---
title: "Amic Forging Ltd (544037) — Share Price, Financials & Analysis"
symbol: "544037"
company: "Amic Forging Ltd"
canonical: "https://tapetide.com/stocks/544037"
isin: "INE0P9J01013"
nse_symbol: "AMICFORGINGLTD"
bse_code: "544037"
sector: "Industrial Products"
industry: "Castings & Forgings"
market_cap_cr: 2674.09
generated_at: "2026-09-13T19:40:00.377Z"
---

# Amic Forging Ltd (544037)

Canonical page: https://tapetide.com/stocks/544037

## Company

- **NSE Symbol:** AMICFORGINGLTD
- **BSE Code:** 544037
- **ISIN:** INE0P9J01013
- **Sector:** Industrial Products
- **Industry:** Castings & Forgings
- **Macro Sector:** Industrials
- **Stock Type:** EQUITY
- **Listed Since:** 2023-12-06
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** amicforgings.com

## About

Incorporated in 2007, AMIC Forging Ltd is in the business of manufacturing forged components[1]

## Latest Price

## Key Fundamentals

Observed at 2026-09-11T04:52:05.188027Z.

- **Market Cap:** ₹2674.09 Cr
- **Classification:** SME
- **P/E (reported):** 93.4
- **EPS (reported):** ₹13.19
- **Book Value:** ₹267.79
- **Price to Book:** 8.53
- **Dividend Yield:** 0%
- **ROE:** 28.58%
- **ROCE:** 36.64%
- **Debt to Equity:** 0.03
- **Revenue (yearly):** ₹141.78 Cr
- **Net Income:** ₹27.48 Cr
- **EBITDA:** ₹42.75 Cr
- **52-Week High:** ₹2321.95
- **52-Week Low:** ₹1065
- **RSI (14):** 74.87

## Tapetide Score

- **Score:** 53 / 100
- **Score date:** 2026-09-04
- **Archetype:** Trend Ahead of Fundamentals
- **What it means:** The price trend is running ahead of what the financials currently support. Moves like this depend on the fundamentals catching up; check what would have to be true for that.
- **Pillar profile:** Quality: Average · Valuation: Expensive · Momentum: Rising
- **Percentile:** 61 (of 4473 scored stocks)
- **Confidence:** 100%
- **Data coverage:** 100%

| Pillar | Score | Weight |
| --- | --- | --- |
| financial health | 90.23 | 9% |
| growth | 51.81 | 9% |
| momentum | 86.31 | 12% |
| ownership | 57.03 | 24% |
| quality | 51.46 | 22% |
| valuation | 23.03 | 24% |

The Tapetide Score is decision-support only, not investment advice.

## Key Insights

### Strengths

- Company is almost debt free.
- Company has delivered good profit growth of 118% CAGR over last 5 years

### Weaknesses

- Stock is trading at 11.9 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Debtor days have increased from 101 to 136 days.
- Working capital days have increased from 76.6 days to 119 days

