Metalic Technoforge Limited

Incorporated in October 2016, Metalic Technoforge manufactures a range of complex, safety-critical forged and precision-machined products including large and small rings, ball studs, gear blanks with broaching, gears, and coupling assemblies. The company's single manufacturing facility is located in Rajkot, Gujarat.

The company serves both automotive and non-automotive original equipment manufacturers. Automotive customers include manufacturers of automobiles, tractors, and commercial vehicles, while non-automotive customers span agricultural equipment, hydraulic equipment, construction machinery, and general engineering products manufacturers. As of March 1, 2026, the company reported an order book of approximately ₹24.47 crore.

As of February 28, 2026, the company employed 188 personnel across its manufacturing units and registered office. The promoters are a group of seven individuals: Gajipara Keyur Dhirajlal, Trambadiya Dhaval Vrajlal, Vadodariya Satish Rameshbhai, Kapadiya Vipul K, Rupapara Jay Rameshbahi, Gajipara Ronakkumar Mansukhbhai, and Ekta Satish Vadodariya, who together held approximately 83.63 percent of the company pre-issue.

The Metalic Technoforge IPO is a 100 percent fresh issue book-built offering of 64,88,000 equity shares, priced at ₹72 to ₹77 per share, aggregating up to approximately ₹49.96 crore at the upper band; the entire issue is fresh capital, with no offer-for-sale component, and 3,28,000 shares (about 5 percent) reserved for the market maker.

On financial performance, revenue grew from ₹75.64 crore in FY2025 to ₹97.98 crore in FY2026, a 30 percent increase, with profit after tax rising 37 percent from ₹9.03 crore to ₹12.36 crore over the same period. Notably, key return ratios actually declined year-over-year — Return on Net Worth fell from 51.88 percent to 37.00 percent, and Return on Equity from 71.87 percent to 48.66 percent — a result of the company's net worth nearly doubling to ₹33.42 crore, which dilutes percentage returns even as absolute profit grows; the post-issue P/E works out to approximately 14.94x.

Proceeds are earmarked primarily for capital expenditure (₹30.81 crore) to establish a fourth manufacturing unit and upgrade existing facilities in Rajkot, alongside partial repayment of secured borrowings (₹6.72 crore). An independent review of the offering flagged the sharp margin expansion beginning in FY2025 as a point warranting scrutiny, given the company operates in a highly competitive and fragmented forging and precision-machining segment, and characterized the issue as "aggressively priced" based on recent financials — investors should weigh the company's strong recent growth trajectory against this valuation caution and the execution risk associated with funding new manufacturing capacity from IPO proceeds.