Technocrats Plasma Systems
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 126.63×
- Big non-institutionalbNII · above ₹10 lakh
- 343.26×
- Small non-institutionalsNII · ₹2–10 lakh
- 162.86×
- Retail individualRII · up to ₹2 lakh
- 99.95×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 11 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 21 Aug 2026 | ₹70 | +53.03% | ₹53,200 | ₹202 | ₹70,000 |
| 20 Aug 2026 | ₹70 | +53.03% | ₹53,200 | ₹202 | ₹70,000 |
| 19 Aug 2026 | ₹41 | +31.06% | ₹31,200 | ₹173 | ₹41,000 |
| 18 Aug 2026 | ₹43 | +32.58% | ₹32,700 | ₹175 | ₹43,000 |
| 17 Aug 2026 | ₹30 | +22.73% | ₹22,800 | ₹162 | ₹30,000 |
| 16 Aug 2026 | ₹32 | +24.24% | ₹24,300 | ₹164 | ₹32,000 |
| 15 Aug 2026 | ₹32 | +24.24% | ₹24,300 | ₹164 | ₹32,000 |
| 14 Aug 2026 | ₹30 | +22.73% | ₹22,800 | ₹162 | ₹30,000 |
| 13 Aug 2026 | ₹22 | +16.67% | ₹16,700 | ₹154 | ₹22,000 |
| 12 Aug 2026 | ₹12 | +9.09% | ₹9,100 | ₹144 | ₹12,000 |
| 11 Aug 2026 | ₹29 | +21.97% | ₹22,000 | ₹161 | ₹29,000 |
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
- 14 Aug 2026 – 18 Aug 2026
- Listing date
- 21 Aug 2026
- Face value
- ₹10 per share
- Price band
- ₹125 – ₹132
- Lot size
- 1,000 shares
- Sale type
- Fresh capital
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹60.98 Cr
- Fresh issue
- ₹57.93 Cr 43,89,000 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹231 Cr
- Promoter holding
- 86.96% → 64.00% pre-issue → post-issue
- ISIN
- INE19QK01022
- CIN
- U28299MH1994PLC082603
- Registrar
- Maashitla Securities Pvt.Ltd.
- Lead managers
- Rarever Financial Advisors Pvt.Ltd.
- Registered office
- Gala No. 6, 7, 8, 105, 106, 107, 108, Nirav-2, Gaon Devi Industrial Estate, Sativali, Vasai East, Dist. Palghar – 401 208, Maharashtra, India
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 | 8,77,000 | 28.52% | 26.53% |
| Anchor investor · within QIB | 13,14,000 | — | 39.75% |
| NII (HNI) | 6,60,000 | 21.46% | 19.96% |
| bNII > ₹10L · within NII | 4,40,000 | — | 13.31% |
| sNII < ₹10L · within NII | 2,20,000 | — | 6.65% |
| Retail (RII) | 15,38,000 | 50.02% | 46.52% |
| Employee | 0 | — | 0.00% |
| Market maker | 2,31,000 | — | 6.99% |
| Total issue | 33,06,000 | — | 100.00% |
Net offer to the public of 30,75,000 shares, out of a total issue of 33,06,000. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 1,000 shares per lot, in multiples, at ₹132
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,32,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,64,000 |
| S-HNI (max) | 7 | 7,000 | ₹9,24,000 |
| B-HNI (min) | 8 | 8,000 | ₹10,56,000 |
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
₹132 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 11.60 | 8.53 |
| P/E (×) | 11.38 | 15.47 |
| Price to book (×) | 1.52 | — |
| Market cap | — | ₹231 Cr |
Key performance indicators
Latest reported period, standalone
- Return on net worth
- 56.10%
- ROCE
- 48.55%
- Debt / equity
- 0.38
- PAT margin
- 11.37%
- EBITDA margin
- 20.02%
- NAV per share
- ₹30.28
- Price to book
- 1.52
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Standalone ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 131.41 | 49.44 | 6.35 |
| Revenue from operations | 131.31 | 49.36 | 6.06 |
| Other income | 0.1 | 0.08 | 0.29 |
| Total expenses | 106.47 | 41.68 | 5.55 |
| Operating profit | 24.94 | 7.76 | 0.8 |
| Operating margin | 18.98% | 15.70% | 12.60% |
| Profit before tax | 24.94 | 7.76 | 0.81 |
| Profit after tax | 14.94 | 8.11 | 2.21 |
| PAT margin | 11.37% | 16.40% | 34.80% |
| Balance sheet | |||
| Total assets | 72.06 | 36.72 | 13.55 |
| Current assets | 69.15 | 30.94 | 9.17 |
| Current liabilities | 24.7 | 14.3 | 6.92 |
| Total liabilities | 33.05 | 22.47 | 9.82 |
| Net worth | 39.01 | 14.24 | 3.74 |
| Current ratio | 2.80× | 2.16× | 1.33× |
| Return on equity | 38.30% | 56.95% | 59.09% |
| Cash flow | |||
| Operating cash flow | -11.66 | -5.05 | 0.79 |
| Investing cash flow | -1.21 | -0.18 | 0.02 |
| Financing cash flow | 13.07 | 5.18 | -0.62 |
| Net cash flow | 0.2 | -0.04 | 0.18 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Purchase and installation of plant and machinery for manufacturing of plasma cutting machines, welding equipment and customised automation systems at the Existing Premises ₹8.78 Cr
The company proposes to utilize proceeds towards purchase and installation of plant and machinery for manufacturing plasma cutting machines, welding equipment and customised automation systems at existing manufacturing facility located at Vasai. The proposed capital expenditure is expected to augment existing production capacity and improve operational efficiencies.
