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Emmforce Autotech IPO
Price Band
₹93.0–98.0
Issue Size
₹53.9 Cr
Lot Size
1,200 shares
Min Investment
₹117,600
GMP
+₹130.0 (132.65%)
Issue Price
₹98.0
Subject to Sauda
₹118600
Paid only if allotted
Emmforce Autotech IPO AI Summary
- Emmforce Autotech IPO is listed on BSE SME in the Auto Components & Equipments sector.
- Price band: ₹93.0–₹98.0 per share, lot size 1,200 shares (min. investment ₹117,600).
- Subscription window: 23 Apr–25 Apr 2024, listing on 30 Apr 2024.
- Current GMP is +₹130.0 (132.65%), an estimated listing price of ₹228 — unofficial and can change daily.
Emmforce Autotech Limited is an SME IPO focused on the auto components sector, with a diverse range of drivetrain products. The company has shown some fluctuations in its financial performance, and while it has a solid business model and strong customer relationships, potential investors should carefully consider the associated risks.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Emmforce Autotech IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 25 Apr 2024 — not a current signal.
2 of 2 reviewers say Positive
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
Emmforce Autotech IPO Grey Market Premium (GMP) Today
GMP
+₹130.0
GMP %
+132.65%
Est. Listing
₹228.0
Updated: 25 Jul 2026 14:06
About the Company
Emmforce Autotech Limited was founded in 2012 and is a manufacturer and exporter of drivetrain parts for niche vehicles. The company's product list includes differential housings, differential locks, differential covers, 4WD locking hubs, spindles, axles and shafts, gear shifters, yokes, differential spools, differential tools, and various forged/cast differential parts mainly for 4WD and high-performance racing vehicles. Competitive strengths: Engineering excellence: in-house research, design and development and in-depth knowledge of a wide range of materials and processes One-stop solution for drivetrain parts Quality assurance and standards: Strict quality standards are followed and maintained throughout the process. Existing customer relationships: Two decades of good customer relationships contribute to the company receiving regular orders from its customers. Scalable business model: The company's business model is to make the best use of existing resources, create linkages with the development team's expertise, and achieve consistent customer satisfaction. Experienced management team The company's manufacturing facility is located in Baddi, Himachal Pradesh. As of October 31, 2023, the company employed 128 people.
Company Financials (₹ Cr)
As of 2023-10-31
| Period Ended | 31 Oct 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
|---|---|---|---|---|
| Assets | 55.97 | 48.95 | 52.57 | 33.84 |
| Total Income | 47.90 | 48.75 | 71.38 | 51.85 |
| Profit After Tax | 5.12 | 4.39 | 7.33 | 5.09 |
| NET Worth | 15.00 | 23.45 | 21.29 | 15.25 |
| Reserves and Surplus | 0.44 | |||
| Total Borrowing | 24.04 | 15.35 | 16.51 | 5.02 |
Key Ratios
EPS
₹2.93
NAV
₹10.29
RoNW
2.83%
P/B Value
9.52
P/E Ratio
33.5
Market Cap
₹200.90 Cr
PAT Margin
8.42%
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|---|
| Divgi Torqtransfer Systems Limited | 360.53 | 9.28% | 44.31 | 18.45 | 18.45 |
| Emmforce Autotech Limited This IPO | 15.63 | 18.71% | — | 2.93 | 2.93 |
Promoters
Ashok Mehta, Neetu Mehta and Azeez Mehta
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Investment in Subsidiary Company i.e. Emmforce Mobility Solutions Private Limited (EMSPL) in form of equity or debt for meeting the requirement of working capital and margin money for term loan of Subsidiary Company. 10.00 2 To Meet Working Capital Requirement of our Company 27.00 3 General Corporate Expenses 12.90
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹71.38 Cr in the period ending 31 Mar 2022, then decreased to ₹51.85 Cr by 31 Mar 2021, and slightly increased to ₹48.75 Cr by 31 Mar 2023. Most recently, total income was ₹47.90 Cr as of 31 Oct 2023, though this is a 9-month figure, not a full year, so isn't directly comparable.
Profit Trend
Profit after tax was ₹7.33 Cr in the period ending 31 Mar 2022, declining to ₹5.09 Cr by 31 Mar 2021, and then increasing to ₹4.39 Cr by 31 Mar 2023. Most recently, profit after tax was ₹5.12 Cr as of 31 Oct 2023, though this is a 9-month figure, not a full year, so isn't directly comparable.
Valuation
Emmforce Autotech Limited has an implied P/E ratio of 33.5 at the issue price, compared to peers like Divgi Torqtransfer Systems Limited, which trades at a P/E of 44.31.
Grey Market Premium, Explained
The Grey Market Premium (GMP) indicates the expected listing price of the IPO shares in the stock market compared to the issue price. A positive GMP suggests that the shares are anticipated to list at a higher price than the issue price, reflecting investor demand.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against the company's growth potential and market conditions. It's important to consider the financial health and business model before making an investment decision.
Who May Want to Wait
Investors who are risk-averse or prefer stable, established companies may want to avoid this IPO, especially given the fluctuations in the company's financial performance in recent years.
IPO Timeline, Explained
The IPO opens for subscription on April 23, 2024, and closes on April 25, 2024. Allotment of shares will be done on April 26, 2024, and the shares are expected to be listed on the stock exchange on April 30, 2024.
Listing Gains — The Risk
While listing gains can be attractive, they are not guaranteed and can vary based on market conditions. Investors should be aware that the stock price may fluctuate significantly on the listing day.
This evaluation is generated from Emmforce Autotech's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is Emmforce Autotech IPO GMP today?
Emmforce Autotech IPO GMP today is +₹130.0 (132.65%), indicating an estimated listing price of ₹228. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of Emmforce Autotech IPO?
The price band of Emmforce Autotech IPO is ₹93.0–₹98.0 per share.
When does Emmforce Autotech IPO open and close?
Emmforce Autotech IPO opens on 23 April 2024 and closes on 25 April 2024.
When does Emmforce Autotech IPO list on the stock exchange?
Emmforce Autotech IPO listed on 30 April 2024 at ₹228.0.
What is the lot size for Emmforce Autotech IPO?
The lot size for Emmforce Autotech IPO is 1200 shares, requiring a minimum investment of ₹117,600.
What is the price band for the IPO?
The price band for the IPO is ₹93 to ₹98.
What is the minimum investment required?
The minimum investment required is ₹117,600.
What is the lot size for this IPO?
The lot size for this IPO is 1,200 shares.
When is the listing date?
The listing date is expected to be April 30, 2024.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected premium of the IPO shares in the grey market before their official listing.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
23 Apr 2024
Close
25 Apr 2024
Allotment
26 Apr 2024
Listing
30 Apr 2024
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