AMIC Forging Limited reported strong second half and full year results, with H2 revenue up 30 per cent and H2 EBITDA up 52 per cent while FY26 revenue rose 17 per cent and EBITDA increased 53 per cent. EBITDA margin expanded by around nine hundred basis points year-on-year in both periods, supported by improved realisation, a richer machined-product mix and disciplined execution. Phase One of the integrated capacity expansion is on track for commissioning on 15 June 2026.

The managing director characterised FY26 as a year of base-building ahead of a multi-year transformation in FY27 and said profit before tax excluding other income, the preferred operating metric, rose fifty seven per cent for the year and sixty six per cent in H2. Existing assets ran at near-full utilisation, constraining volume growth and prompting deliberate front-loaded hiring that increased employee cost. Organisational readiness has been prioritised to support rapid ramp up on commissioning.

Management stated Phase One involves an integrated capital expenditure programme of about Rs 1.5 bn and will be activated in mid June, with costs already absorbed ahead of revenue contribution. Phase Two is under planning and is expected to include a 5,000 t open die hydraulic forging press to target aerospace, nuclear and defence segments. The plant is intended to lift machining capability and enable a higher-value product mix to sustain margin improvement.

Key converted numbers include H2 revenue of Rs 752 mn, H2 EBITDA of Rs 245.4 mn and H2 profit before tax excluding other income of Rs 225.3 mn. FY26 revenue was Rs 1,417.8 mn and FY26 EBITDA was Rs 427.6 mn; profit before tax excluding other income was Rs 386.9 mn and reported PBT and PAT were Rs 397.3 mn and Rs 282.8 mn respectively. Operating cash flow rose to Rs 98.5 mn, loans and advances increased to Rs 480 mn and employee cost rose 197 per cent. Phase One will lift forging to 40,000 t from 18,000 t, machining to 33,000 t from 8,400 t and add 48,000 t of ingot, creating headroom for FY27.