Metalic Technoforge Limited manufactures closed die forged and precision-machined components, supplying essential parts like gears and transmission shafts to the automotive, agricultural, and construction sectors globally.
To fund a new manufacturing unit and reduce existing debt, the company is transitioning to the public markets, aiming to raise up to ₹49.96 crores entirely through a fresh issue of 64,88,000 equity shares.
Track all the latest SME IPOs at one place,Latest SME & Mainboard IPOs of India.
The investment period for the Metalic Technoforge public offering begins on July 21, 2026, and concludes on July 23, 2026.
The price band for this NSE Emerge offering has been fixed at ₹72 to ₹77 per equity share, requiring a minimum retail bidding lot of 1,600 shares.
Provided below are the essential details for the Metalic Technoforge IPO: today's grey market premium, subscription details, the final allotment date, the price band, and a full investment breakdown.
Briefs of Metalic Technoforge IPO Details
- Price Band: ₹72 – ₹77 per share
- IPO Open / Close Dates: 21 July 2026 / 23 July 2026
- Lot Size: 1,600 shares (Minimum Bid: 3,200 shares)
- Issue Size: 64,88,000 shares / ₹46.71 – 49.96 crores
- Fresh Issue / OFS: Fresh Issue of 64,88,000 shares / OFS: Nil
- Registrar: Bigshare Services Private Limited
- Listing Exchange: NSE Emerge
Investors seeking more information to resolve their credit of share, refund related issue with Bigshare can find our Bigshare IPO allotment status guide quite useful.
IPO Reservation
- Face value: ₹10 per share
- Anchor offer: Up to 18,40,000 Equity Shares
- QIB-shares: Not more than 30,72,000 Equity Shares
- NIIs-Shares offered: Not less than 9,28,000 Equity Shares
- RIIs- Shares offered: Not less than 21,60,000 Equity Shares
What are Today's Grey Market Trading Rates for the Metalic Technoforge Issue?
Present grey market premiums (GMP) for this and other offerings are available on our dedicated tracker page.
Note:These rates fluctuate daily according to market demand and serve as informal indicators outside the regulation of SEBI, NSE, or BSE.
Check these reports for more GMP behaviours: IPO GMP vs Listing Accuracy Study 2026
&
GMP vs Listing Gains June 2026 IPOs: A Data Analysis of 22 IPOs
What is the Official Timeline and Share Allotment Schedule for the Metalic Technoforge IPO?
- IPO Open & Close Date: 21 July 2026 to 23 July 2026
- Basis of Allotment Date: 24 July 2026
- Refund Initiation Date: 27 July 2026
- Credit of Shares: 27 July 2026
- Listing Date: 28 July 2026
What Are The Stated Objectives of Metalic Technoforge IPO?
The net capital from this fresh public issue is designated for three principal operational commitments:
- Capital Expenditure: An allocation of ₹30.81 crores is earmarked for establishing "Manufacturing Unit IV" and upgrading existing units. This aims to increase forging capacity from 6,800 MT to 8,800 MT per annum and bring currently outsourced processes in-house.
- Debt Repayment: The company plans to use ₹6.72 crores to prepay or repay outstanding secured borrowings, improving its overall debt-to-equity profile.
- General Corporate Purposes: The residual funds will be allocated to support daily operational tasks and long-term corporate strategies.
How has Metalic Technoforge Performed Financially According to its Reported Records?
Provided below are the key financial metrics of the company, extracted from reports measured in rupees crores.
Period Ended | 31 Mar 26 | 31 Mar 2025 | 31 Mar 24 |
Total Income | 97.98 | 75.64 | 51.50 |
Profit After Tax | 12.36 | 9.03 | 4.26 |
EBITDA | 21.95 | 16.08 | 7.29 |
Total Borrowing | 31.78 | 27.97 | 10.81 |
Assets | 92.09 | 65.10 | 33.67 |
Source: RHP
Financial Observations
Total Income
The company registered strong top-line expansion across the observed fiscal years.
