Advance TechnoforgeShare price, financial results, shareholding and management
- Market cap
- ₹49 cr
- Stock P/E
- 12.2peers 21.3
- Book value
- ₹21.1
- Price to book
- 3.60
- EV / operating profit
- -
- Market cap to sales
- 0.99
- ROCE · FY26
- 24.3%
- ROE · FY26
- 34.8%
- ROE, 3-year average
- 31.8%
- Operating margin · FY26
- 15.5%peers 12.1%
- Sales growth, 3 years
- 9.8%
- Profit growth, 3 years
- 75.6%
- Debt to equity
- 1.26peers 0.80
- Borrowings
- ₹17.3 cr
- Interest cover
- 4.6×
- Cash from business / op. profit
- 57%
- Debtor days
- 96
- Pledged
- 0.00%
- Promoter holding
- 71.98%
- Change in promoter holding
- -
- Shareholders
- 919
- 52-week high / low
- ₹94 / ₹51
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Advance Technoforge share price chart
Close on 6 Nov 2026 · +1.47% on the day · Vol 2,400
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- +1.0%
- 3 months
- +4.5%
- Traded a day, 20 days
- ₹0.12 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | -1% | +50% |
| 3 years, a year | +10% | +76% |
About Advance Technoforge: business, products and customers
Advance Technoforge makes forged and machined steel parts, such as tow hooks, brackets, pins and flanges, for makers of vehicles, farm machines, earth movers, power transmission and oil and gas equipment in India and abroad. Its shares trade on BSE SME.
The company heats steel bars and hammers them into shape in closed dies, then machines many of the parts to the customer's drawing. It supplies original equipment makers in automotive, earth moving, agricultural equipment, power transmission, hydraulic cylinders and oil and gas, from two units at Veraval Shapar near Rajkot: Unit I is owned and Unit II is leased from two promoters.
It purchases its own steel, mostly from a few Indian suppliers with no fixed supply contracts, so steel prices flow straight into its costs, and it works on repeat orders that cover only two to four months. Customers' payments and stock each tie up about a quarter of a year's sales, so profit turns into cash slowly and short term bank loans carry the gap. Margins rose over the last two years because the company says it cut job work and other direct costs by bringing outsourced processes in house, which also raised wages.
Read more about the business
The prospectus names two listed forging companies, Tirupati Forge and Forge Auto International, as its industry peers: both make forged parts, and both are several times its size by FY26 sales (Prospectus, p.103).
With money from its July 2026 issue it plans an aluminium forging line, mainly for electric vehicle parts, in the spare shed at Unit II, alongside a new steel hammer line already being set up there.
From the Prospectus dated 20 July 2026.
Read the deeper study ↓In its favour
- It earns a high return on the money it uses: ROCE 24% in FY26.
- It brings in more cash than it shows as profit: ₹4.5 cr against ₹4.1 cr in FY26.
- The promoters own a large part of the company: 71.98%.
To watch
- Start of commercial production on Line 4 at Unit II, expected by the end of FY27 (Prospectus, July 2026, p.117).
- Ordering and installation of the aluminium forging machines from issue money, scheduled across FY27 and to June 2027 (Prospectus, July 2026, p.86).
- Whether orders from the largest customer return after the tariff settlement, as the company expects (Prospectus, July 2026, p.25).
- Whether stock, up 55% in FY26, comes down against sales (Prospectus, July 2026, p.258).
- It paid no dividend in the past year.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Advance Technoforge revenue and profit growth
Half-yearly results · Profit and lossSales have grown steadily. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
Advance Technoforge profit and loss
Full years to March, FY21 to FY26 · ₹ crore, consolidated where reported
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Sales | 24.41 | 31.44 | 37.79 | 47.92 | 50.68 | 50.01 |
| Expenses | 22.22 | 29.57 | 35.44 | 44.24 | 45.58 | 42.24 |
| Operating profit | 2.19 | 1.87 | 2.35 | 3.68 | 5.10 | 7.77 |
| OPM | 9.0% | 6.0% | 6.2% | 7.7% | 10.1% | 15.5% |
| Other income | 0.01 | 0 | 0 | 0.18 | 0.45 | 0.59 |
| Interest | 0.97 | 0.81 | 0.83 | 1 | 1.32 | 1.54 |
| Depreciation | 0.48 | 0.48 | 0.54 | 0.59 | 0.70 | 1.29 |
| Profit before tax | 0.75 | 0.58 | 0.98 | 2.27 | 3.53 | 5.53 |
| Tax rate | 26.7% | 31.0% | 23.5% | 25.1% | 23.5% | 26.6% |
| Net profit | 0.55 | 0.40 | 0.75 | 1.70 | 2.70 | 4.06 |
| EPS ₹ | 11 | 8 | 15 | 34 | 4.15 | 6.25 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Earnings per share before FY25 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Advance Technoforge profitability
Margins and returns on capitalLast year the company kept more from each rupee of sales than the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Operating margin | 9.0% | 6.0% | 6.2% | 7.7% | 10.1% | 15.5% |
| Tax rate | 26.7% | 31.0% | 23.5% | 25.1% | 23.5% | 26.6% |
| ROCE | · | 11.7% | 14.1% | 20.5% | 21.4% | 24.3% |
| ROE | · | 9.3% | 15.4% | 27.9% | 32.6% | 34.8% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Advance Technoforge debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. Its loans are now larger than its own money. Last year the business brought in more cash than it showed as profit. Customers take about as long to pay as they did in FY24.
