Minerva Capital Research Solutions

SpectraA Technology Solutions

ListedListed 24 Sep 2026NSE SMENSE: SPECTRAA-SMCheck allotment
Current price₹ 243+105.93% since issue
Listing day+90%
Issue price
₹ 118
Issue size
₹ 42.52 Cr.
Min. investment
₹ 1,41,600
Listing price
₹ 224.2
Subscribed
282.62x
Lot size
1,200 shares
P/E
13.63
RoNW
46.59%
RoCE
37.61%
Debt / Equity
1.31
PAT margin
11.42%
EBITDA margin
19.04%
RoE
60.95%
EPS
₹ 8.66
NAV
₹ 24.58
Promoter stake
70%

About

SpectraA Technology Solutions Ltd was started in 2009. It builds the process plants that other factories run on, handling engineering, design, fabrication, installation, commissioning and even decommissioning, for both new plants and expansions of existing ones. Its customers are in breweries, including craft and microbreweries, distilleries, food and beverages, malt spirit and blending, extraction plants, FMCG and pharmaceuticals. Its work is organised into six product lines. Commercial brewery equipment covers turnkey brewhouse and cellar systems for large scale beer brewing, fermentation, conditioning and storage. Distillery equipment covers copper pot still based systems used to separate and concentrate alcohol and flavour compounds for spirits. Food and beverage plants cover process equipment and the linked utilities and packaging interfaces for extracting flavour and colour from plant material. Microbrewery equipment is the same brewhouse and cellar work at craft scale. Malt spirit equipment covers the complete train from milling to distillation, including wash and spirit stills, condensers and blending and storage tanks. Extraction plants cover extraction vessels with holding and buffer tanks. It runs two manufacturing facilities, at Bengaluru and Jaipur, with a combined built up area of about 33,214.75 square feet.

Timeline

  1. Opens
    17 Sep
    done
  2. Closes
    21 Sep
    done
  3. Allotment
    22 Sep
    done
  4. Refunds
    23 Sep
    done
  5. Demat credit
    23 Sep
    done
  6. Listing
    24 Sep
    done

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
₹ 81 on 23 Sep 2026
Lowest
₹ 27 on 13 Sep 2026
First quoted
₹ 27 on 13 Sep 2026

Subscription

How many times each investor group bid for its share, as of 23 Sep 2026, 06:30 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type
Retail (Min)11,200₹ 1,41,600
Retail (Max)11,200₹ 1,41,600
HNI (Min)22,400₹ 2,83,200

Company overview

Financials

Financials by year
Assets111.6310066.6459.72
Total Income34.1275.5389.68103.49
Profit After Tax4.414.9121.78
EBITDA7.610.134.483.78
NET Worth17.5813.128.186.17
Reserves and Surplus16.46127.065.05
Total Borrowing24.6317.2114.1910.55

Strengths

  • Profit has grown every year, from Rs 1.78 crore in FY2023 to Rs 2.00 crore in FY2024 and Rs 4.91 crore in FY2025, with Rs 4.41 crore earned in just the half year to 30 September 2025.
  • EBITDA has improved sharply over the same period, from Rs 3.78 crore to Rs 10.13 crore in FY2025 and Rs 7.60 crore in the latest half year.
  • Return ratios are strong, with RoNW of 46.59% and RoCE of 37.61%, and a PAT margin of 11.42%.
  • The issue is priced at about 13.63 times earnings on an EPS of Rs 8.66.
  • It supplies turnkey plants rather than loose equipment, handling design, fabrication, installation and commissioning together, which is harder for a small fabricator to match.
  • The six product lines cover breweries, microbreweries, distilleries, food and beverage, malt spirit and extraction, so it is not tied to one customer industry.
  • Craft brewing and premium spirits are growing categories in India, and microbrewery equipment is a direct play on that.
  • It has two manufacturing facilities, at Bengaluru and Jaipur, covering about 33,214.75 square feet, and Rs 12.41 crore of the issue goes into the Jaipur plant.

Risks

  • Sales have been falling for three years. Total income went from Rs 103.49 crore in FY2023 down to Rs 89.68 crore in FY2024 and Rs 75.53 crore in FY2025. The profit has risen only because margins improved, not because the company is selling more.
  • Debt is high. Total borrowing was Rs 24.63 crore as on 30 September 2025 against a net worth of Rs 17.58 crore, a debt to equity ratio of 1.31, and borrowing has risen every year from Rs 10.55 crore in FY2023.
  • The latest column in the offer document is only a half year ending 30 September 2025, so it cannot be compared directly with the full years before it, and the data is close to a year old.
  • This is project work, so revenue is lumpy. A quarter without new orders leaves the fabrication shops idle while costs continue.
  • Its customers are breweries, distilleries and spirits makers, which are heavily regulated industries. State excise policy changes can stall a customer's expansion plans and therefore its orders.
  • Turnkey contracts carry execution risk. Delays in commissioning or a plant not meeting guaranteed output can mean penalties or retention money being held back.
  • The company is small, with a net worth of Rs 17.58 crore.
  • This is a fresh issue combined with an offer for sale, so a part of the money goes to the selling shareholders and not to the company.
  • Promoter holding will come down from 96.04% to 70% after the issue.
  • This is an SME issue. One lot is 1,200 shares, which is about Rs 1.42 lakh at the upper band of Rs 118, and SME shares usually trade in low volume after listing.

What the money is for

Objects of the issue
Capital Expenditure at Jaipur manufacturing facility12.41
Repayment of Term Loans availed by the Company9
Working Capital requirements9.5
General Corporate Purposes—

Promoters

  • A L Arun Kumar
  • Sailaja Arun Kumar
  • Praveen Kumar Appukuttan Nair Leela
  • Divya Praveen
Promoter holding96.04%→70%before → after the issue · down 26.04 points

Registrar, lead managers and documents

Listing on
NSE SME
Face value
₹ 10 a share
Registrar
Maashitla Securities Private Limited
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.