Advance Technoforge Ltd.

• Purchase and installation of plant and machineries for manufacturing of precision machine components at the existing premises (i.e. factory at Survey No. 121, Plot Nos.1 to 6, At. & Po. Padavala Road, Opp. Eaterflow Piping System, Veraval Shapar Lodhika, Rajkot, Gujarat - 360024, India and Survey No. 131/2, Plot 20 & 21, At. & Po. Padavala Road, Opp. Eaterflow Piping System, Veraval Shapar Lodhika, Rajkot, Gujarat – 360024, India, to be referred to as the “Existing Premises”)₹7.2 Cr
• Part funding of working capital requirements₹7.3 Cr
• Repayment / Prepayment of all or certain of our borrowings availed by our Company₹2.4 Cr
• General Corporate purposes₹3.6 Cr

Notice No. ZD240624054172O and Penalty Order dated 14th June, 2024, issued by the Goods and Services Tax Department for Intimation of liability under Section 73(5) of Central Goods and Services Tax Act, 2017 to the Company and imposed a penalty of Rs. 52,12,229 (Fifty-Two Lakhs Twelve Thousand Two Hundred Twenty-Nine Only) for Assessment Year 2020-2021. Reply to the notice had been furnished by the Company and the proceedings have been dropped as per order of the State Tax Officer dated 1st January, 2025 and the Company is no longer required to pay the same.

• The Company's manufacturing capacity is underutilized. For the year ended March 31, 2026, the capacity utilization was 50.50%, and for March 31, 2025, it was 46.90%. Any inability to achieve or sustain optimal capacity utilization may adversely affect the Company's business, operations and financial performance.(Operational)

• The Company relies heavily on a group of customers for a significant portion of its operational revenue. For the Financial Year ended March 31, 2026, revenue from the top 10 customers was 64.35% of total revenue. The loss of any one or more of these key customers could have a substantial negative impact on the business, operations, and financial stability.(Customer Concentration)

• The Company relies on a limited number of suppliers for steel, its primary raw material. For the Financial Year ended March 31, 2026, purchases from the top 10 suppliers were 40.10% of revenue from operations. The Company does not have fixed supply agreements with these suppliers, and any failure to meet needs or volatility in steel prices could negatively impact the business.(Supplier Concentration)

• The Company is burdened by significant indebtedness as at 31 May, 2026, amounting to ₹ 1,638.44 lakhs. This indebtedness requires a substantial portion of cash flow from operations to service debt payments and limits the Company's flexibility to raise fresh debt or respond to changes in business conditions.(Financial)

• The Company's revenue for the Previous Financial Year decreased due to the loss of business orders from its Top 1 Customer, which was reduced pursuant to the levy of Tariffs by the United States on India. Subsequent to a tariff settlement, the Top 1 Customer has resumed planning for the next year's product orders, but any non-occurrence could adversely affect the business.(Customer Concentration)

• The Company does not have long-term agreements with its suppliers, who typically supply through purchase orders. There is a risk that suppliers may fail to deliver on time or at all, which could delay production schedules and adversely affect operations, results, cash flow, financial condition, or business.(Supplier Concentration)

• The Company is exposed to price fluctuations and availability risks for steel. Since raw materials are purchased on an order-by-order basis, any increase in steel prices or shortage of supply could raise production costs, potentially harming the business and profitability, particularly if the Company cannot pass these costs to customers.(Supplier Concentration)

• The Company's manufacturing facilities are presently underutilized, and there can be no assurance that the Company will be able to achieve or sustain optimal capacity utilization in the future. Underutilization of capacity may result in inefficient absorption of fixed costs, which could adversely impact operational efficiency, margins, profitability and financial performance.(Operational)

Each bar is a fixed formula applied to the figures shown above, scored 0–100. This is a reading of what the company disclosed — not a recommendation to apply or avoid, not a price target, and not a prediction of listing performance. Dimensions that could not be extracted are excluded rather than assumed, so coverage varies between documents.