Hy-Tech Engineers IPO
Hy-Tech Engineers Limitedhy-techengineers.com
- Price band
- ₹50 – ₹53
- Issue size
- ₹136 Cr
- Lot size
- 283 sh
- Bidding
- 24 – 27 Aug
- Grey market
- —
Face value ₹5.00
44% fresh capital
Lists 1 Sep 2026
No quote recorded
Market data to 30 Oct 2026. Company figures are as filed, sourced 15 Oct 2026. Every figure’s origin is listed under Sources.
The question this issue poses
In one sentence
Hy-Tech Engineers manufactures hydraulic fittings and forged components and was incorporated at Thane in 1978; the record describes six manufacturing units as of 31 March 2026 — four in Maharashtra and two at Pithampur, Madhya Pradesh — a catalogue of more than 11,000 SKUs, 170 direct customers in FY26 and 468 employees. Revenue from operations was Rs 137.71 Cr in FY24, Rs 161.38 Cr in FY25 and Rs 189.40 Cr in FY26, rises of 17.19% and 17.36%; profit after tax over the same periods was Rs 11.60 Cr, Rs 19.62 Cr and Rs 22.59 Cr. The Rs 135.73 Cr mainboard issue, priced at Rs 50-53, was Rs 60 Cr fresh and Rs 75.73 Cr offer for sale, the secondary portion being 55.79% of the total, and it was subscribed 247.38 times overall on its closing day of 27 August 2026. It listed at Rs 75 on 1 September 2026 against a band top of Rs 53 and last traded at Rs 76.70 on 23 October 2026.
IPOVista score
How this issue scores, and why
Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.
IPOVista score
Broadly well-balanced
63% of the scoring model was backed by disclosed data for Hy-Tech Engineers, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.
How this score is builtBelow the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.
The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.
The company
What the business actually does
Founded 1978 · Plot No. A-160, Main Road, Wagle Industrial Estate, Thane 400604, Maharashtra, India · 468 employees
Hy-Tech Engineers manufactures hydraulic fittings — the threaded connectors, adapters and couplings that join high-pressure hydraulic lines. Its catalogue runs to more than 11,000 SKUs, covering DIN-metric, JIC flared, O-Ring Face Seal and conversion fittings, plus application-specific parts made to customer drawings. Buyers are OEMs and industrial users in construction equipment, agricultural machinery, automotive, industrial machinery and injection moulding machines, reached either directly or through distributors. As of 31 March 2026 the company ran six manufacturing units — four in Maharashtra (Thane, Shirwal, Kavathe and a forging unit at Nashik) and two at Pithampur, Madhya Pradesh — the Nashik unit forging blanks largely for captive use. It served 170 direct customers in FY26 and has exported to eleven countries. Incorporated at Thane in 1978.
Revenue is product sales: ₹189.40 crore from operations in FY26, up 17.36% on FY25. Steel is the main input — cost of materials consumed was ₹67.32 crore, or 34.80% of total income in FY26 — and the Nashik forging unit backward-integrates part of that. EBITDA margin was 22.01% in FY26 against 16.38% in FY24. Two structural constraints: capacity utilisation ran at 70.55% in FY26 across an installed 483 lakh pieces per annum, and demand is concentrated — the top ten customers were 45.32% of revenue, exports 29.37%, with customers sourced through promoter-group distributor Hy-Tech USA Inc. alone contributing 17.88%.
The company on paper
- Legal name
- Hy-Tech Engineers Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 18 Dec 1978
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U99999MH1978PLC020853
- Sector
- Industrials · Hydraulic fittings and forged components for mobile and industrial hydraulics
- Employees
- 468
- Registered office
- Plot No. A-160, Main Road, Wagle Industrial Estate, Thane 400604, Maharashtra, India
- Promoters
- Hemant Tukaram Mondkar, Surekha Hemant Mondkar, Ashwin Hemant Mondkar
- Promoter holding, pre-issue
- 98.0%
- Promoter holding, post-issue
- 71.2%
- Website
- hy-techengineers.com
The numbers
Financial performance
Revenue has compounded at 17.3% a year across the 3 reported financial years.
Revenue and profit
Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.
- Revenue
- Profit after tax
Margin trend
Profit and operating margin as a percentage of revenue
- Net margin
- EBITDA margin
Net worth and borrowings
At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.
- Net worth
- Total borrowings
The price
Valuation
What the issue asks for the business, set against what the business earns.
No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.
The terms
How the issue is structured
44% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.
- Fresh issueNew shares — proceeds go to the company
- ₹60.00 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹75.73 Cr
- Total issue size
- ₹136 Cr
- Shares offered in the OFS
- —
- Pre-issue shares outstanding
- —
- Employee discount
- —
What the issue does to ownership
Share of paid-up equity before and after the offer. The promoters give up 26.8% of the company.
- Promoters
- Everyone else
Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.
Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.
Demand
What the market is bidding
Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.
Subscription by category
Cumulative bid multiples at the end of day 4. Anchor allocations are excluded.
Hover or focus a category to see who bids in it.
A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.
Grey market premium
Unofficial over-the-counter sentiment
No grey-market quotes have been recorded for this issue.
