Amic Forging Ltd
Incorporated in 2007, AMIC Forging Ltd is in the business of manufacturing forged components[1]
- Market Cap ₹ 1,666 Cr.
- Current Price ₹ 1,550
- High / Low ₹ 1,750 / 850
- Stock P/E 66.0
- Book Value ₹ 139
- Dividend Yield 0.00 %
- ROCE 27.9 %
- ROE 21.8 %
- Face Value ₹ 10.0
Pros
- Company is almost debt free.
- Company has delivered good profit growth of 117% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 28.2%
Cons
- Stock is trading at 11.1 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Working capital days have increased from 29.6 days to 77.5 days
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Industrials Capital Goods Industrial Products Castings & Forgings
Half Yearly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|
| 13 | 26 | 71 | 116 | 126 | 120 | 124 | |
| 12 | 25 | 69 | 102 | 109 | 92 | 90 | |
| Operating Profit | 1 | 2 | 2 | 14 | 16 | 28 | 34 |
| OPM % | 8% | 6% | 3% | 12% | 13% | 23% | 28% |
| 0 | 0 | 0 | 1 | 3 | 21 | 4 | |
| Interest | 0 | 0 | 1 | 1 | 1 | 0 | 0 |
| Depreciation | 0 | 0 | 1 | 1 | 1 | 3 | 4 |
| Profit before tax | 1 | 1 | 1 | 13 | 19 | 45 | 33 |
| Tax % | 21% | 18% | 24% | 26% | 26% | 22% | |
| 0 | 1 | 1 | 10 | 14 | 36 | 25 | |
| EPS in Rs | 7.24 | 9.29 | 13.93 | 112.52 | 13.19 | 33.90 | 24.05 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 55% |
| 3 Years: | 19% |
| TTM: | -10% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 117% |
| 3 Years: | 175% |
| TTM: | -14% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | 16% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 27% |
| 3 Years: | 28% |
| Last Year: | 22% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 0.59 | 0.71 | 0.71 | 0.86 | 10 | 10 | 10 |
| Reserves | 4 | 6 | 7 | 19 | 54 | 114 | 136 |
| 2 | 4 | 11 | 5 | 4 | 0 | 7 | |
| 2 | 5 | 13 | 37 | 24 | 28 | 46 | |
| Total Liabilities | 9 | 16 | 32 | 62 | 92 | 153 | 199 |
| 4 | 4 | 5 | 8 | 12 | 35 | 33 | |
| CWIP | 0 | 0 | 0 | 0 | 0 | 6 | 36 |
| Investments | 0 | 2 | 2 | 8 | 19 | 22 | 22 |
| 4 | 11 | 24 | 47 | 62 | 90 | 108 | |
| Total Assets | 9 | 16 | 32 | 62 | 92 | 153 | 199 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| -0 | -2 | 6 | 18 | -8 | 6 | |
| -1 | -2 | -12 | -13 | -10 | -19 | |
| 1 | 4 | 6 | -4 | 29 | 20 | |
| Net Cash Flow | 0 | 0 | 0 | 1 | 11 | 7 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Debtor Days | 83 | 125 | 71 | 69 | 85 | 83 |
| Inventory Days | 30 | 16 | 1 | 27 | 1 | 77 |
| Days Payable | 69 | 73 | 74 | 120 | 63 | 72 |
| Cash Conversion Cycle | 44 | 68 | -2 | -25 | 23 | 88 |
| Working Capital Days | 48 | 73 | 1 | -22 | 34 | 77 |
| ROCE % | 13% | 13% | 64% | 36% | 28% |
Documents
Announcements
-
Rectification Of Inadvertent Error In Annexure I Submitted On 23.12.2025
1d - Corrects Annexure typo; preferential allotment 260,425 equity shares at Rs.1536 to 27 investors.
-
Board Meeting Outcome for ALLOTMENT OF EQUITY SHARES
2d - Allotment of 260,425 shares at Rs 1,536 each (Rs 400,012,800) to 27 investors on preferential basis.
-
Announcement under Regulation 30 (LODR)-Allotment
2d - Allotted 260,425 equity shares at Rs.1,536 each (preferential), raising Rs.400,012,800 to 27 non‑promoter investors on 23 Dec 2025.
-
Announcement under Regulation 30 (LODR)-Change in Management
20 Dec - Amic Forging appoints Priyankar Ghosh as CFO and KMP, effective 20 Dec 2025.
-
Board Meeting Outcome for Outcome Of Board Meeting
14 Nov - Board-approved unaudited H1 results ended 30 Sep 2025: Revenue ₹6,712.19L, PAT ₹1,240.10L, EPS ~11.8
Business Overview:[1][2][3]
AMICFL manufactures Steel forgings and machined heavy precision parts catering to various industries. These are made as per the international standards like AISI, BS, IS, DIN etc. Some of the common running components are Rounds, Shafts, Blanks and complete finished engg. spare parts e.g. Gear coupling, Hub, Round, Flange, other all kinds of engineering spares as per customer specifications. These products are mainly manufactured in carbon steel, alloy steel, stainless steel, Nickel and Tools Alloys.