SEDEMAC Mechatronics IPO

Sedemac Mechatronics Limitedsedemac.com

ListedMainboardConsumer DiscretionaryNSE · BSE

Price band: ₹1,287 – ₹1,352
Issue size: ₹1,087 Cr
Lot size: 11 sh
Bidding: 4 – 6 Mar
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

SEDEMAC Mechatronics makes electronic control units for petrol two- and three-wheelers, electric two-wheelers and diesel generator sets and sells to OEMs rather than consumers; revenue from operations was Rs 658.36 Cr in FY25 on 2,438,518 control-intensive controllers, and TVS Motor Company accounted for 80.46% of that revenue. Across the three years the record carries, revenue rose from Rs 423.03 Cr in FY23 to Rs 530.65 Cr in FY24 and Rs 658.36 Cr in FY25, EBITDA from Rs 54.24 Cr to Rs 83.12 Cr and Rs 125.07 Cr, and PAT went Rs 8.57 Cr, Rs 5.88 Cr and Rs 47.05 Cr. The Rs 1,087.45 Cr offer was entirely an offer for sale — the fresh issue was Rs 0 Cr — at a band of Rs 1,287 to Rs 1,352, with promoter holding 26.49% before the issue and 26.24% after. The day-3 book recorded QIB 8.46 times, NII 0.77 times, retail 0.20 times and 2.68 times overall; the stock listed at Rs 1,535 against the band top of Rs 1,352, closed the first day at Rs 1,451.10, and last traded at Rs 3,035.20 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.

67Balanced

IPOVista score

A trade-off in both directions

63% of the scoring model was backed by disclosed data for SEDEMAC Mechatronics, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

Read this before the number

Entirely an offer for sale
None of the money raised reaches the company. Existing shareholders are selling down; the balance sheet is unchanged by the listing.

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 2007 · Pune, Maharashtra, India · 496 employees

SEDEMAC Mechatronics makes electronic control units — the small embedded computers that govern how an engine or motor runs. Its products include integrated starter-generator (ISG) ECUs and electronic fuel-injection ECUs for petrol two- and three-wheelers, motor control units for electric two-wheelers, and controllers for diesel generator sets. It sells to original equipment manufacturers rather than consumers, and the customer list is short: TVS Motor Company accounted for 80.46% of revenue from operations in FY25, and the top three customers for 87.76%. Incorporated at Pune in July 2007, it manufactures from two plants there, employed 496 on-roll staff at 31 December 2025, and held 12 granted patents at the time of the offer.

Revenue is unit sales of controllers to vehicle and genset OEMs — 2,438,518 control-intensive controllers in FY25, against revenue from operations of ₹658.36 crore. The margin is engineering-led: the company says most of its revenue comes from control technologies conceived and developed in-house, and it employed 120 engineers from IITs, NITs and BITS in FY25. That showed up as operating leverage — EBITDA margin rose from 12.82% in FY23 to 19.00% in FY25, PAT from ₹8.57 crore to ₹47.05 crore, and total borrowings fell from ₹109.61 crore to ₹49.62 crore. The structural constraint is concentration: TVS Motor took 80.46% of FY25 revenue and the mobility segment 85.69%.

The company on paper

Legal name: Sedemac Mechatronics Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 18 Jul 2007
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U29253PN2007PLC246956
Sector: Consumer Discretionary · Electronic control units for two- and three-wheelers and diesel genset controllers
Employees: 496
Registered office: Pune, Maharashtra, India
Promoters: Prof. Shashikanth Suryanarayanan, Amit Arun Dixit, Manish Sharma, Anaykumar Avinash Joshi
Promoter holding, pre-issue: 26.5%
Promoter holding, post-issue: 26.2%
Website: sedemac.com

The numbers

Financial performance

Revenue has compounded at 24.8% 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

This is entirely an offer for sale: none of the money raised reaches the company.

Fresh issueNew shares — proceeds go to the company: ₹0
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹1,087 Cr
Total issue size: ₹1,087 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 0.3% 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 3. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription2.68×

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: ₹1,352.00
Listed at: ₹1,535.00
Listing gain: up 13.5%
Since listing: up 103.2%
Against the issue price: up 130.7%

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.

