Advance Technoforge Ltd. IPO

Advance Technoforge 

• Advance Technoforge is coming out with an initial public offering (IPO) of 25,29,600 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 95 per equity share.
• The issue will open on July 27, 2026 and will close on July 29, 2026.
• The shares will be listed on SME Platform of BSE.
• The share is priced at 9.5 times higher to its face value of Rs 10.
• Book running lead manager to the issue is Sun Capital Advisory Services.
• Compliance Officer for the issue is Payal Bansal.

Profile of the company

Advance Technoforge is primarily engaged in manufacturing of forged steel machined components of Carbon Steel, Alloy Steel and Stainless Steel, specializing in Closed Die Forging, Upset Forging and Ring Rolling Forging in both rough and precision machined conditions. It is supplying these products to automotive, General engineering, oil & gas, Earth Moving and heavy machinery industries. It is manufacturer of its products supplying original equipment manufacturers (OEMs) in Automotive, oil and gas industries, earth moving equipment, railway etc. 

It was incorporated as a private company in August 2013. It is manufacturing and supplying quality and complex components according to customers specifications. It has been producing forged and precision machined parts for supplying in International & Domestic market. It manufactures precision machined components as per customer specifications and International Standard catering to the requirements of various industries such as Automobiles, Industrial Valves & Pumps, Earth Moving and Agriculture Equipment, Power Transmission, Construction and Batching Machinery Parts, EGR Coolers and Heat Exchangers Parts, Electric Transmission and Switch Gears and other related industries. 

It complies with international standards like IATF 16949:2016 for Automotive part supply, ISO 9001:2015 for General Quality management system, PED-2014/68/EU & AD 2000 W0 for Pressure containing parts manufacture, IBR 1950 for Boiler part manufacture, D&B Certificate, ZED Gold Level Certificate etc. and strives to deliver quality products to the customers. It believes in manufacturing and delivering quality products, adhering to internal standards requirement and its manufacturing process is under constant supervision by qualified and experienced engineers. The entire system is backed by proper documentation, traceability until the end product, with full proof checks required as per ISO, PED, AD 2000W0 & IATF requirement.

Proceed is being used for:

• Purchase and installation of machinery for manufacturing of precision machine components at the Existing Premises (including GST).
• Part funding of working capital requirements.
• Repayment / Prepayment of all or certain of its borrowings availed by the company.
• General corporate purposes.

Industry overview

India Rank third in cast production in world. The India metal forging market is expected to reach $8 billion by 2029, implying a 10.69% CAGR during 2023-29. With an installed capacity of around 38.5 lakh MT, Indian forging industry has a capability to forge variety of raw materials like Carbon steel, alloy steel, stainless steel, super alloy, titanium, aluminum and so forth, as per the requirements of user industry. The Indian forging industry is concentrated around its end user customer locations. Therefore, the major forging clusters are found to be in the states of Maharashtra, Punjab, Gujarat, Tamil Nadu, Haryana, Delhi, Karnataka, Jharkhand, West Bengal and Andhra Pradesh. 

The Indian casting and forging sector have equipped itself to retain its prowess to accelerate revenue from the auto sector. Heavy expansion by way of organic and inorganic growth has been playing an important role in this industry. The Indian Casting and Forging industry have gone through up gradation to be in sync with the international practices. Given the enormous potential, frontline domestic players have started building up world- scale capabilities by either putting up Greenfield projects or acquiring sick global facilities and turning them around as business solutions for setting up a foreign business in India. 

The Government’s thrust on manufacturing sector with initiatives like ‘Make in India’ and ‘Skill India’ has created positive economic sentiments amongst the business community. The new manufacturing policy envisaging the role of forging industry to support the India’s growth is very vital. In India, there are several large-scale manufacturing companies that produce an extensive range of products related to metal forging such as automotive components, hand tools, fasteners & specialty components for industrial applications. The growth in demand for forged parts from different end-use industries such as construction, automotive and aerospace has been driving the India metal forging market over the past few years and is expected to only increase for the future.

Pros and strengths

Integrated manufacturing facility with diversified product portfolio: The company consistently strives to preserve and enhance the essential infrastructure and technological advancements necessary for the efficient operation of its manufacturing processes. This ongoing effort is crucial in adapting to the ever-evolving market demands. It recognizes that both technological landscapes and consumer preferences are subject to constant flux, necessitating its proactive approach to maintenance and upgrades. There is a constant change in technology and market due to which it ensures its technology is flexible with the current needs. It has some of the latest technologies in the industry and that aids it in the production of products which are forged with advanced technology. 

Large-scale manufacturing capabilities: Latest Manufacturing facilities like Huta hammer, Induction Furnace are available with it at its manufacturing unit are capable of forging and manufacturing products at a prolific amount and in very brief period while ensuring the quality of the product remains the same. The team of engineers and labours help it to ensure that the machines operate at an efficient rate but can also manufacture desired quantity. This gives it a competitive advantage as it has the capability to produce large number of products that can help it complete its targets in less time and start working on new targets along with meeting the urgent demands of its clients. 

Long-standing relationship with customers & suppliers: The company has long standing relationship with its key customers & suppliers. These longstanding relationships are result of its commitment to quality, timely delivery, promptness in payments and adaptability etc. Its business and growth are significantly depending on its ability to maintain good relationship with multiple domestic and export customers cross different industries. It has many years of experience in the industry and being able to maintain good relationship with these players would give it a competitive advantage in the business segment. These longstanding relationship with customers and suppliers has helped in establishing its reputation as one of the trusted business players in the industry.