2 Funding towards long term working capital requirements ₹40 Cr
The company proposes to utilize proceeds to fund long term working capital requirements in Fiscal 2027 and Fiscal 2028. The funding of incremental long-term working capital requirements will help achieve consequent increase in profitability and proposed targets as per business plan.
3 General corporate purposes —
The company intends to deploy balance proceeds for general corporate purposes including meeting capital expenditure, operating expenses, brand building, strategic initiatives, repayment of borrowings, meeting working capital requirements, strengthening business development and marketing capabilities, and meeting exigencies.
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 Technocrats Plasma Systems
Incorporated in 1994 and converted to public limited status in October 2025, Technocrats Plasma Systems Limited designs, manufactures, and services plasma cutting machines, welding equipment, and customised automation solutions. The company operates two manufacturing facilities in Vasai, Maharashtra, and generates revenue through the sale of capital equipment for metal cutting and welding, technical consultancy, after-sales service, and fabrication solutions. It serves the fabrication, metalworking, infrastructure, automotive, and heavy machinery sectors through a direct sales and distribution network across India.
Management
ARUN KUMAR
MD
AMRISHA ARUN KUMAR SHARMA
CEO
APEKSHA SHARMA
Director
VIJOY KUMAR
Director
INDU SHEKHAR JHA
Director
Vandana Sharma
CFO
Prashant Prakash Lathi
Director
Ajay Kumar Ganesh Choudhary
Director of Operations
Jigar Bhupendrarai Desai
VP of Sales
Krishnanand Mishra
VP of Sales
Sudhakara K Poojary
CFO
Rekha Leeladhar Bangera
Director of Operations
Strengths
As stated in the offer document
Experience across industries, installed base and diversified customer base
The company has been active in plasma cutting and welding since 1990, serving customers across heavy fabrication, automotive, infrastructure, shipbuilding, defence, and other sectors with over 2,500 clients across India and abroad.
Indigenous design and in-house fabrication with cost and schedule control
The company develops products through in-house R&D and engineering, carrying out fabrication, assembly and testing in-house under a single quality system while maintaining design know-how internally.
Product and solution range with customisation and lifecycle service
The company offers a comprehensive range of plasma cutting machines, welding equipment and customised automation solutions with engineering capabilities to adapt machines to specific applications and customer requirements.
Operations, quality assurance and employee training
The company combines in-house manufacturing with vendor base for components, applies quality assurance through in-process inspections and performance testing, with technical staff ratio of approximately 63-71% of total employees.
Experienced leadership and technical teams
The company's Promoters have over 50 years of industry experience and are supported by management team covering engineering, fabrication, projects, quality, automation and services with strong focus on capability building.
Risk factors
As stated in the offer document
Customer Concentration Risk
The company derives a substantial portion of revenue from its top 10 customers, accounting for 62.61%, 83.89% and 55.70% of total revenue from operations for fiscal years 2026, 2025 and 2024 respectively. Loss of any key customers or reduction in business from such customers could significantly impact business operations and financial performance.
Supplier Dependency and Raw Material Price Volatility
The company depends on few suppliers without definitive agreements, with top 10 suppliers contributing 93.50%, 93.12% and 43.63% of purchases for fiscal years 2026, 2025 and 2024 respectively. Raw material costs represent 85.82%, 89.97% and 38.19% of revenues, exposing the company to significant price volatility and supply disruption risks.
Geographic Revenue Concentration
The company derives 75.91%, 93.12% and 67.67% of revenue from customers in just two states (Maharashtra and Gujarat) for fiscal years 2026, 2025 and 2024 respectively. This concentration exposes the company to regional economic, political, regulatory or infrastructural disruptions that could materially impact operations.
Manufacturing Facility Concentration Risk
The company's manufacturing operations are concentrated in Maharashtra, making operations susceptible to local and regional risks including civil unrest, adverse weather conditions, natural disasters, or other unforeseen circumstances. Any significant disruption could materially affect manufacturing operations and business continuity.
Negative Cash Flow History
The company experienced negative net cash flows from operating activities for fiscal years 2026 and 2025, and negative cash flows from investing activities for the same periods. Continued negative cash flows could adversely affect liquidity, financial condition and results of operations.
