Severepromoterpage 30
Promoter's erstwhile partnership faces GST proceedings
Our Promoter, Mr. Rupapara Jay Rameshbhai, was formerly associated with a partnership firm against which Goods and Services Tax proceedings are pending
ListedSMEEngineeringMETALIC
Metalic Technoforge IPO
Metalic Technoforge IPO is a sme IPO raising ₹50 Cr at ₹72 – ₹77 a share. It listed on 28 Jul 2026. We do not have a current price for it yet. It was subscribed 0.00× in total.
₹77
Issue price
—
Price now
—
Since issue price
28 Jul 2026
Listed on
0.00×Subscribed (final) · all exchanges
No bids yet
populated partly populated we hold nothing here — the tab says why
What the prospectus says could go wrong
Read from the 445-page prospectus. Indian prospectuses list hundreds of risk factors, most of them generic boilerplate. These are the 14 specific to this company; 73 generic ones were skipped. Every one is quoted verbatim with its page, so you can check it against the document.
Severeconcentrationpage 37
Top 5 customers are 45% of revenue, no long-term contracts
Top 5 Customers 4,333.25 45.35% ... our sales to these customers are transactional and purchase order-based and we do not have long-term agreements or assured repeat business arrangements
Severeoperationalpage 53
Manufacturing facility and office leased from promoters
While only a portion of Unit I is owned by us, the remaining units as well as our registered office are not owned by us and are occupied on a lease or leave and license basis from our Promoters, and Promoter Group members.
Severepromoterpage 46
Promoter group entities in the same line of business
our group Companies includes M/s. Motiontech Solution LLP and Siddheshwar Technoforge Private Limited which are engaged in a similar line of business as our Company
Highconcentrationpage 31
Domestic revenue concentrated in three states
customers located in Gujarat, Maharashtra and Uttar Pradesh which accounted for 62.45%, 59.22%, and 78.70% of our revenue from operations
Highconcentrationpage 38
Product concentration in Gears and Transmission Components
Gears and Transmission Components 4,417.22 46.23% ... If the sales volume or pricing Gears and Transmission Components, declines in the future, our business, financial condition, cash flows and results of operations could be materially adversely affected
Highmarketpage 33
Germany export concentration with unhedged FX exposure
Germany 1,968.87 20.61% ... We do not currently hedge our foreign currency exposures, and significant exchange rate movements could adversely affect our financial performance
Highconcentrationpage 35
Top supplier at 26% of purchases, no long-term contracts
Top 1 Supplier 1,501.05 25.81% ... We do not have long-term or exclusive contractual arrangements with our suppliers
Highregulatorypage 39
Section 185 violation and recurring ROC/statutory filing lapses
the transactions were not in compliance with the provisions of Section 185 of the Companies Act, 2013 ... the Company has refiled a compounding application ... bearing SRN AC4600311 dated July 14, 2026 ... and the application is currently under process
Highfinancialpage 46
Negative operating cash flow in FY26 despite profits
Our net cash used for operating activities for period ended March 31, 2026, was at ₹96.34 lakhs as compared to the Profit Before Tax at ₹1,763.11 lakhs
Highfinancialpage 44
Working capital requirement surged fivefold in three years
net working capital requirement ... stood at Rs. 762.60 lakhs, Rs. 2,018.09 lakhs, and Rs. 3,997.82 lakhs for, FY 2023-24, FY 2024-25, and FY 2025-26
Highfinancialpage 52
Unsecured, interest-free loans from promoters may not continue post-IPO
Loans from related parties do not carry any interest and have been extended to the Company on favourable and flexible terms. There can be no assurance that such financial support or similar favourable terms will continue to be available to the Company in future, especially after completion of the Public Issue.
