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Hilton Metal Forging Limited (HILTON)

📊 NSE: HILTON 🏢 Castings & Forgings 📅 Last Updated: 12/13/2025 22:55

📢 Recent Corporate Announcements

Hilton Metal Forging Announces Book Closure from Sep 24 to Sep 30, 2026 for 21st AGM

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 05 Sep 2026, 09:42 PM

Hilton Metal Forging Limited has announced the closure of its Register of Members and Share Transfer Books from September 24, 2026, to September 30, 2026 (both days inclusive). This book closure is for the purpose of the company's 21st Annual General Meeting (AGM) scheduled for September 30, 2026, at 4:00 PM IST via video conferencing. The company's total equity paid-up capital stands at Rs 51,46,65,510.

Book closure period set from September 24, 2026 to September 30, 2026 (both days inclusive)
21st Annual General Meeting scheduled for September 30, 2026, at 4:00 PM via Video Conferencing
Paid-up equity capital reported at Rs. 51,46,65,510

💡 Track the AGM proceedings and resolutions on September 30, 2026, for management commentary on railway product approvals and business performance.

Hilton Metal Forging Issues Notice for 21st AGM on September 30, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 05 Sep 2026, 09:42 PM

Hilton Metal Forging Limited has scheduled its 21st Annual General Meeting (AGM) for Wednesday, September 30, 2026, to be held via Video Conferencing. The ordinary and special business items include the adoption of FY26 audited financial statements, the reappointment of director Mr. Vishal Jain who retires by rotation, and ratification of cost auditor remuneration up to Rs 79,000. The book closure dates are fixed from September 24, 2026, to September 30, 2026, with the cut-off date for remote e-voting set as September 23, 2026.

21st AGM scheduled for Wednesday, September 30, 2026 at 4:00 PM IST via VC/OAVM
Cut-off date for voting eligibility set as Wednesday, September 23, 2026
Book closure period scheduled from September 24, 2026 to September 30, 2026 (both days inclusive)
Proposed ratification of Cost Auditor remuneration not exceeding Rs 79,000 plus taxes for FY27

💡 Eligible shareholders as of the cut-off date (September 23, 2026) can participate in e-voting and track the adoption of annual accounts and AGM outcomes.

Hilton Metal Q1 PAT Surges to ₹1.81 Cr (Up 12x YoY); Revenue Rises 167% to ₹58.96 Cr

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 14 Aug 2026, 06:00 PM

Hilton Metal Forging reported a sharp turnaround in Q1 FY27 results with standalone revenue from operations jumping 167.4% YoY to ₹58.96 Cr compared to ₹22.05 Cr in Q1 FY26. Net profit surged more than 12x YoY to ₹1.81 Cr from ₹0.15 Cr in the corresponding quarter last year, driven by higher operating throughput. Profit before tax stood at ₹2.16 Cr compared to ₹0.10 Cr in Q1 FY26, while Basic EPS improved to ₹0.35 from ₹0.06 YoY. Paid-up equity share capital expanded during the quarter to ₹51.47 Cr from ₹34.70 Cr in the prior quarter.

Revenue from operations surged 167.4% YoY to ₹58.96 Cr (₹5,895.62 Lakhs) vs ₹22.05 Cr in Q1 FY26
Net profit (PAT) grew 1,119% YoY to ₹1.81 Cr (₹180.55 Lakhs) vs ₹0.15 Cr in Q1 FY26
PBT rose sharply to ₹2.16 Cr (₹216.41 Lakhs) against ₹0.10 Cr in the year-ago period
Basic and Diluted EPS for the quarter rose to ₹0.35 per share compared to ₹0.06 YoY
Paid-up equity share capital increased to ₹51.47 Cr from ₹34.70 Cr at the end of FY26

💡 Track whether the revenue momentum and operating margins are sustained in coming quarters, along with updates on railway wheel approvals and utilization of expanded equity capital.