Bars below the line are cash going out.
Advance Technoforge balance sheet
At each 31 March · ₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Equity capital | 0.50 | 0.50 | 0.50 | 0.50 | 6.50 | 6.50 |
| Reserves | 3.58 | 3.98 | 4.73 | 6.44 | 3.13 | 7.19 |
| Net worth | 4.08 | 4.48 | 5.23 | 6.94 | 9.63 | 13.69 |
| Borrowings | 7.84 | 7.46 | 8.51 | 11.19 | 17.51 | 17.30 |
| Other liabilities | 7.43 | 10.06 | 8.43 | 10.52 | 12.37 | 15.93 |
| Total liabilities | 19.35 | 22 | 22.17 | 28.65 | 39.51 | 46.92 |
| Fixed assets | 5.57 | 5.82 | 6.38 | 7.25 | 13.65 | 17.24 |
| Capital work in progress | 0 | 0 | 0 | 0.31 | 2.10 | 0 |
| Investments | 0 | 0.10 | 0.54 | 0 | 0 | 0 |
| Other assets | 13.78 | 16.08 | 15.25 | 21.09 | 23.76 | 29.68 |
Advance Technoforge cash flow
₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Cash from operations | -0.52 | 1.69 | 1.41 | 0.19 | 3.79 | 4.45 |
| Cash from investing | 0.38 | -0.49 | -1.64 | -1.82 | -8.80 | -2.71 |
| Cash from financing | 0.10 | -1.23 | 0.23 | 1.67 | 5.03 | -1.75 |
| Net cash flow | -0.04 | -0.03 | 0 | 0.04 | 0.02 | -0.01 |
Working capital
Days
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Debtor days | 117 | 104 | 90 | 89 | 87 | 96 |
| Inventory days | 141 | 121 | 83 | 111 | 107 | 191 |
| Days payable | 177 | 164 | 106 | 120 | 148 | 205 |
| Cash conversion cycle | 82 | 61 | 67 | 80 | 47 | 82 |
| Working capital days | 44 | 22 | 24 | 21 | -3 | 8 |
Advance Technoforge peers and competitors
Listed SME companies in the same industryBy sales, Advance Technoforge is number 127 of the 156 listed SME companies in industrial products.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Maks Energy Solutions India | 10 | 14.9 | 54.1 | 0.7 | 5.5% | 1.02 |
| Jiwanram Sheoduttrai Industries | 10 | 9.6 | 53.9 | 1 | -0.9% | 0.68 |
| Rappid Valves (India) | 171 | 26.4 | 53.2 | 6.5 | 19.4% | 0.35 |
| Manas Polymers and Energies | 55 | 6.4 | 53 | 8.5 | 24.1% | 0.54 |
| Kalana Ispat | 26 | 26.6 | 51.8 | 1 | 2.2% | 0.05 |
| KVS Castings | 134 | 19.0 | 51.4 | 7.1 | 21.6% | 0.38 |
| Diksha Polymers | 97 | 23.6 | 51.3 | 4.1 | 14.6% | 1.77 |
| Pentagon Rubber | 66 | 35.9 | 50.9 | 1.8 | 9.5% | 0.92 |
| Advance Technoforge | 49 | 12.2 | 50 | 4.1 | 15.5% | 1.26 |
| Horizon Reclaim (India) | 290 | 29.0 | 49 | 10 | 32.0% | 1.44 |
| Solve Plastic Products | 8 | 18.1 | 45.6 | 0.4 | 4.5% | 1.09 |
| Median of the 10 others | 61 | 21.3 | 51.6 | 3 | 12.1% | 0.80 |
Advance Technoforge shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little.
