Hy-Tech Engineers
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 255.77×
- Big non-institutionalbNII · above ₹10 lakh
- 332.38×
- Small non-institutionalsNII · ₹2–10 lakh
- 539.86×
- Retail individualRII · up to ₹2 lakh
- 166.30×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 14 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 01 Sept 2026 | ₹39 | +73.58% | ₹8,400 | ₹92 | ₹11,037 |
| 31 Aug 2026 | ₹35 | +66.04% | ₹7,500 | ₹88 | ₹9,905 |
| 30 Aug 2026 | ₹43 | +81.13% | ₹9,200 | ₹96 | ₹12,169 |
| 29 Aug 2026 | ₹43 | +81.13% | ₹9,200 | ₹96 | ₹12,169 |
| 28 Aug 2026 | ₹40 | +75.47% | ₹8,600 | ₹93 | ₹11,320 |
| 27 Aug 2026 | ₹45 | +84.91% | ₹9,700 | ₹98 | ₹12,735 |
| 26 Aug 2026 | ₹44 | +83.02% | ₹9,500 | ₹97 | ₹12,452 |
| 25 Aug 2026 | ₹30 | +56.60% | ₹6,500 | ₹83 | ₹8,490 |
| 24 Aug 2026 | ₹30 | +56.60% | ₹6,500 | ₹83 | ₹8,490 |
| 23 Aug 2026 | ₹25 | +47.17% | ₹5,400 | ₹78 | ₹7,075 |
| 22 Aug 2026 | ₹27 | +50.94% | ₹5,800 | ₹80 | ₹7,641 |
| 21 Aug 2026 | ₹22 | +41.51% | ₹4,700 | ₹75 | ₹6,226 |
| 20 Aug 2026 | ₹22 | +41.51% | ₹4,700 | ₹75 | ₹6,226 |
| 19 Aug 2026 | ₹5 | +9.43% | ₹1,100 | ₹58 | ₹1,415 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 24 Aug 2026 – 27 Aug 2026
- Listing date
- 01 Sept 2026
- Face value
- ₹5 per share
- Price band
- ₹50 – ₹53
- Lot size
- 283 shares
- Sale type
- Fresh capital cum OFS
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹136 Cr
- Fresh issue
- ₹60 Cr 1,13,20,754 shares
- Offer for sale
- ₹75.73 Cr 1,42,89,450 shares
- Market cap at offer price
- ₹503 Cr
- Promoter holding
- 97.99% → 71.23% pre-issue → post-issue
- ISIN
- INE0LEG01024
- CIN
- U99999MH1978PLC020853
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- New Berry Capitals Pvt.Ltd.
- Registered office
- Plot No. A-160, Main Road, Wagle Industrial Estate, Thane - 400604, Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 50,00,680 | 27.56% | 27.56% |
| Anchor investor · within QIB | 76,83,060 | — | 42.34% |
| NII (HNI) | 39,43,418 | 21.73% | 21.73% |
| bNII > ₹10L · within NII | 26,28,946 | — | 14.49% |
| sNII < ₹10L · within NII | 13,14,472 | — | 7.24% |
| Retail (RII) | 92,01,308 | 50.71% | 50.71% |
| Employee | 0 | — | 0.00% |
| Market maker | 0 | — | 0.00% |
| Total issue | 1,81,45,406 | — | 100.00% |
Net offer to the public of 1,81,45,406 shares, out of a total issue of 1,81,45,406. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 283 shares per lot, in multiples, at ₹53
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 283 | ₹14,999 |
| Retail (max) | 13 | 3,679 | ₹1,94,987 |
| S-HNI (min) | 14 | 3,962 | ₹2,09,986 |
| S-HNI (max) | 66 | 18,678 | ₹9,89,934 |
| B-HNI (min) | 67 | 18,961 | ₹10,04,933 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹53 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 2.70 | 2.38 |
| P/E (×) | 19.63 | 22.27 |
| Price to book (×) | 4.37 | — |
| Market cap | — | ₹503 Cr |
Key performance indicators
Latest reported period, consolidated
- Return on net worth
- 21.39%
- ROCE
- 20.46%
- PAT margin
- 11.77%
- EBITDA margin
- 22.18%
- NAV per share
- ₹12.12
- Price to book
- 4.37
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Consolidated ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 193.44 | 166.71 | 141.17 |
| Revenue from operations | 189.4 | 161.38 | 137.71 |
| Other income | 4.03 | 5.33 | 3.46 |
| Total expenses | 162.87 | 140.51 | 125.37 |
| Operating profit | 30.57 | 26.2 | 15.8 |
| Operating margin | 15.80% | 15.72% | 11.19% |
| Profit before tax | 30.56 | 26.19 | 15.8 |
| Profit after tax | 22.59 | 19.62 | 11.6 |
| PAT margin | 11.68% | 11.77% | 8.22% |
| Balance sheet | |||
| Total assets | 175.71 | 170.65 | 146.24 |
| Current assets | 98.52 | 96.76 | 69.2 |
| Current liabilities | 33.67 | 43.84 | 40.95 |
| Total liabilities | 53.69 | 69.4 | 64.02 |
| Net worth | 122.02 | 101.25 | 82.22 |
| Current ratio | 2.93× | 2.21× | 1.69× |
| Return on equity | 18.51% | 19.38% | 14.11% |
| Cash flow | |||
| Operating cash flow | 30.33 | 17.02 | 18.68 |
| Investing cash flow | -7.15 | -13.4 | -35.52 |
| Financing cash flow | -21.26 | -3.5 | 16.6 |
| Net cash flow | 1.91 | 0.12 | -0.24 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Funding capital expenditure requirements towards procurement of machinery and equipment for expansion at Kavathe Unit, Shirwal Unit and Pithampur Unit-I ₹29.97 Cr
The company proposes to utilize Net Proceeds for acquiring advanced manufacturing machinery, CNC machines, testing equipment, barrel auto plating plants, and solar power installations to enhance operational efficiency, boost productivity, and strengthen sustainable practices across three manufacturing units.
