Amic Forging Share Price: Target 2026 to 2030, Valuation and Risks

Amic Forging share price today

Most people who search for the amic forging share price are asking two questions at once. The first is simple: what is the stock quoted at right now. The second is harder: how did a small Kolkata-based open-forging manufacturer come to trade at almost ninety times its latest reported earnings, and what has to keep going right for that to make sense.

Using the figures captured on 10 September 2026, Screener.in showed a price of about ₹2,294, market capitalisation of roughly ₹2,649 crore, book value per share of ₹198 and EPS of ₹26.31 for the financial year to March 2026. That works out to about 87.2 times those earnings and 11.6 times book. The 52-week range runs from ₹1,065 to ₹2,319, and the price sits barely 1.1% below the top of it. The one-year compounded price gain on Screener’s series is 55%.

A word on the data before anything else. Amic Forging is listed on the BSE alone, with no NSE line, and the syndicated market-data feeds carry a stale price for this code. The quote box above may therefore not refresh. Every number in this article, including the price and the 52-week range, was read from Screener.in on 10 September 2026 rather than from a live ticker, and the ratios below stay fixed to that reading even after the market moves.

What Amic Forging actually makes

Screener describes the company as incorporated in 2007, manufacturing steel forgings and machined heavy precision parts to AISI, BS, IS and DIN standards. The output is not a branded product with a consumer name attached to it. It is rounds, shafts, blanks and finished engineering spares such as gear couplings, hubs and flanges, made to a customer’s drawing and then heat-treated and machined to specification. The company’s own product page groups this into shafts and axles, wheels and discs, rings and flanges, blocks, and specialised parts for turbines and compressors.

Product family	What it physically is	Who buys it	Economic characteristic
Rounds and blanks	Semi-finished forged stock	Downstream machining shops	Closest to a commodity, priced off steel
Shafts and axles	Rotating load-bearing members	Steel plants, mining, power, rail	Specification-driven, repeat-spare demand
Rings and flanges	Sealed joint and bearing components	Oil and gas, petrochemicals, refineries	Standards and testing raise the entry bar
Gear couplings and hubs	Power-transmission spares	Heavy engineering, material handling	Replacement cycles, not one-off projects
Blocks and specialised parts	Turbine, compressor and similar items	Power and process plants	Longest lead time, highest value per tonne

The commercial logic of a forging shop is straightforward. Value is added by moving up from selling forged tonnage toward selling a finished, certified, machined component that a plant can bolt straight on. That shift is exactly what the margin history below appears to show. It is also what makes the business order-driven rather than steadily recurring: a heavy engineering customer orders a shaft when a shaft is due, not every quarter.

The seven-year financial record

Screener shows seven full financial years for Amic Forging, which is a short record by the standards of an industrial company. Every column ends in March, and the last of them is the year to March 2026. There is no trailing twelve-month column in that layout, and there could not be: the company reports half-yearly, so Screener has no quarterly series from which to build one. All figures are in ₹ crore except EPS.

Period	Sales	Operating margin	Net profit	EPS
FY20	₹13 Cr	8%	Under ₹1 Cr	₹7.24
FY21	₹26 Cr	6%	₹1 Cr	₹9.29
FY22	₹71 Cr	3.1%	₹1 Cr	₹13.93
FY23	₹116 Cr	12%	₹10 Cr	₹112.52
FY24	₹126 Cr	13%	₹14 Cr	₹13.19
FY25	₹120 Cr	23%	₹36 Cr	₹33.90
FY26	₹142 Cr	30%	₹28 Cr	₹26.31

Two things in that table need flagging immediately. The FY23 EPS of ₹112.52 is not a real earnings spike. Screener’s own note says the pre-listing share count distorts the early EPS line, and the balance sheet shows exactly how: equity capital was ₹0.86 crore in FY23 and ₹10 crore in FY24, so FY23’s ₹10 crore of profit was divided across roughly 0.09 crore pre-listing shares. Per-share figures before that expansion are not comparable with per-share figures after it, so the EPS column should be read from FY24 onward and the profit column used for everything earlier. The second flag is the last column itself: FY26 carried higher sales and a higher operating margin than FY25, and still reported a lower net profit. That deserves its own section.

