| Annual Financials | Mar 2024 | Mar 2025 | Mar 2026 |
| Revenue | 6.06 | 49.36 | 131.31 |
| Expenses | 5.55 | 41.68 | 106.47 |
| Other Income | 0.29 | 0.08 | 0.10 |
| Total Revenue | 6.35 | 49.44 | 131.41 |
| Profit Before Tax | 0.81 | 7.76 | 24.94 |
| Net Profit | 2.21 | 8.11 | 14.94 |
Technocrats Plasma Systems
Technocrats Plasma Systems IPO
₹2,50,000
0.25 xOver-subscribedBidding Dates 14 Aug, 26 -18 Aug, 26
Min Investment ₹2,50,000
Lot Size1,000
Price Range ₹125 – ₹132
Issue Size ₹60.98 Cr.
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IPO Subscription Details
Retail Subscription Details
0.36 x
Non-Institutional Buyers (sHNI)
0.29 x
Non-Institutional Buyers (bHNI)
0.32 x
Qualified Institutional Buyers (QIB)
0 x
Total0.25 x
0.25 x IPO Timeline
IPO Offer Start
14 Aug,26
IPO Offer Ends
18 Aug,26
Allotment Finalisation
19 Aug,26
Refund Initiation
20 Aug,26
Listing of Shares
21 Aug,26
IPO Analysis
Strengths
The company has been active in plasma cutting and welding since 1990, serving customers across heavy fabrication, automotive, infrastructure, shipbuilding, defence, and other sectors with over 2,500 clients across India and abroad.
The company develops products through in-house R&D and engineering, carrying out fabrication, assembly and testing in-house under a single quality system while maintaining design know-how internally.
The company offers a comprehensive range of plasma cutting machines, welding equipment and customised automation solutions with engineering capabilities to adapt machines to specific applications and customer requirements.
Risks
The company derives a substantial portion of revenue from its top 10 customers, accounting for 62.61%, 83.89% and 55.70% of total revenue from operations for fiscal years 2026, 2025 and 2024 respectively. Loss of any key customers or reduction in business from such customers could significantly impact business operations and financial performance.
The company depends on few suppliers without definitive agreements, with top 10 suppliers contributing 93.50%, 93.12% and 43.63% of purchases for fiscal years 2026, 2025 and 2024 respectively. Raw material costs represent 85.82%, 89.97% and 38.19% of revenues, exposing the company to significant price volatility and supply disruption risks.
The company derives 75.91%, 93.12% and 67.67% of revenue from customers in just two states (Maharashtra and Gujarat) for fiscal years 2026, 2025 and 2024 respectively. This concentration exposes the company to regional economic, political, regulatory or infrastructural disruptions that could materially impact operations.
Objectives
The company proposes to utilize proceeds towards purchase and installation of plant and machinery for manufacturing plasma cutting machines, welding equipment and customised automation systems at existing manufacturing facility located at Vasai. The proposed capital expenditure is expected to augment existing production capacity and improve operational efficiencies.
The company proposes to utilize proceeds to fund long term working capital requirements in Fiscal 2027 and Fiscal 2028. The funding of incremental long-term working capital requirements will help achieve consequent increase in profitability and proposed targets as per business plan.
The company intends to deploy balance proceeds for general corporate purposes including meeting capital expenditure, operating expenses, brand building, strategic initiatives, repayment of borrowings, meeting working capital requirements, strengthening business development and marketing capabilities, and meeting exigencies.
Yearly Financial Results
Balance Sheet
| Balance Sheet | Mar 2024 | Mar 2025 | Mar 2026 |
| Total Assets | 13.55 | 36.72 | 72.06 |
| Current Assets | 9.17 | 30.94 | 69.15 |
| Fixed Assets | 4.39 | 5.78 | 2.91 |
| Total Equity & Liabilities | 13.55 | 36.72 | 72.06 |
| Total Liabilities | 9.82 | 22.47 | 33.05 |
| Current Liabilities | 6.92 | 14.30 | 24.70 |
| Non Current Liabilities | 2.90 | 8.17 | 8.35 |
| Total Equity | 3.74 | 14.24 | 39.01 |
Cash Flow
| Cash Flow | Mar 2024 | Mar 2025 | Mar 2026 |
| Net Cash Flow | 0.18 | -0.04 | 0.20 |
| Investing Activities | 0.02 | -0.18 | -1.21 |
| Operating Activities | 0.79 | -5.05 | -11.66 |
| Financing Activities | -0.62 | 5.18 | 13.07 |
About Technocrats Plasma Systems
Technocrats Plasma Systems Limited is an engineering-led manufacturer of plasma cutting machines, welding equipment and customised automation systems for metal fabrication and related industries in India. The company's products are used by customers in various sectors including automotive, construction, shipbuilding, heavy engineering and general manufacturing. The company categorises its offerings...more
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Managing DirectorARUN KUMAR
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