2 Repayment or prepayment, in full or in part, of certain outstanding borrowings availed by the Company ₹16 Cr
The company intends to utilize Net Proceeds towards repayment/prepayment of outstanding borrowings to de-leverage its financial position, achieve favorable debt-equity ratio, reduce interest outflow, and enable additional investment in business growth and expansion.
3 General corporate purposes —
The company proposes to deploy balance Net Proceeds for general corporate purposes including funding growth opportunities, strengthening marketing capabilities, brand building exercises, meeting working capital requirements, business development initiatives, and other expenses as approved by the Board.
1 of 3 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Hy-Tech Engineers
Hy-Tech Engineers Limited was incorporated as a private limited company on December 18, 1978, and converted to a public limited company in March 2022. With over four decades of operational experience in the hydraulics industry, the company designs, manufactures and supplies hydraulic fittings catering to diverse industrial applications. The company operates six manufacturing facilities (four in Maharashtra, two in Madhya Pradesh) with an installed capacity of 455 lakh pieces per annum for hydraulic fittings and 3,120 MTPA for forging. Its product portfolio comprises more than 10,000 SKUs including DIN-metric fittings, JIC flared and flareless fittings, O-Ring Face Seal (ORFS) fittings and customized fittings. The company employs a B2B model with direct sales to OEMs and industrial customers, complemented by a network of authorized distributors. Revenue in FY2025 was ₹1,613.82 million with profit after tax of ₹196.19 million.
Management
Hemant Tukaram Mondkar
MD
Surekha Hemant Mondkar
CEO
Sunil Prabhakar Sathe
CFO
Ashwin Hemant Mondkar
COO
Strengths
As stated in the offer document
Integrated operations and product development capabilities
The company offers over 11,000 SKUs comprising standard hydraulic fittings and develops 880-2,206 new SKUs annually. The company operates with backward integration at Nashik Unit with 3,120 MT forging capacity and 483 lakh pieces manufacturing capacity across facilities.
Diversified customer base with wide market reach
The company served 170 direct customers in Fiscal 2026 with exports contributing 29.37% of revenues across eleven countries. The company maintains dual-channel approach with direct sales (88.42%) and distributor network (11.58%) reducing dependence on single sales channels.
Experienced leadership, deep market understanding and industry credibility
The company benefits from over four decades of experience led by IIT Bombay alumnus promoter. The company achieved 95.10% revenues from repeat customers in Fiscal 2026 and overseas sales grew at 6.08% CAGR from ₹283.77 million to ₹338.71 million.
Established global presence with access to growing international markets
The company operates across eleven countries including USA (21.42% of revenues), Belgium (6.14%), and Poland (1.22%). The company leverages distribution agreement with Hy-Tech USA Inc. contributing 3.54% of revenue from operations in Fiscal 2026.
Decentralized cell-based manufacturing model
The company follows cell-based manufacturing with smaller self-contained cells aligned to specific customer requirements. The company maintains decentralized accountability framework with plant heads responsible for operational performance supported by central procurement teams.
Risk factors
As stated in the offer document
Customer Concentration Risk
The company is dependent on a few customers for a major portion of revenues with top 10 customers contributing 45.32%, 42.02% and 48.72% of revenue from operations in Fiscals 2026, 2025 and 2024, respectively. The company does not enter into long-term arrangements with customers and any failure to continue existing arrangements could adversely affect business, financial condition and cash flows.