Shareholders Approve Equity Fundraise via Qualified Institutions Placement (QIP)

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 15 Jul 2026, 06:49 PM

Shareholders of Hilton Metal Forging Limited have approved a special resolution to raise capital through a Qualified Institutions Placement (QIP) at the EGM held on July 15, 2026. The resolution passed with an overwhelming 99.9994% majority of the votes cast. While the specific fundraise amount was not disclosed in this filing, the company currently carries a debt of ‡50 Cr against a net worth of ‡151 Cr. This approval follows a significant increase in promoter holding from 7.87% in December 2025 to 18.56% by April 2026.

Special resolution for QIP issuance passed with 99.9994% of valid votes in favor.
A total of 9,859,742 votes were polled, with 9,542,966 coming from the promoter group.
Only 58 votes (0.0006%) were cast against the resolution by public non-institutional shareholders.
The voting was based on the cut-off date of July 8, 2026, involving 28,283 shareholders.
The company is targeting the railway replacement market with 5 types of forged wagon wheels to drive growth.

💡 Investors should monitor subsequent board meetings for the announcement of the QIP floor price and the total quantum of funds to be raised. The utilization of proceeds—whether for debt reduction or scaling the new railway wheel assembly business—will be a key indicator of future margin improvement.

Hilton Metal Forging Shareholders Approve Equity Fundraise via QIP at EGM

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 15 Jul 2026, 05:58 PM

Hilton Metal Forging Limited held an Extraordinary General Meeting (EGM) on July 15, 2026, to obtain shareholder approval for raising capital through a Qualified Institutions Placement (QIP). The company intends to issue equity shares in one or more tranches to institutional investors. This capital infusion is critical given the company's current financial profile, which includes a low TTM PAT of ₹3 Cr on ₹230 Cr revenue and a stretched liquidity position. The specific fundraise amount was not disclosed in the proceedings, but voting results are expected within two working days.

EGM held on July 15, 2026, to approve equity issuance via QIP under Section 62(1)(c).
A total of 107 members attended the meeting through video conferencing.
Company reported TTM revenue of ₹230 Cr with a thin operating profit margin of 4.9%.
Promoter holding recently increased to 18.56% as of April 2026, up from 7.87% in December 2025.
The company is pivoting toward the railway replacement market with 5 types of Forged Wagon Wheels.

💡 Monitor the upcoming disclosure of the QIP floor price and the total amount to be raised. Investors should evaluate if the proceeds are used to reduce the ₹50 Cr debt or to fund the expansion into the railway wheel segment.

Hilton Metal Shareholders Approve CMD Re-appointment and Director Remuneration with 99.5% Majority

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 15 Jul 2026, 05:41 PM

Shareholders of Hilton Metal Forging Limited have approved three special resolutions via postal ballot, including the re-appointment of Mr. Yuvraj Malhotra as Chairman and Managing Director. The resolutions also included the continuation and remuneration of Mr. Suryakant Mayani as a Non-Executive Director beyond the age of 75. All resolutions passed with a significant majority of over 99.5% of the votes cast. This ensures leadership continuity for the company, which currently operates with a thin TTM operating margin of 4.9% and a TTM revenue of Rs 230 Cr.

Re-appointment of Mr. Yuvraj Malhotra as CMD approved with 99.5073% of valid votes cast.
Continuation of Mr. Suryakant Mayani as Director (aged 75+) approved with 99.5055% favor.
Total of 10,478,523 votes were polled, representing 20.36% of the total 51,466,551 shares.
The voting process involved 28,739 shareholders as of the record date of June 5, 2026.
Remuneration for Mr. Suryakant Mayani for FY 2026-27 was approved by 99.5055% of voters.

💡 Investors should focus on the company's ability to execute its railway sector expansion strategy under the re-appointed leadership, given the current low ROCE of 6.0%.

