# Advance Technoforge Limited: IPO analysis > Advance Technoforge Limited (CIN U28111GJ2013PLC076316) has filed a Prospectus with SEBI for an IPO comprising a fresh issue of ₹24 Cr. In FY26 it reported revenue of ₹50 Cr (-1.3% on FY25) and a net profit of ₹4.1 Cr. Promoters hold 100.0% before the IPO. Our fact-check of its claims found 1 medium or high concern across 32 claims checked. - Page: https://ipo.innerkore.com/company/U28111GJ2013PLC076316/advance-technoforge-limited/ - CIN: U28111GJ2013PLC076316 - Last updated: 3 Sep 2026 ## Key facts - **Company:** Advance Technoforge Limited - **CIN:** U28111GJ2013PLC076316 - **Filing stage:** Prospectus - **Latest SEBI filing:** 3 Sep 2026 - **Fresh issue:** ₹24 Cr - **Final offer price:** ₹95.00 per share - **Lot size:** 2400 shares - **Bidding opens:** 27 Jul 2026 - **Bidding closes:** 29 Jul 2026 - **Listing on:** BSE - **Revenue FY26:** ₹50 Cr - **Revenue growth:** -1.3% - **Net profit FY26:** ₹4.1 Cr - **Revenue CAGR FY24 to FY26:** 2.2% - **Promoter holding (pre-IPO):** 100.0% - **Lead managers:** LM and SUN CAPITAL ADVISORY SERVICES PRIVATE LIMITED - **Registrar:** Kfin Technologies Limited - **Fact-check flags:** 0 high, 1 medium, 1 low ## Key signals (read from the filing; not investment advice) - **Valuation** (looks fine): 21.1x P/E. At the top of the band, on FY26 profit; 1.7x book value. - **Growth** (concern): 2.2% a year. Sales FY24 to FY26; latest year -1.3%. - **Profitability** (look closer): 8.1% net margin. FY26; operating margin improving. - **Debt** (looks fine): 0.34x equity. ₹17.3 crore borrowed at the end of FY26. - **Profit into cash** (looks fine): 110% of profit. Operations brought in ₹4.5 crore against ₹4.1 crore of profit in FY26. - **One-off income** (look closer): 12% of profit. Other and one-off income is 12% of pre-tax profit. - **Where the money goes** (looks fine): All new money. 100% is new shares issued by the company. - **Red flags** (look closer): 1 to review. 32 claims checked: 0 high, 1 medium concern. ## Financial snapshot (₹ crore unless stated; standalone) | | FY24 | FY25 | FY26 | |---|---:|---:|---:| | Sales | 48 | 51 | 50 | | Sales growth | – | 5.7% | -1.3% | | Operating profit | 3.6 | 5.1 | 7.7 | | Operating margin | 7.5% | 10.0% | 15.3% | | Net profit | 1.7 | 2.7 | 4.1 | | Net margin | 3.6% | 5.3% | 8.1% | | Net worth | 27 | 44 | 51 | | Borrowings | 11 | 18 | 17 | | Return on equity | 6.3% | 6.1% | 8.0% | ## Fact-checked claims - **MEDIUM** (SubsidiaryPerformance): The status of the Company was changed to public limited and the name was changed to ‘Advance Technoforge Limited’ on July 8, 2024.. One search result suggests that the status was converted to public limited and the name was changed to ‘Advance Technoforge Limited’ via a fresh certificate, but it does not specify the exact date of July 8, 2024. Other results provide general stock price information. - **LOW** (SubsidiaryPerformance): The insurance company is Bajaj General Insurance Limited (FKA Bajaj Allianz General Insurance Company Ltd).. The search results corroborate the claim by referencing 'Bajaj General Insurance Limited (Formerly Bajaj Allianz General Insurance)' in various contexts, including official financial information, reports on premium growth, and partnership news. Several results confirm the existence and activities of this insurance entity. - **NONE** (SubsidiaryPerformance): The company received the IATF 16949 Certificate in 2017.. The provided search results do not contain direct information confirming or denying that the company received the IATF 16949 Certificate in 2017. The search results focus on stock prices, historical data, and company status changes, not specific certification details. - **NONE** (SubsidiaryPerformance): The company received the ISO/TS 16949:2009 Certification in 2016.. The provided search results do not contain direct information confirming or denying the ISO/TS 16949:2009 certification received by the company in 2016. The search results primarily focus on stock prices, historical data, and company updates, without mentioning this specific certification. - **NONE** (SubsidiaryPerformance): The company received the ISO 9001:2008 Certificate in 2014.. The provided search results do not contain direct information confirming or denying the claim that the company received the ISO 9001:2008 Certificate in 2014. The search results focus on stock prices, historical data, and company status changes, without mentioning the ISO certification. - **NONE** (SubsidiaryPerformance): The authorised Share Capital was increased from Rs. 1 Lakhs to Rs. 50 Lakhs divided into 5,0 Equity Shares of Rs. 10 each on January 22, 2014.. The provided search results do not contain specific information corroborating or contradicting the claim regarding the increase