Export Revenue Concentration and Foreign Exchange Risk
The company derives significant revenue from exports (29.37%, 28.30% and 33.14% in Fiscals 2026, 2025 and 2024), with substantial portion from the United States (21.42%, 22.85% and 24.56% respectively). Fluctuations in exchange rates, adverse developments in these markets or strained economic relations could adversely affect business operations.
Negative Growth in Profit After Tax
In Fiscal 2024, the company experienced negative year-on-year growth in profit after tax with a decline of 35.59%. The company may be unable to manage growth and expansion operations or successfully implement business plans within budget estimates, which could materially affect business and financial condition.
Geographic Concentration of Manufacturing Facilities
Four out of six manufacturing facilities are located in Maharashtra, contributing 77.64%, 77.27% and 77.43% of revenue from operations in Fiscals 2026, 2025 and 2024. Any significant social, political, economic disruption or natural calamities in Maharashtra or Madhya Pradesh could adversely affect business operations and financial condition.
Under-utilization of Manufacturing Capacity
The company faces capacity utilization challenges across manufacturing facilities with rates varying from 55% to 91.67% across different units. Under-utilization of manufacturing capacities over extended periods could materially impact business, growth prospects and future financial performance, affecting profitability and operational efficiency.
Supplier Concentration and Raw Material Dependency
The company is dependent on suppliers for raw materials with top 10 suppliers contributing 65.61%, 54.78% and 65.49% of total purchases in Fiscals 2026, 2025 and 2024. Any shortages, delays or disruption in supply of raw materials (primarily carbon steel and stainless steel) may have material adverse effect on business operations and financial condition.
Direct Sales Channel Dependency
The company derives significant revenue from direct sales contributing 88.42%, 88.60% and 90.64% of revenue from operations in Fiscals 2026, 2025 and 2024. Any adverse changes in this distribution channel or disruptions in direct customers' production activities could adversely impact business and financial performance.
Company Analysis
from DRHPHy-Tech Engineers Limited is an engineering company engaged in the design, manufacture and supply of hydraulic fittings for diverse industrial applications across construction, farming, automotive, aerospace and other sectors.
Hy-Tech Engineers Limited was incorporated as a private limited company on December 18, 1978, and converted to a public limited company in March 2022. With over four decades of operational experience in the hydraulics industry, the company designs, manufactures and supplies hydraulic fittings catering to diverse industrial applications. The company operates six manufacturing facilities (four in Maharashtra, two in Madhya Pradesh) with an installed capacity of 455 lakh pieces per annum for hydraulic fittings and 3,120 MTPA for forging. Its product portfolio comprises more than 10,000 SKUs including DIN-metric fittings, JIC flared and flareless fittings, O-Ring Face Seal (ORFS) fittings and customized fittings. The company employs a B2B model with direct sales to OEMs and industrial customers, complemented by a network of authorized distributors. Revenue in FY2025 was ₹1,613.82 million with profit after tax of ₹196.19 million.
Objects of the Issue
- Funding capital expenditure requirements towards procurement of machinery and equipment for proposed expansion at Kavathe Unit, Shirwal Unit and Pithampur Unit-I ₹319.86 million p.111
- Repayment/prepayment, in full or in part, of certain outstanding borrowings availed by our Company ₹180.00 million p.111
- General corporate purposes p.111
Issue Structure
- Total Issue
- Up to [●] Equity Shares aggregating to ₹[●] million
- Fresh Issue
- Up to [●] Equity Shares of face value ₹5 each aggregating to ₹700.00 million
- Offer for Sale
- Up to 11,933,120 Equity Shares of face value ₹5 each aggregating to ₹[●] million
- Price Band
- [●] to [●] per Equity Share
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹5 each
Business Model
The company operates a business-to-business (B2B) model combining direct sales to original equipment manufacturers (OEMs) and industrial customers with distribution through a network of authorized distributors. Direct customer engagement enables long-term relationships and tailored solutions, while the distributor network provides access to smaller and mid-sized customers across domestic and international markets.
Business Segments
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Hemant Tukaram Mondkar | Promoter/Chairman & Managing Director | 64.81% | — |
| Surekha Hemant Mondkar | Promoter/Executive Director | 24.83% | — |
| Ashwin Hemant Mondkar | Promoter/Non-Executive Director | 8.35% | — |
Leadership
Auto-extracted from the company's DRHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official DRHP before relying on it.
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2026
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Hy-Tech Engineers Ltd. THIS ISSUE | 2.70 | 14.61 | 22.27, computed at the offer price | 4.37, computed at the offer price | 20.24% |
| 4.28 | 33.80 | 107.04 | — | 14.06% | |
| 47.73 | 1168.41 | 230.32 | — | 7.89% | |
| 10.81 | 274.66 | 69.32 | — | 4.27% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.