Amic Forging Limited reported a 20.5% decline in net profit to ₹28.28 crore for the financial year ended March 31, 2026, despite a 16.8% increase in revenue from operations to ₹141.78 crore. The decline in profitability was primarily driven by the normalisation of Other Income from an elevated base in the previous year, while operating performance showed strong structural improvement. EBITDA surged 53% year-on-year to ₹42.76 crore, with margins expanding by 900 basis points to 30%, driven by improved realisations, a richer product mix, and disciplined execution. The board approved the audited standalone and consolidated financial results at a meeting held on May 30, 2026.

Financial Performance

Revenue from operations for the year stood at ₹141.78 crore compared to ₹121.32 crore in FY25. Total income rose to ₹142.82 crore from ₹142.02 crore. Profit before tax decreased to ₹39.73 crore from ₹45.43 crore in the prior year. The statutory auditor, K. N. Gutgutia & Co., issued an unmodified opinion on the financial statements.

The company’s earnings per share (EPS) on a basic basis declined to ₹26.78 for FY26 from ₹33.90 in the previous year. The board also reviewed and approved the audited annual accounts for the financial year 2025-26.

Segment and Subsidiary Information

Amic Forging operates in a single segment. The consolidated financial statements include the results of its subsidiary, Amic Engg Tech Private Limited, in which it holds a 70% stake, and its associate, Dakor Logistics LLP, where it holds a 33% partnership share. The consolidated net profit for the year after tax and minority interest was ₹28.27 crore.

Balance Sheet Highlights

The company’s total assets increased to ₹255.55 crore as of March 31, 2026, from ₹152.68 crore a year ago. Shareholders' funds grew to ₹212.39 crore, driven by an increase in reserves and surplus to ₹157.70 crore and money received against share warrants at ₹43.94 crore. Cash and bank balances stood at ₹5.77 crore in standalone accounts, down from ₹19.53 crore in the previous year, due to heavy investments in capital work-in-progress and loans and advances.

Capacity Expansion and Future Outlook

Phase 1 of the company's integrated capacity expansion, a programme of approximately ₹150 Cr, remains on track for commissioning on June 15, 2026. This phase will increase forging capacity from 18,000 to 40,000 MTPA, machining capacity from 8,400 to 33,000 MTPA, and add 48,000 MTPA of in-house ingot capacity. The company is also planning Phase 2, anchored by a 5,000-Ton Open Die Hydraulic Forging Press, with an expected CAPEX of ₹165 Cr approximately, to extend its reach into aerospace, nuclear, and defence sectors.

Amic Forging Limited has issued a corrigendum to the notice of its Extraordinary General Meeting (EGM) scheduled to be held on June 5, 2026. The meeting, convened via Video Conferencing and Other Audio-Visual Means, will seek shareholder approval for the preferential issue of equity shares and warrants to non-promoters. The corrigendum revises the list of proposed allottees and provides detailed utilization of the issue proceeds.

Revision in Allottee Details

The company has amended Resolution No. 2 regarding the preferential issue following instructions from BSE Limited. The name of Mr. Ankit Madhogaria, who was initially listed as subscribing to 10,000 warrants, has been replaced with Ankit Madhogaria (HUF). This change addresses a contravention of Regulation 159 of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The revised list of allottees includes various non-promoter entities such as Kvasa Capital and Motilal Oswal Financial Services Limited.

Shareholding Pattern Update

The revision necessitates changes in the pre and post-issue shareholding pattern, specifically within the Individual and HUF categories. The total post-issue share capital remains unchanged at 12,997,935 shares. Promoters' holding will decrease to 49.08%, while public holding will increase to 50.92% post-issue.

Utilization of Issue Proceeds

The company clarified that the total proceeds of the preferential issue amounting to ₹220,98,77,500 will be utilized for capital expenditure and general corporate purposes. A sum of ₹165.75 crore is earmarked for the Phase-III expansion project, which includes establishing a Heavy Forging and Integrated Machining Facility. The remaining ₹55.24 crore will be used for general corporate purposes.

The company also informed shareholders that CRISIL Ratings Limited has been appointed as the Monitoring Agency to oversee the utilization of the proceeds. The corrigendum is available on the company's website.