Amic Forging H1 profit rises 53% as cash outflow widens

Amic Forging Limited reported standalone profit after tax of Rs 18.96 crore for the half year ended September 30, 2026, up 53% from Rs 12.40 crore a year earlier, while net cash used in operating activities widened to Rs 16.90 crore from Rs 2.33 crore.

How much did Amic Forging’s revenue and profit grow in H1?

Amic Forging’s standalone revenue from operations rose 49% year on year to Rs 97.79 crore in the half year ended September 30, 2026, from Rs 65.58 crore in the corresponding 2025 period. Including other income of Rs 1.13 crore, total revenue reached Rs 98.92 crore, compared with Rs 67.12 crore a year earlier.

Standalone profit before tax increased 52% to Rs 25.47 crore from Rs 16.71 crore. After current tax of Rs 6.51 crore, profit after tax was Rs 18.96 crore, against Rs 12.40 crore in the half year ended September 30, 2025. Basic adjusted earnings per equity share increased to Rs 16.52 from Rs 11.82.

Amic Forging’s reported standalone profit after tax for the half year was about 67% of its Rs 28.28 crore full-year profit for the year ended March 31, 2026. Half-year revenue of Rs 97.79 crore was about 69% of the preceding full-year revenue of Rs 141.78 crore, although the filing does not provide a management outlook for the remaining half.

Which costs changed at Amic Forging during H1?

Amic Forging’s material consumption increased to Rs 57.99 crore in the half year ended September 30, 2026, from Rs 32.79 crore a year earlier, alongside the Rs 32.21 crore increase in revenue from operations. Employee benefit expense more than doubled to Rs 4.46 crore from Rs 1.85 crore, while other expenses rose to Rs 10.88 crore from Rs 8.02 crore.

The inventory-change line shifted to an Rs 1.87 crore credit in the 2026 half year from a Rs 5.69 crore expense in the 2025 half year. Finance costs rose to Rs 31.43 lakh from Rs 28.23 lakh, while depreciation and amortisation declined to Rs 1.68 crore from Rs 1.78 crore. Total expenses nevertheless rose 46% to Rs 73.45 crore from Rs 50.41 crore.

Amic Forging’s consolidated revenue from operations was also Rs 97.79 crore in the half year ended September 30, 2026, while consolidated profit for the period was Rs 19.12 crore. In the corresponding 2025 half year, consolidated revenue from operations was Rs 65.58 crore and consolidated profit for the period was Rs 12.37 crore.

Why did Amic Forging report a wider operating cash outflow?

Amic Forging reported net cash used in operating activities of Rs 16.90 crore for the half year ended September 30, 2026, compared with cash used of Rs 2.33 crore a year earlier, despite generating Rs 26.35 crore of operating cash flow before working-capital changes. The cash-flow statement identifies trade receivables, other non-current assets, other current assets and inventories as cash uses during the period.

Trade receivables absorbed Rs 34.28 crore of cash in the 2026 half year, versus Rs 10.93 crore in the 2025 half year. Other current assets used Rs 12.97 crore, compared with an Rs 1.20 crore source in the earlier period, while inventories used Rs 4.53 crore against Rs 8.74 crore a year earlier. Trade payables provided Rs 9.26 crore and other current liabilities provided Rs 8.08 crore.

The statement shows cash generated from operations of negative Rs 10.39 crore before net income taxes paid of Rs 6.51 crore, resulting in the Rs 16.90 crore operating outflow. This contrasts with reported accounting profit before tax of Rs 25.47 crore, showing that profit did not translate into positive operating cash after the disclosed working-capital movements and tax payment.

How did Amic Forging fund capital spending in H1?

Amic Forging spent Rs 50.12 crore on purchases of property, plant and equipment in the half year ended September 30, 2026, up from Rs 29.49 crore in the corresponding 2025 half year. Net cash used in investing activities consequently rose to Rs 47.55 crore from Rs 24.98 crore, after Rs 1.13 crore of interest and dividend received and an Rs 90.43 lakh inflow from loans and advances.

Financing activities generated Rs 98.98 crore in the 2026 half year, compared with Rs 76.12 crore a year earlier. The filing records Rs 91.30 crore of securities premium received net of issue adjustments, Rs 12.80 crore from convertible warrants and Rs 82.62 lakh of proceeds from issue of share capital, while borrowings reduced by Rs 5.64 crore and finance costs were Rs 31.43 lakh.

Amic Forging’s cash and cash equivalents rose to Rs 40.29 crore at September 30, 2026, from Rs 5.77 crore at March 31, 2026, after a net increase of Rs 34.52 crore in the half year. The increase followed financing inflows exceeding the combined operating and investing outflows, rather than positive cash generation from operations.

What changed in Amic Forging’s balance sheet by September 2026?

Amic Forging’s total standalone assets and liabilities increased to Rs 397.36 crore at September 30, 2026, from Rs 255.25 crore at March 31, 2026. Share capital was Rs 11.58 crore, reserves and surplus were Rs 267.96 crore, and money received against share warrants was Rs 56.74 crore at the half-year date.

Trade receivables stood at Rs 87.26 crore at September 30, 2026, compared with Rs 52.97 crore at March 31, 2026, consistent with the Rs 34.28 crore receivables cash outflow in the cash-flow statement. Inventories were Rs 32.29 crore, up from Rs 27.76 crore, while cash and bank balances increased to Rs 40.29 crore from Rs 5.77 crore.

Amic Forging manufactures forged components for various industries, according to the notes accompanying the results. Its board approved the unaudited standalone and consolidated results on November 12, 2026, after audit committee review, while the statutory auditor’s limited-review report said nothing had come to its attention indicating a material misstatement.

Conclusion

Amic Forging delivered higher half-year revenue, profit before tax and profit after tax, with standalone profit after tax increasing by Rs 6.56 crore year on year. However, an Rs 16.90 crore operating cash outflow and Rs 50.12 crore of property, plant and equipment purchases meant the period’s cash movement differed materially from the reported earnings outcome.

The next reported results will indicate whether trade receivables of Rs 87.26 crore and inventories of Rs 32.29 crore convert into operating cash. Separately, the board approved Nidhi Loharuka’s appointment as chief financial officer with effect from December 1, 2026.