Amic Forging Posts Strong FY26 Growth Ahead of Capacity Expansion

Amic Forging's revenue for FY26 reached ₹141.78 crore, a 17% increase from ₹121.32 crore in FY25. EBITDA surged 53% to ₹42.76 crore.

Reader Takeaway: Strong operational growth ahead of capacity expansion; watch Phase 1 commissioning and cost management.

What just happened

Amic Forging reported its financial results for the fiscal year ending March 31, 2026 (FY26). The company saw a significant jump in its operational performance, with revenue growing by 17% to ₹141.78 crore and EBITDA increasing by 53% to ₹42.76 crore. The EBITDA margin expanded by 900 basis points to a healthy 30%.

However, Profit After Tax (PAT) saw a decrease of 20%, falling to ₹28.28 crore from ₹35.56 crore in the previous fiscal year (FY25). The company attributed this decline to the normalization of 'other income' which was at an elevated level in FY25.

Why this matters

Despite the drop in PAT, the company highlighted a 57% growth in Profit Before Tax (PBT) excluding other income, suggesting underlying business strength. The key event for investors is the impending commissioning of its Phase 1 integrated capacity expansion on June 15, 2026. This expansion is crucial for future growth, as existing facilities operated at near-full capacity in FY26. The company also plans a Phase 2 expansion with a capital expenditure of approximately ₹165 crore.

The backstory

FY26 has been described by the company as a 'base-building' year, involving substantial investment in talent and infrastructure to prepare for the upcoming expansion. Employee costs saw a sharp rise of approximately 197% due to front-loaded hiring in anticipation of the new capacity becoming operational.

What changes now

The commissioning of Phase 1 capacity is expected to transition Amic Forging from an investment-heavy phase to one focused on revenue realization and scaling operations. The company's ability to leverage this new capacity effectively will be critical for its performance in FY27 and beyond.

Risks to watch

Investors will need to monitor the successful ramp-up of the new capacity, the management of increased employee costs impacting profitability, and the execution of the Phase 2 expansion plan.

Peer comparison

While specific peer data was not provided in the filing, the significant margin expansion and capacity growth indicate Amic Forging's efforts to strengthen its competitive position in the forging industry.

Context metrics (time-bound)

• Revenue (FY26): ₹141.78 crore (up 17% from FY25)
• EBITDA (FY26): ₹42.76 crore (up 53% from FY25)
• EBITDA Margin (FY26): 30% (up 900 bps)
• PAT (FY26): ₹28.28 crore (down 20% from FY25)
• Phase 1 Capacity Commissioning: 15 June 2026
• Ingot Capacity Post-Expansion: 48,000 MTPA
• Forging Capacity Post-Expansion: 40,000 MTPA
• Machining Capacity Post-Expansion: 33,000 MTPA

What to track next

Focus on the utilization rates of the new capacity post-commissioning, the impact of higher employee costs on the bottom line, and progress on the Phase 2 expansion plans.