India’s engineering and manufacturing sector continues to play a pivotal role in the country’s economic growth. Government initiatives such as Make in India, increasing exports, and rising demand from the automotive, agriculture, construction, and industrial sectors have accelerated the adoption of precision-engineered components. Manufacturers are investing in advanced forging technologies, automation, and capacity expansion to cater to both domestic and international OEMs.
Against this backdrop, Metalic Technoforge Limited is set to open its IPO on July 21, 2026. Here is a detailed insight into Metalic Technoforge Limited, its IPO, and the industry outlook.
About Metalic Technoforge Ltd.
Incorporated in October 2016, Metalic Technoforge Limited manufactures closed-die forged and precision-machined components for automotive and industrial applications.
The company manufactures a wide range of safety-critical engineering products including:
- Big and Small Rings
- Ball Studs
- Gear Blanks with Broaching
- Gears
- Coupling Assemblies
- Precision-machined Components
Its customers include both domestic and global Original Equipment Manufacturers (OEMs) across:
- Passenger Vehicles
- Commercial Vehicles
- Tractors
- Agricultural Equipment
- Hydraulic Equipment
- Construction Machinery
- General Engineering Industries
The company’s manufacturing facility is located in Rajkot, Gujarat.
As of March 1, 2026, Metalic Technoforge had an order book of approximately ₹24.47 crore, demonstrating healthy customer demand. As of February 28, 2026, the company employed 188 personnel across its manufacturing facility and corporate office.
Metalic Technoforge Ltd. IPO Details
The company intends to utilise the proceeds from the IPO towards expanding its manufacturing capabilities and strengthening its balance sheet.
The IPO proceeds will primarily be used for:
- Setting up Manufacturing Unit IV and upgrading existing manufacturing units in Rajkot.
- Repayment or prepayment of certain outstanding secured borrowings.
- General corporate purposes.
Important IPO Timeline
| Particular | Date |
|---|---|
| IPO Opens | July 21, 2026 |
| IPO Closes | July 23, 2026 |
| Allotment | July 24, 2026 |
| Refund Initiation | July 24, 2026 |
| Shares Credited to Demat | July 27, 2026 |
| Tentative Listing | July 28, 2026 |
Key IPO Details
| Particular | Details |
| Face Value | ₹10 per share |
| Price Band | ₹72 – ₹77 per share |
| Lot Size | 1,600 Shares |
| Issue Size | ₹49.96 Crore |
| Fresh Issue | 64,88,000 Shares |
| Issue Type | Book Built Issue |
| Listing | NSE SME |
| Market Cap (Pre-IPO) | ₹184.68 Crore |
| Shareholding Pre-Issue | 1,74,96,400 Shares |
| Shareholding Post-Issue | 2,39,84,400 Shares |
| Book Running Lead Manager | Smart Horizon Capital Advisors Pvt. Ltd. |
| Registrar | Bigshare Services Pvt. Ltd. |
| Market Maker | Shreni Shares Ltd. |
Lot Size of Metalic Technoforge IPO
| Category | Lots | Shares | Amount |
| Retail (Min) | 2 | 3,200 | ₹2,46,400 |
| Retail (Max) | 2 | 3,200 | ₹2,46,400 |
| S-HNI (Min) | 3 | 4,800 | ₹3,69,600 |
| S-HNI (Max) | 8 | 12,800 | ₹9,85,600 |
| B-HNI (Min) | 9 | 14,400 | ₹11,08,800 |
Metalic Technoforge Ltd. Financials
The company has demonstrated strong financial growth over the last three years.
Between FY25 and FY26, revenue increased by 30%, while Profit After Tax (PAT) grew by 37%, reflecting improved operational efficiency and increased business volumes.
As of March 31, 2026, the company reported:
- ROE: 48.66%
- ROCE: 30.38%
- RoNW: 37.00%
- PAT Margin: 12.94%
- EBITDA Margin: 22.97%
- Debt-to-Equity Ratio: 0.95
These metrics indicate healthy profitability and improved capital efficiency.
Key Company Financials
| Period Ended | FY26 | FY25 | FY24 |
| Assets | ₹92.09 Cr | ₹65.10 Cr | ₹33.67 Cr |
| Total Income | ₹97.98 Cr | ₹75.64 Cr | ₹51.50 Cr |
| Profit After Tax | ₹12.36 Cr | ₹9.03 Cr | ₹4.26 Cr |
| EBITDA | ₹21.95 Cr | ₹16.08 Cr | ₹7.29 Cr |
| Net Worth | ₹33.42 Cr | ₹17.40 Cr | ₹7.72 Cr |
| Reserves & Surplus | ₹15.92 Cr | ₹16.40 Cr | ₹7.37 Cr |
| Total Borrowings | ₹31.78 Cr | ₹27.97 Cr | ₹10.81 Cr |
Metalic Technoforge Ltd.: Industry Outlook
- India’s engineering goods industry is one of the country’s largest manufacturing sectors and continues to benefit from increasing domestic production and exports.
- The demand for forged and precision-machined components is rising across automotive, agriculture, construction equipment, and industrial engineering segments.
- Government initiatives such as Make in India and the Production Linked Incentive (PLI) schemes continue to strengthen India’s manufacturing ecosystem.
- Increasing automation and precision manufacturing are driving demand for high-quality forged components from global OEMs.
- India’s engineering exports continue to grow, creating new opportunities for component manufacturers with global quality standards.
- Metalic Technoforge’s diversified product portfolio, modern manufacturing facility, growing order book, and planned capacity expansion position it well to capitalise on long-term industry growth.
Conclusion
Metalic Technoforge Limited presents an interesting investment opportunity in India’s precision forging and engineering components industry. The company has built a diversified customer base across automotive and industrial sectors while demonstrating consistent revenue growth and improving profitability.
Its planned investment in a new manufacturing unit and upgrades to existing facilities could strengthen production capacity and support future growth. Additionally, the repayment of borrowings is expected to improve its financial position.
However, investors should also consider factors such as competition within the engineering components industry, dependence on OEM demand, fluctuations in raw material prices, and execution risks associated with expansion projects. As with any IPO, investors should carefully assess their financial goals and risk appetite before making an investment decision.
