AMIC Forging Limited, an Indian company based in Kolkata, West Bengal, operates in the industrial manufacturing sector, specializing in the production of forged components. Established in 2007 as Kali Mata Forging Private Limited, it rebranded to AMIC Forging Limited and has since carved a niche in supplying precision-engineered parts to various industries. As of April 6, 2025, the company remains a relatively small but focused player in the forging industry, catering to both domestic and international markets. This article provides a detailed, factual analysis of AMIC Forging’s business model, its financial performance for Q3 FY25 (October–December 2024), and available information on its promoters and shareholding pattern.
AMIC Forging’s Business Model
AMIC Forging operates a business model centered on the manufacture and supply of forged components, which are critical for heavy engineering and industrial applications. The company’s operations are rooted in a made-to-order approach, producing customized engineering spare parts tailored to client specifications. Its product portfolio includes main shafts for wind energy, drum tube sheets, casting molds, forged shells, tube sheets, channel covers, trunnions for nuclear power plants, forged necks, wheels, and nozzles for oil and gas applications. These products are made from materials such as carbon steel, alloy steel, stainless steel, nickel, and tool alloys, ensuring durability and suitability for demanding environments.
The company serves a diverse range of industries, including heavy engineering, steel, oil and gas, petrochemicals, chemicals, refineries, thermal power, nuclear power, hydropower, cement, and sugar. This broad customer base helps mitigate risks associated with over-reliance on a single sector, though it also exposes AMIC Forging to fluctuations in industrial demand and commodity prices. Its manufacturing facility in Kolkata is equipped to handle forging processes, with a focus on quality control to meet industry standards, which is essential for retaining clients in sectors like nuclear and oil and gas that require precision and reliability.
Revenue generation for AMIC Forging comes primarily from direct sales of forged components, with pricing influenced by raw material costs, customization requirements, and market demand. The company raised capital through an Initial Public Offering (IPO) in November 2023, listing on the Bombay Stock Exchange (BSE) SME platform. The IPO proceeds, amounting to approximately Rs 34.8 crore, were earmarked for capital expenditure, working capital needs, and general corporate purposes, indicating a strategy to expand production capacity and improve operational efficiency. However, the small scale of its operations compared to larger forging companies limits its bargaining power and economies of scale.
AMIC Forging’s business model faces challenges such as dependency on raw material availability (e.g., steel prices), competition from larger players like Bharat Forge, and the need for continuous investment in machinery to maintain quality and capacity. Its focus on customization provides a competitive edge in niche markets, but it also requires flexibility in production processes, which can strain resources. The company does not appear to have a significant digital or export-driven strategy based on available data, suggesting a reliance on traditional sales channels and domestic industrial growth.
Q3 FY25 Earnings: Financial Performance
AMIC Forging’s financial results for Q3 FY25 (October–December 2024) are not fully detailed in public sources as of April 6, 2025, as small-cap companies listed on the BSE SME platform often release quarterly results with a delay, and comprehensive analyst coverage is limited. However, based on trends from prior quarters and industry context, some insights can be inferred, supplemented by partial data from posts on X and earlier financial updates.
For the first half of FY25 (April–September 2024), AMIC Forging reported revenue of Rs 62.14 crore, a significant increase from Rs 32.36 crore in H1 FY24, reflecting a year-on-year (YoY) growth of approximately 92%. Net profit for the same period was Rs 7.14 crore, up from Rs 2.36 crore in H1 FY24, a 202% YoY rise. This growth was attributed to improved margins and higher order volumes, as noted in posts on X from early 2024 discussing margin expansion. Assuming this trajectory continued into Q3 FY25, revenue could range between Rs 30–35 crore for the quarter, with net profit potentially between Rs 3–4 crore, though these are estimates pending official disclosure.
The forging industry in India during late 2024 likely benefited from increased infrastructure spending and industrial activity, particularly in power and heavy engineering sectors, which are AMIC Forging’s key markets. However, rising steel prices and supply chain constraints, as reported across the sector, may have pressured margins. The company’s small size suggests it lacks the pricing power to fully pass on cost increases to customers, potentially impacting profitability. Posts on X from early 2025 hint at “excellent margin expansion” in recent quarters, but without Q3-specific data, this cannot be confirmed for October–December 2024.
Operationally, AMIC Forging likely maintained focus on fulfilling orders from its IPO-funded capacity expansion, though no specific updates on production volumes or new contracts for Q3 FY25 are available. The company’s debt levels post-IPO appear manageable, with funds raised reducing reliance on borrowings, but working capital intensity remains a concern given the customized nature of its products. Investors should await the official Q3 FY25 earnings release, expected in late January or early February 2025, for precise figures on revenue, profit, and operational metrics.
Promoter Details
AMIC Forging’s promoters are individuals from the Chamaria family, who founded and continue to steer the company. As per the IPO prospectus from November 2023 and subsequent updates, the promoters are:
- Girdhari Lal Chamaria: A key figure in establishing the company, with experience in the forging and industrial manufacturing space.
- Anshul Chamaria: Likely involved in operational or strategic roles, representing the next generation of family leadership.
- Manju Chamaria: A promoter with a stake in the company, possibly contributing to governance or financial oversight.
- Rashmi Chamaria: Another family member with promoter status, though specific roles are not publicly detailed.
Additionally, Pravin Poddar and Parma Nand Gupta are listed as promoters in some sources, though their involvement may be tied to early investments or advisory roles rather than operational leadership. Detailed biographies or current roles of these promoters are not widely available in public records as of April 6, 2025, which is typical for smaller listed companies. The Chamaria family collectively holds a significant portion of the company’s equity, reflecting a family-run business structure common in India’s SME sector.
Shareholding Pattern
The shareholding pattern for AMIC Forging as of the latest available data (likely up to December 31, 2024, based on quarterly filings) provides insight into ownership distribution. However, exact figures for Q3 FY25 may not be finalized until the next shareholder update, typically filed with the BSE in January 2025. Based on the IPO structure and trends from earlier quarters:
- Promoter Holding: Approximately 54–60%, with the Chamaria family and associated promoters retaining majority control post-IPO. The IPO involved a fresh issue of 28.62 lakh shares, diluting promoter stake slightly from pre-IPO levels, but no offer-for-sale was included, indicating promoters’ intent to maintain ownership.
- Public Shareholding: Around 40–46%, comprising retail investors, high-net-worth individuals (HNIs), and possibly small institutional investors. The IPO saw strong subscription (over 100 times), suggesting dispersed public ownership.
- Foreign Institutional Investors (FIIs) and Domestic Institutional Investors (DIIs): Likely minimal, as SME-listed companies rarely attract significant institutional interest unless they scale rapidly. No specific data confirms FII or DII stakes as of Q3 FY25.
Disclaimer: This article on AMIC Forging’s business model, Q3 FY25 earnings, promoter details, and shareholding pattern is based on publicly available information as of April 6, 2025. It is for informational purposes only and not financial or investment advice. While accurate to the best of our knowledge, the data may not be complete or current, and readers should verify details with official sources before making decisions. The author is not liable for any losses or consequences from using this information.
