All IPOs

Advance Technoforge

SME · BSE listed
-1.05%
Listing gain
Price Band
₹95
Issue Size
₹24.03 Cr
1 lot at upper band
₹1,14,000
Lot Size
1,200
Open
27 Jul 2026
Close
29 Jul 2026
Allotment
—
Listing
03 Aug 2026

Scheduled dates

  1. Open
    27 Jul 2026
  2. Close
    29 Jul 2026
  3. Refund
    31 Jul 2026
  4. Demat credit
    31 Jul 2026
  5. Listing
    03 Aug 2026

Listing Performance

Listing Price
₹94
Listing Gain
-1.05%
Day Close
—
Current (LTP)
— (—)

GMP Trend*

Daily grey market premium (₹). Unofficial.

Latest GMP: ₹4 7 sessions

Subscription (times)

Latest per-category subscription · as of 29 Jul, 06:56 pm IST.

NII 0.43x
BHNI 0.14x
RII 2.68x
Total 1.55x

About Advance Technoforge

Advance Technoforge Limited is primarily engaged in manufacturing forged steel machined components of Carbon Steel, Alloy Steel and Stainless Steel, specializing in Closed Die Forging, Upset Forging and Ring Rolling Forging. The company supplies these products to automotive, general engineering, oil & gas, earth moving and heavy machinery industries as an original equipment manufacturer (OEM). The company was incorporated in August 2013 and manufactures precision machined components as per customer specifications and international standards, catering to various industries including automobiles, industrial valves & pumps, earth moving equipment, power transmission, and construction machinery. The company is among the few companies in India with capability to manufacture high precision safety critical components to leading OEMs and complies with international standards like IATF 16949:2016, ISO 9001:2015, PED-2014/68/EU & AD 2000 W0, and IBR 1950.

www.advancetechforge.com ↗

Strengths

  • 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

  • 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.

Objects of the Issue

  • Purchase and installation of plant and machineries for manufacturing of precision machine components at the Existing Premises
    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.
    7.19 crores
  • Part funding of working capital requirements
    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.
    7.25 crores
  • Repayment / Prepayment of all or certain borrowings availed by the Company
    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.
    2.40 crores
  • General Corporate purposes
    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.
    3.59 crores

Financial Snapshot

Annual values as reported in the offer document.

Year endRevenueRev. growthProfitProfit growthAssetsEquityOperating cash flow
31/03/202650.73-0.8%4.06+50.4%46.9213.694.45
31/03/202551.16+6.1%2.70+58.8%39.519.633.79
31/03/202448.24—1.70—28.656.940.19
Units: crores

Issue Details

Face Value
₹10
P/E
15.22
ROCE
22.52%
Shares / Lot
1,200
Minimum Bid
2,400 shares
Refund
31 Jul 2026
Credit to Demat
31 Jul 2026
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
DRHP ↗

Management

Nilesh Shambhubhai MoliyaMD
Pradipbhai Bhikhabhai VoraCEO
Shraddhaben Pradipbhai VoraDirector
Satyam Nanjibhai ThummarDirector
Chirag GhadiyaDirector
Payal BansalCOO
Bipinkumar SanganiCFO
Divyeshkumar Rajeshbhai TilvaDirector of HR
Birendra Kumar PalDirector of Operations
Ketanbhai Kishorbhai GondaliyaCTO

* Grey Market Premium is unofficial, indicative data from unregulated grey-market dealers. It is not published by NSE, BSE, SEBI or the issuer, and is not a forecast of the listing price.