Amic ForgingShare price, financial results, shareholding and management
- Market cap
- ₹2,207 cr
- Stock P/E
- 78.1peers 28.2
- Book value
- ₹203
- Price to book
- 10.36
- EV / operating profit
- -
- Market cap to sales
- 15.56
- ROCE · FY26
- 23.4%
- ROE · FY26
- 16.8%
- ROE, 3-year average
- 29.2%
- Operating margin · FY26
- 30.2%peers 12.4%
- Sales growth, 3 years
- 6.9%
- Profit growth, 3 years
- 41.4%
- Debt to equity
- 0.03peers 0.38
- Borrowings
- ₹6 cr
- Interest cover
- 83.8×
- Cash from business / op. profit
- 21%
- Debtor days
- 137
- Pledged
- 0.00%
- Promoter holding
- 57.96%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 2,686
- 52-week high / low
- ₹2,605 / ₹1,065
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Amic Forging share price chart
Close on 6 Nov 2026 · -0.44% on the day · Vol 21,500
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -17.1%
- 3 months
- +8.5%
- 6 months
- +29.4%
- 1 year
- +31.3%
- Traded a day, 20 days
- ₹3.90 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +17% | -21% |
| 3 years, a year | +7% | +41% |
| Latest half, H2 FY26 | +30% | +24% |
About Amic Forging: business, products and customers
Amic Forging makes steel forgings and machined heavy precision parts at its factory in Hooghly, West Bengal, for industrial buyers, and is building a new unit. Its shares trade on BSE SME.
Amic Forging is a Kolkata company with its factory at Baidyabati in Hooghly district. The annual report puts the whole business in one segment, steel forgings and machined heavy precision parts, and says it is going after work in automotive, energy and heavy engineering. Almost all of its FY26 sales were in India; exports, a small share in FY25, were nil in FY26, and a small part of income comes from forging and annealing work done for others.
The company buys its own steel, so raw material is its largest cost and steel prices move both its margins and the money tied up in stock. It also pays Mackeil Ispat & Forging, a firm the accounts list as influenced by its key people, for some forging and job work, and buys material from it. The annual reports do not name customers, products or the tonnes it makes.
Read more about the business
The company is spending heavily to grow. In FY26 it put money into a new plant called Unit 4, new machinery and land, and the managing director describes a backward integration step meant to give it more control over quality and costs. Much of this was paid for with share and warrant money raised from investors, including members of the promoter group.
Profit in FY25 was lifted by a large gain on selling shares of Jai Balaji Industries that the company held as an investment, so the FY25 and FY26 profits are not on the same footing. The documents name no competitors.
From the FY26 and FY25 annual reports.
Read the deeper study ↓In its favour
- It earns a high return on the money it uses: ROCE 23% in FY26.
- It has little debt for its size: debt to equity 0.03.
To watch
- Completion of Unit 4 and the new machinery recorded as capital work in progress at March 2026 (Annual report FY26, p.71).
- Recovery of the unsecured loan to OCL Iron & Steel (Samriddhi Metals) and the loan to Mackeil Ispat & Forgings (Annual report FY26, p.73).
- Collection of trade receivables, which almost doubled in FY26 (Annual report FY26, p.75).
- Conversion of the 14,22,900 warrants allotted on 9 July 2026 and the appointment of a new chief financial officer (Annual report FY26, p.23 to 24).
- Customers take longer to pay than before: 137 days in FY26, against 83 in FY20.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Amic Forging revenue and profit growth
Half-yearly results · Profit and lossSales have grown slowly. Last year profit fell even as sales rose, so the company kept less from each rupee of sales.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew more slowly than sales, so each rupee of sales left a little less profit.