Manufacturing Capacity Under-utilization
The company's capacity utilization was only 50.08%, 58.38% and 16.05% for fiscal years 2026, 2025 and 2024 respectively. Under-utilization leads to higher per-unit production costs, lower absorption of fixed costs and reduced operating leverage, adversely affecting profitability.
Regulatory Compliance and Statutory Filing Delays
The company has experienced delays in statutory filings and payments, including GST returns and EPF contributions, with some delays extending over 600 days. Future delays could result in financial penalties from government authorities and impact financial condition.
Outstanding Litigation and Tax Proceedings
The company faces 8 tax proceedings against it with an aggregate amount of ₹285.64 lakhs involved. Adverse outcomes could materially affect business operations, reputation and financial performance.
High Working Capital Requirements
The company's working capital increased from ₹58,578 thousands in fiscal 2024 to ₹5,07,680 thousands in fiscal 2026. The manufacturing operations are working capital intensive, and any inadequacy or disruption in availability could adversely affect operations and financial condition.
Debt Service Obligations and Restrictive Covenants
The company has total outstanding borrowings of ₹1,47,301 thousands as of March 31, 2026, with financing agreements containing restrictive covenants. Non-compliance could trigger accelerated repayment obligations and enforcement of security interests, significantly impairing operational ability.
Company Analysis
from RHPTechnocrats Plasma Systems Limited manufactures and sells plasma cutting machines, welding equipment, and automation systems for fabrication, metalworking, and industrial applications.
Incorporated in 1994 and converted to public limited status in October 2025, Technocrats Plasma Systems Limited designs, manufactures, and services plasma cutting machines, welding equipment, and customised automation solutions. The company operates two manufacturing facilities in Vasai, Maharashtra, and generates revenue through the sale of capital equipment for metal cutting and welding, technical consultancy, after-sales service, and fabrication solutions. It serves the fabrication, metalworking, infrastructure, automotive, and heavy machinery sectors through a direct sales and distribution network across India.
Objects of the Issue
- Purchase and installation of plant and machinery for manufacturing of plasma cutting machines, welding equipment and customised automation systems at the Existing Premises ₹87,856 thousands p.134
- Funding towards long term working capital requirements ₹4,00,000 thousands p.134
- General corporate purposes [●] p.134
Issue Structure
- Total Issue
- Up to 46,20,000 Equity Shares aggregating ₹ [●] Lakhs
- Fresh Issue
- Up to 46,20,000 Equity Shares
- Offer for Sale
- NIL
- Price Band
- ₹ [●] to ₹ [●] per Equity Share
- Lot Size
- [●] Equity Shares
- Face Value
- ₹ 10 per Equity Share
Business Model
The company manufactures and sells proprietary plasma cutting machines, welding equipment, and automation systems; provides installation, commissioning, operator training, and after-sales technical support; offers maintenance and lifecycle management services; and generates revenue through equipment sales, service fees, and project execution for customised automation and industrial engineering solutions.
Business Segments
SWOT Analysis
- • Integrated in-house manufacturing with testing capabilities(p.148)
- • Strong historical revenue growth(p.48)
- • High profitability growth trajectory(p.48)
- • Dependence on top 10 customers for majority revenue(p.30)
- • High dependence on few suppliers without long-term agreements(p.32)
- • Negative operating cash flows in recent years(p.37)
- • Pending regulatory approvals for manufacturing premises(p.35)
- • Delays in statutory compliance and filing(p.39)
- • Under-utilization of manufacturing capacity(p.45)
- • Expansion of CNC machine and automation manufacturing capabilities(p.44)
- • Growing Indian machine tools market(p.49)
- • Transition to higher-margin customized automation projects(p.44)
- • Government support through Make in India initiative(p.48)
- • Significant reliance on two geographic regions(p.33)
- • Manufacturing concentration in single state(p.36)
- • Intense competition from larger international and domestic players(p.49)
- • Dependence on electronic components subject to global shortages(p.50)
- • Raw material price volatility impacting margins(p.32)
- • Macroeconomic uncertainty in India(p.67)
- • Dependence on key personnel for business continuity(p.34)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Arun Kumar | Promoter | 58.94% | [●]% |
| Vandana Sharma | Promoter | 28.02% | [●]% |
Leadership
Auto-extracted from the company's RHP 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 RHP 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 |
|---|---|---|---|---|---|
| Technocrats Plasma Systems Ltd. THIS ISSUE | 11.63 | 30.28 | 15.47, computed at the offer price | 1.52, computed at the offer price | 56.10% |
| 47.11 | 318.60 | 31.55 | 4.67 | 14.79% | |
| 134.30 | 278.94 | 41.88 | 20.23 | 48.14% | |
| 8.65 | 63.49 | 23.21 | 3.17 | 13.77% | |
| 14.78 | 88.00 | 58.51 | 9.83 | 16.79% |
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.