Metalic Technoforge IPO

Metalic Technoforge Limitedmetalictechnoforge.com

ListedSMEIndustrialsNSE Emerge

Price band: ₹72 – ₹77
Issue size: ₹49.96 Cr
Lot size: 1600 sh
Bidding: 21 – 23 Jul
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

Metalic Technoforge is a Rajkot, Gujarat maker of closed-die forged and precision-machined components for automotive and industrial OEMs, which raised Rs 49.96 crore on NSE Emerge at a band of Rs 72-77. The whole offer was a fresh issue: offer-for-sale value is Rs 0 at both ends of the band, and promoter holding moved from 83.62% pre-issue to 61% post-issue. Revenue from operations was Rs 50.85 crore in FY24, Rs 74.37 crore in FY25 and Rs 95.55 crore in FY26, with profit after tax of Rs 4.26 crore, Rs 9.03 crore and Rs 12.36 crore across the same three years. The book closed subscribed 8.55 times overall; the shares listed at Rs 87 against a band top of Rs 77, closed the first day at Rs 83.05 and last traded at Rs 144.75 as of 23 October 2026.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

75Strong

IPOVista score

Broadly well-balanced

63% of the scoring model was backed by disclosed data for Metalic Technoforge, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

Read this before the number

SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 2016 · Rajkot, Gujarat, India · 191 employees

Metalic Technoforge makes closed-die forged and precision-machined metal components at a Rajkot, Gujarat facility comprising four units, three of them operational at the time of the issue. Its range covers big rings, small rings, ball studs, gear blanks with broaching, gears and coupling assemblies, forged from carbon steel, alloy steel and stainless steel, and from aluminium, brass and copper, to each customer's specification. Die manufacturing, forging, heat treatment, shot blasting, precision machining, testing and quality assurance are all done in-house. Buyers are original equipment manufacturers, not end users: automobile, tractor and commercial-vehicle makers on the automotive side, and makers of agricultural equipment, hydraulic equipment, construction machinery and general engineering products on the other. The company employed 191 people as of 30 June 2026 and runs a 1 MW captive solar plant at Navalgadh, Surendranagar.

Earnings come from purchase-order work for OEMs; the prospectus states there are no long-term supply agreements in place. Revenue from operations was Rs 95.55 crore in FY26 against Rs 74.37 crore in FY25, with exports to Germany, Finland, the USA, Italy, China and Turkey contributing Rs 33.82 crore, or 35.40% of FY26 revenue. Steel is the dominant input cost: materials consumed were Rs 56.80 crore in FY26, 57.97% of total income, leaving an EBITDA margin of 22.97%. The structural constraints are customer concentration and working capital — the top customer was 22.94% of FY26 revenue and the top ten 64.61% — carried against borrowings of Rs 31.78 crore on net worth of Rs 33.42 crore.

The company on paper

Legal name: Metalic Technoforge Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 4 Oct 2016
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U28999GJ2016PLC093975
Sector: Industrials · Closed-die forgings and precision-machined components for automotive and industrial OEMs
Employees: 191
Registered office: Rajkot, Gujarat, India
Promoters: Gajipara Keyur Dhirajlal, Trambadiya Dhaval Vrajlal, Vadodariya Satish Rameshbhai, Kapadiya Vipul K, Gajipara Ronakkumar Mansukhbhai, Rupapara Jay Rameshbhai, Ekta Satish Vadodariya
Promoter holding, pre-issue: 83.6%
Promoter holding, post-issue: 61.0%
Website: metalictechnoforge.com

The numbers

Financial performance

Revenue has compounded at 37.1% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

100% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹49.96 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹0
Total issue size: ₹49.96 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —
Market maker portionSME issues require a market maker to provide two-way quotes: 3,28,000

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 22.6% of the company.

Promoters
Everyone else

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription8.55×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Outcome

How it actually listed

Issue price: ₹77.00
Listed at: ₹87.00
Listing gain: up 13.0%
Since listing: up 56.9%
Against the issue price: up 77.3%

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 3,200
At cut-off price: ₹77.00
Amount blocked: ₹2,46,400

One lot is 1600 shares at ₹1,23,200. This issue requires a minimum of 2 lots, so the smallest application is ₹2,46,400. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~14%

chance of one lot, per application

Retail subscription: 7.00×
Applicants per share available: 7.0× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹87.00

listed at, 13.0% against the issue price

Issue price: ₹77.00
Premium said: —
If allotted 1600 shares: ₹16,000

Listing-day figures are as reported by the exchanges.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

