💰 Financial Performance

Revenue Growth by Segment

Not disclosed in available documents. The company operates as a manufacturer and OEM supplier of drop forged and machined components, but specific segment-wise revenue growth percentages for the period ending September 30, 2025, were not provided.

Geographic Revenue Split

Not disclosed in available documents. While the company is an exporter, the specific percentage split between domestic and international revenue is not detailed.

Profitability Margins

Not disclosed in available documents. The auditor's report confirms a 'true and fair view' of the Net Profit after tax for the year ended March 31, 2025, but specific margin percentages (Gross, Operating, or Net) are not listed.

EBITDA Margin

Not disclosed in available documents. Core profitability metrics and YoY changes in EBITDA were not included in the provided financial statements.

Capital Expenditure

The company raised INR 31.104 Cr through an Initial Public Offering (IPO) of 28,80,000 equity shares at a price of INR 108 per share (including a premium of INR 98). These funds are designated for objects stated in the offer document, which typically include capital expenditure for capacity expansion or working capital.

Credit Rating & Borrowing

Not disclosed in available documents. Specific credit ratings and interest rate percentages for existing borrowings were not provided.

⚙️ Operational Drivers

Raw Materials

Steel and metal alloys (implied by 'Drop Forged & Machined Components'). Specific percentage of total cost for each material is not disclosed.

Capacity Expansion

The company is utilizing IPO proceeds of INR 31.104 Cr for business objects. Current installed capacity in MT or units is not specified in the provided text.

Raw Material Costs

Not disclosed in available documents. As a forging company, raw material costs typically represent a significant portion of revenue, but exact percentages and YoY changes are missing.

📈 Strategic Growth

Growth Strategy

The company aims to achieve growth by utilizing the INR 31.104 Cr raised from its IPO to fund its stated business objectives, which likely include expanding its footprint as an OEM supplier and exporter of forged components. The strategy involves maintaining high-standard certifications (IATF 16949:2016) to retain and grow its client base in the automotive sector.

Products & Services

Drop Forged Components and Machined Components sold to OEMs and international markets.

Brand Portfolio

Forge Auto International Limited.

Market Expansion

The company identifies as an exporter, indicating plans to expand its international presence, though specific target regions and timelines are not detailed.

🌍 External Factors

Industry Trends

The forging industry is shifting toward high-precision machined components to meet IATF 16949:2016 standards required by global automotive OEMs. The company is positioning itself as a 'ZED (GOLD)' certified manufacturer to align with sustainable and efficient manufacturing trends.

Competitive Landscape

The company competes in the fragmented forging and machining industry against both domestic and international players.

Competitive Moat

The company's moat is built on its technical certifications (IATF 16949:2016, ISO 45001:2018) and its status as an OEM supplier. These certifications act as entry barriers because automotive OEMs require rigorous quality audits that are difficult for new entrants to pass.

⚖️ Regulatory & Governance

Industry Regulations

The company must comply with IATF 16949:2016 for automotive quality management and various ISO standards for safety and environment. It is also subject to the Companies Act, 2013 and SEBI LODR regulations.

Environmental Compliance

The company is ISO 14001:2015 certified, indicating compliance with environmental management systems, though specific ESG costs in INR are not listed.

Legal Contingencies

No fraud was reported by auditors under Section 143(12). There are no reported disqualifications of directors as of May 30, 2025. Specific values for pending court cases were not disclosed.

⚠️ Risk Analysis

Key Uncertainties

The resignation of Director Bhupinder Preet Kaur on October 23, 2025, introduces potential management transition risk. Reliance on the automotive OEM sector makes the company vulnerable to cyclical downturns in the auto industry.

Technology Obsolescence Risk

The shift toward Electric Vehicles (EVs) may impact demand for certain traditional engine-related forged components, requiring the company to adapt its product mix.