Technocrats Plasma IPO
Technocrats Plasma Systems Limitedtechnocratplasma.com
- Price band
- ₹125 – ₹132
- Issue size
- ₹60.98 Cr
- Lot size
- 1000 sh
- Bidding
- 14 – 18 Aug
- Grey market
- —
Face value ₹10.00
100% fresh capital
Lists 21 Aug 2026
No quote recorded
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
Technocrats Plasma Systems, incorporated in November 1994 and based at Vasai East in Maharashtra, makes plasma and laser cutting machines, welding equipment and metal-fabrication automation; the RHP states more than 2,500 clients, and the company reports 40 employees and two Vasai plants with an aggregate built-up area of 20,000 square feet. Revenue from operations was Rs 6.06 Cr in FY24, Rs 49.36 Cr in FY25 and Rs 131.31 Cr in FY26, with EBITDA of Rs 1.30 Cr, Rs 8.59 Cr and Rs 26.29 Cr over the same three years. The Rs 60.98 Cr issue was entirely fresh, priced at Rs 125-132 with a lot of 1,000 shares, and was subscribed 203.36 times overall on day three. It listed on BSE SME on 21 August 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 Technocrats Plasma, 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.
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 1994 · Vasai East, Dist. Palghar, Maharashtra · 40 employees
Technocrats Plasma Systems makes plasma cutting machines, welding equipment and metal-fabrication automation at two plants in Vasai, Maharashtra with an aggregate built-up area of 20,000 square feet. The range runs from manual plasma cutters (inverter, thyristor/diode, hybrid) and MMA, MIG/MAG, TIG and SAW welding power sources up to CNC plate and pipe profile cutters, laser cutting and welding systems, and combined cutting-welding cells. A large share of the work is customising and retrofitting machines already in service: control and drive retrofits, power source upgrades, custom tables and fixtures, plus installation, preventive maintenance and AMCs, training and spares. The RHP states more than 2,500 clients across heavy fabrication and engineering, automotive, infrastructure and construction equipment, shipbuilding, defence, nuclear energy and oil and gas. Sales run through authorised dealers and channel partners backed by regional service associates.
Revenue from operations was Rs 131.31 Cr in FY26, against Rs 49.36 Cr in FY25 and Rs 6.06 Cr in FY24. The mix shifted sharply toward aftermarket work: customisation and retrofit services were 39.54% of FY26 revenue and other services 38.55%, against 18.42% from automated machines and 3.49% from standalone machines. Bought-in material dominates the cost base, with cost of goods sold at 76.09% of revenue in FY26 versus 73.80% in FY25, leaving a 20.02% EBITDA margin. The structural constraints the RHP flags are concentration on both sides: the top 10 customers were 62.61% of FY26 revenue, and sales cluster in Maharashtra and Gujarat, with exports nil in FY26.
The company on paper
- Legal name
- Technocrats Plasma Systems Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 1 Nov 1994
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U28299MH1994PLC082603
- Sector
- Industrials · CNC plasma and laser cutting machines, welding equipment and metal-fabrication automation
- Employees
- 40
- Registered office
- Vasai East, Dist. Palghar, Maharashtra
- Promoters
- Arun Kumar, Vandana Sharma
- Promoter holding, pre-issue
- 87.0%
- Promoter holding, post-issue
- 64.0%
- Website
- technocratplasma.com
The numbers
Financial performance
Revenue has compounded at 365.5% 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
100% 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
- ₹60.98 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹0
- Total issue size
- ₹60.98 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
- 2,31,000
What the issue does to ownership
Share of paid-up equity before and after the offer. The promoters give up 23.0% 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.
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
- ₹132.00
- Listed at
- ₹230.00
- Listing gain
- up 74.2%
- Since listing
- up 76.6%
- Against the issue price
- up 207.7%
Trading at ₹406.20 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
- 2,000
- At cut-off price
- ₹132.00
- Amount blocked
- ₹2,64,000
One lot is 1000 shares at ₹1,32,000. This issue requires a minimum of 2 lots, so the smallest application is ₹2,64,000. 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.