Hilton Metal Forging Closes Trading Window from July 1, 2026, for Q1 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 30 Jun 2026, 04:43 PM

Hilton Metal Forging Limited has announced the closure of its trading window for all designated persons starting July 1, 2026. This action is a standard regulatory requirement under SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the declaration of financial results for the quarter ended June 30, 2026. The window will remain closed until 48 hours after the results are made public. This is a routine administrative filing and does not provide any indication of the company's financial performance for the quarter.

Trading window closure effective from July 1, 2026.
Closure is in relation to the unaudited financial results for the quarter ended June 30, 2026.
Window to reopen 48 hours after the official declaration of results.
Applies to all Insiders, Designated Persons, and their immediate relatives.

💡 Wait for the announcement of the board meeting date, which will specify when the Q1 FY2027 financial results will be released.

Hilton Metal Forging FY26 Revenue Jumps 41% to ₹230 Cr; Annual PBT Drops 39% on Margin Pressure

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 24 Jun 2026, 04:41 PM

Hilton Metal Forging reported a robust 41.3% year-on-year growth in annual revenue, reaching ₹23,037.41 Lacs for FY26. However, profitability was significantly impacted by rising costs, with annual Profit Before Tax (PBT) falling to ₹369.27 Lacs from ₹609.77 Lacs in the previous year. The fourth quarter was particularly weak, with PBT plummeting to ₹51.86 Lacs compared to ₹406.76 Lacs in Q4 FY25, reflecting a sharp contraction in margins despite higher sales volumes.

Annual Revenue from Operations grew to ₹23,037.41 Lacs in FY26 from ₹16,304.73 Lacs in FY25.
Annual Profit Before Tax (PBT) declined by 39.4% YoY to ₹369.27 Lacs.
Q4 FY26 PBT saw a massive 87% YoY decline to ₹51.86 Lacs from ₹406.76 Lacs.
Cost of Raw Materials surged to ₹22,059.76 Lacs for the full year, consuming nearly 96% of total revenue.
Total Equity increased to ₹15,103.43 Lacs as of March 31, 2026, compared to ₹11,559.63 Lacs in the previous year.

💡 Investors should exercise caution as the company is facing severe margin erosion due to an inability to pass on surging raw material costs. It is advisable to wait for signs of operational efficiency improvements or a stabilization in input costs before considering new positions.

Hilton Metal Forging to Seek Shareholder Approval for ₹100 Crore QIP Fundraise

🟢 POSITIVE ⭐ 8/10

FUNDRAISE 📅 22 Jun 2026, 05:51 PM

Hilton Metal Forging Limited has scheduled an Extraordinary General Meeting (EGM) on July 15, 2026, to seek shareholder approval for a capital raise. The company intends to raise up to ₹100 crore through a Qualified Institutional Placement (QIP) in one or more tranches. The issue price will be determined based on SEBI ICDR regulations, with a provision for a maximum discount of 5% on the floor price. This capital infusion is likely intended to strengthen the balance sheet or fund expansion projects.

Proposed fundraise of up to ₹100 crore via Qualified Institutional Placement (QIP).
Extraordinary General Meeting (EGM) to be held on July 15, 2026, through Video Conferencing.
Provision to offer a discount of up to 5% on the QIP floor price as per SEBI guidelines.
The allotment of equity shares must be completed within 365 days from the date of passing the resolution.
The new equity shares will rank pari-passu with the existing equity shares of the company.

💡 Investors should monitor the QIP floor price and the quality of institutional participants, as this will signal market confidence. While the fundraise supports growth, shareholders should account for the potential equity dilution resulting from the new issuance.

Hilton Metal Forging Board Approves ₹100 Crore Fundraise via QIP

🟢 POSITIVE ⭐ 8/10

FUNDRAISE 📅 18 Jun 2026, 06:12 PM

The Board of Directors of Hilton Metal Forging Limited has approved a proposal to raise capital up to ₹100 crores through a Qualified Institutional Placement (QIP). The fundraise will involve the issuance of equity shares of face value ₹10 each in one or more tranches. An Extra Ordinary General Meeting (EGM) is scheduled for July 13, 2026, to seek necessary shareholder approval for the proposed issuance. This capital infusion is expected to support the company's growth initiatives or balance sheet strengthening.