- Total income climbed from ₹51.50 crores in FY24 to ₹97.98 crores in FY26.
- A strategic shift toward high-margin export markets facilitated this steady growth.
- Exports accounted for 35.40% of the revenue in FY26, up from 18.57% in FY24.
Profit After Tax
Net profit showed substantial upward movement as operational capabilities matured.
- PAT surged from ₹4.26 crores in FY24 to ₹12.36 crores in FY26.
- This increase pushed PAT margins up from 8.39% to 12.94% over the same period.
- Bringing precision processing in-house reduced outsourced job-work expenses, aiding the bottom line.
EBITDA
Operating earnings expanded significantly as the business utilized its asset base efficiently.
- EBITDA improved from ₹7.29 crores in FY24 to ₹21.95 crores in FY26.
- The EBITDA margin reached an impressive 22.97% in the latest fiscal year.
- High capacity utilization (90.22%) ensured optimal absorption of fixed overheads.
Total Borrowing
The firm utilized external capital to finance its aggressive expansion plans.
- Total borrowing stood at ₹31.78 crores in FY26, increasing from ₹10.81 crores in FY24.
- Despite rising debt levels, strong profit generation pushed the net worth up.
- Consequently, the Debt-to-Equity ratio improved favorably to 0.95x in FY26 from 1.61x in FY25.
Assets
The overall resource base widened considerably to accommodate higher production targets.
- Total assets expanded from ₹33.67 crores in FY24 to ₹92.09 crores in FY26.
- This asset build-up is tied directly to heavy capital expenditures on factory upgrades.
- Upcoming investments in "Unit IV" will further enlarge this balance sheet metric.
What Are the P/E ratio and Peer Comparison?
The P/E multiple, determined by dividing equity price by EPS, serves as a standard tool for evaluating the market value of company earnings.
At the maximum proposed issue price of ₹77 and an FY26 Basic EPS of ₹7.12, the stock trades at a P/E multiple of roughly 10.81x.
Company | EBITDA (₹ Cr) | Profit After Tax (₹ Cr) | EPS (Basic) (₹) | P/E Ratio | RoNW (%) |
Metalic Technoforge Limited | 21.95 | 12.36 | 7.12 | 10.81 | 37.00 |
Amic Forging Limited | 42.77 | 28.28 | 26.78 | 66.91 | 13.31 |
Tirupati Forge Limited | 15.86 | 6.30 | 0.51 | 135.43 | 4.72 |
Paramount Speciality Forgings Ltd | 7.49 | 4.26 | 2.16 | 14.93 | 7.57 |
This report is quite useful if you want to learn more about IPO valuations and listing behaviours: IPO Valuation vs Listing Performance Study 2026
Analysis:
Metalic Technoforge enters the primary market demanding a P/E multiple of approximately 10.81x at the upper price band.
When compared to the industry composite P/E of 72.42 and listed peers like Amic Forging (66.91x) and Tirupati Forge (135.43x), the issue appears aggressively priced at a steep discount.
While operating on a slightly smaller revenue base, Metalic Technoforge commands a better Return on Net Worth (RoNW) of 37.00%, heavily outpacing competitors that operate with single-digit or low double-digit returns.
This indicates an efficient utilization of shareholder equity and exceptional pricing power within the sector.
What is The Industry Outlook of Metalic Technoforge?
Growth potential: The Indian forging and precision-machined component sector is experiencing robust tailwinds. Domestic demand from the automotive, construction, and agricultural machinery segments is strong. Concurrently, the global "China Plus One" supply chain strategy is driving export opportunities for established Indian manufacturers.
Market trends and competitors: The closed-die forging segment is capital-intensive and highly competitive, characterized by stringent OEM quality standards. Success hinges on keeping raw material procurement costs low, ensuring high factory utilization, and maintaining the capacity to deliver complex, customized engineering parts without relying heavily on third-party job workers.
