IPO Overview
Incorporated in 1990, Tempsens Instruments (India) Limited is a leading thermal engineering and specialized cable manufacturer, engaged in the design and manufacture of customized temperature sensing solutions, electrical heating solutions, and specialized cables. The company holds a leading position in India’s temperature sensing market, ranking as the largest manufacturer of contact and non-contact temperature sensors by revenue as of March 31, 2026. It is the only Indian manufacturer of non-contact temperature sensors, fibre optic temperature sensors, thermal profiling systems, pyrometers, and online thermal imagers. Its distribution reach spans direct customers and distributors serving more than 3,800 customers, with exports to more than 80 countries and a manufacturing base of 15 units across India, the UAE, South Korea, Indonesia, Germany, and Poland.
The company is now launching its Mainboard IPO on BSE and NSE. The ₹650 crore book-built issue comprises a fresh issue of up to ₹95 crore and an Offer for Sale (OFS) of up to ₹555 crore by existing shareholders. The IPO is priced in a band of ₹285 to ₹300 per share, with a minimum retail investment of ₹15,000 for one lot of 50 shares. The IPO opens on 20 August 2026 and closes on 24 August 2026, with listing expected on 28 August 2026 on both BSE and NSE.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – Mainboard |
| Listing Exchange | BSE & NSE |
| Anchor Investor Date | 19 August 2026 |
| IPO Open Date | 20 August 2026 |
| IPO Close Date | 24 August 2026 |
| Allotment Date | 25 August 2026 (Expected) |
| Refund Initiation | 27 August 2026 |
| Credit to Demat | 27 August 2026 |
| Listing Date | 28 August 2026 (Tentative) |
| Price Band | ₹285 – ₹300 per share |
| Face Value | ₹4 per share |
| Lot Size | 50 shares |
| Minimum Investment (Retail) | ₹15,000 (1 lot = 50 shares) |
| Issue Size | ₹650 crore |
| Fresh Issue | ₹95 crore (31,66,666 shares) |
| Offer For Sale (OFS) | ₹555 crore (1,85,00,000 shares) |
Note: Only ₹95 crore (fresh issue) will go to the company. The remaining ₹555 crore from OFS will go to the selling shareholders.
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 component is ₹555 crore, comprising up to 1.85 crore equity shares sold by existing shareholders. All OFS proceeds will go directly to the selling shareholders and not to the company.
Promoters of Tempsens Instruments: Virendra Prakash Rathi, Vinay Rathi, and Pratap Singh Talesara.
Objects of the Issue (Fund Utilization)
The company plans to use the net proceeds from the fresh issue towards: funding capital expenditure for its electrical heating solutions and specialised cable solutions businesses (₹18.13 crore), and pre-payment or scheduled repayment, in full or in part, of certain outstanding borrowings (₹55 crore). The remaining funds will be used for general corporate purposes.
- Capital expenditure for Electrical Heating Solutions & Specialised Cable Solutions — ₹18.13 crore
- Repayment / pre-payment of outstanding borrowings — ₹55 crore
- General corporate purposes — remaining proceeds
Lead Managers & Registrar
- Book Running Lead Managers: ICICI Securities Limited & JM Financial Limited
- Registrar to the Issue: KFin Technologies Ltd.
- Website: https://ipostatus.kfintech.com
- Phone: 040-79615565
Promoters & Management
- Promoters: Virendra Prakash Rathi, Vinay Rathi, and Pratap Singh Talesara
- Registered Office: TF-304, Florence Classic, 10, Ashapuri Society, Akota, Vadodara, Gujarat – 390020
Tempsens Instruments is a multi-generational family-owned business, and this IPO marks a significant milestone in its journey from a privately held engineering firm to a publicly listed company.
Company Details
Tempsens Instruments offers a diverse product portfolio divided across three core verticals: Temperature Sensing Solutions (thermocouples, RTDs, infrared pyrometers, online thermal imagers, and furnace monitoring cameras), Electrical Heating Solutions (immersion, process, skid, cartridge, band, tubular, and flexible heaters), and Specialised Cables (low-voltage control and power cables, instrumentation cables, thermocouple and RTD cables, and nickel alloy conductors).
Sectors Served:
- Power Generation
- Steel & Metal
- Oil & Gas / Petrochemicals
- Aerospace & Defence
- Pharmaceuticals
- Automotive & Cement
- Nuclear & Food Processing
Key Capabilities:
- Only Indian manufacturer of non-contact temperature sensors, fibre optic temperature sensors, thermal profiling systems, pyrometers, and online thermal imagers as of March 31, 2026.
- Balanced Project/OEM and MRO (Maintenance, Repair & Operations) business model — Project/OEM orders provide entry into high-barrier, approval-intensive projects, while MRO revenues offer annuity-like, recurring cash flows.
- In April 2026, Tempsens announced the acquisition of a majority stake in Techin Gauges India (subsequently renamed Tempsens Measurement and Control), demonstrating management’s willingness to expand through acquisitions.
Manufacturing Presence:
- 15 manufacturing units globally, spanning India, UAE, South Korea, Indonesia, Germany, and Poland, with a distribution network of 28 distributors.
Financial Snapshot
| Period | Total Income (₹ Cr) | PAT (₹ Cr) |
| FY25 | ₹382.47 | ₹62.56 |
| FY26 | ₹455.86 | ₹71.07 |
Key Financial Metrics
- Revenue grew 19% and PAT rose 14% between FY25 and FY26.
- EBITDA margin: ~24.83% | PAT margin: ~15.59% | Debt-to-Equity ratio: 0.15x
- Post-issue market capitalization: ~₹2,515 crore (at upper price band of ₹300)
- At a post-issue P/E of 35.38x, the valuation reflects a premium for market leadership in a niche, high-entry-barrier engineering segment.
- From April 2023 to March 2026, the company served more than 1,000 unique customers — providing strong revenue diversification.
Company Strengths
- Largest manufacturer of contact and non-contact temperature sensors in India by revenue, with approximately 10.5% market share in the temperature sensor segment as of March 31, 2026.
- Only Indian manufacturer of non-contact temperature sensors, fibre optic temperature sensors, thermal profiling systems, pyrometers, and online thermal imagers — creating a significant competitive moat.
- Exports to more than 80 countries with a globally integrated manufacturing and distribution network across 15 plants in India and abroad.
- Balanced revenue model combining Project/OEM orders (high-barrier, approval-intensive) with recurring MRO revenues — providing both growth and cash flow stability.
- Healthy financial profile — EBITDA margin of ~24.83%, low debt (D/E of 0.15x), and consistent profitability with post-IPO debt reduction plans
- Broad and growing customer base of over 3,800 unique customers — reducing revenue concentration risk significantly.
Key Risks & Challenges
- Heavy dependence on the metal and petrochemical industries, which collectively contributed ~41% of revenue in FY26, FY25, and FY24 — any slowdown in these sectors can materially impact business performance.
- Significant volatility, increases, or shortages in the supply of primary raw materials may adversely impact the company’s business, particularly for project-specific or custom orders.
- Dependence on a limited group of suppliers with no exclusive or long-term supply agreements in place — creating procurement risk.
- OFS-heavy structure: ₹555 crore of the ₹650 crore IPO is an OFS — meaning a large chunk of proceeds goes to selling shareholders and not to the company for business growth.
- At a post-issue P/E of approximately 35.9x, the valuation is not cheap — sustained earnings growth will be essential to justify the premium.
- Recent acquisition of Techin Gauges India introduces integration and capital-allocation risk — investors should track whether acquired businesses generate attractive returns.
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.