Amic Forging half-yearly results
SME companies report every six months · ₹ crore
| H1FY24 | H2FY24 | H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|---|---|
| Sales | 52 | 74.63 | 63.67 | 57.65 | 66.58 | 75.20 |
| Expenses | 42 | 67.84 | 51.80 | 41.52 | 48.35 | 50.20 |
| Operating profit | 10 | 6.79 | 11.87 | 16.13 | 18.23 | 25 |
| OPM | 19.0% | 9.1% | 18.6% | 28.0% | 27.4% | 33.0% |
| Interest | 0 | 0.26 | 0.33 | 0.09 | 0.28 | 0 |
| Depreciation | 0 | 0.37 | 0.39 | 2.48 | 1.78 | 2 |
| Profit before tax | 10 | 9.04 | 28.84 | 16.58 | 16.71 | 23.01 |
| Net profit | 7 | 6.72 | 22.80 | 12.76 | 12.40 | 15.87 |
Amic Forging profit and loss
Full years to March, FY20 to FY26 · ₹ crore, consolidated where reported
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Sales | 13 | 26 | 71 | 116 | 126.15 | 121.32 | 141.78 |
| Expenses | 12 | 25 | 69 | 102 | 109.66 | 93.32 | 99.03 |
| Operating profit | 1 | 2 | 2 | 14 | 16.49 | 28 | 42.76 |
| OPM | 8.0% | 6.0% | 3.1% | 12.0% | 13.1% | 23.1% | 30.2% |
| Other income | 0 | 0 | 0 | 1 | 3.37 | 20.71 | 1.03 |
| Interest | 0 | 0 | 1 | 1 | 0.52 | 0.41 | 0.48 |
| Depreciation | 0 | 0 | 1 | 1 | 0.71 | 2.87 | 3.59 |
| Exceptional and other items | · | -1 | 1 | · | · | · | · |
| Profit before tax | 1 | 1 | 1 | 13 | 18.62 | 45.43 | 39.72 |
| Tax rate | 100.0% | 0.0% | 0.0% | 23.1% | 25.6% | 21.7% | 28.8% |
| Net profit | 0 | 1 | 1 | 10 | 13.85 | 35.56 | 28.27 |
| EPS ₹ | 7.24 | 7.88 | 12.24 | 112.52 | 16.04 | 33.90 | 26.77 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY23 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
A tax rate above 60% or below zero (FY20) comes from tax charged on a small or negative profit, as reported.
Earnings per share before FY23 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Amic Forging profitability
Margins and returns on capitalLast year the company kept more from each rupee of sales than the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Operating margin | 8.0% | 6.0% | 3.1% | 12.0% | 13.1% | 23.1% | 30.2% |
| Tax rate | 100.0% | 0.0% | 0.0% | 23.1% | 25.6% | 21.7% | 28.8% |
| ROCE | · | 11.6% | 13.6% | 64.3% | 41.2% | 47.8% | 23.4% |
| ROE | · | 17.7% | 13.9% | 72.5% | 33.0% | 37.8% | 16.8% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Amic Forging debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It borrowed much more last year. Its loans are smaller than its own money. Last year the business brought in less cash than it showed as profit, so part of the profit is still to be collected. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
Amic Forging balance sheet
At each 31 March · ₹ crore
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Equity capital | 0.59 | 0.71 | 0.71 | 0.86 | 10 | 10 | 11 |
| Reserves | 4 | 6 | 7 | 19 | 54 | 114 | 202 |
| Net worth | 4.59 | 6.71 | 7.71 | 19.86 | 64 | 124 | 213 |
| Borrowings | 2 | 4 | 11 | 5 | 4 | 0 | 6 |
| Other liabilities | 2.41 | 5.29 | 13.29 | 37.14 | 24 | 29 | 37 |
| Total liabilities | 9 | 16 | 32 | 62 | 92 | 153 | 256 |
| Fixed assets | 4 | 4 | 5 | 8 | 12 | 35 | 38 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 | 6 | 62 |
| Investments | 0 | 2 | 2 | 8 | 19 | 22 | 11 |
| Other assets | 5 | 10 | 25 | 46 | 61 | 90 | 145 |
Amic Forging cash flow
₹ crore
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | 0 | -2 | 6 | 18 | -8 | 6 | 9 |
| Cash from investing | -1 | -2 | -12 | -13 | -10 | -19 | -87 |
| Cash from financing | 1 | 4 | 6 | -4 | 29 | 20 | 65 |
| Net cash flow | 0 | 0 | 0 | 1 | 11 | 7 | -13 |
Working capital
Days
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Debtor days | 83 | 125 | 71 | 69 | 85 | 83 | 137 |
| Inventory days | 30 | 16 | 1 | 27 | 1 | 77 | 141 |
| Days payable | 69 | 73 | 74 | 120 | 63 | 72 | 91 |
| Cash conversion cycle | 44 | 68 | -2 | -25 | 23 | 88 | 187 |
| Working capital days | 48 | 66 | 1 | -22 | 34 | 77 | 120 |
Amic Forging peers and competitors
Listed SME companies in the same industryBy sales, Amic Forging is number 65 of the 156 listed SME companies in industrial products.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Swashthik Plascon | 36 | 4.6 | 153 | 8 | 16.0% | 0.95 |
| AVSL Industries | 64 | 30.1 | 150 | 2.1 | 6.4% | 1.01 |
| Shree Marutinandan Tubes | 15 | 3.6 | 150 | 4 | 4.3% | 0.14 |
| Mittal Sections | 32 | 10.8 | 149 | 3 | 5.0% | 0.43 |
| RFBL Flexi Pack | 235 | 28.5 | 148 | 8.3 | 8.8% | 0.38 |
| Amic Forging | 2,207 | 78.1 | 142 | 28.3 | 30.2% | 0.03 |
| Sahasra Electronic Solutions | 1,176 | 97.0 | 139 | 12.1 | 13.1% | 0.28 |
| ALUWIND INFRA-TECH | 117 | 11.1 | 139 | 10.5 | 11.8% | 0.59 |
| Monolithisch India | 2,616 | 113.7 | 135 | 23 | 24.0% | 0.05 |
| Technocrats Plasma Systems | 750 | 50.0 | 131 | 15 | 20.0% | 0.38 |
| Bhadora Industries | 279 | 27.9 | 125 | 10 | 13.0% | 0.22 |
| Median of the 10 others | 176 | 28.2 | 144 | 9.1 | 12.4% | 0.38 |
Amic Forging shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little. The number of shareholders has grown a lot.
