Metalic Technoforge Limited IPO Overview
Incorporated in October 2016, Metalic Technoforge Limited is an integrated manufacturer of closed-die forged and precision-machined metal components, supplying critical, high-strength parts to original equipment manufacturers (OEMs) across both automotive and industrial sectors. The company manufactures complex and safety-critical forged products including rings, ball studs, gears, gear blanks, coupling assemblies, and other precision-engineered components. Its customers operate across automobiles, tractors, commercial vehicles, agricultural equipment, construction machinery, hydraulic systems, and general engineering applications — both domestic and international. The company’s manufacturing facility is located in Rajkot, Gujarat, spanning 5,968.51 square metres across four units, with an installed capacity of 6,800 metric tons per annum. The facility is partially powered by a 1 MW solar power plant.
The company is launching its SME IPO on the NSE SME Emerge platform, aiming to raise approximately ₹49.96 crore through a 100% fresh issue of 64.88 lakh equity shares. The price band is ₹72 – ₹77 per share, and the lot size is 1,600 shares, making the minimum retail investment approximately ₹2,46,400. The IPO opens on 21 July 2026 and closes on 23 July 2026, with listing expected on 28 July 2026.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | NSE SME Emerge |
| IPO Open Date | 21 July 2026 |
| IPO Close Date | 23 July 2026 |
| Allotment Date | 24 July 2026 (Expected) |
| Refund Initiation | 25 July 2026 |
| Credit to Demat | 25 July 2026 |
| Listing Date | 28 July 2026 (Tentative) |
| Price Band | ₹72 – ₹77 per share |
| Face Value | ₹10 per share |
| Lot Size | 1,600 shares |
| Minimum Investment (Retail) | ₹2,46,400 (2 lots = 3,200 shares) |
| Issue Size | ₹49.96 crore |
| Fresh Issue | 64,88,000 shares (₹49.96 crore) |
| Offer For Sale (OFS) | Nil |
Note: The entire IPO is a fresh issue — no offer-for-sale component. All proceeds go directly to the company.
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | ~50% |
| Non-Institutional Investors (NII/HNI) | ~15% |
| Retail Individual Investors (RII) | ~35% |
| Market Maker | Reserved Portion |
OFS / Selling Shareholders
There is no Offer For Sale (OFS) in this IPO. The entire issue is a fresh issue — all IPO proceeds will be received directly by the company and utilized for business purposes.
Objects of the Issue (Fund Utilization)
The company plans to use the net IPO proceeds as follows:
- Capital expenditure for setting up proposed Manufacturing Unit IV and upgradation of existing units at the Rajkot facility — ₹30.81 crore
- Repayment / prepayment of certain outstanding secured borrowings — ₹6.72 crore
- General corporate purposes — remaining proceeds
Lead Managers & Registrar
- Book Running Lead Manager: Smart Horizon Capital Advisors Private Limited
- Registrar to the Issue: Bigshare Services Private Limited
- Market Maker / Syndicate Member: Shreni Shares Ltd.
Promoters & Management
The company has a multi-promoter structure comprising Mr. Gajipara Keyur Dhirajlal (Chairman & Managing Director), Mr. Trambadiya Dhaval Vrajlal, Mr. Vadodariya Satish Rameshbhai, Mr. Kapadiya Vipul K, Mr. Rupapara Jay Rameshbhai, Mr. Gajipara Ronakkumar Mansukhbhai, and Ms. Ekta Satish Vadodariya.
The promoters collectively bring strong technical expertise in precision forging, machining, and manufacturing operations, and have established long-standing relationships with domestic and international OEM customers over the years.
Company Details
Metalic Technoforge Limited is an integrated precision engineering company engaged in the manufacturing of closed-die forged and precision-machined components for automotive and non-automotive OEMs. The company handles the entire production cycle — from raw material procurement and forging to machining, quality inspection, and dispatch — within its own facilities at Rajkot, Gujarat.
Sectors Served:
- Automobiles & Passenger Vehicles
- Commercial Vehicles & Tractors
- Agricultural Equipment
- Construction Machinery
- Hydraulic Systems
- General Engineering
Key Products Manufactured:
- Forged Rings
- Ball Studs
- Gears & Gear Blanks
- Coupling Assemblies
- Other safety-critical precision-engineered components
Key Capabilities:
- Closed-die forging and precision CNC machining under one roof
- Diversified product portfolio catering to multiple end-use industries
- Supplies to both domestic and international OEMs
- Confirmed order book of ₹24.47 crore as of March 1, 2026
- Energy efficiency supported by in-house 1 MW solar power plant
Manufacturing Facility:
- Location: Rajkot, Gujarat
- Area: 5,968.51 sq. metres across four manufacturing units
- Installed Capacity: 6,800 metric tons per annum
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY24 | ₹50.85 | ₹4.26 |
| FY25 | ₹75.64 | ₹9.03 |
| FY26 | ₹95.55 | ₹12.36 |
Key Financial Metrics
- Revenue grew at a strong CAGR from ₹50.85 crore in FY24 to ₹95.55 crore in FY26 — nearly doubling in two years.
- PAT grew from ₹4.26 crore in FY24 to ₹12.36 crore in FY26 — a nearly 3x increase over two years.
- Total assets stood at ₹92.09 crore in FY26; total equity at ₹33.42 crore.
- Revenue and PAT growth of ~30% and ~37% respectively between FY25 and FY26.
- Return ratios are among the strongest in the SME engineering segment.
- The company issued bonus shares in the ratio of 16:1 in March 2026 and earlier raised capital at ₹1,250 per share in May 2025, reflecting promoter confidence.
Company Strengths
- Strong and consistent revenue and profit growth — revenue nearly doubled from FY24 to FY26, with PAT growing nearly 3x in the same period.
- Diversified product portfolio catering to multiple high-demand end-use industries — automotive, agriculture, construction, and general engineering.
- Established relationships with domestic and international OEMs, driving repeat business and healthy order visibility.
- Integrated manufacturing setup — forging, machining, and quality control under one roof in Rajkot, Gujarat.
- Entire IPO is a fresh issue — all proceeds directed to capacity expansion and debt reduction; no promoter exit.
- Planned Manufacturing Unit IV will significantly expand production capacity and support future revenue growth.
- Partial energy self-sufficiency through in-house 1 MW solar power plant, reducing operational costs.
Key Risks & Challenges
- Customer and geographic concentration: A significant portion of domestic revenue is derived from customers in Gujarat, Maharashtra, and Uttar Pradesh, accounting for 62.45% of revenue from operations in FY26 — limiting geographic diversification.
- High leverage and working capital intensity: The company carries outstanding secured borrowings and operates in a capital-intensive business requiring continuous working capital support; negative operating cash flow has been noted as a concern.
- Promoter-linked regulatory risk: Promoter Mr. Rupapara Jay Rameshbhai was formerly associated with a partnership firm against which GST proceedings are pending. Though he has retired from that firm, any adverse developments may require his participation in regulatory proceedings and could affect his reputation and the company.
- Industry cyclicality: The automotive and industrial engineering sectors are cyclical in nature; any downturn in OEM capex or demand can directly impact order inflows and revenue.
- Single location manufacturing risk: All production is concentrated at a single complex in Rajkot, Gujarat — any disruption (natural calamity, regulatory issue, or labour unrest) could materially impact operations.
- SME IPO liquidity risk: Limited secondary market trading volumes on NSE SME Emerge platform may restrict exit options for investors post listing.
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