Advance Technoforge shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Aug 26 | |
|---|---|
| Promoters | 71.98% |
| Number of shareholders | 919 |
Advance Technoforge study: the business from its own documents
Read from 1 of the company's own documentsAdvance Technoforge key facts from the filings
Each figure with the document it comes from
- FY26 revenue
- ₹50.0 cr
- Slightly below ₹50.7 cr in FY25 on lower volumes, while profit after tax rose to ₹4.1 cr from ₹2.7 cr.Prospectus, July 2026, p.121 and p.254
- EBITDA margin
- 16.7%
- In FY26, up from 10.9% in FY25 and 8.0% in FY24, as job work and other direct costs fell.Prospectus, July 2026, p.121 and p.254
- Forging capacity used
- 50.5%
- 3,030 tonnes made in FY26 against 6,000 tonnes a year installed; use has stayed near half for three years.Prospectus, July 2026, p.130
- Exports
- 28.7% of revenue
- FY26 sales to Croatia, Germany, Finland and the United States, up from 14.0% in FY24.Prospectus, July 2026, p.123 and p.30
- Top ten customers
- 64.4%
- Share of FY26 revenue; the largest customer fell to 12.3% from 25.4% in FY24 after United States tariffs cut its orders.Prospectus, July 2026, p.122 and p.25
Show 5 more facts
- Orders in hand
- ₹19.0 cr
- At 11 July 2026, to be dispatched from July to October 2026; most work is repeat orders.Prospectus, July 2026, p.97
- Borrowings
- ₹17.3 cr
- At March 2026, against net worth of ₹13.4 cr, before the issue money came in.Prospectus, July 2026, p.121
- Issue raised
- ₹24.0 cr
- 25,29,600 new shares at ₹95; ₹7.2 cr for aluminium forging machines, ₹7.3 cr for working capital, the rest for loans and general use.Prospectus, July 2026, p.85
- Top steel supplier
- 22.8%
- Purchases from one supplier as a share of FY26 revenue, up from 9.1% in FY24.Prospectus, July 2026, p.123
- Unit II landlord
- Promoters
- Leased from Pradipbhai Vora and Daxaben Moliya for ₹1 lakh a month until March 2034.Prospectus, July 2026, p.132 and p.153
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company says a fourth steel hammer line, already installed at Unit II, should start commercial production by the end of FY27, taking forging capacity from 6,000 to 7,250 tonnes a year. It plans to spend ₹7.2 cr of the issue money on a 600 tonne a year aluminium forging line, mainly for electric vehicle parts, with installed capacity shown from March 2028. It says its largest customer, whose orders fell after United States tariffs, has resumed planning orders after the tariff settlement and shared an order forecast. Orders in hand were ₹19.0 cr in July 2026.
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Advance Technoforge earns its money forging and machining steel parts made to order for equipment makers, and its margins have improved as it brought more work in house.
Its weak spots are a plant that runs at about half its capacity, heavy borrowing for stock and unpaid bills, and orders that move with tariffs and its customers' plans.
AverageCan it set its own prices?It makes parts to each customer's drawing, which helps, but steel is bought without fixed contracts and customers can press for lower prices.
AverageHow strong is it against rivals?Quality approvals for automotive, pressure and boiler parts keep some newcomers out, but many makers in India and abroad produce similar forgings.
AverageWho are its customers?Equipment makers in India and abroad; reliance on the single largest customer has fallen, but the top ten still give most of the sales.
WatchDoes it need a lot of money?Yes: stock and money owed by customers are large against sales, and new lines need machines, so the company has leaned on bank loans.
AverageCan it keep finding new work?Repeat orders from long standing customers keep the plant busy, and exports have grown, but there are no long term contracts.
WatchDo good and bad years swing a lot?Its sales follow the building plans of vehicle, farm and earth moving machine makers and trade rules abroad, so a lost order can dent a year.
Who runs Advance Technoforge?
Promoters, directors and officers; tap a name for the background
NSNilesh Shambhubhai MoliyaPromoter and Managing Director · holds 5.76%
A director since the company was formed in 2013, with about 12 years of experience; completed the first year of a Bachelor of Commerce. Managing Director from July 2024 for five years, looking after day to day affairs, expansion and marketing, on ₹36 lakh a year.
