IPO Overview
Incorporated in December 1978, Hy-Tech Engineers Limited is a leading manufacturer of hydraulic fittings headquartered at Wagle Industrial Estate, Thane, Maharashtra. The company is focused on the design, manufacture, and supply of hydraulic fittings for a wide range of industrial applications, offering over 11,000 SKUs including DIN-metric, JIC flared and flareless, O-Ring Face Seal (ORFS), conversion, and customized fittings. Its products are used across construction machinery, farming equipment, automotive, injection moulding machines, and hydraulic systems, while certifications have enabled entry into railway and defence applications. The company operates six manufacturing facilities across Maharashtra and Madhya Pradesh, with a combined installed capacity of 483 lakh hydraulic fittings per annum and 3,120 MT of forging capacity as of March 31, 2026.
Hy-Tech Engineers announced its IPO on August 19, 2026, with the issue opening on August 24, 2026 and closing on August 27, 2026. The price band has been fixed at ₹50–₹53 per share. The total issue size is ₹135.73 crore, comprising a fresh issue of ₹60 crore and an Offer for Sale of up to 1,42,89,450 equity shares. The shares are proposed to be listed on both BSE and NSE, with listing expected on September 1, 2026.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – Mainboard |
| Listing Exchange | BSE & NSE |
| Anchor Investor Date | 21 August 2026 |
| IPO Open Date | 24 August 2026 |
| IPO Close Date | 27 August 2026 |
| Allotment Date | 28 August 2026 (Expected) |
| Listing Date | 1 September 2026 (Tentative) |
| Price Band | ₹50 – ₹53 per share |
| Face Value | ₹5 per share |
| Lot Size | 283 shares |
| Minimum Investment (Retail) | ₹14,999 (approx) |
| Issue Size | ₹135.73 crore |
| Fresh Issue | ₹60 crore |
| Offer For Sale (OFS) | 1,42,89,450 shares (₹75.73 crore approx) |
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | ~50% |
| Non-Institutional Investors (NII/HNI) | ~15% |
| Retail Individual Investors (RII) | ~35% |
OFS / Selling Shareholders
The OFS comprises up to 75,00,000 equity shares offered by Hemant Tukaram Mondkar and up to 43,31,120 equity shares offered by Surekha Hemant Mondkar jointly with Hemant Tukaram Mondkar, collectively referred to as the Promoter Selling Shareholders.
The company will not receive any proceeds from the Offer for Sale — all OFS funds will go directly to the selling shareholders.
Objects of the Issue (Fund Utilization)
The fresh issue proceeds will be utilized as follows: ₹29.97 crore for capital expenditure towards procurement of machinery and equipment for capacity expansion at the Kavathe, Shirwal, and Pithampur Unit-I facilities; ₹16 crore for repayment and/or prepayment of certain outstanding borrowings; and the remainder for general corporate purposes.
- Capital expenditure for machinery and equipment at Kavathe, Shirwal & Pithampur Unit-I — ₹29.97 crore
- Repayment / prepayment of outstanding borrowings — ₹16 crore
- General corporate purposes — remaining proceeds
Lead Managers & Registrar
- Book Running Lead Manager: New Berry Capitals Pvt. Ltd.
- Registrar to the Issue: Bigshare Services Pvt. Ltd.
Promoters & Management
The promoters of the company are Hemant Tukaram Mondkar, Surekha Hemant Mondkar, and Ashwin Hemant Mondkar.
The company is led by Hemant Tukaram Mondkar as Managing Director — an IIT Bombay alumnus — alongside Surekha Hemant Mondkar as CEO. Pre-issue, the promoters collectively hold 97.99% of the company’s equity, which will reduce following the IPO.
Company Details
With over four decades of operational experience in the hydraulics industry, Hy-Tech Engineers offers an extensive catalog featuring over 11,000 SKUs of hydraulic fittings, including DIN-metric fittings, JIC flared and flareless fittings, O-Ring Face Seal (ORFS) fittings, and conversion fittings, as well as fittings customized to customer specifications. The company has obtained certifications enabling it to cater to sectors such as railways and defence, thereby expanding its addressable market.
Sectors Served:
- Construction Machinery
- Automotive
- Agricultural Machinery
- Injection Moulding Machines
- Railways & Defence
Key Products:
- DIN-Metric Hydraulic Fittings
- JIC Flared & Flareless Fittings
- O-Ring Face Seal (ORFS) Fittings
- Conversion Fittings
- Customized / Special-Purpose Fittings
Key Capabilities:
- The Nashik facility provides backward integration by producing forged components used across other plants, supporting cost efficiency, lead-time reduction, and quality control.
- The company develops 880–2,206 new SKUs annually, demonstrating strong product development capability.
- Follows a B2B model, supplying directly to OEMs and industrial customers as well as through distributors, serving 170 direct customers in FY2026, while exports to 11 countries contributed 29.37% of revenue.
Manufacturing Facilities:
- 6 facilities across Maharashtra (Thane, Shirwal/Kavathe, Nashik) and Madhya Pradesh (Pithampur)
- Combined installed capacity: 483 lakh hydraulic fittings per annum
- Forging capacity: 3,120 MT per annum
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY24 | ₹141.17 | ₹11.60 |
| FY25 | ₹166.71 | ₹19.62 |
| FY26 | ₹193.44 | ₹22.59 |
Key Financial Metrics
- Between FY24 and FY26, total income grew from ₹141.17 crore to ₹193.44 crore, while PAT nearly doubled from ₹11.60 crore to ₹22.59 crore.
- EBITDA margin in FY26 stood at a healthy 22.01%.
- ROE: 20.24% | RoCE: 24.40% | Post-issue P/E: 22.27x at upper price band of ₹53.
- The company reduced its borrowings from ₹43.53 crore in FY25 to ₹29.76 crore in FY26, strengthening its balance sheet ahead of the IPO.
- Post-issue market capitalization: ₹502.72 crore
Company Strengths
- Over four decades of experience in the hydraulics industry with a portfolio of more than 11,000 SKUs — one of the broadest product ranges in the hydraulic fittings segment in India.
- Strong backward integration through the Nashik forging facility, providing cost control, quality assurance, and supply chain resilience.
- High repeat customer rate — 95.10% of revenues in FY2026 came from repeat customers, indicating strong client stickiness and product reliability.
- Growing international footprint with exports to 11 countries including USA, Belgium, Poland, Russia, Brazil, Italy, Saudi Arabia, Hungary, UAE, Thailand, and Germany.
- Railway and defence certifications open up high-value, sticky government procurement channels beyond the core industrial base.
- Consistent improvement in financials — revenue, PAT, and EBITDA all growing year on year with a strengthening balance sheet and reducing debt.
Key Risks & Challenges
- High customer concentration — the top 10 clients contribute over 45% of revenue, making the business vulnerable to volume changes from a small group of buyers.
- A significant portion of the issue (₹75.73 crore) is an OFS — promoter ownership will decline from 97.99% to 71.23% post-IPO, which may be interpreted as partial promoter exit.
- Unplaced capex machinery orders — 100% of the capital expenditure machinery orders are unplaced, which introduces uncertainty around expansion timelines and cost estimates.
- Geographic concentration in manufacturing — majority of facilities are located in Maharashtra, creating regional operational risk.
- Cyclical nature of industrial demand — end-user sectors like construction, automotive, and agriculture are sensitive to economic cycles and government spending patterns.
- Competition from organized domestic players and low-cost imports in the hydraulic fittings segment.
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
