58  Total SME IPOs listed in 2025

2,593.84 Crs.  Total funds raised in 2025

40  SME IPOs listed with Gain in 2025

18  SME IPOs listed with loss in 2025

58  Total SME IPOs listed in 2025

2593.84 Crs.  Total funds raised in 2025

40  SME IPOs listed with Gain in 2025

18  SME IPOs listed with loss in 2025

58  Total SME IPOs listed in 2025

2593.84 Crs.  Total funds raised in 2025

40  SME IPOs listed with Gain in 2025

18  SME IPOs listed with loss in 2025

58  Total SME IPOs listed in 2025

2593.84 Crs.  Total funds raised in 2025

40  SME IPOs listed with Gain in 2025

18  SME IPOs listed with loss in 2025

Forge Auto International Limited IPO Analysis

Forge Auto International IPO is a book build IPO listing on NSE EMERGE exchange. The company is based in Ludhiana and caters to Engineering - Automotive sector. Hem Securities is the merchant banker of Forge Auto International IPO. It is a SME IPO which filed its Draft Red Herring Prospectus (DRHP) on 30th June 2024.

Forge Auto International IPO posted revenues of Rs 181.57 crores and PAT of Rs 6.68 crores in FY25 on annualised basis.

Nature of IPO : SME
Exchange : NSE EMERGE
IPO Type : Book Building

Forge Auto IPO Financial Performance (Restated)

Financial results of Forge Auto International IPO based on restated financials as per prospectus and IPO review parameters can be referred to below.

Amount in ₹ crores
Financials
FY 24
FY 23
FY 22
Balance Sheet
Assets
1.01
0.83
0.57

Net Worth
0.20
0.17
0.14

Total Debt
0.40
0.32
0.26

Profit & Loss
Revenue
Revenue on annualised basis
1.80
1.80
1.77
1.33

EBITDA
EBITDA on annualised basis
0.14
0.14
0.11
0.07

PAT
PAT on annualised basis
0.07
0.07
0.05
0.03

Notes:
1) Total debt incluides long-term borrowings and short-term borrowings.
2) Revenue means the Revenue from Operations as appearing in the Restated Financial Statements.

Forge Auto IPO Key performance Indicators (KPI)

Forge Auto International IPO PAT Margin is 3.89%, ROCE (Return on Capital Employed) is 0.18% as per latest financial. The below table shows Forge Auto International IPO Key Performance Indicators (KPI) as mentioned in company’s prospectus.

Particulars
FY 24
FY 23
FY 22

EBITDA Margin (%)
7.78
6.21
5.26

PAT Margin (%)
3.89
2.82
2.26

EPS (Rs.)
10.21
7.58
4.04

ROE (%)
35.00
29.41
21.43

ROCE (%)
0.18
0.18
0.13

ROA (%)
6.93
6.02
5.26

Debt to Equity (x)  
2.00
1.88
1.86

Notes:
1) The EPS represents post-bonus basic EPS.
2) Return on Equity is ratio of Profit after Tax and Total Equity.
3) Return on Assets is ratio of Profit after Tax and Total Assets.
4) Debt to Equity is ratio of Total borrowings and Total Equity.

Forge Auto International IPO Valuation Metrics

The market Capitalisation of Forge Auto International IPO is Rs 117.94 crores at the time of IPO and other IPO valuation metrics of this IPO is mentioned below.

Key Metrics (at the time of IPO)


Market Capitalisation (Rs. Cr.):
117.94

Enterprice Value (EV) (Rs. Cr.):
118.33

EV/EBITDA (times) :
845.21

PE Multiple (times) :
17.63

P/B (times) :
3.77

NAV (Rs.) :
25.88

Notes:
1) The Enterprise Value is calculated as Market Cap. + Total Debt - Cash and Cash Equivalents.
2) Price to Book multiple is calculated as the ratio of Market Cap. and Net Worth post IPO proceeds.

What are the key financial metrics in Forge Auto prospectus?

The Forge Auto International IPO prospectus highlights an Return on Equity (ROE) of 15%, Return on Assets (ROA) of 12%, and an EBITDA Margin of 18%, showcasing financial performance.

How do profitability ratios impact the evaluation of Forge Auto IPO?

Profitability ratios like Return on Equity (ROE), Return on Assets (ROA), and Net Profit Margin shows Forge Auto International IPO financial report. Analysing these metrics can provide insights into the company’s efficiency, profitability, and long-term growth potential.

What is the market capitalisation for Forge Auto IPO ?

The post-IPO market capitalisation of Forge Auto International IPO is ₹117.94 Cr, based on the issue price and share structure. It helps investors gauge the company’s valuation and compare it with industry peers before investing.

What is the PE Multiple of Forge Auto IPO?

The Forge Auto International IPO has a Price-to-Earnings (PE) ratio of 17.63 X, indicating valuation compared to industry peers. It helps investors determine if the stock is overvalued or undervalued compared to its earnings and industry peers.

What is the Revenue of Forge Auto International IPO?

Forge Auto International IPO reported revenue of ₹181.57 Cr in the latest fiscal year, showing business performance, on annualised basis. Revenue figures from Forge Auto International IPO provide insights into sales growth, market demand, and business scalability.

What is the EBITDA of Forge Auto International IPO?

Forge Auto International recorded an EBITDA of ₹ 0.14 Cr., reflecting operational efficiency. EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) measures operational profitability.

What is the PAT of Forge Auto International IPO?

Forge Auto International Profit After Tax (PAT) is ₹0.07 Cr, reflecting earnings growth. Profit After Tax (PAT) reflects the company’s actual earnings after all expenses, taxes, and deductions

IPO Key Highlights

*At the time of IPO, on Annualised Basis
  • Revenue: ₹ 1.80 Cr.
            EBITDA: ₹ 0.14 Cr.
            PAT: ₹ 0.07 Cr.
  • EBITDA Margin: 7.78 %
            Pat Margin: 3.89%
  • Net Worth: ₹ 0.20 Cr.
  • Market Capitalisation: ₹ 117.94 Cr.
  • P/E: 17.63 times
  • P/BV: 3.77 times
  • EV/EBITDA: 845.21 times

Revenue

(As Annualised)

EBITDA

(As Annualised)

PAT

(As Annualised)
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FAQs

Forge Auto International operates in Engineering - Automotive and Engineering Company That Forges And Manufactures Complex, Safety-critical, Forged, And Precision-machined Components For The Auto Industry. The Issue is listed on NSE EMERGE in Oct, 2024. Forge Auto International IPO size was 31.10 with Issue price of 108.00 .

Forge Auto International IPO subscription was 49.28 X. IPO subscription refers to applications received in an IPO by each quota, i.e., QIB, Retail, and NII. In some IPOs, Eligible employee quota and shareholder’s quota are also present. Learn more about IPO subscriptions here.

Forge Auto International IPO listed at a listing price of 109.35 against the offer price of 108.00.

The current market price of Forge Auto International is 73.20.

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