Tempsens Instruments
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 302.88×
- Big non-institutionalbNII · above ₹10 lakh
- 331.34×
- Small non-institutionalsNII · ₹2–10 lakh
- 279.29×
- Retail individualRII · up to ₹2 lakh
- 59.07×
- Employeesreserved quota
- 122.27×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 14 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 28 Aug 2026 | ₹330 | +110.00% | ₹12,500 | ₹630 | ₹16,500 |
| 27 Aug 2026 | ₹330 | +110.00% | ₹12,500 | ₹630 | ₹16,500 |
| 26 Aug 2026 | ₹303 | +101.00% | ₹11,500 | ₹603 | ₹15,150 |
| 25 Aug 2026 | ₹312 | +104.00% | ₹11,900 | ₹612 | ₹15,600 |
| 24 Aug 2026 | ₹313 | +104.33% | ₹11,900 | ₹613 | ₹15,650 |
| 23 Aug 2026 | ₹313 | +104.33% | ₹11,900 | ₹613 | ₹15,650 |
| 22 Aug 2026 | ₹321 | +107.00% | ₹12,200 | ₹621 | ₹16,050 |
| 21 Aug 2026 | ₹290 | +96.67% | ₹11,000 | ₹590 | ₹14,500 |
| 20 Aug 2026 | ₹270 | +90.00% | ₹10,300 | ₹570 | ₹13,500 |
| 19 Aug 2026 | ₹220 | +73.33% | ₹8,400 | ₹520 | ₹11,000 |
| 18 Aug 2026 | ₹172 | +57.33% | ₹6,500 | ₹472 | ₹8,600 |
| 17 Aug 2026 | ₹154 | +51.33% | ₹5,900 | ₹454 | ₹7,700 |
| 16 Aug 2026 | ₹65 | 0.00% | ₹0 | ₹65 | ₹3,250 |
| 15 Aug 2026 | ₹85 | 0.00% | ₹0 | ₹85 | ₹4,250 |
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
- 20 Aug 2026 – 24 Aug 2026
- Listing date
- 28 Aug 2026
- Face value
- ₹4 per share
- Price band
- ₹285 – ₹300
- Lot size
- 50 shares
- Sale type
- Fresh capital cum OFS
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹650 Cr
- Fresh issue
- ₹95 Cr 31,66,666 shares
- Offer for sale
- ₹555 Cr 1,85,00,000 shares
- Market cap at offer price
- ₹2,515 Cr
- Promoter holding
- 80.51% → 65.67% pre-issue → post-issue
- ISIN
- INE1KZI01025
- CIN
- U31402GJ1990PLC149769
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- ICICI Securities Ltd.
- Registered office
- TF-304, Florence Classic, 10, Ashapuri Society, Akota, Vadodara 390 020, Gujarat, 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 | 43,23,333 | 28.57% | 28.48% |
| Anchor investor · within QIB | 64,84,999 | — | 42.72% |
| NII (HNI) | 32,42,500 | 21.43% | 21.36% |
| bNII > ₹10L · within NII | 21,61,667 | — | 14.24% |
| sNII < ₹10L · within NII | 10,80,833 | — | 7.12% |
| Retail (RII) | 75,65,834 | 50.00% | 49.84% |
| Employee | 50,000 | — | 0.33% |
| Market maker | 0 | — | 0.00% |
| Total issue | 1,51,81,667 | — | 100.00% |
Net offer to the public of 1,51,31,667 shares, out of a total issue of 1,51,81,667. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 50 shares per lot, in multiples, at ₹300
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 50 | ₹15,000 |
| Retail (max) | 13 | 650 | ₹1,95,000 |
| S-HNI (min) | 14 | 700 | ₹2,10,000 |
| S-HNI (max) | 66 | 3,300 | ₹9,90,000 |
| B-HNI (min) | 67 | 3,350 | ₹10,05,000 |
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
₹300 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 8.81 | 8.48 |
| P/E (×) | 34.05 | 35.38 |
| Price to book (×) | 4.87 | — |
| Market cap | — | ₹2,515 Cr |
Key performance indicators
Latest reported period, consolidated
- Return on net worth
- 13.55%
- ROCE
- 18.00%
- Debt / equity
- 0.15
- PAT margin
- 15.59%
- EBITDA margin
- 24.83%
- NAV per share
- ₹61.66
- Price to book
- 4.87
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 | 455.86 | 382.47 | 278.04 |
| Revenue from operations | 444.88 | 378.53 | 274.81 |
| Other income | 10.98 | 3.94 | 3.23 |
| Total expenses | 364.04 | 302.3 | 227.12 |
| Operating profit | 91.82 | 80.17 | 50.92 |
| Operating margin | 20.14% | 20.96% | 18.31% |
| Profit before tax | 94.13 | 83.16 | 54.18 |
| Profit after tax | 71.07 | 62.55 | 40.92 |
| PAT margin | 15.59% | 16.35% | 14.72% |
| Balance sheet | |||
| Total assets | 661.05 | 551.28 | 271.14 |
| Current assets | 289.83 | 236.55 | 121.11 |
| Current liabilities | 116.92 | 96.53 | 47.38 |
| Total liabilities | 135.58 | 109.6 | 66.34 |
| Net worth | 525.48 | 441.68 | 204.81 |
| Current ratio | 2.48× | 2.45× | 2.56× |
| Return on equity | 13.52% | 14.16% | 19.98% |
| Cash flow | |||
| Operating cash flow | 42.02 | 54.15 | 37.09 |
| Investing cash flow | -26.25 | -93.45 | -26.86 |
| Financing cash flow | -6.25 | 36.16 | 2.08 |
| Net cash flow | 9.52 | -3.15 | 12.31 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Funding certain capital expenditure towards electrical heating solutions and specialized cable solutions ₹18.13 Cr
The company intends to utilize funds for capital expenditure to procure new machinery and equipment, expanding existing installed capacity across electrical heating solutions vertical in Unit VI and specialized cable solutions vertical in Unit IV, and undertake civil and building work for construction of sheds and related infrastructure in Unit VI.