Risks and concerns

Significant revenue reliance on limited number of customers: It derives a significant portion of its revenue from a limited number of customers. For Financial Years 2026, 2025, and 2024, the revenue share from top 10 customers was around 64.35%, 65.62%, and 72.01% respectively. The loss of a significant portion of sales to any of these customers, whether due to contract terminations, failure to agree on terms, loss of market share, financial difficulties, production issues like plant shutdowns or labour strikes, could adversely affect its business, operations, and financial health.

Underutilization of manufacturing capacity: The company’s manufacturing facilities are presently underutilized, and there can be no assurance that the company will be able to achieve or sustain optimal capacity utilization in the future. Underutilization of capacity may result in inefficient absorption of fixed costs, which could adversely impact the company’s operational efficiency, margins, profitability and financial performance. Any inability to increase volumes or delays in ramping up production may continue to result in underutilization of capacity, which may have a material adverse effect on the company’s business, results of operations and financial condition.

Exposure to foreign exchange fluctuations: Its financial statements are presented in Indian Rupees. However, its sales are influenced by the currencies of geographies to where it exports its products. The exchange rate between the Indian Rupee and these currencies, primarily the USD, has fluctuated in the past and its results of operations and cash flows have been impacted by such fluctuations in the past and may be impacted by such fluctuations in the future. As a certain portion of its revenue is generated from export, the prices of its products may depreciate during a sustained appreciation of the Indian Rupee against the USD. However, the converse positive effect of depreciation in the Indian Rupee may not be sustained or may not show an appreciable impact in its results of operations in any given financial period, due to other variables impacting its business and results of operations during the same period.

Outlook

Advance Technoforge mainly deals in Closed Die Steel Forging, Upset Forging, Ring Rolling Forging in Rough & Precision Machined Condition. The company is having long standing relationship with its key customers & suppliers. These longstanding relationships are result of its commitment to quality, timely delivery, promptness in payments and adaptability etc. On the concern side, its business is inherently working capital-intensive, requiring significant working capital due to the time lag between procuring raw materials, producing finished goods, and collecting payments from customers. It may require additional capital and financing in the future and operations could be curtailed if the company is unable to obtain the required additional capital and financing when needed or any inability to manage working capital efficiently or to raise timely and cost-effective financing may adversely affect its business, financial condition, cash flows, and results of operations.

The company is coming out with an IPO of 25,29,600 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 95 per equity share to mobilize Rs 24.03 crore. On performance front, its revenue from operations decreased by 1.29% to Rs 5,004.82 lakh for FY 2026 from Rs 5,070.38 lakh for FY 2025. Profit after tax has increased by 50.50% from Rs 269.67 lakh for FY 2025 to Rs 405.86 lakh for FY 2026.

Meanwhile, it constantly endeavours to improve its production process and skill upgradation of workers to optimize the utilization of resources. It regularly analyzes its material procurement policy and manufacturing process to debottleneck any grey areas and take corrective measures for smooth and efficient working thereby putting resources to optimal use. Going forward, it will continue to strengthen the quality control processes for the products which it offers. The company intends to focus on adhering to the quality standards of the products. Continuous quality review of products and timely corrective measures in case of quality diversion are keys for maintaining quality standards of the products. Providing the desired and good quality products help it in enhancing customer satisfaction and trust and maintaining long-term relationships with customers.

Pursuant to Regulations 30 and 46 of the SEBI (LODR) Regulations, 2015, Eicher Motors has informed that the Company has scheduled a group conference call on Wednesday, July 29, 2026, to discuss unaudited financial results for the first quarter ended June 30, 2026. The conference call will start after the conclusion of the Board meeting of the Company. The Invitation for the Q1 FY27 results conference call is annexed.

The above information is a part of company’s filings submitted to BSE.

Stanpacks (India) has informed that the Company’s Annual General Meeting is scheduled to be held on Thursday, 13th August, 2026 at 10.30 AM which has been informed to the stock exchange vide its letter SSE/AGM-1/2026-2027 dated 20.07.2026. In this regard, copy of the AGM notice and Newspaper advertisements of the Notice of AGM are enclosed.

The above information is a part of company’s filings submitted to BSE.

 Eris Lifesciences has informed that a Meeting of the Board of Directors of the Company is scheduled on Wednesday, July 29, 2026, to, consider and approve the standalone and consolidated unaudited financial results of the Company for the quarter ended June 30, 2026. Further, as informed by them vide letter dated June 26, 2026, the trading window has been already closed from July 01, 2026, and will remain closed till 48 hours after the declaration of financial results of the Company pursuant to SEBI [Prohibition of Insider Trading] Regulations, 2015, and Policy on ‘Code of Conduct to Regulate, Monitor and Report Trading by its Designated Persons and immediate relatives of Designated Persons of the Company’.

The above information is a part of company’s filings submitted to BSE.

B & A Packaging India has informed that the 40th Annual General Meeting (AGM) of the Company for the financial year 2025-26 was duly held on Thursday, 23rd July 2026 at the Registered Office of the Company at 22, Balgopalpur Industrial Area, Balasore-756020, Odisha at 11.00 AM (IST). In this regard, it has enclosed the following: 1) Summary of the proceedings of the 40th AGM of the Company as per Regulation 30, Para A of Part A of Schedule - III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. (Annexure - I)