AMIC Forging Limited (BSE SME: 544037) has reported a year of strong operational progress and margin improvement for the financial year ended March 31, 2026, while advancing a major integrated manufacturing expansion that is expected to drive its next phase of growth.
The company recorded revenue growth of 17% for FY26, while EBITDA increased 53% year-on-year. In the second half of the financial year, revenue rose 30% and EBITDA grew 52%, reflecting improved realizations, a more favourable product mix and disciplined operational execution. EBITDA margins expanded by nearly 900 basis points both during the year and in the second half, underscoring the structural strengthening of the business.
Management highlighted that Profit Before Tax excluding Other Income—a key measure of core operating performance—grew 57% during FY26 and 66% in the second half of the year. While reported PBT and PAT moderated due to the normalisation of Other Income from a high base in FY25, the underlying operating performance remained robust.
The company’s existing facilities operated at near-full utilisation throughout FY26, limiting volume-led growth and making improvements in product mix, pricing and operational efficiency the primary drivers of earnings expansion.
AMIC Forging is now entering a new phase of growth with the commissioning of Phase 1 of its integrated expansion programme scheduled for June 15, 2026. The project represents an investment of approximately ₹150 crore and is expected to significantly enhance manufacturing capabilities. The expansion will increase forging capacity from 18,000 MT to 40,000 MT annually, expand machining capacity from 8,400 MT to 33,000 MT annually and introduce 48,000 MT of in-house ingot production capacity.
To ensure operational readiness, the company undertook significant workforce additions and capability building during FY26, resulting in higher employee costs ahead of revenue generation from the new facility. Operating cash flow increased 64% year-on-year to ₹9.85 crore despite the capital-intensive nature of the ongoing expansion programme. Advances for plant and machinery related to Phase 1 also contributed to higher investments during the year.
Looking beyond Phase 1, AMIC Forging is evaluating Phase 2 of its expansion strategy, anchored by a proposed 5,000-ton open-die hydraulic forging press and advanced machining infrastructure. The project is expected to support entry into aerospace, defence, nuclear and heavy oil and gas applications. With enhanced manufacturing capabilities, a stronger margin profile and significant capacity coming online, AMIC Forging enters FY27 positioned to pursue sustained growth across higher-value industrial and engineering markets.