Revenue from operations rose 46.25% in FY25, from Rs 50.85 crore to Rs 74.37 crore, and 28.48% in FY26, from Rs 74.37 crore to Rs 95.55 crore. Profit after tax rose 111.97% in FY25, from Rs 4.26 crore to Rs 9.03 crore, and 36.88% in FY26, from Rs 9.03 crore to Rs 12.36 crore.
EBITDA margin was 14.34% in FY24 (Rs 7.29 crore on Rs 50.85 crore), 21.62% in FY25 (Rs 16.08 crore on Rs 74.37 crore) and 22.97% in FY26 (Rs 21.95 crore on Rs 95.55 crore). Net margin on the same revenue base was 8.38%, 12.14% and 12.94% respectively.
Net worth was Rs 7.72 crore at FY24, Rs 17.40 crore at FY25 and Rs 33.42 crore at FY26. Measured against borrowings, gearing was 1.40 times at FY24 (Rs 10.81 crore on Rs 7.72 crore), 1.61 times at FY25 (Rs 27.97 crore on Rs 17.40 crore) and 0.95 times at FY26 (Rs 31.78 crore on Rs 33.42 crore).
The company describes die manufacturing, forging, heat treatment, shot blasting, precision machining, testing and quality assurance as all done in-house, at a Rajkot facility of four units, three of them operational at the time of the issue, with a 1 MW captive solar plant at Navalgadh, Surendranagar and 191 employees as of 30 June 2026.

What to weigh against it

Customer concentration: the top customer was 22.94% of FY26 revenue and the top ten 64.61%. The prospectus states there are no long-term supply agreements in place, and the record describes earnings as coming from purchase-order work for OEMs.
Borrowings were Rs 10.81 crore at FY24, Rs 27.97 crore at FY25 and Rs 31.78 crore at FY26, 2.94 times the FY24 figure over the two years, while net worth went from Rs 7.72 crore to Rs 33.42 crore over the same span.
Input cost is concentrated: materials consumed were Rs 56.80 crore in FY26, which the record puts at 57.97% of total income, and the record names steel as the dominant input cost.
Exports were Rs 33.82 crore in FY26, or 35.40% of the Rs 95.55 crore revenue from operations, to Germany, Finland, the USA, Italy, China and Turkey.

Easy to miss in the prospectus

Final-day subscription was 4.58 times in QIB, 17.42 times in NII and 7 times in retail, 8.55 times overall. The record carries only this day-3 reading, with no earlier-day book and no anchor allocation.
The shares opened at Rs 87 and closed the first listing day at Rs 83.05, 4.54% below the open and 7.86% above the Rs 77 band top; as of 23 October 2026 they stood at Rs 144.75, 87.99% above the band top.
The record holds no valuation block, no allocation split, no peer set and an empty offer-objects list, so the intended use of the Rs 49.96 crore fresh issue is not stated in it. Period-end total assets and operating cash flow are null for all three years.

Straight from the filing

Read it yourself

Every figure on this page comes out of these. Go and check them.

Metalic Technoforge — Prospectus dated 2026-07-2424 Jul 2026Filed after pricing, with every placeholder filled in.Opens on metalictechnoforge.com

Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.

The paperwork

Who is running the issue

Lead managers: Smart Horizon Capital Advisors Private Limited
RegistrarAllotment status is checked on the registrar's own site: Bigshare Services Private Limited

How these figures were checked

Reconciled to Metalic Technoforge's own prospectus and to exchange disclosures, then cross-checked against 6 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.

Metalic Technoforge Limited — Prospectus (final, post-pricing), company website · read 16 Oct 2026
Metalic Technoforge Limited — Red Herring Prospectus dated July 15, 2026 · read 16 Oct 2026
NSE — IPO detail and final bid details for symbol METALIC (SME) · read 16 Oct 2026
NSE cash-market bhavcopy, 28 July 2026 (listing day; METALIC series ST, open 87.00, close 83.05, prev close 77.00, NewBrdLotQty 1600) · read 16 Oct 2026
NSE cash-market bhavcopy, 14 October 2026 (ISIN INE1II801013 / METALIC / series ST still active) · read 16 Oct 2026
Metalic Technoforge — Offer Documents page (index of DRHP, Addendum, RHP, Prospectus) · read 16 Oct 2026

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: SME platform
Opens: 21 Jul 2026
Closes: 23 Jul 2026
Allotment: 24 Jul 2026
Lists: 28 Jul 2026
Revenue (FY26): ₹95.55 Cr
Profit (FY26): ₹12.36 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.