You may find this GMP study useful: 25 Mainboard IPOs: GMP vs Actual Listing Performance – A Data Study
What Are The Strengths and Risks of Metalic Technoforge IPO ?
Strengths:
- High Capacity Utilization: The company operates its existing facilities at 90.22% capacity, demonstrating strong demand and operational efficiency.
- Export Growth: Sales to countries like Germany and the USA accounted for 35.40% of revenues in FY26, up from 18.57% in FY24, improving overall margin profiles.
- Superior Return Metrics: The business generates a standout Return on Net Worth (RoNW) of 37.00%, easily outpacing its listed industry peers.
Risks:
- Customer Concentration: The top 10 customers accounted for 64.61% of total revenue in FY26. The departure of any key client poses a significant risk to future cash flows.
- Supplier Dependency: The top 10 suppliers comprise 68.16% of total purchases. Lacking long-term supply contracts leaves the firm vulnerable to steel price volatility.
- Leased Properties: Three of the four manufacturing units are located on leased or licensed properties, some owned by promoter group members, introducing potential relocation risks if leases are discontinued.
Key Considerations for Investors
- Strong Return Metrics: The company reported a robust 22.97% EBITDA margin and a 37.00% RoNW in FY26, offering a competitive P/E valuation against listed peers.
- Concentration Risks: Business is highly concentrated, with the top 10 customers generating 64.61% of FY26 revenue and the top 10 suppliers accounting for 68.16% of purchases.
- Cash Flow Strain: Despite rising profits, high working capital requirements led to negative operating cash flows of ₹(0.96) crores in FY26.
- Leased Infrastructure: Three of the four manufacturing facilities operate on leased premises, introducing potential long-term relocation risks.
important IPO Resources:
1. June 2026 IPO Review: 22 IPOs, ₹2,502 Cr Raised & 75.98x Average Subscription
2. IPO Allotment Status – How to Check Allotment Status of IPO Shares
3. Latest IPO Subscription Status Today | Live Updates
4. IPO Glossary: 100+ Important Terms Every Investor Should Know
5. Q3 FY26 IPO Performance Report: 3-Month, 6-Month, 9-Month & 1-Year Post-Listing Returns Analysis
Key Takeaways
- IPO Price Band: ₹72 to ₹77 per equity share
- Lot Size: 1,600 shares (Minimum retail investment of ₹1,23,200)
- Allotment: Allotment on 24 July 2026;
- Listing Dates: Listing on NSE Emerge on 28 July 2026
FAQs on Metalic Technoforge IPO
What are today's grey market trading rates for the Metalic Technoforge issue?
Investors can monitor live grey market data for this SME issue on our central hub page, where unofficial premium levels shift daily in response to changing market sentiment.
What is the price band established for the Metalic Technoforge stock issue?
The company has set its official IPO pricing bracket between ₹72 and ₹77 per share.
When can investors expect the official allotment of Metalic Technoforge shares to take place?
The company is scheduled to establish the official basis of allotment on July 24, 2026.
How to check Metalic Technoforge IPO allotment status?
After the share allocation process is finalized, applicants can verify their results by inputting their PAN or application number on the Bigshare Services website.
What is the listing date of Metalic Technoforge IPO?
Trading for these shares is proposed to commence on the NSE Emerge exchange on July 28, 2026.
Investment Perspective on Metalic Technoforge IPO
Metalic Technoforge presents a compelling IPO opportunity, driven by robust financials including a 37% Return on Net Worth and expanding EBITDA margins of 23% in FY26.
The company’s strategic expansion into high-margin export markets and in-house processing strengthens its competitive edge.
Proceeds will fund a 2,000 MTPA capacity expansion and debt reduction.
However, investors must weigh significant customer concentration and recent negative operating cash flows against its strong growth trajectory.
Disclaimer:
This content serves as an educational reference rather than investment counseling. It is highly recommended to seek professional guidance from a SEBI-approved advisor before investing.
