Teja Engineering IPO

Teja Engineering Industries Limitedtejaengineering.com

ListedSMEEnergyNSE Emerge

Price band: ₹220
Issue size: ₹37.36 Cr
Lot size: 600 sh
Bidding: 30 Jun – 2 Jul
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

Teja Engineering Industries provides operations, maintenance, erection and commissioning services for CNG stations and gas compression infrastructure, and the record's business description states that the company does not manufacture equipment and that cost is almost entirely deployed manpower and consumables. Revenue was Rs 24.58 Cr in FY23, Rs 31.62 Cr in FY24 and Rs 55.22 Cr in FY25, with profit after tax of Rs 1.27 Cr, Rs 2.16 Cr and Rs 4.02 Cr over the same three years, and headcount is given as 1,816 at FY24-25 and 2,927 as on 31 May 2026. The fixed-price issue of Rs 37.36 Cr at Rs 220 a share, entirely fresh, was subscribed 1.06 times on its closing day. It listed on NSE Emerge at Rs 418 on 7 July 2026, closed that day at Rs 438.90, and last traded at Rs 198.90 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.

73Strong

IPOVista score

Broadly well-balanced

63% of the scoring model was backed by disclosed data for Teja Engineering, 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 2002 · Bharuch, Gujarat · 2,927 employees

Teja Engineering Industries runs and maintains gas-handling equipment that other companies own. Its main line is operations and maintenance contracts on CNG filling stations, gas compression plants and natural gas distribution terminals, where it posts technicians to operate the machinery day to day. It also does erection and commissioning of new sites, installation of stainless-steel tubing, overhauling, decommissioning and recommissioning, instrument calibration, non-destructive thickness testing of pressure vessels, and testing of safety relief valves. Customers are city gas distribution companies, OEMs, CNG compressor packagers and public sector undertakings. The company does not manufacture equipment. It works across 15 states and employed 2,927 people as on May 31, 2026, most of them semi-skilled operators stationed at client sites. Registered office is in Bharuch, Gujarat.

Revenue is service fees on recurring O&M contracts plus one-off erection and commissioning jobs. Cost is almost entirely deployed manpower and consumables: cost of services rendered and materials consumed was Rs 4,292.26 lakhs against revenue from operations of Rs 5,521.83 lakhs in FY25, leaving a stated EBITDA margin of 12.42%. Growth therefore comes from headcount, which went from 1,816 at FY24-25 to 2,927 by May 2026. The structural constraint is customer concentration: the top five customers were 97.30% of FY25 revenue and the single largest 38.77%. Working capital is debt-funded, at a stated debt-equity ratio of 1.04 on December 31, 2025.

The company on paper

Legal name: Teja Engineering Industries Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 17 Apr 2023trading as Teja Engineering since 2002
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U33122GJ2023PLC140188
Sector: Energy · Operations, maintenance, erection and commissioning services for CNG stations and gas compression infrastructure
Employees: 2,927
Registered office: Bharuch, Gujarat
Promoters: Srinivasarao Vakalapudi, Suryakumari Vakalapudi
Promoter holding, pre-issue: 91.3%
Promoter holding, post-issue: 67.2%
Website: tejaengineering.com

The numbers

Financial performance

Revenue has compounded at 49.9% 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: ₹37.36 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹0
Total issue size: ₹37.36 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: 85,200

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 24.2% 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 subscription1.06×

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: ₹220.00
Listed at: ₹418.00
Listing gain: up 90.0%
Since listing: down 47.5%
Against the issue price: down 0.3%

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: 1,200
At cut-off price: ₹220.00
Amount blocked: ₹2,64,000

One lot is 600 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.

~100%

chance of one lot, per application

Retail subscription: 0.32×
Applicants per share available: 0.3× 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.

₹418.00

listed at, 90.0% against the issue price

Issue price: ₹220.00
Premium said: —
If allotted 600 shares: ₹1,18,800

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 from Rs 24.58 Cr in FY23 to Rs 31.62 Cr in FY24, up 28.64%, and then to Rs 55.22 Cr in FY25, up 74.64%. Profit after tax over the same periods was Rs 1.27 Cr, Rs 2.16 Cr and Rs 4.02 Cr, rises of 70.08% and 86.11%.
EBITDA margin was 11.35% in FY23 (Rs 2.79 Cr on Rs 24.58 Cr), 11.83% in FY24 (Rs 3.74 Cr on Rs 31.62 Cr) and 12.42% in FY25 (Rs 6.86 Cr on Rs 55.22 Cr) — higher at each of the two year-on-year steps the financials cover. The PAT margin on the same figures was 5.17%, 6.83% and 7.28%.
Net worth was Rs 3.80 Cr at FY23, Rs 6.65 Cr at FY24 and Rs 12.61 Cr at FY25. Borrowings measured against net worth were 1.77 times (Rs 6.74 Cr on Rs 3.80 Cr), 1.07 times (Rs 7.09 Cr on Rs 6.65 Cr) and 1.02 times (Rs 12.85 Cr on Rs 12.61 Cr), lower at each of the two steps on record.
The offer was Rs 37.36 Cr of fresh issue with an offer for sale of Rs 0 Cr, so the whole Rs 37.36 Cr total size was primary. Promoter holding was 91.33% before the issue and 67.17% after, a reduction of 24.16 percentage points.

What to weigh against it

The business description puts the top five customers at 97.30% of FY25 revenue and the single largest customer at 38.77%.
Total borrowings were Rs 6.74 Cr at FY23, Rs 7.09 Cr at FY24 and Rs 12.85 Cr at FY25 — higher at each step, and up 81.24% in the latest year, against revenue up 74.64% from Rs 31.62 Cr to Rs 55.22 Cr.
On the single subscription day the record carries (2 July 2026, day 3), the retail category stood at 0.32 times and the non-institutional category at 1.81 times, for 1.06 times overall.
The business description gives cost of services rendered and materials consumed of Rs 4,292.26 lakhs against revenue from operations of Rs 5,521.83 lakhs in FY25, which is 77.73% of revenue in that one line.

Easy to miss in the prospectus

The last traded price of Rs 198.90 on 23 October 2026 sits 52.42% below the Rs 418 listing price and 9.59% below the Rs 220 issue price; the day-one close was Rs 438.90.
The business description carries a debt-equity ratio stated at 31 December 2025 and a headcount stated at 31 May 2026. The financials array ends at FY25 (31 March 2025), so neither date can be reconciled against the table on the page.
The record has no valuation section, no peer set and no offer objects listed, so no earnings multiple and no use-of-proceeds breakdown can be computed from it. It also carries a founded year of 2002 alongside an incorporation date of 17 April 2023.

Straight from the filing

Read it yourself

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

Teja Engineering — Prospectus dated 2026-06-2323 Jun 2026Filed after pricing, with every placeholder filled in.Opens on ifinservices.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: Interactive Financial Services Limited
RegistrarAllotment status is checked on the registrar's own site: KFin Technologies Limited

How these figures were checked

Reconciled to Teja Engineering's own prospectus and to exchange disclosures, then cross-checked against 7 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.

NSE cash-market bhavcopy, 2026-07-07 (listing day; TEJA, series ST, ISIN INE0R1301019, open 418.00, close 438.90, prev close 220.00, NewBrdLotQty 600) · 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: 30 Jun 2026
Closes: 2 Jul 2026
Allotment: 3 Jul 2026
Lists: 7 Jul 2026
Revenue (FY25): ₹55.22 Cr
Profit (FY25): ₹4.02 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.