Advance Technoforge
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Big non-institutionalbNII · above ₹10 lakh
- 0.14×
- Retail individualRII · up to ₹2 lakh
- 2.41×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 7 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 03 Aug 2026 | ₹4 | — | ₹3,600 | — | ₹4,800 |
| 02 Aug 2026 | ₹4 | — | ₹3,600 | — | ₹4,800 |
| 01 Aug 2026 | ₹4 | — | ₹3,600 | — | ₹4,800 |
| 31 Jul 2026 | ₹3 | — | ₹2,700 | — | ₹3,600 |
| 30 Jul 2026 | ₹5 | — | ₹4,600 | — | ₹6,000 |
| 29 Jul 2026 | ₹8 | — | ₹7,300 | — | ₹9,600 |
| 28 Jul 2026 | ₹8 | — | ₹7,300 | — | ₹9,600 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 27 Jul 2026 – 29 Jul 2026
- Listing date
- 03 Aug 2026
- Face value
- ₹10 per share
- Price band
- ₹95
- Issue price
- ₹95 per share
- Lot size
- 1,200 shares
- Sale type
- Fresh capital
- Issue type
- Fixed Price issue
- Listing at
- BSE
- Total issue size
- ₹24.03 Cr
- Fresh issue
- ₹22.81 Cr 24,01,200 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹85.78 Cr
- Promoter holding
- 100.00% → 71.99% pre-issue → post-issue
- ISIN
- INE13ZJ01010
- CIN
- U28111GJ2013PLC076316
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Sun Capital Advisory Services Pvt.Ltd.
- Registered office
- Sr. No. 121, Plot No.1 to 6, At. & Po. Padavala Road, Opp. Eaterflow Piping System, Veraval Shapar, Lodhika, Rajkot, Gujarat, India, 360024
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 0 | 0.00% | 0.00% |
| Anchor investor · within QIB | 0 | — | 0.00% |
| NII (HNI) | 12,00,000 | 50.00% | 47.44% |
| bNII > ₹10L · within NII | 12,00,000 | — | 47.44% |
| sNII < ₹10L · within NII | 0 | — | 0.00% |
| Retail (RII) | 12,00,000 | 50.00% | 47.44% |
| Employee | 0 | — | 0.00% |
| Market maker | 1,29,600 | — | 5.12% |
| Total issue | 25,29,600 | — | 100.00% |
Net offer to the public of 24,00,000 shares, out of a total issue of 25,29,600. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 1,200 shares per lot, in multiples, at ₹95
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,14,000 |
| S-HNI (min) | 2 | 2,400 | ₹2,28,000 |
| S-HNI (max) | 8 | 9,600 | ₹9,12,000 |
| B-HNI (min) | 9 | 10,800 | ₹10,26,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹95 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 6.24 | 4.49 |
| P/E (×) | 15.22 | 21.16 |
| Price to book (×) | 4.61 | — |
| Market cap | — | ₹85.78 Cr |
Key performance indicators
Latest reported period, standalone
- Return on net worth
- 30.33%
- ROCE
- 22.52%
- Debt / equity
- 1.29
- PAT margin
- 8.11%
- EBITDA margin
- 16.69%
- NAV per share
- ₹20.59
- Price to book
- 4.61
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Standalone ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 50.73 | 51.16 | 48.24 |
| Revenue from operations | 50.05 | 50.7 | 47.96 |
| Other income | 0.68 | 0.45 | 0.27 |
| Total expenses | 45.2 | 47.63 | 45.97 |
| Operating profit | 5.53 | 3.53 | 2.27 |
| Operating margin | 10.90% | 6.90% | 4.71% |
| Profit before tax | 5.53 | 3.53 | 2.27 |
| Profit after tax | 4.06 | 2.7 | 1.7 |
| PAT margin | 8.00% | 5.28% | 3.52% |
| Balance sheet | |||
| Total assets | 46.92 | 39.51 | 28.65 |
| Current assets | 27.05 | 21 | 20.54 |
| Current liabilities | 25.88 | 21.4 | 17.77 |
| Total liabilities | 33.23 | 29.88 | 21.72 |
| Net worth | 13.69 | 9.63 | 6.94 |
| Current ratio | 1.05× | 0.98× | 1.16× |
| Return on equity | 29.66% | 28.04% | 24.50% |
| Cash flow | |||
| Operating cash flow | 4.45 | 3.79 | 0.19 |
| Investing cash flow | -2.71 | -8.8 | -1.82 |
| Financing cash flow | -1.75 | 5.03 | 1.67 |
| Net cash flow | -0.01 | 0.01 | 0.04 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Purchase and installation of plant and machineries for manufacturing of precision machine components at the Existing Premises ₹7.19 Cr
The company intends to purchase and install machinery for manufacturing precision machine components including aluminum product line with capacity of MTPA at existing premises. The expansion will enable manufacturing of machined forging and casting of aluminum metal mainly for EV segment.
