Advance Technoforge Ltd IPO
Castings, Forgings & Fastners
Price Band
₹95 – ₹95
Lot Size
1200
Minimum Bid Quantity
2400
Minimum Investment
₹228000
Issue Size
₹24.03Cr
Opens
2026-07-27
Closes
2026-07-29
Listing
03-08-2026
Subscription Status
Qualified Institutional Buyers
0 x
Non-Institutional Investor
0.48 x
Retail Individual Investor
2.67 x
Total
1.52 x
IPO Details
Issue Type
EQUITY
Face Value
₹10
Tick Size
1
ISIN
INE13ZJ01010
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Advance Technoforge Limited is a manufacturer of forged and precision machined components for original equipment manufacturers (OEMs) across the automotive, oil and gas, railways, earthmoving, agriculture, power transmission, construction machinery, and industrial equipment sectors. The company manufactures components according to customer specifications and international standards, with additional processing capabilities such as powder coating, CED coating, galvanising, plating, polishing, passivation, ultrasonic cleaning, and machining. Its product portfolio includes tow hook assemblies, valve bodies, steering knuckles, connecting rods, bearing housings, gear shifter forks, hydraulic components, flanges, and other engineered parts used in a range of industrial applications. The company manufactures products using materials such as carbon steel, alloy steel, stainless steel, and bearing steel. Its manufacturing facility has a forging capacity of 6,000 MT per year and operates through three production lines equipped for forging, heating, trimming, and precision machining.
Pros
- • The company manufactures precision forged and machined components for multiple industries. It serves OEMs across the automotive, oil and gas, railways, earthmoving, agriculture, power transmission, and industrial equipment sectors. This diversified end-user base reduces its dependence on a single industry.
- • The company claims to have an integrated manufacturing facility with a forging capacity of 6,000 MT per year. It operates three production lines equipped with forging, heating, trimming, and machining equipment, enabling it to manufacture forged and precision-machined components under one roof.
- • The company claims to have the capability to manufacture high-precision safety-critical components. According to the prospectus, it supplies components used in commercial vehicles, farm equipment, off-highway machinery, oil and gas equipment, power generation, and railway applications, where products are required to meet stringent quality and tolerance standards.
Cons
- • The company’s revenue is highly dependent on a limited number of customers. The top 10 customers contributed Rs 17.97 crore (69.41%) in the six months ended September 30, 2024, Rs 34.54 crore (72.02%) in FY24, Rs 30.22 crore (79.98%) in FY23, and Rs 24.88 crore (79.14%) in FY22. Any failure to retain these key customers, secure repeat orders, or replace lost business could adversely affect the company’s revenue, operations, and financial condition.
- • The company depends on a limited number of suppliers for its primary raw material, steel, and does not have long-term supply agreements with them. The top 10 suppliers accounted for purchases worth Rs 11.69 crore (45.13%) in the six months ended September 30, 2024, Rs 22.93 crore (47.80%) in FY24, Rs 19.55 crore (51.72%) in FY23, and Rs 17.41 crore (55.38%) in FY22. Any disruption in the supply of steel, increase in raw material prices, or failure of these suppliers to meet quality or delivery requirements could adversely affect the company’s production, profitability, and financial condition.
- • The company does not maintain product liability insurance for its products. As it manufactures precision and safety-critical components for industries such as automotive, oil and gas, and industrial equipment, any product defects or quality issues could result in customer claims, litigation, adverse publicity, and additional costs. Any such incidents could adversely affect the company’s reputation, operations, and financial condition.
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