Incorporated in 2001, Forge Auto International Limited is an engineering company that forges and manufactures complex, safety-critical, forged, and precision-machined components for the auto industry (automobiles, tractors, railways) and non-auto sectors (agriculture parts, hydraulic parts, striking tools).
The company serves its customers, including domestic and global original equipment manufacturers (“OEMs”) engaged in manufacturing for both the automotive and non-automotive sectors. Its products are used across various industries by a diverse customer base.
The company’s revenue from the sale of machined and forging products increased from ?10951.99 lakhs in Fiscal 2021 to Rs 17664.85 lakhs in Fiscal 2023, reflecting a 27% CAGR, demonstrating its heightened focus on its products.
The company manufactures short and long forks, flange yokes, ball studs, gear blanks, and stub axle assemblies for commercial vehicles, railway bogies, tractors, agricultural equipment, and sledgehammers.
The company is certified with the following standards: ISO 9001:2015 for quality management systems, ISO 14001:2015 for environmental management systems, OHSAS 18001:2007 for occupational health and safety management systems, IATF 16949:2016 for doing business with OEMs manufacturing components in the automotive industry, and ZED GOLD by the Government of India for sustainability with Zero Effect and Zero Defect.
Competitive Strength
As of March 31, 2024, the company has an in-house sales and marketing team of 14 employees.
As of March 31, 2024, the company has 366 permanent employees in various departments.
Forge Auto International Limited’s revenue increased by 2% and profit after tax (PAT) rose by 35% between the financial year ending with March 31, 2024 and March 31, 2023.
| Period Ended | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 | |||||||||||||||||||||||||||
| Assets | 10,148.67 | 8,274.29 | 5,677.94 | |||||||||||||||||||||||||||
| Revenue | 18,157.3 | 17,764.43 | 13,400.28 | |||||||||||||||||||||||||||
| Profit After Tax | 668.88 | 496.29 | 264.34 | |||||||||||||||||||||||||||
| Net Worth | 2,020.88 | 1,660.35 | 1,367.73 | |||||||||||||||||||||||||||
| Reserves and Surplus | 1,276.88 | |||||||||||||||||||||||||||||
| Total Borrowing | 4,046 | 3,183.2 | 2,620.16 | |||||||||||||||||||||||||||
| Amount in ₹ Lakhs | ||||||||||||||||||||||||||||||
The market capitalization of Forge Auto International IPO is Rs 117.94 Cr.
KPI as of March 31, 2024.
| KPI | Values |
|---|---|
| ROE | 35.76% |
| ROCE | 17.60% |
| Debt/Equity | 1.94 |
| RoNW | 32.14% |
| P/BV | 4.17 |
| PAT Margin (%) | 3.71 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 8.32 | 6.13 |
| P/E (x) | 12.98 | 17.63 |
The Net Proceeds are proposed to be used in accordance with the details as set forth below:
| IPO Date | September 26, 2024 to September 30, 2024 |
| Listing Date | [.] |
| Face Value | ₹10 per share |
| Price Band | ₹102 to ₹108 per share |
| Lot Size | 1200 Shares |
| Total Issue Size | 2,880,000 shares (aggregating up to ₹31.10 Cr) |
| Fresh Issue | 2,880,000 shares (aggregating up to ₹31.10 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | NSE SME |
| Share holding pre issue | 8,040,000 |
| Share holding post issue | 10,920,000 |
| Market Maker portion | 146,400 shares |
The promoters of the company are Parmod Gupta and Rajan Mittal.
| Share Holding Pre Issue | 100.00% |
| Share Holding Post Issue | 73.63% |
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As per our analysis and Based on the information we have, this is the output.
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