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 | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 48.24 | 1.7 | 3.86 | 6.93 | 28.65 | 11.19 | — |
| FY 2025 | 51.16 | 2.7 | 5.52 | 9.56 | 39.51 | 17.51 | — |
| FY 2026 | 50.73 | 4.06 | 8.35 | 13.38 | 46.92 | 17.29 | 6.24 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 15.22x
- P/E (post-issue)
- 21.16x
- RoNW
- 30.33%
- RoE
- 30.33%
- RoCE
- 22.52%
- Debt / Equity
- 1.29
- EPS (pre-issue)
- ₹6.24
- EPS (post-issue)
- ₹4.49
- EBITDA Margin
- 16.69%
- PAT Margin
- 8.11%
- P/BV
- 4.61x
- NAV / share
- ₹20.59
- Market Cap
- ₹85.78 Cr
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 | Statements |
|---|---|---|---|---|---|
| Advance Technoforge | — | 20.59 | 15.22x | 30.33% | 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: <p>Nilesh Shambhubhai Moliya, Pradipbhai Bhikhabhai Vora, Daxaben Nileshbhai Moliya, Kajal Alpesbhai Moliya, Shraddhaben Pradipbhai Vora</p>
- Holding (pre-issue)
- 100%
- Holding (post-issue)
- 71.99%
- Dilution
- 28.01%
Analysis in brief
Margin and return profile
Away from the price multiples, the offer document also discloses the shape of the underlying business. Advance Technoforge operates at an EBITDA margin of 16.69% and a net (PAT) margin of 8.11% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 22.52% and a return on equity (RoE) of 30.33%. At the upper band, the post-issue market capitalisation works out to about ₹85.78 crore. These are offer-document figures for the latest reported period (as of 31 Mar 2026); they describe the business as disclosed, not how the stock will trade.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward part funding of working capital requirements (₹7.25 crore), alongside purchase and installation of machinery for manufacturing of precision machine components at the existing premises (including gst) (₹7.19 crore). In all, 5 objects are disclosed.
Financials
In FY2026, Advance Technoforge reported revenue of ₹50.73 crore and a net profit of ₹4.06 crore. Revenue grew from ₹48.24 crore in FY2024 to ₹50.73 crore in FY2026 (+5.0%). Net worth stood at ₹13.38 crore at the end of FY2026. At the upper band, that puts the issue at roughly 15.2× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 21.16× post-issue earnings and 4.61× book value, against a return on net worth of 30.33% and a debt-to-equity ratio of 1.29. These ratios come from the offer document and are for comparison, not a recommendation.
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×. The issue's own post-issue P/E works out to 21.16×.
Promoters
The promoters of the company are <p>Nilesh Shambhubhai Moliya, Pradipbhai Bhikhabhai Vora, Daxaben Nileshbhai Moliya, Kajal Alpesbhai Moliya, Shraddhaben Pradipbhai Vora</p>. 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 <p>Nilesh Shambhubhai Moliya, Pradipbhai Bhikhabhai Vora, Daxaben Nileshbhai Moliya, Kajal Alpesbhai Moliya, Shraddhaben Pradipbhai Vora</p>. Promoter holding is 100% before the issue and 71.99% after listing.
- What is the P/E ratio of the Advance Technoforge IPO?
- At the upper price band, the Advance Technoforge IPO is valued at 15.22× pre-issue earnings and 21.16× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Advance Technoforge IPO?
- The net proceeds go primarily toward part funding of working capital requirements, among 5 disclosed objects.