~0.6%
chance of one lot, per application
- Retail subscription
- 176.05×
- Applicants per share available
- 176.1× 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.
₹230.00
listed at, 74.2% against the issue price
- Issue price
- ₹132.00
- Premium said
- —
- If allotted 1000 shares
- ₹98,000
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 from Rs 6.06 Cr in FY24 to Rs 49.36 Cr in FY25, a rise of 714.52%, and to Rs 131.31 Cr in FY26, a further rise of 166.03%.
- Borrowings-to-net-worth was 1.78x in FY24 (Rs 6.66 Cr of borrowings on Rs 3.74 Cr of net worth), 0.72x in FY25 (Rs 10.24 Cr on Rs 14.24 Cr) and 0.38x in FY26 (Rs 14.73 Cr on Rs 39.01 Cr); borrowings rose in each of FY25 and FY26, and net worth rose from Rs 3.74 Cr to Rs 39.01 Cr across the three years.
- The issue was subscribed 203.36 times overall on 18 August 2026, the closing day, with the non-institutional portion at 311.97 times, retail at 176.05 times and QIB at 169.54 times.
- It listed at Rs 230 against a band top of Rs 132, a listing gain recorded at 74.24%, closed day one at Rs 241.50 (5.00% above the Rs 230 listing price) and last traded at Rs 376.60 on 23 October 2026, 63.74% above that listing price.
What to weigh against it
- The RHP flags concentration on both sides: the top 10 customers were 62.61% of FY26 revenue, sales cluster in Maharashtra and Gujarat, and exports were nil in FY26.
- Cost of goods sold was 76.09% of revenue in FY26 against 73.80% in FY25, a rise of 2.29 percentage points, leaving an EBITDA margin of 20.02% in FY26 (Rs 26.29 Cr on Rs 131.31 Cr) against 17.40% in FY25 (Rs 8.59 Cr on Rs 49.36 Cr) and 21.45% in FY24 (Rs 1.30 Cr on Rs 6.06 Cr).
- Profit after tax was Rs 2.21 Cr in FY24, Rs 8.11 Cr in FY25 and Rs 14.94 Cr in FY26; as a share of revenue that is 36.47% in FY24, 16.43% in FY25 and 11.38% in FY26, lower in FY25 than in FY24 and lower again in FY26.
- The issue was entirely fresh at Rs 60.98 Cr with the offer for sale recorded at Rs 0 Cr, and promoter holding is recorded at 86.96% pre-issue against 64% post-issue, a fall of 22.96 percentage points.
Easy to miss in the prospectus
- The revenue split is carried for FY26 only - customisation and retrofit services 39.54%, other services 38.55%, automated machines 18.42% and standalone machines 3.49%, so services are 78.09% and machines 21.91% of FY26 revenue - with no comparable split recorded for FY25 or FY24.
- The record carries no expenses, total assets or operating cash flow figures for any of the three years.
- FY24 EBITDA of Rs 1.30 Cr is below FY24 profit after tax of Rs 2.21 Cr, and the inversion is genuine rather than a transcription error: the restated FY24 tax line is a net credit - a deferred tax credit of Rs 1.40 Cr recognised on brought-forward business losses and unabsorbed depreciation, against a current tax charge of less than Rs 0.01 Cr - which lifts profit after tax above profit before tax of Rs 0.81 Cr.
- No valuation, peer set, offer objects, anchor book or category allocation is recorded, and the subscription table holds the closing day (18 August 2026) only.
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
- Rarever Financial Advisors Private Limited
- RegistrarAllotment status is checked on the registrar's own site
- Maashitla Securities Private Limited
How these figures were checked
Reconciled to Technocrats Plasma'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.
- Red Herring Prospectus dated August 10, 2026 (company website) · read 16 Oct 2026
- BSE equity bhavcopy, 21 Aug 2026 (listing day) - ISIN, series MT, OHLC and NewBrdLotQty · read 16 Oct 2026
The prospectus is the authoritative document. Check anything that matters against it before you act.
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