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Amic Forging Ltd reported its FY 2024-25 results showing a 3.83% decline in revenue from operations to Rs. 12,131.58 Lacs, mainly due to H2 dispatch delays caused by late receipt of bearings. Despite lower revenue, EBITDA surged 145.31% to Rs. 4,870.69 Lacs, and PAT jumped 151.04% to Rs. 3,555.70 Lacs. Other income grew sharply by 514.86% to Rs. 2,070.91 Lacs (from rent, interest, and sale of listed shares), which significantly boosted overall profit. The company announced major capital expenditure plans including backward integration into ingot manufacturing (36,000 MT/year new capacity), forging expansion from 1,800 MT to 30,000 MT/year (operational by September 2025), and machining capacity expansion to 24,000 MT/year. The new electro-hydraulic furnace enables single-component forging up to 8 tonnes versus the earlier 5-tonne limit, opening doors to aeronautics and larger industrial applications.
Profitability has expanded dramatically on the back of strong other income and operational efficiency, but investors should note that headline earnings are heavily supported by non-core income, and revenue growth has actually been negative. The aggressive capex plan signals management confidence in three-digit growth over 2-3 years, but execution risk and timing of capacity ramp-up will be key things to watch.