Hy-Tech Engineers
- Issue price
- ₹ 53
- Issue size
- ₹ 135.73 Cr.
- Min. investment
- ₹ 14,999
- Listing price
- ₹ 75
- Subscribed
- 244.41x
- Lot size
- 283 shares
- P/E
- 22.27
- RoNW
- 20.24%
- RoCE
- 24.40%
- PAT margin
- 11.68%
- EBITDA margin
- 22.01%
- RoE
- 20.24%
- EPS
- ₹ 2.38
- NAV
- ₹ 14.61
- Promoter stake
- 71.23%
About
Hy-Tech Engineers Limited was started in December 1978. It designs, makes and supplies hydraulic fittings, which are the joints and connectors used to carry high pressure oil in machines. It has more than four decades of experience in the hydraulics business. Its range covers over 11,000 SKUs, including DIN-metric fittings, JIC flared and flareless fittings, O-Ring Face Seal fittings, conversion fittings and fittings made to a customer's own design. It works on a B2B model, selling to original equipment makers and industrial buyers both directly and through authorised distributors. Its fittings go into construction machinery, automotive, farming machinery, injection moulding machines and general hydraulic systems, and it also holds certifications for railway and defence use. As on 31 March 2026 it was selling in markets including the USA, Belgium, Poland, Russia, Brazil, Italy, Saudi Arabia, Hungary, UAE, Thailand and Germany. It runs plants at Thane, Shirwal, Kavathe and Pithampur, supported by a unit at Nashik that supplies forged parts to the other plants. As on 31 March 2026 it had 468 permanent employees and 253 contract workers.
Timeline
- doneOpens24 Aug
- doneCloses27 Aug
- doneAllotment28 Aug
- doneRefunds31 Aug
- doneDemat credit31 Aug
- doneListing1 Sep
Grey market premium (GMP)
GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.
- Highest
- ₹ 45 on 27 Aug 2026
- Lowest
- ₹ 5 on 19 Aug 2026
- First quoted
- ₹ 5 on 19 Aug 2026
Subscription
How many times each investor group bid for its share, as of 01 Sep 2026, 06:31 PM IST.
How much to apply for
The smallest and largest bids for each kind of investor at the upper price band.
| Retail (Min) | 1 | 283 | ₹ 14,999 |
| Retail (Max) | 13 | 3,679 | ₹ 1,94,987 |
| S-HNI (Min) | 14 | 3,962 | ₹ 2,09,986 |
| B-HNI (Min) | 67 | 18,961 | ₹ 10,04,933 |
Company overview
Financials
| Assets | 175.71 | 170.65 | 146.24 |
| Total Income | 193.44 | 166.71 | 141.17 |
| Profit After Tax | 22.59 | 19.62 | 11.6 |
| EBITDA | 41.69 | 35.79 | 22.55 |
| NET Worth | 122.02 | 101.25 | 82.22 |
| Reserves and Surplus | 80.25 | 59.48 | 81.84 |
| Total Borrowing | 29.76 | 43.53 | 40.84 |
Strengths
- Sales and profit have grown for three years. Total income went from Rs 141.17 crore in FY2024 to Rs 166.71 crore in FY2025 and Rs 193.44 crore in FY2026.
- Profit after tax nearly doubled in two years, from Rs 11.60 crore in FY2024 to Rs 19.62 crore in FY2025 and Rs 22.59 crore in FY2026.
- Return ratios are healthy, with RoCE of 20.46% and RoNW of 21.39%, and the PAT margin was 11.77%.
- The company cut its borrowing while growing, from Rs 43.53 crore in FY2025 to Rs 29.76 crore in FY2026, against a net worth of Rs 122.02 crore.
- The product range is very wide at more than 11,000 SKUs, so a customer can source most of its fitting needs from one supplier.
- It is backward integrated. Its Nashik unit supplies forged parts to the other plants, which helps control cost and quality.
- It has a long record of more than 45 years, having started in December 1978.
- Exports go to eleven markets including the USA, Germany and Italy, and railway and defence certifications open up further demand.
Risks
- Demand depends on industrial and vehicle capital spending. Hydraulic fittings are bought when construction, farm and factory machinery is being built, so a slowdown in those industries directly cuts orders.
- The company runs four manufacturing plants plus a forging unit, which is a lot of fixed cost to carry for a company of this size if volumes fall.
- Rs 29.97 crore of the issue money goes into expanding three units at the same time, at Kavathe, Shirwal and Pithampur, which brings execution risk and the new capacity will take time to earn.
- It uses a large contract workforce, 253 contract workers against 468 permanent employees, which brings labour availability and compliance risk.
- Steel and alloy prices are the main raw material cost and any sharp rise that cannot be passed on to OEM customers will squeeze margin.
- Selling to OEMs usually means long payment terms and pressure on price at every annual contract renewal.
- Exports to eleven countries bring currency risk and exposure to trade rules in those markets.
- Promoter holding will come down from 97.99% to 71.23% after the issue.
What the money is for
| Funding capital expenditure requirement of the Company towards procurement of machinery and equipment for expansion at Kavathe Unit, Shirwal Unit and procurement Pithampur Unit-I | 29.97 |
| Prepayment or repayment, in full or in part, of certain outstanding borrowings availed by the Company | 16 |
| General Corporate Purposes | — |
Promoters
- Hemant Tukaram Mondkar
- Surekha Hemant Mondkar
- Ashwin Hemant Mondkar
Anchor investors
8 anchors put in ₹ 40.72 Cr., including 5 mutual funds.
| WHITEOAK CAPITAL MULTI CAP FUND | 13,35,760 | 7.08 | 17.39% |
| WHITEOAK CAPITAL BALANCED ADVANTAGE FUND | 5,71,660 | 3.03 | 7.44% |
| WHITEOAK CAPITAL AGGRESSIVE HYBRID FUND | 3,79,220 | 2.01 | 4.94% |
| WHITEOAK CAPITAL EQUITY SAVINGS FUND | 1,13,200 | 0.6 | 1.47% |
| WINRO COMMERCIAL (INDIA) LTD. | 22,64,000 | 12 | 29.47% |
| WHITEOAK CAPITAL EQUITY FUND | 9,43,522 | 5 | 12.28% |
| ASHIKA GLOBAL FINANCE PVT.LTD. | 11,32,176 | 6 | 14.74% |
| VARANIUM DYNAMIC TRUST-VARANIUM EMERGING FUND | 9,43,522 | 5 | 12.28% |
Registrar, lead managers and documents
- Listing on
- BSE, NSE
- Face value
- ₹ 5 a share
- Registrar
- Bigshare Services Private Limited
- Red herring prospectus (RHP)
- Open
- Basis of allotment
- Open
IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.
Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.