2 Part funding of working capital requirements ₹7.25 Cr
The company proposes to utilize funds towards incremental working capital requirements and releasing internal accruals deployed in working capital. This will lead to increased profitability and ability to utilize internal accruals for growth opportunities.
3 Repayment / Prepayment of all or certain borrowings availed by the Company ₹2.4 Cr
The company plans to repay or prepay borrowings to strengthen financial position, reduce outstanding indebtedness and improve debt-equity ratio. This will result in enhanced equity base, reduced financial costs and improved profitability.
4 General Corporate purposes ₹3.59 Cr
The company intends to deploy funds for general corporate purposes including strategic initiatives, strengthening marketing activities, meeting operating expenses and ongoing corporate exigencies as approved by the Board of Directors.
About Advance Technoforge
Advance Technoforge Limited is engaged in the business of manufacturing forged steel machined components of Carbon Steel, Alloy Steel and Stainless Steel, specializing in Closed Die Forging, Upset Forging and Ring Rolling Forging in both rough and precision machined conditions. The Company was incorporated as a private limited company in August 2013 and was converted to a public limited company in July 2024. It supplies precision machined components and complex forged components to leading Original Equipment Manufacturers (OEMs) in the Automotive, Oil and Gas, Earth Moving Equipment, Railway and General Engineering industries. The Company has a manufacturing capacity of 6,000 MTPA and is establishing an additional production line with 1,250 MTPA capacity (expected to be commissioned by end of FY 2026-27) and will add 600 MTPA of Aluminum forging capacity through the current expansion. The Company maintains compliance with international standards including IATF 16949:2016, ISO 9001:2015, PED-2014/68/EU, and other quality certifications.
Management
Nilesh Shambhubhai Moliya
MD
Pradipbhai Bhikhabhai Vora
CEO
Shraddhaben Pradipbhai Vora
Director
Satyam Nanjibhai Thummar
Director
Chirag Ghadiya
Director
Payal Bansal
COO
Bipinkumar Sangani
CFO
Divyeshkumar Rajeshbhai Tilva
Director of HR
Birendra Kumar Pal
Director of Operations
Ketanbhai Kishorbhai Gondaliya
CTO
Strengths
As stated in the offer document
Experienced Promoters and Senior Management
The company has experienced and qualified management team led by promoters with 12 years each of overall work experience, possessing relevant business intellect in forging & machining processes.
Integrated Manufacturing Facility with diversified product portfolio
The company consistently strives to preserve and enhance essential infrastructure and technological advancements with latest technologies in the industry for efficient manufacturing operations.
Large-scale Manufacturing Capabilities
The company has manufacturing facilities with forging capacity of 6,000 MT/year including Huta hammer and Induction Furnace capable of producing large quantities in brief periods while maintaining quality.
Long-Standing Relationship with customers & suppliers
The company maintains longstanding relationships with key customers & suppliers built on commitment to quality, timely delivery, promptness in payments and adaptability across multiple domestic and export markets.
Risk factors
As stated in the offer document
Heavy Dependence on Limited Customer Base
The company derives significant revenue from a limited number of customers, with top 10 customers accounting for 64.35%, 65.62%, and 72.01% of revenue in FY 2026, 2025, and 2024 respectively. Loss of any major customer could substantially impact business operations and financial stability.
Supplier Concentration and Raw Material Price Volatility
The company relies on a limited number of suppliers for steel (primary raw material) without long-term supply agreements, with top 10 suppliers representing 40.10% of purchases in FY 2026. Steel price fluctuations and supply disruptions could significantly impact production costs and profitability.
Underutilized Manufacturing Capacity
The company's manufacturing facilities operate at only 50.50% capacity utilization in FY 2026 (3,030 MTPA actual vs 6,000 MTPA installed capacity). Continued underutilization results in inefficient absorption of fixed costs, adversely impacting operational efficiency and profitability.
High Debt Burden and Financial Leverage
The company carries significant indebtedness of ₹1,638.44 lakhs as of May 31, 2026, requiring substantial cash flow for debt servicing. This limits financial flexibility, increases vulnerability to adverse conditions, and restricts ability to pursue strategic initiatives or raise additional capital.
Working Capital Intensive Operations
The business requires significant working capital due to time lags between raw material procurement and customer payments, with working capital requirements of ₹1,223.0 lakhs as of March 2026. Inability to manage working capital efficiently or secure timely financing could severely impact operations.
Foreign Exchange and Export Revenue Exposure
The company derives 28.65% of revenue from exports (₹1,433.94 lakhs in FY 2026) and faces foreign currency fluctuation risks without hedging mechanisms. Revenue declined due to US tariffs on Indian imports, demonstrating vulnerability to international trade policies.
Quality and Compliance Standards Risk
The company must meet stringent design, quality, and delivery standards for specialized components. Failure to comply could result in order cancellations, product liability issues, and reputational damage, significantly impacting business operations and future prospects.
