SpectraA Technology IPO

SpectraA Technology Solutions Limitedspectraa.com

ListedSMEIndustrialsNSE Emerge

Price band: ₹112 – ₹118
Issue size: ₹42.52 Cr
Lot size: 1200 sh
Bidding: 17 – 21 Sep
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

SpectraA Technology Solutions describes itself as designing, fabricating, installing and commissioning turnkey process plant for commercial breweries, microbreweries, distilleries and food processing, with commercial brewery equipment put at 68.14% of FY26 revenue from operations. Revenue was Rs 88.96 Cr in FY24, Rs 75.17 Cr in FY25 and Rs 101.16 Cr in FY26, while EBITDA was Rs 4.48 Cr, Rs 10.13 Cr and Rs 19.26 Cr over the same three years — margins of 5.04%, 13.48% and 19.04%. The Rs 42.52 Cr issue, Rs 38.42 Cr of it fresh, was subscribed 304.06 times overall on its 21 September 2026 close. It listed on NSE Emerge at Rs 224.20 against a band top of Rs 118, and last traded at Rs 231.60 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.

71Strong

IPOVista score

Broadly well-balanced

63% of the scoring model was backed by disclosed data for SpectraA Technology, 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

SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.

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 2009 · Bengaluru, Karnataka · 79 employees

SpectraA Technology Solutions builds the process plant that alcohol and food manufacturers run their production on. It designs, fabricates, installs and commissions turnkey brewhouse and cellar systems for commercial breweries and microbreweries, copper pot-still distillation trains for whisky and malt spirit, and extraction and processing equipment for food, beverage, FMCG and pharmaceutical plants. Work covers both greenfield builds and brownfield expansions, with the company taking responsibility from design through handover. Key equipment is made in-house at two plants, one in Bengaluru and one at Chomu near Jaipur, with a combined built-up area of 33,214.75 square feet. Commercial brewery equipment alone was 68.14% of FY26 revenue from operations. The company employed 79 people as of 31 August 2026.

Revenue is project-based: a customer orders a plant or equipment train, and SpectraA bills against design, fabrication and commissioning milestones. Materials — sheet metal, copper sheet, pipes and tubes — are the main input cost; gross margin was 47.03% in FY26 and EBITDA margin 19.04%, on revenue from operations of Rs 10,116.21 lakhs. The structural constraint is working capital against customer concentration. Inventory and site work are funded from internal accruals and bank facilities, leaving total borrowings of Rs 2,696.35 lakhs at 31 March 2026 against net worth of Rs 2,480.77 lakhs. The top ten customers were 65.60% of FY26 revenue, and the confirmed order book was Rs 8,129.61 lakhs as of 25 August 2026.

The company on paper

Legal name: SpectraA Technology Solutions Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 20 Jan 2009
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U74999KA2009PLC048905
Sector: Industrials · Process plant and equipment for breweries, distilleries and food processing
Employees: 79
Registered office: Bengaluru, Karnataka
Promoters: A L Arun Kumar, Sailaja Arun Kumar, Praveen Kumar Appukuttan Nair Leela, Divya Praveen
Promoter holding, pre-issue: 96.0%
Promoter holding, post-issue: 70.0%
Website: spectraa.com

The numbers

Financial performance

Revenue has compounded at 6.6% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as published in the accounts this record was built from. 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

90% 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: ₹38.42 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹4.11 Cr
Total issue size: ₹42.52 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —
Market maker portionSME issues require a market maker to provide two-way quotes: 1,82,400

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 26.0% 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 subscription304.06×

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: ₹118.00
Listed at: ₹224.20
Listing gain: up 90.0%
Since listing: up 2.9%
Against the issue price: up 95.6%

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: 2,400
At cut-off price: ₹118.00
Amount blocked: ₹2,83,200

One lot is 1200 shares at ₹1,41,600. This issue requires a minimum of 2 lots, so the smallest application is ₹2,83,200. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.

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.