2 Pre-payment or scheduled re-payment of certain outstanding borrowings ₹55 Cr
The company intends to utilize funds towards pre-payment or scheduled re-payment, in full or in part of certain outstanding borrowings availed by the company to reduce outstanding indebtedness, debt servicing costs, improve financial position and debt-to-equity ratio.
3 General corporate purposes —
The company proposes to utilize funds for general corporate purposes including payment of commission and fees to consultants, meeting ongoing corporate exigencies, business development initiatives, salaries, administration, insurance, repairs and maintenance, payment of taxes and duties.
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 Tempsens Instruments
Tempsens Instruments (India) Limited, incorporated in 1990, is a thermal engineering and specialised cable manufacturer that designs and manufactures customized temperature sensing solutions, electrical heating solutions and specialised cables. The company combines technical expertise with collaborative customer relationships to deliver solutions addressing complex thermal management and cable challenges across diverse industries including metal, petrochemical, defence & nuclear, power, glass, and plastics. With 11 manufacturing units (8 in India across Udaipur, Rajasthan and 3 overseas in UAE, South Korea, and Indonesia), the company operates through a mix of project-based/OEM business (69.16% of FY2025 revenue) and maintenance/repair/operations (MRO) business (30.84%). The company generated revenue from operations of ₹3,785.26 million in FY2025 with profit after tax of ₹625.55 million.
Management
Virendra Prakash Rathi
CEO
Vinay Rathi
MD
Ankit Talesara
Director
Pratap Singh Talesara
Director
Strengths
As stated in the offer document
Largest Manufacturer of Contact and Non-Contact Temperature Sensors in India
The company is the largest manufacturer of contact and non-contact temperature sensors in India in terms of revenue with approximately 10.5% market share in Fiscal 2026, and the only Indian manufacturer of non-contact temperature sensors with approximately 21.3% market share.
Diversified Business Model with Broad Product Portfolio
The company operates a diversified business model with product offering expanded from seven categories in Fiscal 2020 to 13 categories in three verticals during Fiscal 2026, serving diverse end-user industries including power, steel, oil and gas, cement, chemicals, plastics, automotive, defence and space.
Established Research and Development Capabilities
The company maintains a dedicated R&D team of 83 employees as of March 31, 2026, with active intellectual property portfolio including 12 patents in India, eight registered trademarks in India, and 39 trademark registrations across various jurisdictions outside India.
Global Presence Through Strategic Alliances and Export Sales
The company has established broad global presence through subsidiaries and joint ventures, exporting products to more than 80 countries between April 1, 2023 and March 31, 2026, with export sales showing substantial CAGR of 46.49% between Fiscals 2024 and 2026.
Integrated Global Operations with Backward Integration
The company operates 15 manufacturing units across the world with comprehensive backward integration, controlling every stage of production from alloy melting and wire drawing to fabrication, assembly and calibration, enabling quality control and operational efficiency.
Operations Led by Experienced Management Team
The company's operations are guided by multi-generational leadership team with many KMPs and Senior Management associated for an average 15 years each as of March 31, 2026, providing continuity in vision and strategic growth.
Risk factors
As stated in the offer document
Heavy Dependence on Projects/OEM Business
The company is heavily dependent on Projects/OEM business which contributed 67.55%, 69.16%, and 63.99% of revenue from operations for Fiscals 2026, 2025, and 2024 respectively. These orders typically have high entry barriers and long sales cycles, and their timing and volume can be affected by broader economic or market conditions.
Concentration Risk in Key End-User Industries
The company's performance is influenced by demand trends in metal and petrochemical industries which collectively contributed 41.13%, 42.90%, and 41.52% of revenue from operations for Fiscals 2026, 2025, and 2024 respectively. Negative developments in these sectors may materially affect business operations.
Raw Material Supply Chain Vulnerabilities
The company faces significant volatility, increases, fluctuations, shortages, or delays in the supply of primary raw materials which may adversely impact business operations, particularly for project-specific or custom orders. Raw material costs can fluctuate significantly due to volatility in commodity markets and crude oil prices.
