Metalic Technoforge IPO
Metalic Technoforge IPO is an SME IPO raising ₹50 Cr at ₹72 – ₹77 a share. It listed on 28 Jul 2026 at ₹87, +13.0% against its issue price of ₹77, and trades at ₹140 today (+81.8% since issue). It was subscribed 9.67× in total.
9.7 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
Metalic Technoforge Limited, incorporated in 2016 and based in Rajkot, Gujarat, manufactures closed-die forged and precision-machined metal components such as gears, gear blanks, rings, ball studs, coupling assemblies, shafts, hydraulic components and other safety-critical parts. It supplies these primarily to OEMs in India's automotive sector (automobiles, tractors, commercial vehicles) and non-automotive sectors (agricultural/farm equipment, construction machinery, hydraulic equipment, oil & gas, general engineering). It also exports to OEMs in Germany, the USA, Finland, Italy, China and Turkey.
How it earns
Revenue comes from selling forged and machined components (with a small portion from scrap sales and job-work/process-fee services); the company also earns a small share by outsourcing some processes to third-party vendors but its core earner is direct product sales to OEMs.
Who buys
Supplies domestic and overseas OEMs in automobiles, tractors, commercial vehicles, farm/agricultural equipment, construction machinery, hydraulic equipment, oil & gas and general engineering. Export markets include Germany, the United States, Finland, Italy, China and Turkey. No single-customer concentration percentage is disclosed; in FY26 the company served 181 customers (102 repeat, 79 new) and repeat customers contributed 89.10% of revenue from operations (vs. 87.46% in FY25 and 67.70% in FY24). FY26 revenue from operations was ₹9,554.75 lakhs (≈₹95.55 crore).
Scale
Single manufacturing facility in Rajkot, Gujarat comprising four units (three operational, one vacant earmarked for expansion), with combined area of ~5,968.51 sq m (~64,244.53 sq ft); installed forging & machining capacity of 6,800 MT per annum; heat-treatment capacity ~1,200 MT per month; machining capacity ~3.00 lakh components per month; 1 MW captive solar plant on 4 acres; 191 employees as on the RHP date.
What it says sets it apart
- Integrated in-house manufacturing covering design/NPD, die-making, forging, heat treatment, shot blasting, machining and gear teeth cutting, with installed forging & machining capacity of 6,800 metric tons per annum and combined heat-treatment furnace capacity of ~1,200 MT per month across one 400 MT/month and one 800 MT/month furnace.
- Diversified product mix across six end-use industries (farm equipment 29.62%, general engineering 21.51%, oil & gas 12.00%, hydraulic 9.05%, automotive 6.30%, construction equipment 7.16% in FY26) and capability to forge components from 0.25 kg to 16 kg and up to 700 mm length.
- Confirmed order book of ₹2,761.15 lakhs (≈₹27.61 crore) as on June 30, 2026, with typical execution cycle of 1–3 months.
- Long-standing customer relationships: 89.10% of FY26 revenue from 102 repeat customers; customer base has grown from 98 customers in FY24 to 181 in FY26.
- Sustainability/energy hedge via a 1 MW solar power plant spread over 4 acres that supports approximately 40%–60% of total energy requirements; holds IATF 16949, ISO 14001:2015, ISO 45001:2018, PED-2014/68/EU & AD 2000 W0 and ZED Bronze certifications and provides 3.1 test certificates with shipments.
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs77 / stated EPS Rs7.12 (FY 2025-26 (year ended March 31, 2026), Basic & Diluted EPS, restated post bonus issue, per AS 20). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
The last few years in numbers
From the prospectus’s own summary financial table (restated standalone). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| FY2026 | ₹96 Cr+28% | ₹12 Cr+37% | 12.9% | ₹33 Cr | ₹32 Cr |
| FY2025 | ₹74 Cr+46% | ₹9 Cr+112% | 12.1% | ₹17 Cr | ₹28 Cr |
| FY2024 | ₹51 Cr | ₹4 Cr | 8.4% | ₹8 Cr | ₹11 Cr |
Where the money goes
The offer →Most of this issue is new shares — the money raised goes to the company, not to exiting shareholders.
How its cohort has done
131 SME issues listed in 2026 that we can price today. This is the group this issue belongs to.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
What could go wrong
All 14risks & documents →From the register read out of the issuer’s own prospectus — each item is quoted verbatim with its page on the risks tab.
Led by Smart Horizon Capital Advisors Private Limited — median +20.1% across the 10 of its issues we can price. All lead managers →
What happens when
What to watch
- Priced at 10.8× earnings — 84% below the median of the peers the issuer itself names.
- The register's top risk: Promoter's erstwhile partnership faces GST proceedings (prospectus page 30).
- Its cohort's record: median +8.4% since issue price, 46.6% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track METALIC TECHNOFORGE LTD
Results, orders, board decisions and every other filing — summarised and sent to your WhatsApp the minute they are out.
Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.