~0.3%

chance of one lot, per application

Retail subscription: 313.17×
Applicants per share available: 313.2× 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.

₹224.20

listed at, 90.0% against the issue price

Issue price: ₹118.00
Premium said: —
If allotted 1200 shares: ₹1,27,440

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

EBITDA was Rs 4.48 Cr in FY24 and then rose to Rs 10.13 Cr in FY25 and Rs 19.26 Cr in FY26. Against revenue of Rs 88.96 Cr, Rs 75.17 Cr and Rs 101.16 Cr, that is an EBITDA margin of 5.04%, 13.48% and 19.04% across the three years on record.
Profit after tax was Rs 2.00 Cr in FY24, Rs 4.91 Cr in FY25 and Rs 11.56 Cr in FY26 — rises of 145.50% and then 135.44%. On the same revenue figures, net margin was 2.25%, 6.53% and 11.43%.
Net worth was Rs 8.18 Cr in FY24, Rs 13.12 Cr in FY25 and Rs 24.81 Cr in FY26, 3.03 times the FY24 level. Borrowings over the same three years were Rs 14.19 Cr, Rs 17.21 Cr and Rs 26.96 Cr, so borrowings to net worth was 1.73x, then 1.31x, then 1.09x.
The record states a confirmed order book of Rs 8,129.61 lakhs as of 25 August 2026, equal to 80.36% of FY26 revenue from operations of Rs 10,116.21 lakhs. It also states a FY26 gross margin of 47.03%.

What to weigh against it

Revenue did not rise in every year on record: it fell 15.50% from Rs 88.96 Cr in FY24 to Rs 75.17 Cr in FY25, then rose 34.57% to Rs 101.16 Cr in FY26. Across the full FY24 to FY26 span the change is 13.71%.
The record puts the top ten customers at 65.60% of FY26 revenue, and commercial brewery equipment at 68.14% of FY26 revenue from operations. The company is described as employing 79 people as of 31 August 2026, operating two plants of 33,214.75 square feet combined.
Total borrowings rose in each of the three years on record, from Rs 14.19 Cr in FY24 to Rs 17.21 Cr in FY25 to Rs 26.96 Cr at 31 March 2026, against net worth of Rs 24.81 Cr at that date.
Promoter holding goes from 96.04% before the issue to 70% after it, so the record places 30% of the post-issue equity outside promoter hands.

Easy to miss in the prospectus

The newest balance-sheet figures on record — borrowings of Rs 26.96 Cr and net worth of Rs 24.81 Cr — are dated 31 March 2026, before the Rs 38.42 Cr fresh issue. That fresh component is 154.86% of the 31 March 2026 net worth of Rs 24.81 Cr.
The record lists no offer objects and carries no valuation or peer data, so it states neither the intended application of the Rs 38.42 Cr fresh component nor any earnings multiple.
The shares listed at Rs 224.20, closed day one at Rs 235.40 (5.00% above the listing price), and last traded at Rs 231.60 on 23 October 2026 — 96.27% above the Rs 118 band top and 1.61% below the day-one close.

Straight from the filing

Read it yourself

No official copy of the offer document has been linked here yet.

The paperwork

Who is running the issue

Lead managers: Indcap Advisors Private Limited
RegistrarAllotment status is checked on the registrar's own site: Maashitla Securities Private Limited

How these figures were checked

Built from 4 independently published accounts of this issue, agreeing with each other. No copy of the filing itself is linked here, so nothing on this page has been reconciled against the primary document — treat every figure as reported rather than verified.

SpectraA Technology Solutions Limited — Prospectus dated 21 September 2026 (hosted by BRLM Indcap Advisors) · read 16 Oct 2026

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

At a glance

Board: SME platform
Opens: 17 Sep 2026
Closes: 21 Sep 2026
Allotment: 22 Sep 2026
Lists: 24 Sep 2026
Revenue (FY26): ₹101 Cr
Profit (FY26): ₹11.56 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.