Supplier Concentration and Supply Disruptions
The company depends on a limited group of suppliers with the top supplier accounting for 20.77%, 25.51%, and 22.91% of purchases in Fiscals 2026, 2025, and 2024 respectively. Most sourcing is carried out through purchase orders rather than binding long-term supply agreements, exposing the company to supply disruption risks.
Geographic Manufacturing Concentration Risk
The company has significant concentration of manufacturing units at Udaipur in Rajasthan, India with ten out of fifteen manufacturing units located there. This creates substantial concentration risk as any region-specific disruption could simultaneously impact multiple manufacturing units and severely disrupt overall production capacity.
Joint Venture and International Operations Risks
The company's reliance on subsidiaries and joint ventures for international market entry exposes it to operational and strategic risks. Joint ventures involve shared ownership and decision-making with third-party partners, and differences in strategic priorities may lead to disagreements or delays in decision-making.
Capital Intensive Business with Substantial Working Capital Requirements
The company has substantial capital expenditure and working capital requirements with working capital loans of ₹643.49 million, ₹587.49 million, and ₹197.78 million as of March 31, 2026, 2025, and 2024 respectively. The company may require additional capital and financing in the future.
Government Contract Dependencies and Regulatory Risks
The company's business operations involve dealings with government entities, including those in sensitive sectors such as defence and space. Any delay, modification, cancellation, or adverse change in government policies, procurement processes, or regulatory requirements could materially affect business operations.
Company Analysis
from DRHPTempsens Instruments is a thermal engineering and specialised cable manufacturer engaged in the design and manufacture of customized temperature sensing solutions, electrical heating solutions and specialised cables across multiple industries.
Tempsens Instruments (India) Limited, incorporated in 1990, is a thermal engineering and specialised cable manufacturer that designs and manufactures customized temperature sensing solutions, electrical heating solutions and specialised cables. The company combines technical expertise with collaborative customer relationships to deliver solutions addressing complex thermal management and cable challenges across diverse industries including metal, petrochemical, defence & nuclear, power, glass, and plastics. With 11 manufacturing units (8 in India across Udaipur, Rajasthan and 3 overseas in UAE, South Korea, and Indonesia), the company operates through a mix of project-based/OEM business (69.16% of FY2025 revenue) and maintenance/repair/operations (MRO) business (30.84%). The company generated revenue from operations of ₹3,785.26 million in FY2025 with profit after tax of ₹625.55 million.
Objects of the Issue
- Funding certain capital expenditure towards electrical heating solutions and specialized cable solutions ₹353.79 million p.20
- Pre-payment or scheduled re-payment of certain outstanding borrowings ₹550.00 million p.20
- General corporate purposes p.20
Issue Structure
- Total Issue
- Up to [●] Equity Shares of face value of ₹4 each, aggregating up to ₹[●] million
- Fresh Issue
- Up to [●] Equity Shares of face value of ₹4 each, aggregating up to ₹1,180.00 million
- Offer for Sale
- Up to 17,925,071 Equity Shares of face value of ₹4 each, aggregating up to [●] million
- Price Band
- [●] (to be determined through book building process)
- Lot Size
- [●] (minimum bid lot)
- Face Value
- ₹4 each
Business Model
The company earns revenue through two primary business categories: (1) Projects/OEM business involving large, sometimes one-time orders for new installations or major upgrades at customer facilities, which contributed 69.16% of revenue in FY2025; and (2) MRO (Maintenance, Repair, and Operations) business involving regular replacement parts supply to both existing and new customers, which contributed 30.84% of revenue in FY2025. Products are sold both domestically (73.30% of FY2025 revenue) and internationally (26.70% of FY2025 revenue).
Business Segments
SWOT Analysis
- • Established thermal engineering and specialized cable manufacturing expertise(p.19)
- • Multi-unit manufacturing footprint with global presence(p.41)
- • Growing revenue and profitability trajectory(p.44)
- • Diversified customer base across multiple industries(p.38)
- • Strategic international expansion through JVs and subsidiaries(p.46)
- • High concentration of manufacturing at single location (Udaipur)(p.41)
- • Dependence on limited supplier base without long-term agreements(p.40)
- • Limited control in joint ventures requiring partner consent(p.43)
- • Reliance on leased/rented properties with renewal risks(p.49)
- • Subsidiary experiencing losses impacting consolidated profitability(p.64)
- • Growing demand for industrial sensors and heating solutions in India(p.19)
- • Expansion into new geographies and market segments(p.50)
- • Acquisition and integration of complementary businesses(p.45)
- • Strategic entry into European market through Tempsens GmbH acquisition(p.46)
- • Heavy dependence on Projects/OEM business which is cyclical and capital-intensive(p.38)
- • Concentration of revenue in metal and petrochemical industries facing cyclicality(p.38)
- • Raw material price volatility and supply chain disruptions(p.40)
- • Intense competition from established domestic and global players(p.66)
- • Macroeconomic risks including inflation, currency fluctuations, and geopolitical tensions(p.74)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Virendra Prakash Rathi | Promoter | 25.00% | — |
| Vinay Rathi | Promoter | 30.00% | — |
| Pratap Singh Talesara | Promoter | 0.63% | — |
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.