Prospectus, July 2026, p.150 to 151 and p.164PBPradipbhai Bhikhabhai VoraPromoter and Whole Time Director · holds 11.70%
A director since incorporation, with about 12 years of experience; completed the second year of a Bachelor of Commerce. Whole Time Director from July 2024 for five years, in charge of general management, finance and operations. The prospectus describes Pradipbhai Vora as the brother of the Managing Director's spouse.
Prospectus, July 2026, p.150 and p.165SPShraddhaben Pradipbhai VoraPromoter, Chairman and Non-Executive Director · holds 3.60%
Holds a Bachelor of Arts and has completed the first part of a Master of Arts; appointed Chairman in July 2024 and oversees administration and human resources. The prospectus states Shraddhaben Vora is the spouse of the Whole Time Director.
Prospectus, July 2026, p.150 and p.166DNDaxaben Nileshbhai MoliyaPromoter · holds 16.20%
More than two years in business administration and a director of Leocast Alloys Private Limited; the largest single holder among the promoters. Joint landlord of the Unit II factory.
Prospectus, July 2026, p.165 and p.79KAKajal Alpeshbhai MoliyaPromoter · holds 14.58%
Holds a Bachelor of Commerce and has more than five years in business administration; a partner of Chaitanya Engineering Company, to which the company made small sales in FY26.
Prospectus, July 2026, p.166 and p.58BSBipinkumar SanganiChief Financial Officer
Holds a Bachelor of Commerce with over ten years in accounting and finance, earlier an account executive at Sunshine Tiles Company; Chief Financial Officer from November 2024.
Prospectus, July 2026, p.161PBPayal BansalCompany Secretary and Compliance Officer
A qualified Company Secretary with a Bachelor of Commerce and a law degree, earlier at Adani Solar Energy Jodhpur Two; appointed in October 2024.
Prospectus, July 2026, p.161SNSatyam Nanjibhai ThummarIndependent Director
A Chartered Accountant with over five years in practice as proprietor of S. N. Thummar & Co., in finance, accounting and income tax; appointed in July 2024 and chairs the audit committee.
Prospectus, July 2026, p.150 and p.154CGChirag GhadiyaIndependent Director
A Chartered Accountant with over two years in practice as proprietor of Ghadiya & Co.; appointed in July 2024.
Prospectus, July 2026, p.150Advance Technoforge latest news and announcements
Announcements · Documents · Corporate actionsAdvance Technoforge announcements
3 on record, latest first; each opens the filing on the exchange
- Company Updatepursuant to Regulation 74(5) of SEBI (DP) Regulations,2018, we enclose herewith confirmation certificate received from KFin Technologies Limited, RTA of the comPDF ↗
- Insider Trading / SASTThis is to inform you that the trading window for dealing in the Company''s securities will remain closed from 01st October till 48 hours after the declaration PDF ↗
- Insider Trading / SASTThis is to inform you that the Trading Window for dealing in the Company''s securities will remain closed from 01st October,2026 till 48 hours after the declaraPDF ↗
Advance Technoforge annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
Advance Technoforge share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Advance Technoforge's data · 8
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- iThe shares traded on only 51 days in the past year, so the price, its range and the returns here rest on few trades.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (65,00,000 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- !Earnings per share changes basis between FY24 (₹34.00) and FY25 (₹4.15) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY21 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Advance Technoforge
What does Advance Technoforge do?
Advance Technoforge makes forged and machined steel parts, such as tow hooks, brackets, pins and flanges, for makers of vehicles, farm machines, earth movers, power transmission and oil and gas equipment in India and abroad. Its shares trade on BSE SME.
What is the share price of Advance Technoforge?
₹76 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Advance Technoforge?
₹49 cr at the close on 6 Nov 2026, on 65,00,000 shares.
What is the P/E of Advance Technoforge?
12.2 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Advance Technoforge's revenue and profit?
Revenue ₹50 cr and profit after tax ₹4 cr in FY26.
Who are the promoters of Advance Technoforge?
Nilesh Shambhubhai Moliya, Pradipbhai Bhikhabhai Vora, Shraddhaben Pradipbhai Vora, Daxaben Nileshbhai Moliya, Kajal Alpeshbhai Moliya; promoters held 71.98% at 31 Aug 2026.
What is Advance Technoforge's website?
www.advancetechforge.com
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Built from 1 offer document, 3 exchange announcements, 1 shareholding patterns and 6 years of reported results. Every figure carries its source; where the documents are silent, the page says so.