AMIC Forging Reports Higher Margins As Capacity Expansion Advances

18 Nov 2025 CW Team

Revenue Growth

Revenue increased 4.57 per cent year-on-year. Growth remained subdued as the company is operating at close to full utilisation. Ongoing capital expenditure—detailed under Business and Capex Highlights—is expected to become commercially operational by 31 January 2026, enabling sustained expansion over the coming years.

Improved Gross Profit and Margins

Despite modest revenue growth, EBITDA and PBT (excluding other income) rose 53.61 per cent and 45 per cent, respectively. This improvement was supported by:

A stronger product mix leading to superior realisations.

Boiler steel approval received in FY26, enabling premium pricing for approved products.

Management expects this improvement in realisations to continue over the next two to three years.

Resilient Profitability Despite Higher Costs

The sharp rise in EBITDA and PBT was achieved despite increased employee costs and depreciation, both linked to the ongoing capacity expansion and recruitment for new facilities. Revenue contribution from the new capacity is expected from Q4 FY26.

AMIC Forging procures high-quality ingots which are forged and precision-machined in-house to deliver fully finished components tailored to customer requirements.

A majority of the current capital expenditure is focused on backward integration, including the establishment of in-house ingot manufacturing and the expansion of forging and machining capacity. These investments will help AMIC become a fully integrated precision-engineering company—a prerequisite for approvals in industries such as aerospace—while improving operational efficiency and supporting long-term sustainable growth

AMIC Forging Limited has announced its financial results for the half year ended 30 September 2025, reporting strong profitability improvements even as revenue growth remained moderate due to capacity constraints. Revenue Growth Revenue increased 4.57 per cent year-on-year. Growth remained subdued as the company is operating at close to full utilisation. Ongoing capital expenditure—detailed under Business and Capex Highlights—is expected to become commercially operational by 31 January 2026, enabling sustained expansion over the coming years. Improved Gross Profit and Margins Despite modest revenue growth, EBITDA and PBT (excluding other income) rose 53.61 per cent and 45 per cent, respectively. This improvement was supported by: A stronger product mix leading to superior realisations. Boiler steel approval received in FY26, enabling premium pricing for approved products. Management expects this improvement in realisations to continue over the next two to three years. Resilient Profitability Despite Higher Costs The sharp rise in EBITDA and PBT was achieved despite increased employee costs and depreciation, both linked to the ongoing capacity expansion and recruitment for new facilities. Revenue contribution from the new capacity is expected from Q4 FY26. AMIC Forging procures high-quality ingots which are forged and precision-machined in-house to deliver fully finished components tailored to customer requirements. A majority of the current capital expenditure is focused on backward integration, including the establishment of in-house ingot manufacturing and the expansion of forging and machining capacity. These investments will help AMIC become a fully integrated precision-engineering company—a prerequisite for approvals in industries such as aerospace—while improving operational efficiency and supporting long-term sustainable growth

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