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Advance Technoforge Ltd IPO
Advance Technoforge Ltd
₹2,28,000 /2400 sharesMinimum investment
IPO details
Minimum investment
₹2,28,000
Price range
₹95 - ₹95
Lot size
1,200
Issue size
24.03 Cr
Face value
10
IPO document
Subscription rate
Data will be available soon
Schedule
27 Jul 2026
IPO open date
29 Jul 2026
IPO close date
30 Jul 2026
Allotment date
30 Jul 2026
Funds unblock or debit
3 Aug 2026
Tentative listing date
About
Founded in
2013
MD/CEO
Mr Nilesh S. Moliya
Parent organisation
Advance Technoforge Ltd
Advance Technoforge Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
The company manufactures precision forged and machined components for multiple industries. It serves OEMs across the automotive, oil and gas, railways, earthmoving, agriculture, power transmission, and industrial equipment sectors. This diversified end-user base reduces its dependence on a single industry.
The company claims to have an integrated manufacturing facility with a forging capacity of 6,000 MT per year. It operates three production lines equipped with forging, heating, trimming, and machining equipment, enabling it to manufacture forged and precision-machined components under one roof.
The company claims to have the capability to manufacture high-precision safety-critical components. According to the prospectus, it supplies components used in commercial vehicles, farm equipment, off-highway machinery, oil and gas equipment, power generation, and railway applications, where products are required to meet stringent quality and tolerance standards.
The company holds multiple quality and industry certifications. It is certified to IATF 16949 for automotive quality management systems, ISO 9001 for quality management systems, PED 2014/68/EU and AD 2000 W0 for pressure-containing parts, and IBR 1950 for boiler part manufacturing. It also holds certifications such as ZED Bronze and a Dun & Bradstreet (D&B) certificate.
The company claims to have long-standing relationships with both customers and suppliers. It states that it receives repeat orders from customers across domestic and export markets and attributes these relationships to its ability to meet delivery schedules and customer specifications over an extended period.
The company is led by promoters with industry experience in forging and machining. According to the prospectus, the promoters have around 25 years and 12 years of industry experience, respectively, and are supported by an experienced management team involved in the company’s operations and business development.
The company’s financial performance has improved over the last three financial years. Revenue from operations increased from Rs 31.44 crore in FY22 to Rs 37.79 crore in FY23 and Rs 47.96 crore in FY24. During the same period, profit after tax rose from Rs 0.40 crore to Rs 0.75 crore and Rs 1.70 crore, respectively.
The company’s revenue is highly dependent on a limited number of customers. The top 10 customers contributed Rs 17.97 crore (69.41%) in the six months ended September 30, 2024, Rs 34.54 crore (72.02%) in FY24, Rs 30.22 crore (79.98%) in FY23, and Rs 24.88 crore (79.14%) in FY22. Any failure to retain these key customers, secure repeat orders, or replace lost business could adversely affect the company’s revenue, operations, and financial condition.
The company depends on a limited number of suppliers for its primary raw material, steel, and does not have long-term supply agreements with them. The top 10 suppliers accounted for purchases worth Rs 11.69 crore (45.13%) in the six months ended September 30, 2024, Rs 22.93 crore (47.80%) in FY24, Rs 19.55 crore (51.72%) in FY23, and Rs 17.41 crore (55.38%) in FY22. Any disruption in the supply of steel, increase in raw material prices, or failure of these suppliers to meet quality or delivery requirements could adversely affect the company’s production, profitability, and financial condition.
The company does not maintain product liability insurance for its products. As it manufactures precision and safety-critical components for industries such as automotive, oil and gas, and industrial equipment, any product defects or quality issues could result in customer claims, litigation, adverse publicity, and additional costs. Any such incidents could adversely affect the company’s reputation, operations, and financial condition.
The company has reported negative cash flows from investing activities due to its ongoing capital expenditure and expansion plans. It recorded negative investing cash flows of Rs 3.75 crore in the six months ended September 30, 2024, Rs 1.83 crore in FY24, Rs 1.64 crore in FY23, and Rs 0.49 crore in FY22. According to the prospectus, the company is in a growth phase and has been investing in capacity expansion and working capital. If these investments do not generate the expected returns or continue to require significant cash injection, the company’s liquidity and financial condition could come under pressure.
As of March 5, 2025, the company had outstanding borrowings of Rs 13.34 crore from banks, financial institutions, and other lenders. These borrowings include term loans, cash credit facilities, and loans from directors, relatives, and others. Any failure to comply with loan covenants or service these borrowings could adversely affect the company’s liquidity, financial condition, and business operations.
Application details
For Advance Technoforge IPO, eligible investors can apply as Individual investor.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Individual investor | ₹95 - ₹95 | ₹2 - ₹5 Lakhs | 1200 |