Amic Forging Limited (AMIC) share price
₹2357.25 on BSE as of 2026-09-11. +3.14% on the day. market cap ₹2,472 Cr. P/E 61.9. 52-week range ₹1092.35 to ₹2357.25. Capital Goods.
AMIC Forging FY26: A Margin Swing, Capacity Doubling, and a 2,700 bps Operating Leverage Trail
At a glance
AMIC Forging reported FY26 revenue of ₹141.78 Cr, a 17% climb from ₹120.37 Cr. More teeth: operating margin swung from 23% to 30%, a 700 bps lift in one year. Net profit landed at ₹28.27 Cr, down 20% from ₹35.56 Cr in FY25, but that fall wears a caveat—other income normalised.
Strip out "other income" and profit before tax grew 57% year-over-year: ₹38.69 Cr (FY26 ex-other income) versus ₹24.72 Cr (FY25 ex-other income). The company runs at near-full capacity—existing assets are already maxed—but Phase 1 of a ₹150 Cr expansion is scheduled to commission on 15 June 2026, hitting triple the forging capacity (18,000 MT to 40,000 MT), quadrupling machining (8,400 MT to 33,000 MT), and adding ingot from zero to 48,000 MT. The tension: a margin re-rating already baked into Q1 of the year, waiting to prove sustainable when new steel hits the furnace.
Introduction
AMIC Forging, incorporated in 2007, manufactures forged and machined heavy precision components for railways, power, automotive, ports, mining, and defence. The company fabricates rounds, shafts, blanks, gear couplings, hubs, flanges—all per customer spec, in carbon steel, alloy steel, stainless steel, nickel, and tool alloys to AISI, BS, IS, DIN standards. Current facility sits at Baidyabati, Hooghly.
The company listed on BSE-SME in December 2023 after an IPO that raised capital; in October 2024, it allotted 8 lakh convertible warrants at ₹1,536 each, adding ₹96.88 Cr to its war chest. On 23 December 2025, it allotted 2,60,425 equity shares to 27 non-promoter investors at the same ₹1,536 price, raising ₹400 Cr. By April 2026, those warrants converted into equity—share count now sits at roughly 1.15 Cr shares. The CFO resigned on 1 April 2026.
Business model
Forging beats casting for high-stress components: tighter grain, higher density, more muscle. AMIC takes raw steel ingots, heats, hammers, and shapes—output: shafts for railways, coupling hubs for powerplants, flanges for oil & gas. A pile of these end up in critical rotating kit where a fracture kills people. In FY25 (latest full-year geography split), domestic revenue was 92.6% (₹111 Cr roughly), exports 7% (₹8.4 Cr).
"Domestic revenue in FY25 was 92.6%; exports 7%."
The product mix is king here: the higher up the complexity ladder—precision-machined aerospace-grade forgings versus commodity shafts—the higher the margin. FY26 result announcements flag a deliberate "richer product mix," management's term for trading volume for margin on fewer SKUs. The company states it absorbed ₹197% higher employee cost ahead of Phase 1—hiring, training, org prep—before revenue. This is a play on operating leverage: empty factories don't stay empty long if the order book is full.
Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Amic Forging Limited.
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