Metalic Technoforge
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 1.63×
- Big non-institutionalbNII · above ₹10 lakh
- 11.98×
- Small non-institutionalsNII · ₹2–10 lakh
- 5.11×
- Retail individualRII · up to ₹2 lakh
- 3.97×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 7 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 28 Jul 2026 | ₹6 | — | ₹7,300 | — | ₹9,600 |
| 27 Jul 2026 | ₹6 | — | ₹7,300 | — | ₹9,600 |
| 26 Jul 2026 | ₹8.1 | — | ₹9,800 | — | ₹12,960 |
| 25 Jul 2026 | ₹7.5 | — | ₹9,100 | — | ₹12,000 |
| 24 Jul 2026 | ₹6 | — | ₹7,300 | — | ₹9,600 |
| 23 Jul 2026 | ₹6 | — | ₹7,300 | — | ₹9,600 |
| 22 Jul 2026 | ₹0 | — | ₹0 | — | ₹0 |
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
- 21 Jul 2026 – 23 Jul 2026
- Listing date
- 28 Jul 2026
- Face value
- ₹10 per share
- Price band
- ₹72 – ₹77
- Issue price
- ₹77 per share
- Lot size
- 1,600 shares
- Sale type
- Fresh capital
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹49.96 Cr
- Fresh issue
- ₹47.43 Cr 61,60,000 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹185 Cr
- Promoter holding
- 83.62% → 61.00% pre-issue → post-issue
- ISIN
- INE1II801013
- CIN
- U28999GJ2016PLC093975
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Smart Horizon Capital Advisors Pvt.Ltd.
- Registered office
- Sr. No.-129/1 P4 (New Survey no. 296), Plot No.- 05 & 06, Padavala Main Road, Opp. Electric Power House, Village- Padavala, Veraval (Shapar), Rajkot-360024, Kotda Sanghani, Gujarat, India
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 | 12,32,000 | 28.52% | 26.51% |
| Anchor investor · within QIB | 18,40,000 | — | 39.59% |
| NII (HNI) | 9,28,000 | 21.48% | 19.97% |
| bNII > ₹10L · within NII | 6,17,600 | — | 13.29% |
| sNII < ₹10L · within NII | 3,10,400 | — | 6.68% |
| Retail (RII) | 21,60,000 | 50.00% | 46.47% |
| Employee | 0 | — | 0.00% |
| Market maker | 3,28,000 | — | 7.06% |
| Total issue | 46,48,000 | — | 100.00% |
Net offer to the public of 43,20,000 shares, out of a total issue of 46,48,000. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 1,600 shares per lot, in multiples, at ₹77
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,23,200 |
| S-HNI (min) | 2 | 3,200 | ₹2,46,400 |
| S-HNI (max) | 8 | 12,800 | ₹9,85,600 |
| B-HNI (min) | 9 | 14,400 | ₹11,08,800 |
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
₹77 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 7.07 | 5.16 |
| P/E (×) | 10.89 | 14.92 |
| Price to book (×) | 4.03 | — |
| Market cap | — | ₹185 Cr |
Key performance indicators
Latest reported period, standalone
- Return on net worth
- 37.00%
- ROCE
- 36.00%
- Debt / equity
- 0.95
- PAT margin
- 12.94%
- EBITDA margin
- 22.97%
- NAV per share
- ₹19.1
- Price to book
- 4.03
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 | 97.98 | 75.64 | 51.5 |
| Revenue from operations | 95.55 | 74.37 | 50.85 |
| Other income | 2.44 | 1.27 | 0.65 |
| Total expenses | 80.35 | 63.05 | 45.58 |
| Operating profit | 17.63 | 12.59 | 5.92 |
| Operating margin | 17.99% | 16.64% | 11.50% |
| Profit before tax | 17.63 | 12.59 | 5.92 |
| Profit after tax | 12.36 | 9.03 | 4.26 |
| PAT margin | 12.61% | 11.94% | 8.27% |
| Balance sheet | |||
| Total assets | 92.09 | 65.1 | 33.67 |
| Current assets | 66.1 | 39.08 | 22.99 |
| Current liabilities | 48.98 | 34.4 | 23.05 |
| Total liabilities | 58.67 | 47.7 | 25.95 |
| Net worth | 33.42 | 17.4 | 7.72 |
| Current ratio | 1.35× | 1.14× | 1.00× |
| Return on equity | 36.98% | 51.90% | 55.18% |
| Cash flow | |||
| Operating cash flow | -0.96 | 1.87 | 2.05 |
| Investing cash flow | -4.12 | -17.58 | -5.74 |
| Financing cash flow | 5.13 | 15.69 | 3.79 |
| Net cash flow | 0.05 | -0.01 | 0.1 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Funding of capital expenditure requirements towards setting up Manufacturing Unit IV and upgradation of existing units ₹30.81 Cr
The company proposes to establish a new Manufacturing Unit IV and upgrade existing units at its manufacturing facility in Rajkot, Gujarat. This expansion aims to increase forging capacity from metric tons per annum to metric tons per annum, enhance operational efficiency, and enable backward integration of certain manufacturing processes currently outsourced to third-party vendors.