Outcome
How it actually listed
- Issue price
- ₹53.00
- Listed at
- ₹75.00
- Listing gain
- up 41.5%
- Since listing
- down 0.2%
- Against the issue price
- up 41.3%
Trading at ₹74.87 on 30 Oct 2026
What an allotment is worth now, before costs
Work it out
What this means for one application
Three calculations, each stating the assumption it rests on.
What one application costs
Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.
- Shares applied for
- 283
- At cut-off price
- ₹53.00
- Amount blocked
- ₹14,999
One lot is 283 shares at ₹14,999. Retail applications are capped at ₹2,00,000, which allows up to 13 lots here — apply for more and you are bidding as a non-institutional investor instead.
Odds of getting an allotment
When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.
~0.6%
chance of one lot, per application
- Retail subscription
- 175.08×
- Applicants per share available
- 175.1× the retail quota
This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.
What it actually did
This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.
₹75.00
listed at, 41.5% against the issue price
- Issue price
- ₹53.00
- Premium said
- —
- If allotted 283 shares
- ₹6,226
Listing-day figures are as reported by the exchanges.
Our read
The case for and against
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
What works
- Revenue from operations rose at both transitions the record carries: Rs 137.71 Cr in FY24 to Rs 161.38 Cr in FY25, a rise of 17.19%, and on to Rs 189.40 Cr in FY26, a rise of 17.36%. Profit after tax rose at both: Rs 11.60 Cr to Rs 19.62 Cr, a rise of 69.14%, then to Rs 22.59 Cr, a rise of 15.14%.
- EBITDA was Rs 22.55 Cr in FY24, Rs 35.79 Cr in FY25 and Rs 41.69 Cr in FY26. Against the revenue figures above that is a margin of 22.18% in FY25 and 22.01% in FY26; the record's own business description puts the margin at 22.01% in FY26 against 16.38% in FY24.
- Net worth rose at both transitions on record — Rs 82.22 Cr in FY24, Rs 101.25 Cr in FY25 (up 23.15%) and Rs 122.02 Cr in FY26 (up 20.51%) — while total borrowings ended FY26 at Rs 29.76 Cr, below both the Rs 43.53 Cr of FY25 and the Rs 40.84 Cr of FY24. Borrowings against net worth were 0.50x in FY24, 0.43x in FY25 and 0.24x in FY26. FY26 profit after tax of Rs 22.59 Cr on closing net worth of Rs 122.02 Cr is 18.51%.
- On the single subscription day the record carries, 27 August 2026, the issue stood at 247.38 times overall, with QIBs at 249.71 times, non-institutional investors at 412.95 times and retail at 175.08 times.
What to weigh against it
- The record sets out concentrated demand in FY26: the top ten customers were 45.32% of revenue, exports 29.37%, and customers sourced through promoter-group distributor Hy-Tech USA Inc. alone 17.88%. Eleven export countries are recorded, and the exportSharePct field itself is null.
- Rs 75.73 Cr of the Rs 135.73 Cr issue was an offer for sale, or 55.79%, with Rs 60 Cr fresh, so 44.21% of the money raised went to the company. Promoter holding falls from 97.99% pre-issue to 71.23% post-issue, a reduction of 26.76 percentage points, leaving the promoter group with a 71.23% stake after listing.
- Capacity utilisation ran at 70.55% in FY26 against installed capacity of 483 lakh pieces per annum. Cost of materials consumed was Rs 67.32 Cr in FY26, which the record puts at 34.80% of total income, and it names steel as the main input.
- Profit after tax grew 69.14% in FY25 (Rs 11.60 Cr to Rs 19.62 Cr) and 15.14% in FY26 (Rs 19.62 Cr to Rs 22.59 Cr), against revenue growth of 17.19% and 17.36% respectively. PAT margin was 8.42% in FY24, 12.16% in FY25 and 11.93% in FY26.
Easy to miss in the prospectus
- Price marks on record: listed at Rs 75 against a band top of Rs 53, a gain of 41.51%; closed day one at Rs 78.75; last traded Rs 76.70 on 23 October 2026, which is 44.72% above the band top, 2.27% above the listing price and 2.60% below the day-one close.
- The record carries no valuation block, no category allocation, no offer objects, no peer set and no anchor book, so no earnings multiple, no use-of-proceeds breakdown and no peer comparison can be drawn from it. Share counts (preIssueShares, postIssueShares) are also null.
- Total borrowings moved Rs 40.84 Cr in FY24, Rs 43.53 Cr in FY25 and Rs 29.76 Cr in FY26 — the FY26 figure is the lowest of the three periods present. Total assets and cash flow from operations are null in all three periods, so coverage and cash conversion cannot be computed from this record.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.
The paperwork
Who is running the issue
- Lead managers
- New Berry Capitals Private Limited
- RegistrarAllotment status is checked on the registrar's own site
- Bigshare Services Private Limited
How these figures were checked
Reconciled to Hy-Tech Engineers's own prospectus and to exchange disclosures, then cross-checked against 6 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.
- Hy-Tech Engineers Limited — Red Herring Prospectus dated 17 August 2026 (company website) · read 15 Oct 2026
The prospectus is the authoritative document. Check anything that matters against it before you act.
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