## Growth Rates

| Metric | QoQ | 1Y | 3Y | 5Y |
| --- | --- | --- | --- | --- |
| cash flow growth | — | 175.63% | -66.18% | 383.96% |
| ebitda margin growth | 388% | -12.72% | 95.24% | 767.54% |
| net income growth | 445.71% | -22.81% | 43% | 118% |
| revenue growth | 132.43% | -0.15% | 7% | 40% |
| roce | — | 29.75% | -35.36% | 28.45% |
| roe | — | 33.3% | 32.84% | 245.59% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- |
| Sales | 52 | 75 | 64 | 58 | 67 | 75 |
| Expenses | 42 | 68 | 52 | 42 | 48 | 51 |
| Operating Profit | 10 | 7 | 12 | 16 | 18 | 25 |
| OPM % | 19 | 9 | 19 | 28 | 27 | 33 |
| Other Income | 0 | 3 | 18 | 3 | 1 | 0 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 2 | 2 | 2 |
| Profit before tax | 10 | 9 | 29 | 17 | 17 | 23 |
| Tax % | 26 | 26 | 21 | 23 | 26 | 31 |
| Net Profit | 7 | 7 | 23 | 13 | 12 | 16 |
| EPS in Rs | 9.22 | 6.41 | 21.66 | 12.23 | 11.79 | 14.76 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- |
| Sales | 26 | 71 | 116 | 126 | 120 | 142 |
| Expenses | 25 | 69 | 102 | 109 | 92 | 99 |
| Operating Profit | 2 | 2 | 14 | 16 | 28 | 43 |
| OPM % | 6 | 3.1 | 12 | 13 | 23 | 30 |
| Other Income | 0 | 0 | 1 | 3 | 21 | 1 |
| Interest | 0 | 1 | 1 | 1 | 0 | 0 |
| Depreciation | 0 | 1 | 1 | 1 | 3 | 4 |
| Profit before tax | 1 | 1 | 13 | 19 | 45 | 40 |
| Tax % | 27 | 30 | 26 | 26 | 22 | 29 |
| Net Profit | 1 | 1 | 10 | 14 | 36 | 28 |
| EPS in Rs | 7.88 | 12.24 | 112.52 | 13.19 | 33.9 | 26.3 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 0.71 | 0.71 | 0.86 | 10 | 10 | 11 |
| Reserves | 6 | 7 | 19 | 54 | 114 | 202 |
| Borrowings | 4 | 11 | 5 | 4 | 0 | 6 |
| Other Liabilities | 5 | 13 | 37 | 24 | 28 | 38 |
| Total Liabilities | 16 | 32 | 62 | 92 | 153 | 256 |
| Fixed Assets | 4 | 5 | 8 | 12 | 35 | 38 |
| CWIP | 0 | 0 | 0 | 0 | 6 | 62 |
| Investments | 2 | 2 | 8 | 19 | 22 | 11 |
| Other Assets | 11 | 24 | 47 | 62 | 90 | 144 |
| Total Assets | 16 | 32 | 62 | 92 | 153 | 256 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | -2 | 6 | 18 | -8 | 6 | 9 |
| Cash from Investing Activity | -2 | -12 | -13 | -10 | -19 | -87 |
| Cash from Financing Activity | 4 | 6 | -4 | 29 | 20 | 65 |
| Net Cash Flow | 0 | 0 | 1 | 11 | 7 | -13 |
| Free Cash Flow | -2 | 4 | 15 | -13 | -26 | -54 |
| CFO/OP | -131 | 283 | 156 | -21 | 55 | 49 |

### Ratios

| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 125 | 71 | 69 | 85 | 83 | 136 |
| Inventory Days | 16 | 1 | 27 | 1 | 77 | 134 |
| Days Payable | 73 | 74 | 120 | 63 | 72 | 87 |
| Cash Conversion Cycle | 68 | -2 | -25 | 23 | 88 | 184 |
| Working Capital Days | 66 | 1 | -22 | 34 | 77 | 119 |
| ROCE % | — | 13 | 64 | 36 | 28 | 23 |

## Shareholding Pattern

### Quarterly

| Category | Dec 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- |
| Promoters | 57.74% | 57.82% | 57.75% | 57.96% | 57.96% | 57.96% |
| FIIs | 6.99% | 1.33% | 0.94% | 0.15% | 0.15% | 0.15% |
| DIIs | 3.52% | 1.19% | 1.1% | 0.77% | 0.48% | 0.56% |
| Government | 0% | 0% | 0% | 0% | 0% | 0% |
| Public | 17.57% | 24.47% | 25.07% | 25.75% | 25.48% | 26.21% |
| Others | 14.18% | 15.18% | 15.14% | 15.37% | 15.93% | 15.12% |
| No. of Shareholders | 1378 | 1026 | 1811 | 2888 | 2723 | 2686 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Buy
- **Buy / Neutral / Sell:** 13 / 2 / 4

