Tempsens Instruments IPO
Tempsens Instruments (India) Limitedtempsens.com
- Price band
- ₹285 – ₹300
- Issue size
- ₹650 Cr
- Lot size
- 50 sh
- Bidding
- 20 – 24 Aug
- Grey market
- —
Face value ₹4.00
15% fresh capital
Lists 28 Aug 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
Tempsens Instruments (India) makes engineered-to-order industrial temperature sensors, electrical heaters and specialised cables; the record states it ran 15 manufacturing units with its subsidiaries and joint ventures — ten in Udaipur and five overseas — and had 814 permanent employees as of 31 March 2026. Revenue of operations was Rs 274.81 Cr in FY24, Rs 378.53 Cr in FY25 (37.74% higher) and Rs 444.88 Cr in FY26 (17.53% higher), with profit after tax of Rs 40.92 Cr, Rs 62.56 Cr and Rs 71.07 Cr across the same three years. The Rs 650 Cr issue was Rs 555 Cr offer for sale and Rs 95 Cr fresh, or 85.38% selling shareholders, and the book was subscribed 184.07 times on day three (24 August 2026), with QIB at 302.88 times, NII at 314.44 times and retail at 60.69 times. It listed on 28 August 2026 at Rs 634 against a band top of Rs 300, closed day one at Rs 586.65, and last traded at Rs 485.95 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 Tempsens Instruments, 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
Majority offer for sale
Only 14.6% of the raise is fresh capital into the company; the rest goes to selling shareholders.
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 1990 · Corporate office and main plants: Udaipur, Rajasthan. Registered office: TF-304, Florence Classic, 10, Ashapuri Society, Akota, Vadodara 390 020, Gujarat · 814 employees
Tempsens Instruments (India) Limited designs and manufactures made-to-order industrial temperature measurement and heating equipment. It sells three product lines: temperature sensing solutions (thermocouples, RTDs, infrared pyrometers, thermal imagers, calibrators), electrical heating solutions (immersion, cartridge, band and furnace heaters), and specialised cables (thermocouple, heat-trace, control and mineral-insulated cables). Customers are industrial plants — steel, oil and gas, petrochemicals, power, glass, cement, pharmaceuticals, automotive, defence and nuclear. The prospectus cites a Frost & Sullivan report naming it India's largest maker of contact and non-contact temperature sensors by revenue, with roughly 10.5% of the Indian temperature sensor market in FY26. With its subsidiaries and joint ventures it ran 15 manufacturing units — ten in Udaipur, Rajasthan, and five in the UAE, South Korea, Indonesia, Germany and Poland — and had 814 permanent employees as of 31 March 2026.
Revenue is one-off sales of engineered-to-order hardware rather than recurring contracts. In FY26 temperature sensing solutions were 44.59% of revenue, specialised cables 34.71% and electrical heating 20.70%; sales outside India were ₹125.82 Cr against ₹444.88 Cr of revenue from operations. The dominant input is bought-in material: cost of materials consumed was ₹248.43 Cr in FY26, or 68.24% of total expenses, with 19.64% of materials sourced outside India. Backward integration into thermocouple manufacturing at Udaipur is the stated margin defence; FY26 EBITDA margin was 24.83%. The binding constraint is working capital — net working capital days rose to 210 in FY26 from 193 in FY25 and 152 in FY24.
The company on paper
- Legal name
- Tempsens Instruments (India) Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 14 Sep 1990
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U31402GJ1990PLC149769
- Sector
- Industrials · Industrial temperature sensors, electrical heaters and specialised cables
- Employees
- 814
- Registered office
- Corporate office and main plants: Udaipur, Rajasthan. Registered office: TF-304, Florence Classic, 10, Ashapuri Society, Akota, Vadodara 390 020, Gujarat
- Promoters
- Virendra Prakash Rathi, Vinay Rathi, Pratap Singh Talesara
- Promoter holding, pre-issue
- 80.5%
- Promoter holding, post-issue
- 65.7%
- Website
- tempsens.com
The numbers
Financial performance
Revenue has compounded at 27.2% 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
15% 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
- ₹95.00 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹555 Cr
- Total issue size
- ₹650 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 14.8% 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 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
- ₹300.00
- Listed at
- ₹634.00
- Listing gain
- up 111.3%
- Since listing
- down 22.4%
- Against the issue price
- up 64.0%
Trading at ₹492.10 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
- 50
- At cut-off price
- ₹300.00
- Amount blocked
- ₹15,000
One lot is 50 shares at ₹15,000. 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.
