BSE: 544037
Amic Forging Limited
Manufactures forged metal components for industrial customers and operates a single forging segment. In FY26 it reported Rs 141.78 crore of revenue (up 16.87% YoY) at near-full capacity utilisation, with EBITDA of Rs 42.76 crore (up 53% YoY) and an EBITDA margin of 30% for the year and 33% in the second half. The company is mid-way through a Rs 150 crore Phase-1 integrated capex programme, with commissioning slated for 15 June 2026: forging capacity is set to rise from 18,000 MT/yr to 40,000 MT/yr, machining capacity from 8,400 MT/yr to 33,000 MT/yr, with a new 48,000 MT/yr of in-house ingot production. A Phase-2 outlay of around $165 crore is planned to add a 5,000-ton open-die hydraulic forging press targeting aerospace, nuclear, advanced defence and heavy oil & gas work. Raw materials (chiefly steel) are the largest cost line at 53.4% of revenue, followed by other operating expenses at 15.6% and employee costs at 3.6%; capex in FY26 alone was Rs 63.05 crore. The company also holds a 71% subsidiary (Amic Enes Tech) and a 33% stake in Dakor Logistics. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Forgings (100%). Capital-heavy, single-segment forging business in a capex-led expansion phase.
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 126 | 121 | 142 |
| EBITDA (ex other income) | — | — | — |
| margin % | — | — | — |
| Owners' profit | — | — | — |
| EPS, as reported (₹) | 16.04 | 33.90 | 26.77 |
| ROE % · ROCE % | — · 28.2 | — · 36.6 | — · 18.7 |
| Debt / equity (x) | — | — | — |
| Cash from operations | (8) | 6 | 9 |
| Capex | — | (32) | (63) |
Exhibit 2: Quarterly performance, last 5 quarters
| ₹ crore | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|
| Revenue | 75 | 64 | 58 | 67 | 75 |
| Profit before tax | 9 | 29 | 17 | 17 | 23 |
| Net profit | — | — | — | — | — |
| EPS (₹) | 6.83 | 29.41 | 12.23 | 11.79 | 26.30 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| AIA ENGINEERING LIMITED | 36,787 | 29.1 | 4.58 | 21.2 | 15.8 | 19.3 | 8.9 | 35.8 |
| PTC INDUSTRIES LIMITED | 33,402 | 265.9 | 22.16 | 195.2 | 6.7 | 7.5 | 29.8 | 28.3 |
| HAPPY FORGINGS LIMITED | 19,881 | 60.7 | 9.34 | 40.3 | 14.2 | 18.5 | — | 33.8 |
| BALU FORGE INDUSTRIES LTD | 6,277 | 21.3 | 3.94 | 19.0 | 16.2 | 18.8 | — | 29.5 |
| STEELCAST LIMITED | 3,222 | 35.5 | 8.16 | — | 22.0 | 28.5 | — | 28.2 |
| Amic Forging Limited ◆ | 2,574 | 30.0 | — | — | — | 18.4 | — | — |
| INVESTMENT & PREC CAST L | 1,368 | 116.3 | 13.33 | 45.4 | 11.5 | 13.0 | 12.5 | 18.6 |
| NELCAST LIMITED | 939 | 22.8 | 1.57 | 8.9 | 8.1 | 9.4 | 16.8 | 5.9 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 30.0 | 28.1 | 14 of 22 | 38% |
| ROCE | 18.4 | 13.7 | 8 of 24 | 70% |
| Revenue growth | 0.8 | 12.2 | 14 of 18 | 24% |
| Market cap | 2574 | 461 | 6 of 24 | 78% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 8 Sept 2026 · 19th AGM notice and Annual Report 2025-26 filed | board shareholder meetings | medium | — | — |
| 8 Sept 2026 · Notice of 19th AGM with director salary hike and FY26 results | board shareholder meetings | low | — | — |
| 31 Aug 2026 · Re-appointment of Internal and Cost Auditors for FY 2026-27 | management changes | low | — | — |
| 16 Jul 2026 · Compliance Certificate under SEBI Regulation 74(5) for Q1 FY27 | compliance | minimal | — | — |
| 9 Jul 2026 · Amic Forging allots shares and warrants worth about Rs 221 cr on preferential basis | fund raising | high | — | — |
| 9 Jul 2026 · Amic Forging allots shares and warrants worth about Rs 221 crore on preferential basis | fund raising | high | — | — |
| 3 Jul 2026 · Revised Consolidated Audit Report Filed After BSE Discrepancy Notice | results | high | — | — |
| 8 Jun 2026 · Scrutinizer''s Report with Voting Result | board shareholder meetings | low | — | — |
| 5 Jun 2026 · Proceeding of Extraordinary General Meeting of the Company held on 05.06.2026 | board shareholder meetings | medium | — | — |
| 30 May 2026 · Press Release | business updates | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.