Approved the issuance of equity shares via QIP for an aggregate amount not exceeding ₹100 crores.
The issuance is subject to the approval of shareholders at the EGM scheduled for July 13, 2026.
Ms. Shreya Shah has been appointed as the Scrutinizer for the e-voting process.
The proposed securities will be listed on both the National Stock Exchange (NSE) and BSE Limited.
The board meeting concluded at 5:50 P.M. on June 18, 2026, with the trading window remaining closed for 48 hours.

💡 Investors should track the upcoming EGM results and the final pricing of the QIP, as the ₹100 crore infusion represents a significant capital boost for the company. Monitor how the management intends to deploy these funds for future growth versus the impact of equity dilution.

Hilton Metal Forging Seeks Approval for CMD Re-appointment and Director Remuneration

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 11 Jun 2026, 06:13 PM

Hilton Metal Forging Limited has issued a postal ballot notice to seek shareholder approval for the re-appointment of Mr. Yuvraj Malhotra as Chairman and Managing Director for a three-year term effective July 22, 2026. The proposed remuneration for the CMD includes a basic salary of up to ₹5,00,000 per month plus perquisites. The company is also seeking approval for Mr. Suryakant Mayani to continue as a Non-Executive Director beyond the age of 75 with a proposed remuneration of ₹3,60,000 for FY 2026-27. E-voting for these resolutions will take place between June 15 and July 14, 2026.

Re-appointment of Yuvraj Malhotra as CMD for a 3-year tenure from July 22, 2026, to July 21, 2029.
Proposed CMD basic salary capped at ₹5,00,000 per month plus statutory perquisites and allowances.
Special resolution for continuation of Suryakant Mayani as Director upon reaching 75 years of age.
Approval sought for ₹3,60,000 remuneration for Non-Executive Director Suryakant Mayani for FY 2026-27.
E-voting period commences on June 15, 2026, and concludes on July 14, 2026.

💡 Investors should evaluate the proposed remuneration packages in the context of the company's financial performance and cast their votes through the NSDL e-voting platform by July 14, 2026.

Hilton Metal Re-appoints Yuvraj Malhotra as CMD for 3 Years; Appoints Cost Auditors

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 09 Jun 2026, 06:13 PM

Hilton Metal Forging Limited has approved the re-appointment of Mr. Yuvraj Malhotra as Chairman and Managing Director for a three-year term effective from July 22, 2026, to July 21, 2029. The Board also approved the continuation of Mr. Suryakant Mayani as a Non-Executive Director despite him attaining the age of 75, along with his remuneration for FY 2026-27. Additionally, M/s V. J. Talati & Co. has been appointed as the Cost Auditor for the financial year ending March 31, 2027. These resolutions will be put forward for shareholder approval via a postal ballot.

Re-appointment of Yuvraj Malhotra as CMD for a 3-year term starting July 22, 2026.
Continuation of Suryakant Mayani as Non-Executive Director beyond the age of 75 approved.
Appointment of M/s V. J. Talati & Co. as Cost Auditors for the financial year 2026-27.
Board approved the payment of remuneration to Non-Executive Director Suryakant Mayani for FY 2026-27.
The company will issue a Postal Ballot Notice to seek shareholder approval for these items.

💡 Investors should note the continuity in leadership and adherence to corporate governance norms; no immediate portfolio changes are suggested based on this routine update.

Hilton Metal Forging Approves FY26 Audited Financial Results with Unmodified Audit Opinion

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 29 May 2026, 08:29 PM

Hilton Metal Forging Limited's Board of Directors approved the audited standalone financial results for the quarter and full year ended March 31, 2026, during their meeting on May 29, 2026. The statutory auditors, M/s. Anil Bansal & Associates, issued an audit report with an unmodified opinion, signaling no significant accounting concerns. Along with financial results, the board also approved the Management Discussion Analysis and Corporate Governance reports for the fiscal year. While the specific profit and loss figures were not detailed in this cover letter, the clean audit report ensures the reliability of the forthcoming detailed statements.

