, you can say supplementary product to our existing product line. So for that DIY in the new facility as well as galvanized wire and further like for some stainless steel finished kind of product.
Bhavesh Chavan
Okay sir, thank you for answering all.
Nishant Garg
This question in detail and thank you.
operator
Thank you. Our next question comes from the line of Siddhi Joshi who’s an investor. Please go ahead.
Siddhi Joshi
Hi, am I audible?
operator
Yes ma’ am. Please go ahead.
Siddhi Joshi
Have you introduced any new product, product variants or grades in H2FY25 and if how are your customers responding to these additions?
Nishant Garg
Good afternoon, thank you for your question. See if we talk in terms of weights and everything we know that you know we are into an industrial product line kind of a thing. Already we have eight product lines in total but the number of SKUs is huge. I think if we go on counting it would be 3000 plus. The FPUs are more than that and we keep on developing newer things like on the top of my my mind that the things that we have that I have like in last six months, whatever developments we have done.
So we have added on to few profile segments, special profile which can’t be shaped like a square hexagon, some round corner profile, approximately 25 lakh per month. And it is a in fact low value but high margin product. In terms of margins, you know it it will exceed 20, 25% kind of gross margin in this and the costing is not much higher. So the overall net margin will also be higher in this product. So one of the product is that, that is, that has been developed for one or two of the particular customers who are regularly buying from us.
So that means the response is good. Other than that, you know we keep on experimenting with newer grades and everything. As far as the product, new product line is concerned that would be done in H1 and H2 of financial year 26. Last year we didn’t, you know, started with the production of any newer products because the already existing products that we added to our product back in 2324 those were still under the process of you know, developing market development. So we didn’t added any new product line. But as far as the SKU or newer grade are concerned that is a constant process that we keep on doing for improvement in the margins as well as for getting a loyal and long term market base for ourselves.
A customer base for our also I.
Siddhi Joshi
Wanted to know how has the company performed in terms of repeat orders or increased order size from existing customers.
Nishant Garg
Retention rate that would be higher than 90%. It was earlier also and right now also we have retained customers as long as who have been associated with us for last 35 years. Meetings were calls may mention retention rates remains the same if we talk to the revenue overall last year. So that was overall market scenarios directly interact and what I realized was their demand was overall 70 to 75% of what it used to be in the previous year. So that was the main reason. But otherwise we have retained the customer as well as gained a good number of new customers and that’s what has contributed to our current revenues.
Siddhi Joshi
Okay, thank you for answering my question. That’s all from my time. Thank you.
Nishant Garg
Thanks.
operator
Thank you. Question comes from the line of Rajesh Jain from NB Investments. Please go ahead.
Rajesh Jain
Hello. Can you hear me?
operator
Yes sir. Please go ahead.
Rajesh Jain
Yeah, my first question is regarding the consolidation of the two plants. So you have already given an announcement that you have acquired four acres of land. So what is that timeline, how you are planning to do, you know, shifting both the, you know, whatever the machineries are there in the two plans to the new one and when are you planning to sell the existing one of the plants. So if you could share some time schedule.
Nishant Garg
See the original planning for the original planning we should have completed it in another two, three months maximum. But unfortunately like I told Bhaveji also was asking me questions earlier. So I told him that, you know, we did a deal for selling of one of the land but somehow it, you know, got cancelled on the way due to non payment from the other side. Thus we had to extend the timeline. But definitely for sure within this financial year all the things should be completed with our shifting done successfully without hampering any kind of production or revenues first and foremost.
And we would be there in the new facility within this financial year working at the best of the capacity as well as the land deal. Since two of the land deals have to be done, one of them would be completed within this financial year for sure. And you know, if I have to give a ballpark, the second land sales should also have been done by the end of final year. I can say up to 80% chances that it should also be completed by the end of this. So that would be the timeline that within this financial year all these things of consolidation and land sales should be complete.
Rajesh Jain
So you have plans to sell both the existing plants within this financial year. That is the plan.
Nishant Garg
That is the correct understanding. Is correct. Only one minor modification, that we currently have three facilities. Okay? Right, right. Two of them would be sold, one would remain intact and operational additive and the one, the newer one would be there in operation. So there would be two specialities remaining.
Rajesh Jain
Okay, so in spite of your effort, in case if we, whatever the plan, the selling doesn’t happen of the existing plant one and two, you were shipping to the new client and consolidating there.
Nishant Garg
In that case we would be requiring some amount of external funding. In that case.
Rajesh Jain
Correct, right.
Nishant Garg
I mean this year, this year’s gold event include like, you know, failing on the part where we won’t be able to shift. Because definitely we would be doing the shifting process and everything within this year. Maybe the land sales part gets, you know, plus minus five to six months kind of thing. But this time to ensure that we have shifted to the new facility. Because there the cost savings and the synergy levels are very high. So we have to definitely complete it within this year.
That is why in case by say July or August, which we are very hopeful that. Not hopeful, we are able to foresee somewhere that the deal should get done within. Again within this month itself last by July. But in case something goes, you know, up or down, then we would be planning an external company. But anyhow we have to shift.