Margins improved and the top line has just resumed growth

The revenue line is the awkward part of the story. Sales went from ₹13 crore in FY20 to ₹116 crore in FY23 and ₹126 crore in FY24, then fell about 5% to ₹120 crore in FY25, before recovering to ₹142 crore in FY26. The latest figure is the highest in the record, but it follows a down year rather than extending a run, which is why the compounded rates below say more than the last print does.

Growth measure	5 years	3 years	Latest year
Compounded sales growth	40%	7%	+18% in FY26
Compounded profit growth	112%	43%	−22% in FY26
Return on equity	22% average	20% average	17%

The gap between the five-year and three-year sales numbers is the single most important line in this article. Compounded sales growth of 40% over five years is a genuinely strong number, but almost all of it was created in the FY21 to FY23 stretch, when the base was tiny. Over the last three years the same measure is 7%. A company growing sales at 7% cannot support the profit growth rates of its own early history for very long.

What did improve is profitability. The operating margin went from 3.1% in FY22 to 12% in FY23, 13% in FY24, 23% in FY25 and 30% in FY26. That is a large and fast move for a metal-forming business, and it is consistent with the mix shifting toward machined, specification-grade components rather than plain forged stock. It is also the reason net profit went from ₹1 crore in FY22 to ₹36 crore in FY25 while sales grew far more slowly, and it is why the FY26 profit figure needs its own explanation. Investors buying at today’s multiple are, in effect, underwriting that this margin level is structural rather than a favourable stretch of order mix and input pricing.

Why FY26 profit fell while sales and margin rose

Read the last two rows of the seven-year table together and something odd shows up. In FY26, sales of ₹142 crore were higher than FY25’s ₹120 crore, and the operating margin of 30% higher than FY25’s 23%. Yet net profit of ₹28 crore was lower than FY25’s ₹36 crore, and EPS of ₹26.31 is roughly 22% below FY25’s ₹33.90. These are two consecutive reported financial years, not two overlapping windows, so there is no mismatch of periods to explain the divergence away.

Higher sales and a higher operating margin producing a lower net profit means the difference is arising below the operating line: depreciation, finance cost, tax, or an item in FY25 that did not repeat. The figures captured here do not break that out, and this is not a company that publishes four quarterly results a year for a reader to reconcile against. Its own financial-results page lists disclosures at March and September dates rather than at every quarter end, so the gap between fresh data points is longer than for a typical listed mid-cap. The honest statement is that the latest earnings base is below the peak recorded a year earlier, the reason is not disclosed in the figures at hand, and the valuation model below is built on the lower, more recent number rather than on the higher one behind it.

That choice matters. The base is the latest reported annual EPS of ₹26.31, which is already below the ₹33.90 the company earned in FY25. Anchoring on the older, higher year would flatter every forecast year in the framework.

The balance sheet has been rebuilt from retained profit

Amic Forging carries almost no debt. Screener’s debt-to-equity reading is 0.03, and the borrowing line has moved between nil and single-digit crore amounts throughout the record.

Balance-sheet line	FY20	FY24	FY25	FY26
Equity capital	₹0.59 Cr	₹10 Cr	₹10 Cr	₹11 Cr
Reserves	₹4 Cr	₹54 Cr	₹114 Cr	₹202 Cr
Borrowings	₹2 Cr	₹4 Cr	Nil	₹6 Cr
Total assets	₹9 Cr	₹92 Cr	₹153 Cr	₹255 Cr

The step-up in equity capital between FY23 and FY24 marks the share issue that put the company on the exchange; everything after that has been funded by profit the company kept. Dividend payout has been 0% throughout, so shareholders have received nothing in cash and the entire return has come from the price. On a business of this size, a near debt-free balance sheet is a real defence: a forging shop with an order gap and a large borrowing book is a very different proposition from one with neither.

The offsetting point is that total assets rose 67% from ₹153 crore to ₹255 crore in FY26 while sales rose 18% to ₹142 crore. A balance sheet growing nearly four times as fast as revenue has to earn its keep eventually. That is precisely what the return ratios test.

