Advance Technoforge
Advance Technoforge Limited is a manufacturer and supplier of closed-die steel forging, upset forging, and ring rolling forging in rough and precision machined conditions. The company operates in the engineering components sector, catering to global Original Equipment Manufacturers (OEMs).
Price Band
₹95 - ₹95
Lot Size
2400 Shares
Issue Size
₹24.03 Cr
Fresh Issue
₹24.03 Cr
OFS
N/A
Registrar
AI Sentiment Score
Listing Price
Listed Aug 3
Est. Listing: ₹99 (+4.2%)
📅 IPO Timeline
1
Open
TBD
2
Close
TBD
✓
Allotment
Jul 30
✓
Refund
Jul 31
✓
Demat
Jul 31
✓
Listing
Aug 3
✨ AI Analysis & Prediction
+4.7%
predicted listing gain
The predicted listing gain is adjusted downward from the GMP due to the critical absence of QIB demand (0.0x) and a relatively high debt-to-equity ratio of 1.29. While the small float size and strong ROE provide some support, the lack of institutional backing and neutral review suggest a flat to slightly negative listing outcome.
💪 Strengths
- Strong ROE of 30.33% and ROCE of 22.52%
- 100% Fresh Issue ensures capital stays within the company
⚠️ Weaknesses
- High Debt-to-Equity ratio of 1.29
- Complete lack of QIB institutional demand (0.0x)
🚀 Opportunities
- Expansion of precision machining capabilities with new machinery
- Diversification across automotive, oil & gas, and railway sectors
🛡️ Threats
- Stagnant revenue growth over the last three fiscal years
- High competition in the forging and precision component market
🎯 Objectives of the IPO
| Requirement / Purpose | Amount (₹ Cr) |
|---|---|
| Purchase and installation of machinery for manufacturing of precision machine components at the Existing Premises (Including GST) | ₹6.08 |
| Part Funding of working capital requirements | ₹5.00 |
| General Corporate Purpose | ₹12.95 |
📊 Financial Overview
| Metric | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue (₹ Cr) | Rs 47.92 Cr | Rs 50.68 Cr | Rs 50.01 Cr |
| Net Profit / PAT (₹ Cr) | Rs 1.70 Cr | Rs 2.70 Cr | Rs 4.06 Cr |
| EBITDA / Op. Profit (₹ Cr) | Rs 3.68 Cr | Rs 5.10 Cr | Rs 7.77 Cr |
| Borrowings (₹ Cr) | Rs 11.19 Cr | Rs 17.51 Cr | Rs 17.30 Cr |
| Total Assets (₹ Cr) | Rs 28.65 Cr | Rs 39.51 Cr | Rs 46.92 Cr |
| ROCE % | 21.09% | 21.43% | 24.63% |
Debt/Equity
1.29
📋 Live Subscription Status
QIB
0.00x
NII
0.43x
Retail
2.68x
Total
1.55x
Updated: Aug 4, 2026 1:11 PM
💼 Reservation Quota
QIB
0.00%
Retail
50.00%
NII
50.00%
📈 Shareholding & Anchor Lock-In
🔗 Important Links & Lead Managers
- Check Allotment StatusCheck Now →
- Registrar WebsiteVisit →
- Download DRHP ProspectusDownload PDF 📥
- Download RHP ProspectusDownload PDF 📥
Lead Managers / Merchant Bankers
This issue is managed by Hem Securities Ltd., and Share India Capital Services Pvt. Ltd.
Disclaimer: The information provided on this page is for educational and informational purposes only and does not constitute financial advice. IPO investments are subject to market risks. AI-generated analysis is based on publicly available data and may not be accurate. Grey Market Premium (GMP) is unofficial and highly speculative. Always consult a qualified financial advisor and read the DRHP/RHP carefully before making investment decisions.
Founded in 2013, Advance Technoforge Limited has evolved into a specialist in the forging industry, providing end-to-end solutions from product conceptualization and designing to manufacturing, testing, and validation. With over 20 years of industry experience, the company has established a reputation for delivering high-quality and cost-effective engineering components.
The company's core business model revolves around the production of a wide array of precision components, including Retainer Plates, Valve Bonnets, Trunnions, Tow-Hook-Assemblies, Rod Eyes, and Bearing Housings. Its manufacturing facility is equipped with advanced in-house technologies to ensure precision and adherence to global standards.
Advance Technoforge serves a diverse client base of global Original Equipment Manufacturers (OEMs). Its products are critical components used across several high-growth industries, including automotive, oil and gas, railways, and earth-moving equipment, allowing the company to diversify its revenue streams across different sectors.
The operational scale is characterized by a dedicated focus on precision machining. The company's ability to handle both rough and precision machined conditions gives it a competitive edge in providing a complete product lifecycle for its clients.
The company is led by its promoters, Nilesh Shambhubhai Moliya, Pradipbhai Bhikhabhai Vora, Daxaben Nileshbhai Moliya, and Kajal Alpesbhai Moliya, who have maintained 100% ownership of the entity prior to this public offering.
Advance Technoforge is coming out with a Fixed Price Issue to raise approximately ₹24.03 Crores. The entire issue consists of a fresh issue of shares priced at ₹95 per equity share, with no Offer for Sale (OFS) component. The IPO was open for subscription from July 27 to July 29, 2026, with listing scheduled for August 3, 2026, on the BSE SME platform.
The proceeds from the fresh issue are earmarked for critical growth and operational needs. Specifically, ₹6.08 Crores will be utilized for the purchase and installation of machinery for manufacturing precision machine components at existing premises, while ₹5.00 Crores is allocated toward funding working capital requirements.
Financially, the company has shown a steady trend in profitability. Revenue remained stable around ₹48.24 Crore in 2024 and ₹50.73 Crore in 2026. However, the Profit After Tax (PAT) has shown growth, increasing from ₹1.70 Crore in 2024 to ₹2.70 Crore in 2025 and reaching ₹4.06 Crore in 2026.
In terms of valuation, the company reports a strong Return on Equity (ROE) of 30.33% and a Return on Capital Employed (ROCE) of 22.52%. The Basic EPS for 2026 stands at ₹6.24. When compared to peers like Tirupati Forge and Forge Auto International, the company maintains a competitive profile in terms of asset utilization and profitability margins.
Key strengths include the 100% fresh issue structure, which indicates capital infusion into the business rather than promoter offloading, and a healthy PAT margin of 8.11%. However, the debt-to-equity ratio of 1.29 is a point of concern, suggesting a relatively high reliance on borrowed capital.
Overall, the IPO presents a balanced profile for long-term investors. While the growth in PAT is encouraging, the lack of institutional (QIB) interest and the neutral review from analysts suggest that investors should approach the listing with a cautious perspective on immediate gains.