of authorized share capital from Rs. 1 Lakhs to Rs. 50 Lakhs on January 22, 2014. The results primarily focus on current stock prices and historical performance. - **NONE** (SubsidiaryPerformance): The company owns a property through a Sale Deed dated 16 September 2013, which includes the Registered Office and Factory (Unit 1).. The provided search results do not contain any direct information corroborating or contradicting the specific claim regarding a property owned through a Sale Deed dated September 16, 2013, for the Registered Office and Factory (Unit 1). - **NONE** (SubsidiaryPerformance): The capacity utilization for the period ended on 31 March 2026 for the total capacity is 50.50%.. The provided search results do not contain the specific information regarding the capacity utilization for the period ended on 31 March 2026. The search results primarily focus on stock prices, historical data, and company status changes. - **NONE** (SubsidiaryPerformance): The company has 205 employees as on June 30, 2026, engaged in various activities.. The provided search results do not contain information regarding the current number of employees of Advance Technoforge Limited as of June 30, 2026. Therefore, the claim cannot be corroborated, contradicted, or updated by the available search snippets. - **NONE** (PromoterBackground): Daxaben Nileshbhai Moliya has experience as a director in Leocast Alloys Private Limited.. No current web search results were found to corroborate, contradict, or provide any information regarding Daxaben Nileshbhai Moliya's experience as a director in Leocast Alloys Private Limited. - **NONE** (PromoterBackground): The Promoters and members of the Promoter Group have not been prohibited from accessing or operating in capital markets under any order or direction passed by SEBI or any other regulatory or governmental authority.. The provided search results do not contain any direct information corroborating or contradicting the claim regarding the prohibition of promoters and members from accessing or operating in capital markets under regulatory orders. The results mention various market and legal news but do not specifically address the status of any such prohibition against the promoters of Advance Technoforge Limited. - **NONE** (PromoterBackground): The Nomination and Remuneration Committee is required to meet at least once a year under Regulation 19(3A) of the SEBI Listing Regulations.. The provided search results do not contain information regarding the specific requirement for the Nomination and Remuneration Committee to meet at least once a year under Regulation 19(3A) of the SEBI Listing Regulations. Therefore, the search results do not corroborate, contradict, or update the claim. ## Common questions ### How big is the Advance Technoforge Limited IPO? Advance Technoforge Limited's IPO comprises a fresh issue of ₹24 Cr, according to its Prospectus. The price band is not stated in that document. ### What are Advance Technoforge Limited's revenue and profit? Advance Technoforge Limited reported revenue from operations of ₹50 Cr in FY26, -1.3% versus FY25. Net profit was ₹4.1 Cr (FY25: ₹2.7 Cr). Revenue grew at a compound rate of 2.2% a year from FY24 to FY26. Figures are read from the Prospectus, as printed there. ### How much do promoters own in Advance Technoforge Limited? Promoters and the promoter group hold 100.0% of Advance Technoforge Limited before the IPO. ### What are the red flags in Advance Technoforge Limited's Prospectus? We fact-checked 32 claims from the filing against the open web: 0 raised a high concern, 1 medium and 1 low. The most notable: One search result suggests that the status was converted to public limited and the name was changed to ‘Advance Technoforge Limited’ via a fresh certificate,… This is an automated screen, not a verdict; each finding links to its sources. ### What does Advance Technoforge Limited do? The official transformation of Advance Technoforge into a public entity is shrouded in mystery. Documents suggest the company's status was converted and its very name was officially changed, but the critical date for this shift remains undocumented. ### Who manages the Advance Technoforge Limited IPO? Book running lead managers: LM and SUN CAPITAL ADVISORY SERVICES PRIVATE LIMITED. Registrar to the offer: Kfin Technologies Limited. Shares are proposed to list on BSE. ### Where can I read the original Advance Technoforge Limited IPO documents? All 1 filing for Advance Technoforge Limited (Prospectus) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document. ## Source documents - [Advance Technoforge Limited](https://www.sebi.gov.in/sebi_data/attachdocs/sep-2026/1788435005522_1346.pdf) (Prospectus, filed 3 Sep 2026) --- Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.