Amic Forging shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Dec 23 | Mar 24 | Sep 24 | Mar 25 | Sep 25 | Mar 26 | |
|---|---|---|---|---|---|---|
| Promoters | 57.74% | 57.82% | 57.75% | 57.96% | 57.96% | 57.96% |
| Foreign investors (FIIs) | 6.99% | 1.33% | 0.94% | 0.15% | 0.15% | - |
| Indian institutions (DIIs) | 3.11% | 1.19% | 1.10% | 0.77% | 0.48% | - |
| Number of shareholders | 1,378 | 1,026 | 1,811 | 2,888 | 2,723 | 2,686 |
Amic Forging study: the business from its own documents
Read from 3 of the company's own documentsAmic Forging key facts from the filings
Each figure with the document it comes from
- FY26 sales
- ₹141.8 cr
- Revenue from operations, up from ₹121.3 cr in FY25; nearly all of it domestic.Annual report FY26, p.20 and p.77
- Exports
- Nil in FY26
- Export sales were ₹8.5 cr in FY25 and none in FY26.Annual report FY26, p.77
- One time gain in FY25
- ₹18.9 cr
- Profit on selling investments, booked in FY25 other income; FY26 other income was ₹1.0 cr.Annual report FY26, p.77
- New plant under way
- ₹62.5 cr
- Capital work in progress at March 2026, mostly the Unit 4 development and new machinery, up from ₹6.3 cr a year earlier.Annual report FY26, p.71
- Advance for land
- ₹26.4 cr
- Paid ahead for land at March 2026, up from ₹0.86 cr; a further ₹7.3 cr was advanced for capital goods.Annual report FY26, p.73
Show 5 more facts
- Loan to OCL Iron & Steel
- ₹10.4 cr
- An unsecured loan to OCL Iron & Steel (Samriddhi Metals) at March 2026; a further ₹2.0 cr is lent to related party Mackeil Ispat & Forgings.Annual report FY26, p.73
- Money owed by customers
- ₹53.0 cr
- Trade receivables at March 2026, almost double the ₹27.4 cr a year earlier, while sales rose by about a sixth.Annual report FY26, p.75
- Stock
- ₹27.8 cr
- Inventory at March 2026, up from ₹16.1 cr, mostly more raw material and finished goods.Annual report FY26, p.74
- Promoter holding
- 56.56%
- Held by the promoter group at March 2026, down from 57.96% after new shares were issued.Annual report FY26, p.67
- Pay of the two executives
- ₹1.8 cr each
- FY26 pay of the managing director and the whole-time director, each 63 times the median employee; directors' pay rose to ₹3.6 cr from ₹0.84 cr.Annual report FY26, p.35 and p.78
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company says it will keep investing in backward integration, manufacturing capacity, modern equipment and automation, and will try to grow in automotive, aerospace, defence, railways, energy and industrial engineering while expanding capacity selectively. After the year end it allotted more convertible warrants and shares to investors on 9 July 2026. It gives no dates or figures for the new unit.
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Amic Forging earns its money by turning steel it buys into forged and machined parts for industrial buyers, and its margins have been good in recent years.
Its weak spots are that the reports name no customers or products, money owed by customers and stock have grown fast, and a lot of cash has gone into land, a new unit and loans to other firms.