Return ratios: good in absolute terms, drifting at the margin

ROCE stands at 23.5% and ROE at 16.8%. Both are respectable numbers for an engineering business, and ROCE comfortably above 20% is the kind of figure that usually justifies a company being looked at seriously in the first place.

The trend, though, runs the wrong way. Return on equity averaged 22% over five years, 20% over three years and 17% in the latest year. That pattern, falling ROE alongside rapidly rising reserves, is what happens when the equity base grows faster than the profit it produces. It is not automatically a problem: retained capital deployed into new forging and machining capacity can take a year or two to earn its return. But it does mean the recent margin gains have not yet translated into a better return on the enlarged capital. If you want the mechanics of why a rising denominator drags this ratio down, the return on equity guide walks through it.

The other structural feature is ownership. Promoters hold 57.96%, leaving roughly 42% with everyone else. Control is firmly held, which cuts both ways: it gives continuity of management, and it means minority holders have very limited influence over capital allocation, including the standing decision to pay no dividend.

Valuation at the 10 September 2026 reading

Valuation measure	Reading on 10 September 2026	Interpretation
Price	About ₹2,294	Screener.in, completed session, not a live quote
Market capitalisation	About ₹2,649 Cr	Micro-cap; liquidity and single-order risk matter
FY26 EPS	₹26.31	Below the FY25 figure of ₹33.90
P/E on FY26 EPS	About 87.2×	Price divided by the latest annual EPS
P/E as reported by Screener	93.7×	Different earnings basis; both are shown for honesty
Price to book	11.6×	Against book value of ₹198 per share
EV/EBITDA	60.5×	Expensive even before the earnings base is debated
PEG	2.19	Growth is not cheap relative to the multiple
ROCE / ROE	23.5% / 16.8%	Solid, but ROE has drifted down from a 22% five-year average
Dividend yield	0.00%	No income; the entire return depends on reinvestment

Neither of the two P/E figures is wrong, and the spread between them is small relative to the question of whether a number in the high eighties is supportable at all. If the ratio itself needs unpacking, the P/E ratio guide sets out what the denominator can and cannot tell you.

Comparable engineering names are covered separately on this site at their own valuations — an established component maker like Frontier Springs, or a larger steel-products business such as Welspun Corp — and no price-to-book reading for either was captured in the batch behind this page, so the comparison worth making here is internal. Amic Forging’s re-rating to 11.6 times book has happened alongside its margin expansion, and the two are not independent.

Valuation framework

The scenario model starts with FY26 EPS of ₹26.31. That is the last annual column on Screener’s page, the year to March 2026; because the company reports half-yearly there is no separate trailing column, so this annual figure is also the latest trailing one. For each year the model applies FY26 EPS × (1 + growth)^(year − 2026 + 112/365) × exit P/E, then rounds the result to the nearest ₹5. The 112/365 factor represents the fraction of the first forecast year remaining from 10 September to 31 December. Dividends are excluded, which costs nothing here because the payout has been nil throughout.

Scenario	Annual EPS growth	Exit P/E	Business interpretation
Bear	8%	25×	Order flow stays lumpy, the three-year 7% sales pace repeats, and the market prices the company like an ordinary forging shop
Base	15%	45×	Recent margin gains hold, revenue growth resumes at a mid-teens pace, and the rating settles well below today’s level
Bull	24%	60×	The machined-component mix sticks, capacity fills, and earnings compound near the moderated end of the historic record

Two features of that table are deliberate. First, the growth rates sit far below the five-year compounded profit growth of 112% and below the three-year figure of 43%. A company that compounded profit at triple digits off a ₹1 crore base will not repeat it from a ₹28 crore base, and the three-year sales record of 7% is the more relevant anchor for the next five years. Second, every one of the three exit multiples is below the current P/E, including the bull case. A rating that begins in the high eighties leaves no honest scenario in which permanent multiple expansion does the work; earnings growth has to carry the entire load, and even the optimistic case assumes the rating comes down. That is the arithmetic of buying a business at a high starting multiple, and the stock valuation method used across this site applies it the same way to every company.