### Moving Averages — summary: **Strong Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 2202.25 | Buy |
| EMA (10) | 2203.67 | Buy |
| SMA (20) | 2072.11 | Buy |
| EMA (20) | 2108.97 | Buy |
| SMA (50) | 1919.12 | Buy |
| EMA (50) | 1959.27 | Buy |
| SMA (100) | 1792.92 | Buy |
| EMA (100) | 1820.96 | Buy |
| SMA (200) | 1592.94 | Buy |
| EMA (200) | 1676.43 | Buy |

### Oscillators — summary: **Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 77.85 | Sell |
| MACD (12,26,9) | 111.7 | Buy |
| Stochastic (14,3,3) | 91.66 | Sell |
| ADX (14) | 34.54 | Buy |
| Williams %R (14) | -3.45 | Sell |
| ATR (14) | 78.8 | High Volatility |
| ROC (12) | 23.68 | Buy |
| Stoch RSI (14) | 100 | Sell |
| UO (7,14,28) | 57.25 | Neutral |

## Filings & Documents

### Exchange Filings & Announcements

| Date | Document |
| --- | --- |
| 2026-09-08 | [Notice Of The 19Th Annual General Meeting Of The Company](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=9975c946-7719-4de4-a39a-959e174b05b7.pdf) |
| 2026-09-08 | [Reg. 34 (1) Annual Report.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=389bb004-7e9c-484f-8ff5-70cb2b558178.pdf) |
| 2026-08-31 | [Board Meeting Outcome for Outcome Of Board Meeting Held On 31St August 2026](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=7b100879-736a-4528-a3c5-e227ae5d08cb.pdf) |
| 2026-07-16 | [Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations 2018](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=cfacd4be-6d8c-4e64-bc96-695dcbc5eb66.pdf) |
| 2026-07-09 | [Board Meeting Outcome for Outcome Of Board Meeting](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=e483fbd1-c364-4288-b400-6fda1e2ccbe0.pdf) |
| 2026-07-09 | [Announcement under Regulation 30 (LODR)-Allotment](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=7b9f313a-a677-4052-9de2-fcb2b67b62b3.pdf) |
| 2026-06-08 | [Shareholder Meeting / Postal Ballot-Scrutinizer"s Report](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=3d0812f1-5491-4f81-9d74-0d688677e892.pdf) |
| 2026-06-05 | [Shareholder Meeting / Postal Ballot-Outcome of EGM](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=56ddb206-deae-4767-a12a-fbb12fd05c30.pdf) |
| 2026-05-30 | [Board Meeting Outcome for Outcome Of Board Meeting](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=dda1d2c4-5ae3-4df5-8bc5-d77df4467b05.pdf) |
| 2026-05-30 | [Announcement under Regulation 30 (LODR)-Press Release / Media Release](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=b97ba5b1-81dc-4e78-82e0-622eea13d84b.pdf) |

### Results & Financial Statements

| Date | Document |
| --- | --- |
| 2026-07-03 | [Submission Of Revised Consolidated Audit Report For The Financial Year Ended March 31 2026.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=cdb3f83a-65ea-46a4-8a2a-a20e46ba6892.pdf) |
| 2026-05-30 | [Audited Financial Result](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=35d8aadd-09fd-493a-9f7c-3b22a1227d03.pdf) |
| 2025-11-14 | [Financial Result For The Half Year Ended September 30 2025](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=25b15803-f406-4deb-818b-8ebdae74c618.pdf) |
| 2025-05-31 | [Rectified Financial Result For Half Year And Year Ended March 31 2025](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=84cdab17-3f4a-41c9-be13-c87008656362.pdf) |
| 2025-05-30 | [Financial Result For The Half Year And Year Ended On 31.03.2025](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=9681d0d1-94eb-4c2b-979e-9b218ff4e4c4.pdf) |
| 2024-11-14 | [Financial Result For Half Year Ended On 30Th September 2024](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=be8cddcb-841d-4cd0-bc30-658ac1de7fe9.pdf) |
| 2024-05-30 | [Audited Financial Result For Half Year And Year Ended March 31, 2024](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=e657a5e9-ac55-44ec-aa1e-3c146cd3c53c.pdf) |
| 2023-12-26 | [Board Meeting Outcome for Board Meeting Outcome For Unaudited Financial Results For The Half Year Ended September 30, 2023](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=65a79d14-bbca-4a1e-a7ce-864b029b3843.pdf) |

