IPO Overview
Technocrats Plasma Systems Limited is an engineering-focused company engaged in providing plasma-based surface treatment and coating solutions for industrial applications. The company designs, develops, and installs plasma systems used for surface cleaning, activation, coating, and modification across diverse manufacturing sectors. Its services include system customization, installation, commissioning, maintenance support, and technical consulting, helping clients improve product performance, durability, and process efficiency. The company’s portfolio spans standalone manual plasma cutters and welding machines, CNC-enabled plate and pipe profile cutting systems, laser cutting and welding solutions, as well as customized automation cells designed to improve manufacturing efficiency. Unlike standard equipment suppliers, the company also offers customized machine configurations, control system upgrades, retrofit packages, preventive maintenance contracts, and digital fabrication support.
The company is now launching its SME IPO on the BSE SME platform. The IPO aims to raise ₹60.98 crore through a 100% fresh issue of equity shares, priced in a band of ₹125 to ₹132 per share, with a lot size of 2,000 shares. The IPO opens on 14 August 2026 and closes on 18 August 2026, with listing expected on 21 August 2026 on BSE SME.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | BSE SME |
| IPO Open Date | 14 August 2026 |
| IPO Close Date | 18 August 2026 |
| Allotment Date | 19 August 2026 (Expected) |
| Refund Initiation | 20 August 2026 |
| Credit to Demat | 20 August 2026 |
| Listing Date | 21 August 2026 (Tentative) |
| Price Band | ₹125 – ₹132 per share |
| Face Value | ₹10 per share |
| Lot Size | 2,000 shares |
| Minimum Investment (Retail) | ₹2,64,000 (approx) |
| Issue Size | ₹60.98 crore |
| Fresh Issue | 46,20,000 shares (₹60.98 crore) |
| Offer For Sale (OFS) | Nil |
| GMP (as of 11 Aug 2026) | ₹25 (~18.94% above upper band) |
Note: The IPO is a 100% fresh issue of 46.20 lakh equity shares — no offer-for-sale component. All proceeds will flow directly into the company.
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
There is no Offer For Sale (OFS) in this IPO. The entire issue is a fresh issue, and all IPO proceeds will go directly to the company for business expansion.
Objects of the Issue (Fund Utilization)
The company proposes to utilize net proceeds from the issue towards the following purposes: purchase and installation of plant and machinery for manufacturing of plasma cutting machines, welding equipment, and customised automation systems at the existing premises — ₹8.79 crore; and funding towards long-term working capital requirements — ₹44.07 crore. The remaining funds will be used for general corporate purposes.
- Purchase & installation of plant and machinery — ₹8.79 crore
- Long-term working capital requirements — ₹44.07 crore
- General corporate purposes — remaining proceeds
Lead Managers & Registrar
- Book Running Lead Manager: Rarever Financial Advisors Pvt. Ltd.
- Registrar to the Issue: Maashitla Securities Pvt. Ltd.
- Market Maker: Hem Finlease Pvt. Ltd.
Promoters & Management
The promoters of the company are Arun Kumar and Vandana Sharma.
Company Details
Technocrats Plasma Systems (TPSL) is an engineering-driven manufacturer of plasma cutting machines, welding equipment, laser-based fabrication systems, and industrial automation solutions for the metal fabrication industry. The company provides end-to-end solutions covering product design, engineering, manufacturing, installation, commissioning, technical consultancy, lifecycle maintenance, and retrofit services.
Sectors Served:
- Automotive
- Heavy Engineering & Infrastructure
- Shipbuilding
- Defence
- Oil & Gas
- Nuclear Energy
- General Manufacturing
Key Products & Solutions:
- Standalone Manual Plasma Cutters & Welding Machines
- CNC-Enabled Plate and Pipe Profile Cutting Systems
- Laser Cutting & Welding Solutions
- Customized Automation Cells
- Retrofit & Control System Upgrade Packages
- Preventive Maintenance Contracts
Key Capabilities:
- Indigenous design, in-house fabrication, and lifecycle services strengthen the business model. Competitive advantages include indigenous engineering, in-house fabrication, customised solutions, an established installed base, and experienced technical leadership.
Manufacturing Facility:
- Gala No. 6, 7, 8, 105, 106, 107, 108, Nirav-2 Gaon Devi Industrial Estate, Vasai, Palghar — 401208, Maharashtra
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY24 | ₹6.35 | ₹2.21 |
| FY25 | ₹49.44 | ₹8.11 |
| FY26 | ₹131.41 | ₹14.94 |
| Q1 FY26 (Jun 2025) | ₹30.69 | ₹3.55 |
Key Financial Metrics
- Total income increased from ₹6.35 crore in FY24 to ₹49.44 crore in FY25 — an extraordinary jump reflecting strong business ramp-up. PAT rose from ₹2.21 crore to ₹8.11 crore in the same period.
- Revenue further surged to ₹131.41 crore in FY26, with PAT growing to ₹14.94 crore — showcasing continued hypergrowth.
- Post-issue P/E at the upper price of ₹132 stands at 16.26x — appearing reasonable given the recent growth trajectory and specialised business nature. ROCE improved to 48.55%, while debt-to-equity declined to 0.38.
- The company raised ₹27.44 crore in a pre-IPO placement of 8,00,000 shares in May 2026 at ₹343 per share.
Company Strengths
- Specialised engineering business with strong technical entry barriers — plasma and laser-based systems require domain expertise that limits easy competition.
- Explosive revenue growth — from ₹6.35 crore in FY24 to ₹131.41 crore in FY26, demonstrating exceptional business scaling
- Entire IPO is a fresh issue — no promoter exit, all funds directed towards capacity expansion and working capital
- End-to-end solution provider covering product design, manufacturing, installation, commissioning, maintenance, and retrofit — creating high customer stickiness and recurring revenue.
- Diversified customer base across defence, automotive, shipbuilding, oil & gas, nuclear energy, and infrastructure
- Strong ROCE of 48.55% and declining debt-to-equity ratio reflecting improving financial health
Key Risks & Challenges
- Hypergrowth sustainability concern: Revenue jumped ~20x in 2 years (FY24–FY26) — such rapid growth needs careful monitoring for quality and execution sustainability
- SME IPO liquidity risk — limited secondary market trading volumes on BSE SME platform
- Rapid increase in revenue requires sustainability checks — whether growth is driven by genuine demand or one-off large orders is critical to assess.
- High working capital requirement — ₹44.07 crore (72% of IPO proceeds) earmarked for working capital, indicating capital-intensive operations
- Dependence on heavy industries like defence, oil & gas, and nuclear energy — long project cycles and government approval risks
- Pre-IPO promoter holding of 86.96% means significant post-listing dilution — secondary market price discovery may face pressure.
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.
