Advance TechnoforgeIPO Review — Financials, Valuation & Peers
A data-only look at the Advance Technoforge IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | Net Worth | Total Assets |
|---|---|---|---|---|
| FY 2022 | 31.56 | 0.4 | 4.47 | 22 |
| FY 2023 | 37.91 | 0.75 | 5.22 | 22.17 |
| FY 2024 | 48.24 | 1.7 | 6.93 | 29.15 |
| Sep 2024 (interim) | 26.01 | 1.35 | 8.28 | 33.28 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March. Interim periods cover part of a year and are not comparable to the full-year rows.
KPIs & Valuation
- RoNW
- 30.33%
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV | Statements |
|---|---|---|---|---|---|---|
| Advance Technoforge | — | 20.59 | 15.22x | 30.33% | 4.75x | Standalone |
| Forge Auto International Limited | — | 63.23 | 9.39x | 17% | — | Standalone |
| Tirupati Forge Limited | — | 10.53 | 93.56x | 5.24% | — | Standalone |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: Nilesh Shambhubhai Moliya, Pradipbhai Bhikhabhai Vora, Daxaben Nileshbhai Moliya and Kajal Alpesbhai Moliya
- Holding (pre-issue)
- 100%
- Holding (post-issue)
- 71.99%
- Dilution
- 28.01%
Analysis in brief
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward purchase and installation of machinery for manufacturing of precision machine components at the existing premises (including gst) (₹6.08 crore), alongside part funding of working capital requirements (₹5 crore). In all, 3 objects are disclosed.
Financials
In FY2024, Advance Technoforge reported revenue of ₹26.01 crore and a net profit of ₹1.35 crore. Revenue declined from ₹31.56 crore in FY2022 to ₹26.01 crore in FY2024 (-18.0%). Net worth stood at ₹8.28 crore at the end of FY2024.
Peer comparison
The offer document names listed peers including Forge Auto International Limited and Tirupati Forge Limited, with a median peer P/E of about 51.5×.
Promoters
The promoters of the company are Nilesh Shambhubhai Moliya, Pradipbhai Bhikhabhai Vora, Daxaben Nileshbhai Moliya and Kajal Alpesbhai Moliya. Promoter holding stands at 100% before the issue and comes down to 71.99% after listing.
Frequently asked questions
- What is the reservation split in the Advance Technoforge IPO?
- Of the total shares offered, retail investors get 50%, non-institutional investors 50%.
- Who are the promoters of Advance Technoforge and what is their holding?
- The promoters are Nilesh Shambhubhai Moliya, Pradipbhai Bhikhabhai Vora, Daxaben Nileshbhai Moliya and Kajal Alpesbhai Moliya. Promoter holding is 100% before the issue and 71.99% after listing.
- What are the objects of the Advance Technoforge IPO?
- The net proceeds go primarily toward purchase and installation of machinery for manufacturing of precision machine components at the existing premises (including gst), among 3 disclosed objects.