Highoperationalpage 53
Employee attrition spiked to 24.18% in FY26
Attrition Rate %* 24.18% 10.57% 22.92% ... Our operations are human capital intensive, and we are highly dependent on our skilled and unskilled personnel for our business operations due to which we have experienced a high attrition rate in recent years
Highoperationalpage 51
IT systems not fully integrated; reliance on manual processes
our IT infrastructure is not fully integrated across all key business function, as a result, our operations depend, to a certain extent, on manual intervention and fragmented systems, which may limit real-time visibility and coordination across departments.
Extracted from the issuer’s own prospectus and ranked by how specific and material each risk is to this company. Severity is our assessment of the disclosure, not a prediction — and nothing here is a recommendation to apply to this issue.
What’s in court
The issuer’s own summary of outstanding legal proceedings — SEBI requires this table in every prospectus. Counts and amounts are as disclosed.
| Against | Criminal | Tax | Other material | Amount at stake |
|---|---|---|---|---|
| The company | 0 | 1 | 0 | ₹0.1 Cr |
| Promoters | 1 | 3 | 0 | ₹0.0 Cr |
| Directors | 0 | 0 | 0 | — |
| Subsidiaries | 0 | 0 | 0 | — |
| Group companies | 0 | 8 | 0 | ₹1.6 Cr |
case₹0.7 Crpage 340
Motiontech Solution LLP (Group Co) – GST SCN u/s 73 dated Jan 29, 2026 for excess ITC in GSTR 3B vs 2B (Mar 2024); total Rs 69,96,120; reply filed Feb 28, 2026, order pending
case₹0.3 Crpage 341
VG Metpro Pvt Ltd (Group Co) – GST Intimation DRC-01A u/s 74(5) dated Sep 4, 2025 for FY 2021-22 ineligible ITC; total Rs 32,41,732; reply pending
case₹0.3 Crpage 340
VG Metpro Pvt Ltd (Group Co) – GST Order DRC-07 u/s 74 dated Jul 17, 2025 for FY 2021-22 ITC without actual receipt of goods/services; total Rs 30,97,430; appeal filed Sep 8, 2025
case₹0.1 Crpage 341
VG Metpro Pvt Ltd (Group Co) – GST SCN DRC-01 u/s 74(5) dated Nov 20, 2024 for FY 2022-23 wrongly availed ITC; total Rs 14,81,320; reply pending
case₹0.0 Crpage 339
Akshar Engineers (partnership firm of a Promoter) vs Steemax Valves & Automation Pvt Ltd – S.138 NI Act cheque bounce of Rs 3,00,000 (Case CC/140/2024) before Taluka Court-Kotda Sangani
Amounts converted to Rs crore (1 crore = 100 lakh = 10 million). Company: 1 direct-tax TDS default, aggregate Rs 5,76,632 explicitly stated as TOTAL. Promoters: 3 direct-tax demand notices aggregating Rs 21,760 plus 1 criminal matter for Rs 3,00,000 (cheque amount). Group companies: 6 GST (indirect-tax) matters aggregating Rs 1,56,42,318 and 2 TDS (direct-tax) defaults aggregating Rs 99,266.50, total Rs 1,57,41,584.50. Directors (non-promoter) bucket NIL — all PART 2 matters name explicitly identified Promoters (Mr. Kapadiya Vipul K, Ms. Ekta Satish Vadodariya). Subsidiaries NIL — Company states it has no subsidiary. KMPs/SMPs NIL. No SEBI/stock-exchange disciplinary actions, no wilful defaulter/fraudulent borrower status, no material frauds, no economic-offence proceedings, no non-payment of statutory dues. No grand total is explicitly stated in the document.. Outstanding means unresolved — a listed case is an exposure, not a verdict.
Source documents
What the issuer and the exchanges published. Everything else on this tab is read out of these.
Prospectus on SEBI ↗
The full prospectus — business, financials, risk factors and litigation.
Anchor investor allocation ↗
Which institutions were allotted shares before bidding opened, and how many.
Basis of issue price (peer ratios) ↗
The issuer's own "basis of issue price": the earnings multiples it is asking for, and the peer companies it chose to compare itself against.
Red Herring Prospectus ↗
The full prospectus — business, financials, risk factors and litigation.