Minerva Capital Research Solutions

Technocrats Plasma Systems

ListedListed 21 Aug 2026BSE SMENSE: TECHNOCRATCheck allotment
Current price₹ 410+210.61% since issue
Listing day+74.24%
Issue price
₹ 132
Issue size
₹ 60.98 Cr.
Min. investment
₹ 1,32,000
Listing price
₹ 230
Subscribed
189.22x
Lot size
1,000 shares
P/E
15.47
RoNW
56.10%
RoCE
48.55%
PAT margin
11.37%
EPS
₹ 8.53
Promoter stake
64%

About

Technocrats Plasma Systems Limited was started in 1994. It is an engineering company that provides plasma based surface treatment and coating solutions for factories. It designs, develops and installs plasma systems used for surface cleaning, activation, coating and modification in different manufacturing industries. The company makes plasma cutting machines, welding equipment and customised automation systems. Its offerings are of four types, machines without automation, machines with automation, customisation and retrofit work, and services. On the service side it does installation and commissioning, lifecycle maintenance, upgradation and retrofit support, and supply of spares. The products are developed through in-house research and engineering. Its own teams handle the mechanical, electrical and control design, which keeps the design knowledge within the company. It has two manufacturing units, both at the Gaodevi Industrial Estate in Sativali, Vasai. As on 30 June 2026 it had 40 employees.

Timeline

  1. Opens
    14 Aug
    done
  2. Closes
    18 Aug
    done
  3. Allotment
    19 Aug
    done
  4. Refunds
    20 Aug
    done
  5. Demat credit
    20 Aug
    done
  6. Listing
    21 Aug
    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
₹ 70 on 20 Aug 2026
Lowest
₹ 12 on 12 Aug 2026
First quoted
₹ 29 on 11 Aug 2026

Subscription

How many times each investor group bid for its share, as of 26 Aug 2026, 08:58 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)11,000₹ 1,32,000
Retail (Max)11,000₹ 1,32,000
HNI (Min)22,000₹ 2,64,000

Company overview

Financials

Financials by year
Assets72.0636.7213.55
Total Income131.4149.446.35
Profit After Tax14.948.112.21
EBITDA26.298.591.3
NET Worth39.0114.243.74
Reserves and Surplus26.1312.612.2
Total Borrowing14.7310.246.66

Strengths

  • The company has grown very fast. Total income went from Rs 6.35 crore in FY2024 to Rs 49.44 crore in FY2025 and Rs 131.41 crore in FY2026.
  • Profit after tax grew from Rs 2.21 crore in FY2024 to Rs 8.11 crore in FY2025 and Rs 14.94 crore in FY2026.
  • EBITDA improved sharply, from Rs 1.30 crore in FY2024 to Rs 8.59 crore in FY2025 and Rs 26.29 crore in FY2026.
  • Net worth rose from Rs 3.74 crore in FY2024 to Rs 39.01 crore in FY2026.
  • The company has a long history in this line of work, having been started in 1994, which is more than 30 years.
  • Design is done in-house across mechanical, electrical and control engineering, so the technical knowhow stays with the company and is not bought from outside.
  • Apart from selling machines it earns from customisation, retrofit, maintenance, upgrades and spares, which brings income from machines already installed.
  • It serves customers across several manufacturing industries rather than depending on one sector.

Risks

  • The jump in sales is extreme and needs to be seen with caution. Total income went up about 20 times in two years, from Rs 6.35 crore in FY2024 to Rs 131.41 crore in FY2026, and a base of Rs 6.35 crore is too small to judge whether this level can continue.
  • Profit did not grow as fast as sales in FY2026. Income rose 166% but profit after tax rose only 84%, which means margin came down.
  • The company is very small in people terms, with only 40 employees handling income of Rs 131.41 crore, so the business depends on a few key technical persons.
  • Rs 40.00 crore of the Rs 60.98 crore issue goes into long term working capital, which shows that a large amount of money stays blocked in this business.
  • Borrowing rose from Rs 10.24 crore to Rs 14.73 crore in FY2026.
  • This is a capital goods business. Orders come when factories are expanding, so any slowdown in industrial capital spending will directly reduce orders.
  • Both manufacturing units are in the same industrial estate at Vasai, so there is single location risk.
  • This is an SME issue. One lot is 1,000 shares, which is Rs 1.32 lakh at the upper band of Rs 132, and SME shares usually trade in low volume after listing.

What the money is for

Objects of the issue
Purchase and installation of plant and machinery for manufacturing of plasma cutting machines, welding equipment and customised automation systems at the Existing Premises8.79
Funding towards long-term working capital requirements40
General Corporate Purposes—

Promoters

  • Arun Kumar
  • Vandana Sharma
Promoter holding86.96%→64%before → after the issue · down 22.96 points

Registrar, lead managers and documents

Listing on
BSE SME
Face value
₹ 10 a share
Registrar
Maashitla Securities Private Limited
Lead managers
Rarever Financial Advisors Pvt. Ltd. Pvt. Ltd.
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.