2 Full or part repayment and/or prepayment of certain outstanding secured borrowings ₹6.72 Cr
The company intends to utilize the proceeds for repayment or prepayment of certain outstanding secured borrowings availed by the company. This will help reduce outstanding indebtedness and debt servicing costs, maintain a favorable debt to equity ratio, and enable utilization of internal accruals for further business growth and expansion.
3 General corporate purposes —
The company's management will have flexibility to deploy the balance net proceeds towards general corporate purposes, including strategic initiatives, partnerships, joint ventures, acquisitions, meeting business exigencies, or other purposes as approved by the Board, subject to compliance with applicable regulations.
1 of 3 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Metalic Technoforge
Metalic Technoforge Limited, incorporated in October 2016 and converted to public limited company in July 2025, is engaged in the business of manufacturing closed die forged and precision-machined components. The company operates through four manufacturing units in Rajkot, Gujarat (Units I, II, III operational; Unit IV proposed) comprising approximately 5,969 sq meters. The company serves diverse industries including automotive, farm equipment, oil & gas, hydraulic cylinders, gearbox, and construction equipment. Revenue grew from ₹5,085.09 Lakhs (FY 2023-24) to ₹9,554.75 Lakhs (FY 2025-26). The company makes money primarily through sales of forged and machined components (46.23% from gears and transmission components, 31.82% from general engineering components), with operations in both domestic markets (64.60% in FY 2025-26) and exports (35.40% in FY 2025-26). The business model involves procurement of raw materials (metals in ingots, billets, bars), forging, heat treatment, machining, gear cutting, and finishing.
Management
Mr. Gajipara Keyur Dhirajlal
MD
Mr. Trambadiya Dhaval Vrajlal
CEO
Ms. Ekta Satish Vadodariya
Director
Strengths
As stated in the offer document
Manufacturing facility
The company operates a manufacturing facility spread across 5,968.51 square meters with installed forging and machining capacity of 6,800 metric tons per annum, equipped with modern machinery and a 1 MW solar power plant supporting 40%-60% of energy requirements.
Diversified product portfolio
The company manufactures forged and precision machined components for automotive and non-automotive industries, with capability to produce components ranging from 250 grams to 16 kg, serving customers across different industry segments.
Quality Assurance and Control
The company holds certifications including IATF 16949, ISO 14001:2015, ISO 45001:2018, and ZED Bronze Certificate, with quality control department and testing lab offering metallurgical and metrological testing capabilities.
Order Book
The company has a confirmed order book of ₹2,761.15 Lakhs as on June 30, 2026, with execution cycle typically ranging from 1 to 3 months, reflecting diversified customer base and sustained demand.
Long-Standing Relationship with customers
The company maintains repeat orders from existing customers with 89.10% revenue from repeated customers in FY 2025-26, serving 181 customers across domestic and export markets including Germany, Finland, and United States.
Experienced Promoters and Management team
The company is led by promoters with more than nine years experience each in manufacturing forged and machined metal components, supported by 191 employees including skilled personnel in technical and operational aspects.
Risk factors
As stated in the offer document
Regulatory and Statutory Compliance Risk
The company is subject to extensive government regulations and if it fails to obtain, maintain or renew statutory licenses, permits and approvals required for business operations, including environmental, health and fire safety laws, its business financial condition and results of operations may be adversely affected. Any failure to comply may result in penalties, fines, suspension or cancellation of licenses, closure of facilities or other regulatory actions.
Geographic Revenue Concentration Risk
A significant portion of domestic revenue is derived from customers in Gujarat, Maharashtra and Uttar Pradesh which accounted for 62.45%, 59.22%, and 78.70% of revenue from operations for FY 2026, 2025 and 2024 respectively. Any adverse developments in these regions may materially affect the company's business, financial condition, results of operations and cash flows.
Export Market and Foreign Exchange Risk
The company exports to various countries with international operations representing 35.40%, 37.72%, and 18.57% of total revenue for FY 2026, 2025 and 2024 respectively. International operations expose the company to risks relating to foreign market conditions, geographic concentration, regulatory requirements and foreign exchange fluctuations which could adversely affect business and financial condition.