Rajesh Jain
Okay, but the construction work, they are ordering for the new machinery, everything has been completed and it is as per the target. So that you could do this financially.
Nishant Garg
Yes, yes, yeah, yeah. That. That part is already logged and done. Only the final instructions are pending. And for that we are. We were waiting that some kind of, you know, land proceeds from landfill should come here.
Rajesh Jain
But already the land, new land is already registered in the company’s name and everything.
Nishant Garg
It is already registered. PLU is done. It is ready to go. Though the boundary work has been completed in back in January. The land filling work is also completed by now. So everything is in place. Only the part of hardwood construction is pending and the installation of machinery.
Rajesh Jain
Okay, but approval from the concerned authorities are already in place.
Nishant Garg
Or we are already already in place already since we were getting delayed, we completed that part.
Rajesh Jain
Okay, fair enough. So second thing you said you’re trying to do some capex work, you know, so would that be in the new plant or in the any of the existing plants?
Nishant Garg
New plan. New plan.
Rajesh Jain
Okay, so the second question is, see all these, you know, orders that you got from admin factory or the hn. So from next year onwards, since you would be supplying them from the new plant, do you have to undergo this approval process once again?
Nishant Garg
No, not at all.
Rajesh Jain
It’s not required.
Nishant Garg
These are, these are product approvals, not the plant approval. Okay, that is.
Rajesh Jain
So my next question is regarding the drop in margins. You have already given the reasons for why the top line could not grow. But regarding the bottom line, again, you know, last year you know, compared to last year, we are down by 1%. As far as the. So. So my two questions, there is one, what are the reasons for this drop? And second, what is that you’re targeting to achieve in the current financial year?
Nishant Garg
So there are two parts to your question. First and foremost, the reasons that were applicable or the drop in the top line are also the reasons for drop in the bottom line. Because you know, there was a kind of selling pressure that the top line requirements are not meeting out the customer demand was already on the low side. So we had to by November, December, when the pesticide season was also gone, the Diwali season, which is usually the peak time for us, you know, the maximum sales go in the month of, in the third quarter, usually right when that was not happening to push the customer to buy more, we had to give certain kind of discount or you know, some kind of offer so that at least they are buying a little more than what they required.
Right. So ultimately those factors which affected the top line were also somewhere responsible for affecting the bottom line, which was a very, this was a very unique kind of situation in our industry because I also have been into business for now almost 14 years. This was the first time we had to see such a situation. So this was somewhere a rare case.
Rajesh Jain
Regarding how much you are targeting to maintain this year.
Nishant Garg
This year we, we would bounce back with similar kind of margins that we had earlier. And plus it’s what the strategy that we adopted from March onwards that we would be primarily focusing on the sales of just the high margin high value product. Like if we have 10 people, example, for example, if we have 10 people in our sales team, seven to eight out of the 10, I can say 70% of the sales force or marketing force is working on the sales of high value high margin product or even low value high margin products. So we have entirely shifted incentivized them for the sales of those products rather than increasing in the sales of products which don’t have that kind of margin.
So if this strategy works well and which we should know by the next quarter. So in that case I think the margins can even be better than what it was in the margin. Percent should be better than what it was in financial year 2224.
Rajesh Jain
So my next question is, you have also shared that you know, this year you’re targeting for 30 to 35% of growth in the top line. So I do not know whether steel projects have moved up from that Whatever.
Nishant Garg
Right.
Rajesh Jain
So so then all these 30 to 35. Yeah.
operator
So may we Request that you join the question queue. So there are several participants waiting for their answer.
Rajesh Jain
No problem. Can I complete this question at least?
operator
Yes, sir. Please.
Nishant Garg
Okay.
Rajesh Jain
Thank you. So this 30 to 35 growth from where you are expecting. What gives you so much confidence to have that?
Nishant Garg
First, like I said, even in the previous answer that I am. You know, we have directed our sales team and the entire marketing effort for the sales of high value and higher margin products. First and foremost is that. Secondly, like during one of the answers I gave to the first person who questioned me that you know, we are. We had few bottlenecks related to the export sales of high value or high margin products which we have cracked down in last one or two months. Right? So once we have cracked down and we are already in the execution process.
And that’s why currently we have five, six containers in the pipeline for the first time in the history of company. So with those bottlenecks gone, I think the sales should. Within next three to six months or maybe seven months maximum. The sales should multiply in the exports market for those high value items. That is why like I said one more thing. I said earlier that we. Or upon introspection we came to know that due to the small size of our company these macro factors can also be countered by developing and creating newer markets and you know, a new, entirely new segment for ourselves and which we have realized and we are already in the execution process.
Thus within next three to four months the sales should jump from those products which are already priced say 200 rupees per kg. 250 rupees per kg. 300 rupees per kg rather than 44 rupees per kg.
Rajesh Jain
Thank you, sir.
