Amic Forging Limited secured shareholder approval to raise Rs. 220,98,77,500 through a preferential issue of equity shares and convertible warrants to non-promoters, alongside increasing its authorised share capital. The resolutions were passed during an Extraordinary General Meeting (EGM) held on June 5, 2026, via video conference. The company also appointed two new directors to its board as part of the governance updates.

The EGM approved the alteration of the capital structure, increasing the authorised share capital from Rs. 12,00,00,000 to Rs. 15,00,00,000. This increase involves the creation of 30,00,000 additional equity shares of Rs. 10 each. The meeting, chaired by Managing Director Mr. Girdhari Lal Chamaria, was conducted in compliance with the Companies Act, 2013 and SEBI Listing Regulations.

Preferential Allotment Details

The special resolution authorised the issuance of 26,200 equity shares and 14,22,900 warrants to identified non-promoter allottees. The price for both instruments was fixed at Rs. 1,525 per share or warrant, including a premium of Rs. 1,515. The relevant date for price determination was May 6, 2026. Kvasa Capital was identified as the sole allottee for the equity shares, while 11 entities, including Motilal Oswal Financial Services Limited and Calliope Capital Advisors LLP, were identified as warrant allottees.

Warrants are convertible into equity shares within 18 months from the date of allotment. A payment structure requires 25% of the warrant issue price at subscription and the balance upon exercise. The proceeds from the issue are intended to bolster the company's capital base.

Board Appointments

Shareholders approved the appointment of Mr. S Subrahmanyam (DIN: 06447057) as a Non-Executive Independent Director for a term of five years commencing from October 3, 2025. Additionally, Mr. Vijay Chopra (DIN: 06876180) was appointed as a Non-Executive Non-Independent Director effective from April 20, 2026, for a term ending April 19, 2031.

Voting Outcome

The scrutinizer's report confirmed that all four resolutions were passed with 100% of the votes cast in favour. A total of 13 members participated, casting 6,272,450 votes. Remote e-voting was conducted by Bigshare Services Pvt Ltd from June 2 to June 4, 2026, and Mr. B. K. Barik, Practising Company Secretary, oversaw the process.

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.