### Other Documents

| Date | Document |
| --- | --- |
| 8 Apr - Priyankar Ghosh resigned as CFO effective 1 Apr 2026; company disclosed it on 7 Apr 2026. | [Announcement under Regulation 30 (LODR)-Resignation of Chief Financial Officer (CFO) 8 Apr - Priyankar Ghosh resigned as CFO effective 1 Apr 2026; company disclosed it on 7 Apr 2026.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/5a479551-6984-4c57-b2e7-dd6f21c41fda.pdf) |
| 7h - Board allotted 8 lakh shares on warrant conversion; appointed Vijay Chopra as additional director. | [Announcement under Regulation 30 (LODR)-Change in Management 7h - Board allotted 8 lakh shares on warrant conversion; appointed Vijay Chopra as additional director.](https://www.bseindia.com/xml-data/corpfiling/AttachLive/74b5586c-f6d0-4541-9b18-ca126b4c650d.pdf) |
| 7h - Amic Forging allotted 8 lakh shares on warrant conversion; paid-up capital rose to ₹11.55 crore. Vijay Chopra appointed director. | [Board Meeting Outcome for Outcome Of Board Meeting 7h - Amic Forging allotted 8 lakh shares on warrant conversion; paid-up capital rose to ₹11.55 crore. Vijay Chopra appointed director.](https://www.bseindia.com/xml-data/corpfiling/AttachLive/75af5bdc-a726-4818-9999-fc19a871eb0a.pdf) |
| 7h - Amic Forging allotted 8 lakh equity shares on warrant conversion; appointed Vijay Chopra as additional director. | [Announcement under Regulation 30 (LODR)-Allotment 7h - Amic Forging allotted 8 lakh equity shares on warrant conversion; appointed Vijay Chopra as additional director.](https://www.bseindia.com/xml-data/corpfiling/AttachLive/330ae391-7366-4151-896a-52fdc61f0af6.pdf) |
| 7h - Allotted 8,00,000 shares on warrant conversion; appointed Vijay Chopra as additional director. | [Announcement under Regulation 30 (LODR)-Change in Directorate 7h - Allotted 8,00,000 shares on warrant conversion; appointed Vijay Chopra as additional director.](https://www.bseindia.com/xml-data/corpfiling/AttachLive/9dd10bcd-e931-4237-b54f-c299ba261edd.pdf) |
| 7 Apr - Priyankar Ghosh resigns as CFO and KMP, effective April 1, 2026. | [Announcement under Regulation 30 (LODR)-Resignation of Chief Financial Officer (CFO) 7 Apr - Priyankar Ghosh resigns as CFO and KMP, effective April 1, 2026.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/e902686d-ea2e-4f90-b866-d7c6772f641f.pdf) |
| 30 Apr - Board meets May 11, 2026 to consider fundraising via rights issue, preferential issue, or QIP. | [Board Meeting Intimation for Issue Of Securities 30 Apr - Board meets May 11, 2026 to consider fundraising via rights issue, preferential issue, or QIP.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/0ae68587-a2a7-429a-96f5-3d0dcab08b74.pdf) |
| 30 Apr - Board meets May 11, 2026 to consider fundraising via rights issue, preferential issue, or QIP. | [Board Meeting Intimation for Issue Of Securities 30 Apr - Board meets May 11, 2026 to consider fundraising via rights issue, preferential issue, or QIP.](https://www.bseindia.com/xml-data/corpfiling/AttachLive/0ae68587-a2a7-429a-96f5-3d0dcab08b74.pdf) |
| 30 Apr - Amic Forging says large corporate disclosure requirements are not applicable. | [Disclosure By Large Entities 30 Apr - Amic Forging says large corporate disclosure requirements are not applicable.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/04f3e6c8-f7cd-4f78-8b28-e0d3484ec689.pdf) |
| 30 Apr - Amic Forging says large corporate disclosure requirements are not applicable. | [Disclosure By Large Entities 30 Apr - Amic Forging says large corporate disclosure requirements are not applicable.](https://www.bseindia.com/xml-data/corpfiling/AttachLive/04f3e6c8-f7cd-4f78-8b28-e0d3484ec689.pdf) |

