IPO Overview
Founded in 2009, SpectraA Technology Solutions is an engineering solutions provider engaged in designing, fabricating, installing, commissioning, and decommissioning of Greenfield and Brownfield process plants. The company specialises in process plants across breweries, distilleries, food and beverage, FMCG, pharmaceutical, and extraction industries. Its capabilities span the entire project lifecycle — from engineering design and in-house equipment fabrication to operator training and operations & maintenance (O&M) support. The company operates manufacturing facilities in Bengaluru and Jaipur with an aggregate built-up area of approximately 33,215 square feet. The company delivered its first international project in Bhutan in 2023.
SpectraA Technology Solutions IPO is an SME IPO of 36,03,600 equity shares of face value ₹10, aggregating up to ₹43 crore. The IPO opens on 17 September 2026 and closes on 21 September 2026, with a tentative listing date of 24 September 2026 on the NSE SME platform. The price band is set at ₹112 to ₹118 per share, with a lot size of 2,400 shares and a minimum retail investment of ₹2,83,200.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | NSE SME |
| IPO Open Date | 17 September 2026 |
| IPO Close Date | 21 September 2026 |
| Allotment Date | 22 September 2026 (Expected) |
| Credit to Demat | 22 September 2026 |
| Listing Date | 24 September 2026 (Tentative) |
| Price Band | ₹112 – ₹118 per share |
| Face Value | ₹10 per share |
| Lot Size | 1,200 shares |
| Minimum Investment (Retail) | ₹2,83,200 (2 lots = 2,400 shares) |
| Minimum Investment (HNI) | ₹4,24,800 (3 lots = 3,600 shares) |
| Issue Size | ₹42.52 crore |
| Fresh Issue | ₹35.42 crore (approx) |
| Offer For Sale (OFS) | 3,48,000 shares (~₹7 crore) |
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | ~50% |
| Non-Institutional Investors (NII/HNI) | ~15% |
| Retail Individual Investors (RII) | ~35% |
| Market Maker | Reserved Portion |
OFS / Selling Shareholders
Promoters are selling shares worth approximately ₹7 crore through a modest OFS component, representing about 16.3% of the total offer. Founding owners retain majority equity rather than executing a large-scale exit. The primary focus of the issue remains fresh capital for business expansion.
Objects of the Issue (Fund Utilization)
The net proceeds from the IPO are proposed to be utilised for the following objects: Capital expenditure at the Jaipur manufacturing facility, repayment of term loans availed by the company, meeting working capital requirements, and general corporate purposes.
- Capital expenditure at Jaipur manufacturing facility — ₹12.41 crore
- Repayment of existing term loans
- Working capital requirements
- General corporate purposes
Lead Managers & Registrar
- Book Running Lead Managers: Indcap Advisors Pvt. Ltd. and Hem Securities Ltd.
- Registrar to the Issue: Maashitla Securities Pvt. Ltd.
Promoters & Management
The promoters of the company are A L Arun Kumar, Sailaja Arun Kumar, Praveen Kumar Appukuttan Nair Leela, and Divya Praveen. The promoters bring deep domain expertise in engineering, process plant design, and project execution across industrial sectors.
Company Details
SpectraA Technology Solutions Limited is a Bengaluru-headquartered project and process engineering company that designs, fabricates, installs, commissions, and decommissions Greenfield and Brownfield process plants, with a strong focus on brewery, distillery, and malt-spirit equipment as well as projects for food & beverages, extraction plants, FMCG, and pharmaceuticals. The company executes turnkey “design-to-handover” projects and fabricates key equipment in-house.
Sectors Served:
- Breweries & Distilleries
- Food & Beverages
- FMCG
- Pharmaceuticals
- Botanical Extraction Plants
Key Products & Solutions:
- Commercial brewery systems, microbrewery equipment, distillery plants, malt spirit production systems, food and beverage processing equipment, and botanical extraction systems
- Greenfield plant setup (new plant from scratch)
- Brownfield plant modification and upgrades
- Operations & Maintenance (O&M) services
Key Capabilities:
- ISO 9001:2015-compliant systems and customised execution capabilities supporting projects across multiple industries
- In-house equipment fabrication with dual-sourcing strategy for critical inputs
- End-to-end project lifecycle management including operator training
Manufacturing Facilities:
- Two manufacturing facilities in Bengaluru (Malur) and Jaipur (Chomu) with a combined built-up area of 33,214.75 square feet, enabling pan-India project execution
- 79 employees as of August 31, 2026
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY25 | ₹75.53 | ₹4.91 |
| FY26 | ₹103.05 | ₹11.56 |
Key Financial Metrics
- Revenue grew 36.4% YoY in FY26. ROCE stood at 37.61% and PAT margin at 11.42%.
- EBITDA almost doubled to ₹19.26 crore in FY26. ROE of 60.95% reflects excellent capital efficiency.
- The post-issue P/E of approximately 13.4x appears reasonable, while listed capital goods engineering peers trade above 20x trailing earnings.
- However, borrowings increased to ₹26.96 crore, resulting in a debt-to-equity ratio of 1.09.
Company Strengths
- Profitability, margins, and net worth improved significantly in FY26 — PAT rose 135% and EBITDA nearly doubled.
- Fully integrated turnkey execution capability — engineering design, in-house fabrication, installation, commissioning, and O&M support under one roof
- Priced attractively at a post-issue P/E of ~13.4x versus listed peers trading above 20x, leaving visible upside for investors.
- Two manufacturing facilities in Bengaluru and Jaipur enabling pan-India project execution and efficient delivery.
- Modest OFS component — promoters retaining majority stake signals long-term confidence in business growth
- Expanding into international markets — first international project delivered in Bhutan in 2023, demonstrating export capability
Key Risks & Challenges
- Borrowings increased to ₹26.96 crore, resulting in a debt-to-equity ratio of 1.09 — project execution and working capital management remain critical.
- Business is project-driven and lumpy in nature — revenues and margins may vary significantly quarter to quarter depending on project completion timelines
- Concentration risk — heavy dependence on brewery, distillery, and food processing sectors; a slowdown in these sectors could directly impact order inflows
- SME IPO liquidity risk — limited secondary market trading volumes on the NSE SME platform
- Small employee base of 79 people creates execution risk if order book scales rapidly
- No long-term supply agreements with key vendors — dual-sourcing strategy helps but cannot fully eliminate supply-side disruptions
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.