~2%
chance of one lot, per application
- Retail subscription
- 60.69×
- Applicants per share available
- 60.7× 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.
₹634.00
listed at, 111.3% against the issue price
- Issue price
- ₹300.00
- Premium said
- —
- If allotted 50 shares
- ₹16,700
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 and profit both rose in each of the two years the record can compare. Revenue went from Rs 274.81 Cr in FY24 to Rs 378.53 Cr in FY25 (up 37.74%) and Rs 444.88 Cr in FY26 (up 17.53%); profit after tax went from Rs 40.92 Cr to Rs 62.56 Cr (up 52.88%) and then Rs 71.07 Cr (up 13.60%).
- EBITDA was Rs 61.13 Cr in FY24, Rs 97.32 Cr in FY25 (up 59.20%) and Rs 113.17 Cr in FY26 (up 16.29%). Against FY26 revenue of Rs 444.88 Cr, that EBITDA is 25.44%; the record's own business note states an FY26 EBITDA margin of 24.83%.
- Borrowings stayed small relative to net worth in all three years on record: Rs 30.13 Cr against Rs 180.61 Cr in FY24 (0.17 times), Rs 71.83 Cr against Rs 430.63 Cr in FY25 (0.17 times) and Rs 77.95 Cr against Rs 496.89 Cr in FY26 (0.16 times).
- The prospectus cites a Frost & Sullivan report naming the company India's largest maker of contact and non-contact temperature sensors by revenue, with roughly 10.5% of the Indian temperature sensor market in FY26. FY26 revenue was split across three lines — temperature sensing 44.59%, specialised cables 34.71% and electrical heating 20.70%.
What to weigh against it
- Only Rs 95 Cr of the Rs 650 Cr issue was fresh capital, 14.62% of the total; the other Rs 555 Cr (85.38%) went to selling shareholders. Promoter holding goes from 80.51% before the issue to 65.67% after, a fall of 14.84 percentage points.
- The record puts net working capital at 152 days in FY24, 193 days in FY25 and 210 days in FY26 — higher in each of the two years that can be compared — and its business note calls working capital the binding constraint.
- In absolute terms total borrowings rose in both comparable years, from Rs 30.13 Cr in FY24 to Rs 71.83 Cr in FY25 (up 138.40%) and Rs 77.95 Cr in FY26 (up 8.52%).
- Bought-in material dominates the cost base: cost of materials consumed was Rs 248.43 Cr in FY26, which the record puts at 68.24% of total expenses, with 19.64% of materials sourced outside India. Sales outside India were Rs 125.82 Cr against Rs 444.88 Cr of revenue from operations, or 28.28%.
Easy to miss in the prospectus
- Net worth rose from Rs 180.61 Cr in FY24 to Rs 430.63 Cr in FY25, an increase of Rs 250.02 Cr, in a year when profit after tax was Rs 62.56 Cr. The record does not show where the remaining Rs 187.46 Cr came from.
- The valuation, peers, allocation, anchor and offer-objects fields of this record are all empty, so the Rs 95 Cr fresh issue cannot be traced to a stated use here, and the Rs 300 band top cannot be set against an earnings multiple or a peer group from this record alone.
- As of 23 October 2026 the share was Rs 485.95: 23.35% below the Rs 634 listing price and 17.17% below the Rs 586.65 first-day close, and 61.98% above the Rs 300 band top.
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
- ICICI Securities Limited, JM Financial Limited
- RegistrarAllotment status is checked on the registrar's own site
- KFin Technologies Limited
How these figures were checked
Reconciled to Tempsens Instruments'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.
- Prospectus dated August 24, 2026 (company website) — cover page, capital structure, Our Business, KPIs, Objects of the Offer, MD&A, RoNW reconciliation · read 15 Oct 2026
- NSE issue information and category-wise bid details for TEMPSENS (snapshot 24-Aug-2026 19:00 IST) · read 15 Oct 2026
- NSE security-wise historical price data, TEMPSENS EQ, 28-Aug-2026 to 01-Sep-2026 (listing-day OHLC) · read 15 Oct 2026
- Tempsens Instruments corporate website (product lines, plants, offices) · read 15 Oct 2026
The prospectus is the authoritative document. Check anything that matters against it before you act.
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