Amic Forging share price target 2026 to 2030

The grid is generated only from the disclosed FY26 EPS, the three growth rates and the three exit multiples above. It does not model a fresh share issue, a bonus or split, a large capital expenditure programme, a change in the promoter stake, an order-book announcement, a shift in steel input prices, a working-capital shock or any dividend. It also cannot see the composition of the gap between the FY26 operating margin and the FY26 net profit, because that is not disclosed in the figures at hand. Treat the outputs as the arithmetic consequence of stated assumptions, not as forecasts, and rebuild them when the next set of results lands.

Risks that can break the reading

The largest risk is the starting valuation itself. At about 87 times the latest reported earnings, 11.6 times book and 60.5 times EV/EBITDA, the price already contains a great deal of future execution. Earnings can rise for several years while the share return is poor, simply because the multiple normalises. That is not a tail scenario at this rating; it is the ordinary path.

The second risk is demand lumpiness. Forged shafts, rings and blocks are ordered against projects and replacement cycles, not on a subscription. Sales fell about 5% in FY25 before recovering to ₹142 crore in FY26, and a three-year compounded sales rate of 7% suggests the order flow has been uneven rather than compounding. A single deferred customer programme moves the number materially at this revenue scale.

The third is market structure. This is a micro-cap listed on the BSE only. There is no NSE line to add depth, the syndicated price feeds are unreliable for the code, and position sizes that are trivial in a large-cap can move the price here. Disclosure cadence compounds it: with results published at March and September dates rather than every quarter, a deteriorating trend can run for longer before it becomes visible.

Beyond those, the margin itself is a risk. A jump from 3.1% to 30% inside four years is a large move, and steel input costs, product mix and capacity utilisation all feed into it. The nil dividend means there is no cash return to cushion a de-rating, the seven-year record does not include a full industrial cycle, and the recent ROE drift shows the enlarged capital base has not yet proved it can earn the old return. Debt is the one thing not on the risk list: at 0.03 debt to equity, solvency is simply not the question here.

What would strengthen or weaken the case

The reading improves if sales growth holds above the recent three-year pace for more than a single year, if the operating margin stays near 30% across another reported year, if net profit closes the gap back to the ₹36 crore of FY25, and if ROE stabilises instead of drifting further from its 22% five-year average while reserves keep compounding. A disclosed order book, or any regular breakdown between forged tonnage and finished machined components, would materially raise confidence because it would show whether the mix shift is durable.

It weakens if the next reported year shows flat or falling sales again, if the margin gives back the FY25 and FY26 gains, if borrowings or working capital start rising faster than revenue, or if the gap between a 30% operating margin and a falling net profit persists without explanation. Capital being retained year after year at a falling return on equity, with no dividend, would be the clearest signal that the reinvestment story is not working.

Monitoring scorecard

Question	Constructive evidence	Warning sign
Is revenue growing again?	Reported sales clearly above FY26’s ₹142 Cr	Another year near or below ₹142 Cr
Is the margin structural?	Operating margin holds near 30% across another reported year	Margin retraces toward the low teens
Does profit follow the margin?	Net profit tracks the operating line upward	Annual profit stays below the FY25 figure of ₹36 Cr
Is retained capital earning?	ROE recovers toward the 20%-plus range	ROE keeps sliding as reserves grow
Is the balance sheet still clean?	Borrowings stay near nil, debt to equity near 0.03	Debt funds the next capacity round
Is disclosure improving?	More frequent or more detailed results	Long gaps with no segment or order detail

What the Amic Forging share price already assumes

Strip the story back and the picture is reasonably clear. Amic Forging is a small, near debt-free forging and precision-machining business that has done something genuinely difficult: it lifted its operating margin from 3.1% to 30% in four years, and turned a ₹1 crore profit into ₹36 crore in FY25 and ₹28 crore in FY26. ROCE of 23.5% says the underlying operation earns well on the capital it uses. Those are real achievements, and they explain why the stock re-rated.