Board approved audited standalone financial results for the quarter and year ended March 31, 2026.
Statutory auditors issued an audit report with an unmodified opinion for the financial year.
Management Discussion Analysis (MDA) and Corporate Governance Report for FY 2025-26 were formally approved.
The board meeting was held on May 29, 2026, commencing at 5:00 P.M. and concluding at 7:30 P.M.

💡 Investors should review the detailed financial tables once released to assess year-on-year growth in revenue and margins. The unmodified audit opinion is a positive indicator of financial reporting integrity.

Hilton Metal Forging Clarifies Inadvertent Filing of Regulatory Announcement

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 16 Apr 2026, 06:02 PM

Hilton Metal Forging Limited has issued a formal clarification regarding a filing made on April 16, 2026, at 05:19:39 PM. The company stated that the previous announcement under the head 'Action(s) taken or orders passed' was uploaded inadvertently and is to be considered null and void. The management confirmed that no such regulatory event occurred and the error was not a willful act of non-compliance. This correction ensures that investors do not act on incorrect information regarding legal or regulatory actions against the company.

Clarification issued for filing dated April 16, 2026, with Acknowledgement number 2026/Apr/337156/8662
Company declares the previous 'Action(s) taken or orders passed' announcement as null and void
Management confirms no such regulatory event or order has actually taken place
Company commits to abundant caution in future filings to maintain governance standards

💡 Investors should disregard the previous filing regarding regulatory actions as it was a clerical error. No change in company fundamentals is indicated by this administrative correction.

Hilton Metal Forging Clarifies Erroneous Filing Regarding Regulatory Actions

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 16 Apr 2026, 05:19 PM

Hilton Metal Forging Limited has issued a clarification regarding an announcement filed on April 16, 2026, at 5:19 PM. The company stated that the previous filing under the 'Action(s) taken or orders passed' category was uploaded inadvertently and should be considered null and void. Management confirmed that no such regulatory event or order has occurred, and the error was unintentional. The company has assured the exchange of increased caution in future filings to maintain governance standards.

Clarification issued for filing made on April 16, 2026, at 05:19:39 PM
Acknowledgement number 2026/Apr/337156/8662 declared null and void
Company confirms no regulatory actions or orders have been passed against it
Management attributes the error to an inadvertent upload without willful non-compliance

💡 Investors should ignore the previous 'Action(s) taken' filing as it was a clerical error. No immediate action is required as the company's operational status remains unchanged.

View All HILTON Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

The company operates in a single segment: Manufacturing of Steel Forgings. Total revenue grew by 20.25% YoY, reaching INR 168.22 Cr in FY25 compared to INR 139.88 Cr in FY24. This growth was primarily driven by increased domestic demand for railway and automotive components.

Geographic Revenue Split

Not explicitly disclosed by percentage, but the company exports to the USA, Europe, Mexico, Canada, and Australia, while noting that recent growth in FY25 was driven by demand within India.

Profitability Margins

Profitability margins have seen a downward trend. Net Profit Margin (NPM) declined from 4.78% in FY24 to 3.67% in FY25. This compression is attributed to higher material and employee overheads which outpaced revenue growth.

EBITDA Margin

Operating Profit Margin (PBILDT) deteriorated from 11.83% in FY24 to 9.14% in FY25. The absolute PBILDT fell by 7.08% from INR 16.54 Cr to INR 15.37 Cr despite the increase in total revenue.

Capital Expenditure

Not disclosed in absolute INR Cr for future periods, though the company is focusing on a Rights Issue to raise capital for operational and debt requirements.

Credit Rating & Borrowing

The company's credit rating was downgraded to 'CARE D; ISSUER NOT COOPERATING' in September 2025, indicating a state of default. Previously, it was rated CARE C (Stable) in July 2024. Borrowing costs are impacted by a Debt Service Coverage Ratio (DSCR) which weakened from 1.99x to 1.85x YoY.

