Technocrats Plasma Systems reported a 128% year-on-year increase in net profit to ₹149.36 crore for the financial year ended March 31, 2026 (FY26). Revenue from operations surged 166% to ₹1,313.09 crore, reflecting significant operational expansion during the period.

The company, formerly known as Technocrats Plasma Systems Private Limited, completed its conversion to a public limited company in October 2025. It subsequently conducted an initial public offering (IPO) in August 2026, raising ₹609.84 crore by issuing 46.2 lakh equity shares at ₹132 per share.

Financial Performance

Revenue growth was supported by higher manufacturing activity and service revenues. The company recorded manufacturing activity revenue of ₹806.88 crore and service and other revenue of ₹506.21 crore. Cost of materials consumed rose to ₹1,126.93 crore from ₹444.08 crore in the previous year, aligning with the scale-up in operations.

The net profit margin stood at 11.37%, down from 13.24% in FY25. The decline in margin is attributed to increased operating costs and input prices associated with the expanded scale of operations. Other income remained relatively flat at ₹9.76 lakh compared to ₹8.49 lakh in the prior year.

What the Numbers Show

A significant portion of the company's cost structure is tied to integrated turnkey contracts. Note 24A reveals that manpower and service costs constituted ₹1,013.01 crore, or approximately 90% of the total cost of materials consumed. This indicates that the business model relies heavily on labor-intensive execution and technical services rather than pure material trading, which can impact margin sensitivity to wage inflation and project complexity.

Balance Sheet and Capital Structure

The debt-equity ratio improved significantly to 0.38 from 0.95 in the previous year. This deleveraging was driven by the accretion of profits to reserves and the capital raised through the IPO and preferential allotments. Total shareholder funds increased to ₹390.06 crore from ₹108.30 crore.

Short-term borrowings rose to ₹67.59 crore from ₹14.92 crore, primarily due to increased working capital requirements for inventory and trade receivables. Inventories grew to ₹331.83 crore, while trade receivables stood at ₹209.75 crore. The current ratio improved to 2.80 from 2.14, indicating stronger short-term liquidity.

Corporate Developments

During FY26, the company undertook several corporate actions. It subdivided its equity shares from a face value of ₹100 to ₹10 each. A bonus issue of 1.10 crore shares was also executed. The Board did not recommend any dividend for the financial year.

The company appointed KPJS & Associates as its Secretarial Auditor for five years starting FY27. Related party transactions for FY27 have been approved up to an aggregate limit of ₹100 crore, covering sales, purchases, leasing, and services.

Technocrats Plasma Systems has scheduled its 32nd annual general meeting for September 28, 2026. The board approved the draft notice and related party transactions in a session held on September 5, 2026.

The meeting will be conducted through Video Conferencing or Other Audio-Visual Means at 3:00 pm at the company's registered office. Key agenda items include adopting the audited financial statements for FY26 and reappointing a retiring director.

AGM Schedule and Logistics

The board fixed the book closure period from September 22 to September 28, 2026. E-voting will run from September 25 to September 27, 2026. The cut-off date for determining eligibility is set for September 21, 2026.

Ordinary Business

Shareholders will consider and adopt the annual audited financial statements for the financial year ended March 31, 2026. This includes the balance sheet, statement of profit and loss, cash flow statement, and reports of the Board of Directors and Auditors.

Additionally, the meeting will appoint Mrs. Apeksha Sharma (DIN: 09061582) as a director. She retires by rotation at this meeting and is eligible for reappointment under Section 152 of the Companies Act, 2013.

Special Business

The board seeks shareholder approval to appoint KPJS & Associates as the secretarial auditor for five years, covering financial years 2026-2027 through 2030-2031. The firm holds ICSI URN P2024MH102600. The disclosure confirmed no association between the firm and any company directors.

Other Approvals

The board sanctioned several corporate governance matters during the session:

• Approval of the draft director’s report for FY26
• Appointment of KPJS & Associates as scrutinizer for the AGM
• Approval to lease factory premises at Vasai
• Compliance action regarding a show cause notice under Section 12(8) of the Companies Act, 2013

Regulatory Compliance

Directors discussed a show cause notice received under Section 12(8) of the Companies Act, 2013. They committed to taking necessary action to ensure compliance with statutory requirements.