Supplier Concentration and Raw Material Supply Risk
The company depends on a limited number of suppliers for raw materials with top 10 suppliers accounting for 68.16%, 72.52%, and 75.92% of total purchases for FY 2026, 2025 and 2024 respectively. The absence of long-term contractual arrangements exposes the company to supply, quality and pricing risks that could adversely affect business and financial performance.
Customer Concentration Risk
The company depends on a limited number of key customers with top 10 customers accounting for 64.61%, 67.82%, and 79.76% of revenue for FY 2026, 2025 and 2024 respectively. The absence of long-term contractual arrangements exposes the company to customer concentration, demand volatility and credit risks that could adversely affect business and financial performance.
Manufacturing Facility Dependency Risk
The company's business is dependent on its manufacturing facility situated at Rajkot, Gujarat and is subject to risks in manufacturing processes. Any slowdown or shutdown in manufacturing operations or strikes, work stoppages could have an adverse effect on business, financial condition and results of operations.
Technology and Equipment Dependency Risk
The company's operations are dependent on existing machinery, equipment and technology for critical business functions. Any failure to maintain, repair, upgrade or adapt to technological changes may adversely affect business and results of operations, particularly as the industry is characterized by continuous advancements in manufacturing technologies.
Company Analysis
from DRHPMetalic Technoforge manufactures closed die forged and precision-machined metal components for automotive, gear, hydraulic, and industrial applications.
Metalic Technoforge Limited, incorporated in October 2016 and converted to public limited company in July 2025, is engaged in the business of manufacturing closed die forged and precision-machined components. The company operates through four manufacturing units in Rajkot, Gujarat (Units I, II, III operational; Unit IV proposed) comprising approximately 5,969 sq meters. The company serves diverse industries including automotive, farm equipment, oil & gas, hydraulic cylinders, gearbox, and construction equipment. Revenue grew from ₹5,085.09 Lakhs (FY 2023-24) to ₹9,554.75 Lakhs (FY 2025-26). The company makes money primarily through sales of forged and machined components (46.23% from gears and transmission components, 31.82% from general engineering components), with operations in both domestic markets (64.60% in FY 2025-26) and exports (35.40% in FY 2025-26). The business model involves procurement of raw materials (metals in ingots, billets, bars), forging, heat treatment, machining, gear cutting, and finishing.
Objects of the Issue
- Funding of capital expenditure requirements of the Company towards setting up of the proposed Manufacturing Unit IV and upgradation of existing units at manufacturing facility in Rajkot, Gujarat 3,081.13 p.113
- Full or part repayment and/or prepayment of certain outstanding secured borrowings availed by our Company 672.00 p.113
- General Corporate Purpose 593.60 p.113
Issue Structure
- Total Issue
- 64,88,000 Equity Shares aggregating to ₹4,995.76 Lakhs
- Fresh Issue
- 64,88,000 Equity Shares of face value of ₹10/- each aggregating to ₹4,995.76 Lakhs
- Offer for Sale
- N.A
- Price Band
- ₹72 (Floor Price) to ₹77 (Cap Price)
- Lot Size
- 1,600 Equity Shares (Bid Lot)
- Face Value
- ₹10/- per Equity Share
Business Model
The company earns revenue from manufacturing and selling forged and precision-machined metal components to OEMs across automotive and non-automotive industries through purchase-order-based sales. The business model involves: (1) Raw material procurement from suppliers primarily in India; (2) In-house forging using hammers and screw presses; (3) Heat treatment and shot blasting; (4) Precision machining and gear cutting; (5) Quality control and testing; (6) Sales to customers on transactional, purchase-order basis. Certain processes including specialized machining, testing, and job work are outsourced to third-party vendors. The company operates on a make-to-order model with extended credit terms to major customers.
Business Segments
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Gajipara Keyur Dhirajlal | Promoter | 26.72% | 19.49% |
| Mr. Trambadiya Dhaval Vrajlal | Promoter | 12.63% | 9.21% |
| Mr. Vadodariya Satish Rameshbhai | Promoter | 9.72% | 7.09% |
| Mr. Kapadiya Vipul K | Promoter | 9.72% | 7.09% |
| Mr. Gajipara Ronakkumar Mansukhbhai | Promoter | 15.06% | 10.99% |
| Mr. Rupapara Jay Rameshbhai | Promoter | 9.72% | 7.09% |
| Ms. Ekta Satish Vadodariya | Promoter | — | — |
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.