⚙️ Operational Drivers

Raw Materials

Stainless-steel, Nickel Alloy, and Iron & Steel products. Specific percentage of total cost per material is not disclosed, but total operating expenses and provisions rose 23.92% to INR 152.85 Cr in FY25.

Import Sources

Not specifically disclosed, though the company notes the replacement market for railway wheels is heavily dependent on imports.

Capacity Expansion

Current installed capacity is 14,400 MTPA at the Wada, Thane facility. No specific planned expansion figures in MTPA were provided, though the company is targeting a 20% improvement in per-employee productivity.

Raw Material Costs

Raw material costs are a significant portion of the INR 152.85 Cr operating expenses. The company aims to reduce raw material consumption by 10% to 15% through better material utilization to offset rising input prices.

Manufacturing Efficiency

The company is targeting average forging facility up-times at maximum and a 30% reduction in per-piece labor costs to improve overall manufacturing competitiveness.

📈 Strategic Growth

Expected Growth Rate

17.79%

Growth Strategy

The company plans to achieve growth by penetrating the railway replacement market, where it claims a clear edge over imports. It has developed 5 types of Forged Wagon Wheels and Railway Wheel Set Assemblies for Indian Railways. Additionally, the company is pursuing a Rights Issue to strengthen its balance sheet and fund these new product lines.

Products & Services

Stainless-steel forged flanges, allied pipe fitting items, Butt Weld Fittings, Railway Wheels, Gear Blanks, Forged Crankshafts, Annealed Nickel Alloy rings, and Valve Body bonnets.

Brand Portfolio

Hilton Metal Forging Limited (HMFL).

New Products/Services

Forged Wagon Wheels and Railway Wheel Set Assemblies. These are expected to contribute significantly as they pass field trials with Indian Railways.

Market Expansion

Targeting the domestic Indian railway sector and private wagon manufacturers to reduce reliance on the fragmented and competitive international forging market.

Strategic Alliances

Technical compatibility tests for railway products are conducted in coordination with RITES and Indian Railways.

🌍 External Factors

Industry Trends

The forging industry is evolving toward higher precision and specialized components like railway wheels. HMFL is positioning itself to move away from commodity flanges toward high-value railway assemblies to counter the 10-15% margin pressure seen in fragmented segments.

Competitive Landscape

Highly competitive with a large number of players and low product differentiation, leading to liberal credit policies and thin margins.

Competitive Moat

The company's moat is based on its 20+ years of promoter experience and its status as a government-recognized export house. However, this moat is currently weakened by liquidity issues and a default credit rating, which threatens the sustainability of operations.

Macro Economic Sensitivity

Highly sensitive to industrial CAPEX cycles in the oil & gas and railway sectors. A slowdown in infrastructure spending would directly reduce demand for flanges and fittings.

Consumer Behavior

Shift in Indian Railways toward domestic procurement for wagon wheels provides a significant demand tailwind for local manufacturers like HMFL.

Geopolitical Risks

Trade barriers or economic shifts in the USA and Europe could impact the export-heavy revenue base, which currently serves distributors in those regions.

⚖️ Regulatory & Governance

Industry Regulations

Operations must comply with Indian Railways' technical standards (RITES) for fracture and technical compatibility. It also adheres to the Companies Act 2013 and SEBI Listing Regulations, though it has faced procedural delays in board meetings.

Environmental Compliance

The company aims for zero harmful gas combustion products and the elimination of aerosol emissions within its plants.

Taxation Policy Impact

The effective tax provision for FY25 was a credit of INR 7.87 Lakhs, compared to a tax expense of INR 117.94 Lakhs in FY24.

Legal Contingencies

Not disclosed in available documents, though the company has faced 'Issuer Not Cooperating' actions from credit agencies due to failure to provide monitoring information.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the company's ability to service debt, given its CARE D rating and stretched liquidity. A failure to complete the Rights Issue could lead to a 100% cessation of growth initiatives.