Metalic Technoforge Ipo
Metalic Technoforge IPO Review & Key Points
Review: Neutral
IPO Lead Managers aka Merchant Bankers
Smart Horizon Capital Advisors Pvt. Ltd.
| Name of the Company | Face Value (₹) | EPS basic (₹) | EPS Diluted (₹) | RONW (%) | P/E Ratio | NAV (₹) |
| Powerica Limited | 5 | 15.26 | 15.26 | 15.37 % | 24.45 | 99.76 |
| Listed Peers | ||||||
| Cummins India Limited | 2 | 72.15 | 72.15 | 26.45% | 64.13 | 272.78 |
| Kirloskar Oil Engines Limited | 2 | 33.71 | 33.60 | 15.85% | 43.24 | 212.60 |
| NTPC Green Energy Limited | 10 | 0.67 | 0.67 | 2.58% | 129.40 | 21.88 |
| Acme Solar Holdings Limited | 2 | 4.55 | 4.53 | 5.59% | 50.74 | 74.54 |
| Adani Green Energy Limited | 10 | 8.37 | 8.37 | 11.90% | 101.53 | 76.62 |
| IPO Open Date | July 21, 2026 |
| IPO Close Date | July 23, 2026 |
| Face Value | ₹10 Per Equity Share |
| IPO Price Band | ₹72 to ₹77 Per Share |
| Issue Size | Approx ₹49.96 Crores, 64,88,000 Equity Shares |
| Fresh Issue | Approx ₹49.96 Crores, 64,88,000 Equity Shares |
| Issue Type | Book Building Issue |
| IPO Listing | NSE SME |
| DRHP Draft Prospectus | |
| RHP Draft Prospectus |
| Application | Lot Size | Shares | Amount |
| Retail Minimum | 2 | 3,200 | ₹2,46,400 |
| Retail Maximum | 2 | 3,200 | ₹2,46,400 |
| S-HNI Minimum | 3 | 4,800 | ₹3,69,600 |
| S-HNI Maximum | 8 | 12,800 | ₹9,85,600 |
| B-HNI Minimum | 9 | 14,400 | ₹11,08,800 |
| Investor Category | Share Offered | -% Shares |
| Anchor Investor | 18,40,000 Shares | 28.36% |
| QIB (Ex. Anchor) | 12,32,000 Shares | 18.99% |
| NII Shares Offered | 9,28,000 Shares | 14.30% |
| Retail Shares Offered | 21,60,000 Shares | 33.29% |
| Anchor Bidding Date | July 20, 2026 |
| Anchor Investors List | |
| Shares Offered | 18,40,000 Shares |
| Anchor Size | 14.17 Cr. |
| lock-in period end date 50% shares (30 Days) | Aug 23, 2026 |
| lock-in period end date 50% shares (90 Days) | Oct 22, 2026 |
| IPO Open Date: | July 21, 2026 |
| IPO Close Date: | July 23, 2026 |
| Basis of Allotment: | July 24, 2026 |
| Refunds: | July 27, 2026 |
| Credit to Demat Account: | July 27, 2026 |
| IPO Listing Date: | July 28, 2026 |
| IPO Bidding Cut-off Time: | July 23, 2026 – 5 PM |
| Particular | Shares | % Share |
| Promoter Holding Pre Issue | 1,74,96,400 | 83.62% |
| Promoter Holding Post Issue | 2,39,84,400 | 61.00% |
| Purpose | Crores |
| Funding of capital expenditure requirements of the Company towards setting up of the proposed Manufacturing Unit IV and upgradation of existing units at manufacturing facility in Rajkot, Gujarat | ₹30.81 |
| Full or part repayment and/or prepayment of certain outstanding secured borrowings availed by the Company. | ₹6.72 |
| General Corporate Purpose | ₹- |
| Period Ended | Revenue | Expense | PAT | Assets |
| 2023 | ₹47.13 | ₹45.39 | ₹1.26 | ₹21.23 |
| 2024 | ₹51.50 | ₹45.58 | ₹4.26 | ₹33.67 |
| 2025 | ₹75.64 | ₹63.05 | ₹9.03 | ₹65.10 |
| 2026 | ₹97.98 | ₹80.35 | ₹12.36 | ₹92.09 |
| KPI | Values |
| ROE: | 48.66% |
| ROCE: | 30.38% |
| EBITDA Margin: | 22.97% |
| PAT Margin: | 12.94% |
| Debt to equity ratio: | 0.95 |
| Earning Per Share (EPS): | ₹7.12 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 37.00% |
| Net Asset Value (NAV): | ₹19.10 |
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| Amic Forging Limited | 26.78 | 66.91 | 13.31% | 197.60 | – Cr. |
| Tirupati Forge Limited | 0.51 | 135.43 | 4.72% | 10.53 | – Cr. |
| Paramount Speciality Forgings Limited | 2.16 | 14.93 | 7.57% | 28.57 | – Cr. |
| Period Ended | Revenue | Expense | PAT | Assets |
| 2023 | ₹184.81 | ₹154.97 | ₹32.10 | ₹251.58 |
| 2024 | ₹206.45 | ₹175.85 | ₹34.44 | ₹339.25 |
| 2025 | ₹322.58 | ₹261.43 | ₹28.13 | ₹455.49 |
| Dec 2025 | ₹236.50 | ₹186.96 | ₹38.69 | ₹561.34 |