### Earnings Call Documents

| Date | Document |
| --- | --- |
| Nov 2025 | [Concall - Nov 2025](https://www.bseindia.com/xml-data/corpfiling/AttachHis/effb4ee0-b475-4f02-b893-b61e53785d3b.pdf) |
| Nov 2025 | [Concall - Nov 2025](https://www.bseindia.com/xml-data/corpfiling/AttachHis/b3a93021-aaaa-4850-8bfc-a0f3f7706634.pdf) |
| Nov 2024 | [Concall - Nov 2024](https://www.bseindia.com/xml-data/corpfiling/AttachHis/17e8c238-3d50-4b39-a045-80cf7ae930c2.pdf) |
| Nov 2023 | [Concall - Nov 2023](https://www.bseindia.com/xml-data/corpfiling/AttachHis/276e1349-b047-4172-a5bc-da5520291c02.pdf) |
| Nov 2022 | [Concall - Nov 2022](https://www.bseindia.com/xml-data/corpfiling/AttachHis/4c85e406-897a-48c1-ae7b-90d27368c8eb.pdf) |
| Nov 2019 | [Concall - Nov 2019](https://www.bseindia.com/xml-data/corpfiling/AttachHis/cf4a1de6-6e2d-471f-add8-086767971a39.pdf) |
| Nov 2018 | [Concall - Nov 2018](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2018/11/da5a5779-4add-4923-8baf-d526e8d45688.pdf) |
| Nov 2017 | [Concall - Nov 2017](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2017/11/277455a4-2394-427e-afab-d7483b14db45.pdf) |
| Nov 2016 | [Concall - Nov 2016](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=F58641E0_7F99_438F_9E8E_3B3E7CDAB300_075653.pdf) |
| May 2019 | [Concall - May 2019](https://www.bseindia.com/xml-data/corpfiling/AttachHis/7c8f9fbb-9802-43ab-ac28-63863331af86.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from nse | [Financial Year 2013 from nse](https://archives.nseindia.com/annual_reports/AR_2117_ROHLTD_2012_2013_27092013153612.zip) |
| from nse | [Financial Year 2012 from nse](https://archives.nseindia.com/annual_reports/AR_ROHLTD_2011_2012_17092012100805.zip) |
| from bse | [Annual Report 2025 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/03259024-fade-44f4-9f6b-be6d26ee7cb6.pdf) |
| from bse | [Financial Year 2025 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/5c42d011-bc0d-47ee-95e2-00fc87ac4ff5.pdf) |
| from bse | [Annual Report 2024 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/754c6f9c-13a9-4f43-9d71-27363447fc92.pdf) |
| from bse | [Financial Year 2024 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/2f86355a-771e-4094-adec-c012703f5598.pdf) |
| from bse | [Financial Year 2023 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/2aac1b8c-c6d6-4da9-b433-f849baa5b315.pdf) |
| from bse | [Financial Year 2022 from bse](https://www.bseindia.com/bseplus/AnnualReport/532699/76186532699.pdf) |
| from bse | [Financial Year 2021 from bse](https://www.bseindia.com/bseplus/AnnualReport/532699/70987532699.pdf) |
| from bse | [Financial Year 2020 from bse](https://www.bseindia.com/bseplus/AnnualReport/532699/67364532699.pdf) |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T19:40:00.377Z.