Lots

Shares applied for: 11
At cut-off price: ₹1,352.00
Amount blocked: ₹14,872

One lot is 11 shares at ₹14,872. 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.

~100%

chance of one lot, per application

Retail subscription: 0.20×
Applicants per share available: 0.2× 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.

₹1,535.00

listed at, 13.5% against the issue price

Issue price: ₹1,352.00
Premium said: —
If allotted 11 shares: ₹2,013

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 rose in both periods the record covers: Rs 423.03 Cr in FY23, Rs 530.65 Cr in FY24 (up 25.44%) and Rs 658.36 Cr in FY25 (up 24.07%).
EBITDA was Rs 54.24 Cr in FY23, Rs 83.12 Cr in FY24 and Rs 125.07 Cr in FY25, which against revenue of Rs 423.03 Cr, Rs 530.65 Cr and Rs 658.36 Cr works out at EBITDA margins of 12.82%, 15.66% and 19.00% — higher in each of the two periods on record.
PAT was Rs 47.05 Cr in FY25 against Rs 5.88 Cr in FY24 and Rs 8.57 Cr in FY23 — eight times the FY24 figure (47.05 / 5.88 = 8.00) and a PAT margin of 7.15% on revenue of Rs 658.36 Cr, against 1.11% on Rs 530.65 Cr in FY24.
Net worth was Rs 115.22 Cr in FY23, Rs 124.43 Cr in FY24 and Rs 303.88 Cr in FY25, while total borrowings were Rs 109.61 Cr, Rs 150.62 Cr and Rs 49.62 Cr — borrowings rose 37.41% in FY24 before falling 67.06% in FY25, so borrowings to net worth read 0.95x, 1.21x and 0.16x across the three years.

What to weigh against it

PAT fell from Rs 8.57 Cr in FY23 to Rs 5.88 Cr in FY24, a drop of 31.39%, in a year when revenue rose 25.44% from Rs 423.03 Cr to Rs 530.65 Cr; PAT margin was 2.03% in FY23 and 1.11% in FY24 before reaching 7.15% in FY25.
Customer and segment concentration is high on the one year the record quantifies: TVS Motor Company took 80.46% of FY25 revenue from operations, the top three customers 87.76%, and the mobility segment 85.69%. The record carries no customer-wise or segment-wise split for FY23 or FY24.
In the day-3 subscription figures the record holds, retail was subscribed 0.20 times and the NII portion 0.77 times, both below 1.00 times, alongside QIB at 8.46 times and a total of 2.68 times. The record carries no day-1 or day-2 figures.

Easy to miss in the prospectus

The whole Rs 1,087.45 Cr was an offer for sale against a fresh issue of Rs 0 Cr, and the record's offer-objects list is empty, so it states no use of proceeds.
The record carries no valuation block, no peer set, no anchor allocation and no grey-market data, so the Rs 1,352 issue price cannot be set against earnings or comparable companies from this record alone.

Straight from the filing

Read it yourself

Every figure on this page comes out of these. Go and check them.

SEDEMAC Mechatronics — Abridged Prospectus dated 2026-02-2525 Feb 2026The statutory summary that goes out with the application form — a dozen pages, not the full filing.Opens on axiscapital.co.in

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: ICICI Securities Limited, Avendus Capital Private Limited, Axis Capital Limited
RegistrarAllotment status is checked on the registrar's own site: MUFG Intime India Private Limited

How these figures were checked

Reconciled to SEDEMAC Mechatronics's own prospectus and to exchange disclosures, then cross-checked against 13 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.

Abridged Prospectus (salient features of the RHP dated 25 Feb 2026), via Axis Capital — primary source for CIN, incorporation date, promoters, offer structure, selling shareholders, BRLMs, registrar, restated financials FY23-FY25, KPIs, customer concentration, employee count · read 16 Oct 2026

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: Mainboard
Opens: 4 Mar 2026
Closes: 6 Mar 2026
Allotment: 9 Mar 2026
Lists: 11 Mar 2026
Revenue (FY25): ₹658 Cr
Profit (FY25): ₹47.05 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.