What the current price assumes is a further layer. With FY26 profit sitting below the FY25 figure, three-year sales growth at 7% and no dividend, the market is pricing a company that both sustains the new margin and keeps the top line growing from here. Either one of those alone would not be enough at this multiple. The evidence that would settle it is not another strong margin print in isolation; it is a reported year in which revenue growth and the improved margin appear together, and in which the enlarged capital base earns the return it used to.

FAQ

What is Amic Forging’s share price target for 2026?

The framework on this page derives a 2026 figure from the FY26 EPS of ₹26.31, an assumed annual growth rate and an exit multiple, adjusted for the 112 days left in the calendar year from 10 September. Because 2026 is a partial year in the model, the spread between the scenarios is narrower than in later years. It is a range produced by stated assumptions, not a prediction.

What is Amic Forging’s share price target for 2030?

The 2030 figures compound that same FY26 EPS forward at 8%, 15% and 24% a year and apply exit multiples of 25×, 45× and 60×. Small differences in the growth rate compound into wide gaps over four years, which is why the 2030 range is the widest in the grid. Treat it as a sensitivity exercise rather than a forecast.

What is Amic Forging’s share price today?

On 10 September 2026 Screener.in showed a price of about ₹2,294, within about 1.1% of the ₹2,319 fifty-two-week high and well above the ₹1,065 low. Because the company is listed on the BSE only, live syndicated feeds are unreliable for this code, so verify the current price on the exchange or on Screener before acting on anything.

What does Amic Forging do?

Incorporated in 2007, it manufactures steel forgings and machined heavy precision parts to AISI, BS, IS and DIN standards. The output includes rounds, shafts, blanks and finished engineering spares such as gear couplings, hubs and flanges, supplied to heavy engineering, steel, power, oil and gas and similar industries. It is a specification-driven, order-based manufacturing business rather than a branded one.

What is the ROCE of Amic Forging?

Return on capital employed stood at 23.5% in the figures captured on 10 September 2026, with return on equity at 16.8%. The ROCE figure is strong for an engineering business. The ROE trend is the more informative one: it averaged 22% over five years and 20% over three, and the latest year came in at 17%.

Who are the promoters of Amic Forging?

Promoter holding was 57.96% in the shareholding data captured on 10 September 2026, leaving roughly 42% with public and other non-promoter shareholders. That is a controlling stake, so decisions such as the standing zero-dividend policy rest with the promoter group. The individual promoter names and any pledge detail should be checked in the company’s latest shareholding-pattern filing.

Related research

• Frontier Springs share price target
• Kirloskar Pneumatic share price target
• Welspun Corp share price target
• Action Construction Equipment share price target
• How to value a stock: the method behind every target here
• P/E ratio formula, meaning and calculation
• Return on equity: formula and stock analysis

Sources and methodology

• Amic Forging on Screener.in
• AMIC Forging Limited corporate website
• AMIC Forging financial results disclosures
• AMIC Forging product range

Every financial figure in this article was captured on 10 September 2026. The price, 52-week range, market capitalisation, book value, the latest annual EPS, P/E, price to book, EV/EBITDA, PEG, debt to equity, ROCE, ROE, the annual sales, margin, profit and EPS series, the balance-sheet lines and the promoter holding all come from Screener.in’s page for BSE code 544037. Nothing here comes from the Yahoo Finance feed, which does not carry a reliable price for this BSE-only scrip. The business description, the product families and the reporting cadence come from the company’s own website and disclosure pages, linked above. Analytical judgment begins after that point, and covers the choice to anchor the model on the latest reported annual EPS rather than on the higher FY25 figure, the moderation of the historic growth rates into the three scenario assumptions, the decision to keep all three exit multiples below the current rating, the reading of the sales, margin and ROE trends, and every risk listed. Annual columns follow Screener’s layout: seven financial years ending in March, FY20 through FY26, the last of them being the year to March 2026. The latest-year change in sales and in net profit is computed from those reported columns.

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This article is research and education, not personalised investment advice or a recommendation to transact. Gale is not a SEBI-registered investment adviser. The scenarios are illustrations of stated assumptions, not guarantees. Verify current exchange filings, liquidity, corporate actions and suitability, and consult a registered adviser before acting.