Nishant Garg
Thank you.
operator
Our next question comes from the line of Nalin Singh from Finviz. Please go ahead. Participant has left the queue. I request you move to the next one. The next question comes from the line of Ashwini, who’s an investor. Please go ahead.
Ashwani
Hello. Hello.
operator
Yes, Ashwini. Please go ahead.
Ashwani
Yeah, I just wanted to know that after we sell both our land and we invest whatever is needed for the capital expenditure. What is the. We think we will have an excess which then we may use to repay our loans or we may use for any other purposes. If you can give them 15 to 20 cr.
Nishant Garg
So 15 to 20 cr will be left with us after all the capital expenditure. Yeah.
Ashwani
With this capital expenditure are we only. I mean I. We are only doing the building and shifting our machineries or will be having some new machineries and if so capacity will be increased.
Nishant Garg
The ballpark should be around 3,000 to 6,000 tons. I can just give you the ballpark right now.
Okay. The increase in the capacity I’m talking about. Okay. And it would include the newer product that is DIY as well as some stainless products maybe component. It is not just about consolidation investment. It is also about the expansion into new products as well as increase in the capacity.
Ashwani
Okay, got it. Thank you.
operator
Thank you.
Nishant Garg
Thank you.
operator
Our next question comes from the line of Nalin Singh with Finviz. Please go ahead.
Nalin Singh
You have mentioned that we have got officially registered as a supplier to the. And the opening remarks you mentioned that you’re getting some reference orders from HN as well. So you can just guide us what are what. What are the implication of the getting supplier to onion factory board and what kind of revenue or traction we are seeing from this development in couple of years.
Nishant Garg
What was the first part of your question?
Nalin Singh
Sorry, first what was that? We have been registered as supplier to the audience.
Nishant Garg
We are supplying to Achieve Albatl and MPPC right now. And we have repeated orders from HAL that I said you asked me like. Second part is clear that what are the. What kind of volumes or revenue we are looking from this segment. First part was.
Nalin Singh
Yeah, I think this was a gist of the question. So you can.
Nishant Garg
See definitely if we see the government policies initiative and the kind of boost that is there. And I have seen like when we are bidding for the tenders and everything the process has got far more easier in terms of and transparency that if you are able to, you know crack the pricing and the quality requirements and everything, you definitely get the honors. So. And whatever products mix that we currently have. And as per our analysis the revenues from this segment with the kind of focus that we have in the coming years to would be quite huge. The potential is very huge and we should be able to tap that potential over the coming year. Definitely it would be slightly gradual process but in the long term it should give us a very, you know, good percentage of revenue out of the total revenue.
Nalin Singh
That is my focus following up on this. So how many registered suppliers are there in the categories what kind of competition we could face in this and what kind of. What kind of wind ratio we can see from the different products.
Nishant Garg
Right. And we are trying for. We fill in the tenders for most of our products. In fact that is the problem that we often face when we have to give a peer review comparison in the listed also. Right. Apple to Apple comparison for example. Right. So there the L2, L3 or L1 in case we are not the L1SO category. Got it. Getting my point. Right. So her category first and foremost that is very hard to analyze. Particularly for Maiden Foldings limited. Right. First and foremost is that. And secondly, in fact we have already tried a little bit part of that in our existing facilities because we got.
We cracked some kind of technique to develop that. So we already started doing that because that has a very, very huge scope over there. Because GI wire is getting used in all the barbed wire across the border. So that would have a super huge requirement already. Our Lois Steel bright bars are huge requirement exists in NTPC which we already have supplied. Vhel they have a huge requirement for our alloy steel bright bus and stainless steel bright bus. So the potential is huge. Huge. Like I said. And we are trying to test best out of that.
operator
Thank you. Our next question comes from the line of Rajesh Jain from NB Investments. Please go ahead.
Rajesh Jain
Can you hear me?
operator
Yes, sir.
Rajesh Jain
Thanks for the opportunity again. Just wanted two clarification. I think. First questioner, you were saying that when we consolidate and shift the capacity would be up by 5,000 to 7,000 metric tons. Is that understanding?
Nishant Garg
Right.
Rajesh Jain
So with the existing facilities, how much revenue we can generate?
Nishant Garg
Right, got it. In terms of revenue at even 70 capacity it will. The revenue will turn out to be four times of what it is existing. Then the, you know, sales can go from the same facility. Existing facility. I am not even talking about new facility. Then it can go as high as 600 crores or 700 crore.
operator
Thank you ladies and gentlemen. Due to paucity of time, that was the last question for the day. I now hand the conference over to Mr. Harshil Ghanshani from Kirin Advisors for closing comments.
Harshil Ghanshyani
Yes, thank you everyone for joining the conference call of Maiden for this semester. If you have any queries, you can Write us at answeradvisors.com and info at the maidenthausen.in Once again, thank you for Kenny. For everyone. Yeah.
operator
Thank you. On behalf of Kirin. On behalf of Kirin Advisors, that concludes this conference. Thank you for joining us. And you may now disconnect your lines.