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Metalic Technoforge
SME · NSE listed
+12.99%
Listing gain
Price Band
₹72 – ₹77
Issue Size
₹49.96 Cr
1 lot at upper band
₹1,23,200
Lot Size
1,600
Open
21 Jul 2026
Close
23 Jul 2026
Allotment
—
Listing
28 Jul 2026
Scheduled dates
- Open21 Jul 2026
- Close23 Jul 2026
- Refund24 Jul 2026
- Demat credit27 Jul 2026
- Listing28 Jul 2026
Listing Performance
Listing Price
₹87
Listing Gain
+12.99%
Day Close
—
Current (LTP)
— (—)
GMP Trend*
Daily grey market premium (₹). Unofficial.
Latest GMP: ₹6 7 sessions
Subscription (times)
Latest per-category subscription · as of 23 Jul, 03:20 pm IST.
QIB 1.63x
BHNI 11.98x
SHNI 5.11x
RII 3.97x
Total 4.53x
About Metalic Technoforge
Metalic Technoforge Limited is a company incorporated in 2016, engaged in manufacturing closed die forged and precision-machined components. The company's product portfolio comprises complex and safety critical forged and precision-machined products including big rings, small rings, ball studs, gear blanks with broaching, gears, coupling assemblies and other critical components catering to diverse end-use industries. The company primarily serves domestic and global original equipment manufacturers across automotive and non-automotive industries, with operations including die manufacturing, forging, heat treatment, shot blasting, precision machining, testing and quality assurance processes.
www.metalictechnoforge.com/ ↗Strengths
- Manufacturing facilityThe 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 portfolioThe 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 ControlThe 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 BookThe 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 customersThe 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 teamThe 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
- Regulatory and Statutory Compliance RiskThe 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 RiskA 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 RiskThe 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 RiskThe 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 RiskThe 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 RiskThe 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 RiskThe 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.
Objects of the Issue
- Funding of capital expenditure requirements towards setting up Manufacturing Unit IV and upgradation of existing unitsThe 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.30.81 crores
- Full or part repayment and/or prepayment of certain outstanding secured borrowingsThe 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.6.72 crores
- General corporate purposesThe 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.
Financial Snapshot
Annual values as reported in the offer document.
| Year end | Revenue | Rev. growth | Profit | Profit growth | Assets | Equity | Operating cash flow |
|---|---|---|---|---|---|---|---|
| 31/03/2026 | 97.98 | +29.5% | 12.36 | +36.9% | 92.09 | 33.42 | -0.96 |
| 31/03/2025 | 75.64 | +46.9% | 9.03 | +112.0% | 65.10 | 17.40 | 1.87 |
| 31/03/2024 | 51.50 | — | 4.26 | — | 33.67 | 7.72 | 2.05 |
Units: crores
Issue Details
- Face Value
- ₹10
- P/E
- 15.00
- ROCE
- 36.00%
- Shares / Lot
- 1,600
- Minimum Bid
- 3,200 shares
- Refund
- 24 Jul 2026
- Credit to Demat
- 27 Jul 2026
- 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
Management
Mr. Gajipara Keyur DhirajlalMD
Mr. Trambadiya Dhaval VrajlalCEO
Ms. Ekta Satish VadodariyaDirector
* 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.