Sanjay Bambhaniya · Jul 16, 2026

Metalic Technoforge IPO Review | APPLY or AVOID?

SME Book Build Allotted

Industrial Products

NSE SME

Price Band

₹72 - ₹77

Issue Size

₹49.96 Cr

Lot Size

1600

Min. Investment

₹1,23,200

Live GMP ₹6

7.79% Est. Listing: ₹83

SIP Calc Compare

IPO Timeline

DRHP FILED March 31, 2026

OPEN July 21, 2026

CLOSE July 23, 2026

ALLOTMENT July 24, 2026

LISTING July 28, 2026

IPO DETAILS REVIEW GMP SUBSCRIPTION ALLOTMENT STATUS

Metalic Technoforge IPO Review

Metalic Technoforge Ltd. started in October 2016. It operates in the industrial products industry. It provides closed-die forged and precision-machined components to its customers across domestic and global markets. This business is based in Rajkot. This IPO review covers the main facts of the offer. It helps you decide if the issue fits your portfolio. Metalic Technoforge Ltd. shows rapid growth but the sustainability of inflated profit margins remains a key point to consider investors. (Surging profits in recent fiscals demand careful evaluation.)

Strengths & Risks

Strengths

Integrated die forging manufacturing facility

Diversified product portfolio across sectors

In-house solar power captive plant

Internationally recognized quality process certifications

High historic return equity margins

Advanced CNC infrastructure machinery setup

Strong global OEM client relationships

Multi-metal raw material capability handling

8 Strengths Competitive Edge

Weaknesses

Aggressively priced post-issue earnings valuation

Highly fragmented competitive industrial market

Scaled up margins risk sustainability

Omitted post-issue NAV document data

Missing promoter acquisition cost calculations

Raw material price fluctuation exposure

Capital intensive ongoing operational setup

Moderate lead manager listing performance

8 Weaknesses Monitor Closely

Financial Update

The company released its restated financial statements for the year ending March 31, 2025. Total revenue was ₹75.64 crore. Revenue increased from ₹51.50 crore in the previous year. The net profit for the same period was ₹9.03 crore. Net profit increased from ₹4.26 crore in the previous year. Assets increased by 93.35% compared to the previous year. Revenue expanded nicely across recent financial periods. Profit margins recorded a sharp jump during this interval. Total income reached ₹43.22 crore in the first half of FY26. Net profit stood at ₹5.28 crore during the same H1 FY26 period. This trend should be carefully studied prior to any investment.

IPO Valuation

The upper price band is ₹77. This price leads to a Price-to-Earnings (P/E) ratio of 14.92 based on FY26 earnings. The average P/E for the industry is —. Valuation appears demanding based on recent profit spikes. Investors should evaluate whether these expanded margins can continue in future years.

IPO Objective

Company will use Offer proceeds to meet stated objectives:

Capital expenditure for setting up Manufacturing Unit IV in Rajkot (₹30.81 Cr.)

Upgradation of existing units at the Rajkot manufacturing facility

Full or part repayment or prepayment of secured borrowings (₹6.72 Cr.)

General corporate purposes

Promoters & Lead Manager

Promoters are Gajipara Keyur Dhirajlal, Trambadiya Dhaval Vrajlal, Vadodariya Satish Rameshbhai, Kapadiya Vipul K, Rupapara Jay Rameshbahi, Gajipara Ronakkumar Mansukhbhai, and Ekta Satish Vadodariya

Promoters hold 83.63% pre-issue equity stake in the firm.

Promoters possess over a decade of combined industry experience.

Smart Horizon Capital Advisors Pvt.Ltd. is managing this SME IPO.

* Lead manager handled twenty-six mandates in last three fiscals. Track record shows two issues listed at discount.

Disclaimer: The information provided on this website is for general informational purposes only. Before making any investment decisions, you must consult with a qualified financial adviser.

Peer Comparison

Below is the comparison of the company with its listed peers using data from July 16, 2026. Peer companies operate under different business parameters. Direct comparisons do not provide an exact basis for valuation.

Company Name	EPS (Basic)	EPS (Diluted)	NAV (₹ per share)	P/E (x)	RoNW (%)	P/BV Ratio
Metalic Thermoforminge Ltd	7.12	7.12	19.1		37
Amic Forging Ltd	26.78	26.78	197.6	66.91	13.31	9.09
Tirupati Forge Limited	0.51	0.51	10.53	135.43	4.72	6.9
Paramount Speciality Forgings Limited	2.16	2.16	28.57	14.93	7.57	1.14

IPO Review & Analyst Rating

The company manufactures precision die components for equipment OEMs. Top line growth remains strong alongside higher profit margins.

Analyst Name	Recommendation
Overall	Cautious / Neutral but optimistic long-term
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Disclaimer: The information on the site is informational only. The contents of this blog are not financial advice. You should not invest in any stock market instrument without consulting your Financial advisor.

Sanjay Bambhaniya

Sanjay has 8+ years of experience in data-driven IPO insights. His expertise in digital marketing and web development complements his financial knowledge and helps him to develop effective fintech solutions. He is an entrepreneur and director who helps investors understand complex primary market trends in easy-to-understand IPO reports, news, and updates.

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