AverageCan it set its own prices?Margins have been healthy, but the company itself says steel prices and competition can squeeze them.
AverageHow strong is it against rivals?It is one of many forging makers in a crowded field and the reports claim no special product or technology.
WatchWho are its customers?No customer is named and there is no breakdown by buyer or industry, so concentration cannot be checked.
WatchDoes it need a lot of money?Growth is costing a lot: a new unit, land, machinery and larger stock and receivables, paid for mainly with new share and warrant money.
AverageCan it keep finding new work?Sales grew in FY26 after a dip in FY25, but there is no order book to show what work is lined up.
AverageDo good and bad years swing a lot?Demand follows the auto and industrial cycle and steel prices, and one off investment gains have made profit jump around.
Who runs Amic Forging?
Promoters, directors and officers; tap a name for the background
GLGirdhari Lal ChamariaPromoter and Managing Director · holds 7.71%
Managing director and a promoter; signs the annual report and the managing director's letter on the backward integration plan. FY26 pay was ₹1.8 cr. The documents read give no education or work history.
Annual report FY26, p.4, p.24, p.35 and p.67ACAnshul ChamariaPromoter and Whole-Time Director · holds 12.37%
A business graduate whose area is management and administration; a director since May 2013. The annual report records Anshul Chamaria as the son of the managing director. Also served as chief financial officer until 1 November 2025. FY26 pay was ₹1.8 cr.
Annual report FY26, p.19, p.24, p.35 and p.67RCRashmi ChamariaPromoter and Non-Executive Director · holds 12.79%
Holds a B.Sc. and works in management and administration; on the board since December 2022 and a member of the audit committee. The FY25 annual report records Rashmi Chamaria as the wife of Anshul Chamaria. Paid ₹0.24 cr in professional fees in FY26.
Annual report FY25, p.17; Annual report FY26, p.25, p.67 and p.81MCManju ChamariaPromoter · holds 8.53%
Not on the board. The annual report records Manju Chamaria as the wife of the managing director and shows a salary of ₹0.24 cr in FY26. The documents read give no education or work history.
Annual report FY26, p.67 and p.81PPPravin PoddarIndependent Director
Chairs the audit committee and sits on the nomination and remuneration committee. The documents read give no education or work history.
Annual report FY26, p.24 to 26PNParma Nand GuptaIndependent Director
Chairs the nomination and remuneration committee and sits on the audit committee. The documents read give no education or work history.
Annual report FY26, p.24 to 26SSS SubrahmanyanIndependent Director
Appointed from 3 October 2025. The documents read give no education or work history.
Annual report FY26, p.24NFNeha FatehpuriaCompany Secretary and Compliance Officer
Company secretary at March 2026. The company had no chief financial officer after Priyankar Ghosh left on 31 March 2026 and said it was looking for one.
Annual report FY26, p.24Amic Forging latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹75.2 cr (+30%), net profit ₹15.9 cr (+24%) on H2 FY25.
- Shareholding, 31 March 2026: promoters unchanged at 57.96%.
Amic Forging announcements
3 on record, latest first; each opens the filing on the exchange
Amic Forging annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
Amic Forging share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Amic Forging's data · 8
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,04,88,410 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- !Earnings per share changes basis between FY23 (₹112.52) and FY24 (₹16.04) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY20 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Amic Forging
What does Amic Forging do?
Amic Forging makes steel forgings and machined heavy precision parts at its factory in Hooghly, West Bengal, for industrial buyers, and is building a new unit. Its shares trade on BSE SME.
What is the share price of Amic Forging?
₹2,104 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Amic Forging?
₹2,207 cr at the close on 6 Nov 2026, on 1,04,88,410 shares.
What is the P/E of Amic Forging?
78.1 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Amic Forging's revenue and profit?
Revenue ₹142 cr and profit after tax ₹28 cr in FY26.
Who are the promoters of Amic Forging?
Girdhari Lal Chamaria, Anshul Chamaria, Rashmi Chamaria, Manju Chamaria; promoters held 57.96% at 31 March 2026.
What is Amic Forging's website?
www.amicforgings.com
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Other listed SME companies in industrial products, the closest in size first, each read from its own documents.
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- V Marc IndiaVMARCIND · NSE Emerge · Industrial Products · listed 2021Market cap ₹4,753 cr
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Built from 3 annual reports, 3 exchange announcements, 6 shareholding patterns and 7 years of reported results. Every figure carries its source; where the documents are silent, the page says so.