Regulatory Compliance and Statutory Filing Delays
The company has experienced delays in filing statutory returns and payments under GST, provident fund, and professional tax regulations. Non-compliance may result in financial penalties, regulatory scrutiny, and reputational risks affecting business operations.
Company Analysis
from DRHPAdvance Technoforge Limited manufactures and supplies precision forged and machined steel components for automotive, oil & gas, earth moving, and industrial equipment industries.
Advance Technoforge Limited is engaged in the business of manufacturing forged steel machined components of Carbon Steel, Alloy Steel and Stainless Steel, specializing in Closed Die Forging, Upset Forging and Ring Rolling Forging in both rough and precision machined conditions. The Company was incorporated as a private limited company in August 2013 and was converted to a public limited company in July 2024. It supplies precision machined components and complex forged components to leading Original Equipment Manufacturers (OEMs) in the Automotive, Oil and Gas, Earth Moving Equipment, Railway and General Engineering industries. The Company has a manufacturing capacity of 6,000 MTPA and is establishing an additional production line with 1,250 MTPA capacity (expected to be commissioned by end of FY 2026-27) and will add 600 MTPA of Aluminum forging capacity through the current expansion. The Company maintains compliance with international standards including IATF 16949:2016, ISO 9001:2015, PED-2014/68/EU, and other quality certifications.
Objects of the Issue
- Purchase and installation of plant and machineries for manufacturing of precision machine components at the existing premises (Unit-1 and Unit-II) for Aluminum product line ₹719.31 Lakhs p.85
- Part funding of working capital requirements ₹725.00 Lakhs p.85
- Repayment/Prepayment of all or certain of our borrowings availed by our Company ₹239.50 Lakhs p.85
- General corporate purposes ₹359.31 Lakhs p.85
Issue Structure
- Total Issue
- ₹2,403.12 Lakhs (25,29,600 Equity Shares)
- Fresh Issue
- ₹2,403.12 Lakhs (25,29,600 Equity Shares of face value ₹10 each at ₹95.00 per share)
- Offer for Sale
- Not Applicable
- Price Band
- ₹95.00 per Equity Share (fixed price)
- Lot Size
- 2,400 Equity Shares (1 lot) and in multiples of 1,200 Equity Shares thereafter
- Face Value
- ₹10 per Equity Share
Business Model
The Company manufactures forged and precision machined steel components using various forging processes (closed die forging, upset forging, ring rolling) followed by CNC machining, heat treatment, and surface finishing processes. It supplies these components to OEMs in automotive, oil & gas, earth moving, agriculture, and industrial sectors. The business model is project and order-based, with revenue generation from supplying specialized, customer-specific components. The Company also generates export revenue with 28.65% of FY 2026 revenue coming from international markets (USA, Germany, Finland, Croatia).
Business Segments
SWOT Analysis
- • Experienced management with 12 years in forging & machining(p.124)
- • Integrated manufacturing with advanced equipment and latest technologies(p.124)
- • Strong long-standing customer relationships with international presence(p.124)
- • Multiple quality and international certifications(p.116)
- • Strong financial performance with improving profitability(p.121)
- • Diverse customer base across automotive, oil & gas, and industrial segments(p.116)
- • Heavy dependence on top 5 customers for 46.78% of revenue(p.24)
- • Reliance on limited suppliers with no fixed supply agreements(p.26)
- • Significant underutilization of manufacturing capacity(p.27)
- • High indebtedness constraining operational flexibility(p.27)
- • Recent decline in revenue due to tariffs impacting largest customer(p.31)
- • Unsecured loan agreements not properly stamped or registered(p.35)
- • Expansion into new geographic markets and customer segments(p.125)
- • Significant growth potential in automotive and agriculture sectors(p.125)
- • Strong export expansion opportunities with developed market presence(p.126)
- • Government Make in India and PLI scheme support for manufacturing(p.114)
- • Growing Indian forging market expected to reach USD 8 billion by 2029(p.115)
- • Planned capacity expansion adding 1,850 MTPA by FY2027-28(p.88)
- • Global economic slowdown and recession impacting demand(p.45)
- • Import tariffs and trade restrictions affecting exports(p.30)
- • Rising raw material and labour costs(p.27)
- • Intense competition from both organized and unorganized sectors(p.28)
- • Commodity price volatility and foreign exchange fluctuations(p.31)
- • Regulatory changes and stringent compliance requirements(p.46)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Nilesh Shambhubhai Moliya | Promoter | 8.00% | 5.76% |
| Pradipbhai Bhikhabhai Vora | Promoter | 16.25% | 11.70% |
| Daxaben Nileshbhai Moliya | Promoter | 22.50% | 16.20% |
| Kajal Alpeshbhai Moliya | Promoter | 20.25% | 14.58% |
| Shraddhaben Pradipbhai Vora | Promoter | 5.00% | 3.60% |
Leadership
Auto-extracted from the company's DRHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official DRHP before relying on it.