Technocrats Plasma Systems IPO
smelistedAbout the company
Incorporated in November 1994, Technocrats Plasma Systems Limited (TPSL) is an engineering-led manufacturer of plasma cutting machines, welding equipment and customised automation systems, with its manufacturing base in Vasai, Maharashtra. The company has moved beyond standalone plasma and welding equipment into CNC-based cutting, welding automation, customised machines, retrofits and, more recently, laser cutting and laser welding solutions. Its business is operated on B2B, with products and engineered systems used across heavy fabrication and engineering, infrastructure and construction equipment, shipbuilding and marine, defence, automotive, steel service centres and other industrial applications. The portfolio is divided into machines without automation, machines with automation, customisation and retrofit, and lifecycle services. Standalone products include manual plasma cutters and welding machines based on MMA/ARC, MIG/MAG, TIG and SAW technologies. On the automated side, the Company manufactures CNC plate and pipe profile cutting systems using plasma/oxyfuel, laser cutting systems, laser welding systems and welding automation solutions. Its systems are used for applications ranging from general fabrication and structural work to complex pipe cutting, shipbuilding, pressure vessels, heavy engineering and automated production lines. The company had more than 2,500 clients across India and overseas, although the number of customers actually served during FY26 was 180, compared with 273 in FY25. In FY26, revenue from new customers was ₹106.48 crore, or 81.1% of total revenue, while repeat orders contributed ₹24.83 crore. Infrastructure and construction equipment was the largest identified industry in FY26, contributing ₹38.33 crore or 29.1% of revenue, followed by heavy fabrication & engineering at ₹24.63 crore or 18.7%, and Defence at ₹15.07 crore or 11.4%. The top customer accounted for 11.2% of FY26 revenue compared with 25.7% in FY25, while the top ten for 62.6% of FY26 revenue. Cameroon and Uganda as existing export markets accounted for 0.55% of revenue in FY25. Maharashtra had the largest network with five dealers and three service locations, followed by Delhi with three dealers and two service locations. For FY26, the average installed capacity was assessed at 70.88 units on the company's standardised basis, against average production of 35.50 units, resulting in capacity utilisation of 50.08%.
GMP trend (Grey Market Premium by date)
| Date | GMP (₹) | Est. Listing | Change |
|---|---|---|---|
| 18 Aug | ₹32 | ₹164 | -3 |
| 17 Aug | ₹35 | ₹167 | +1 |
| 16 Aug | ₹34 | ₹166 | +2 |
| 15 Aug | ₹32 | ₹164 | -1 |
| 14 Aug | ₹33 | ₹165 | 0 |
| 13 Aug | ₹33 | ₹165 | +2 |
| 12 Aug | ₹31 | ₹163 | +1 |
| 11 Aug | ₹30 | ₹162 | 0 |
Strengths
- Specialised expertise in plasma cutting, welding and advanced fabrication technologies.
- Strong customised automation and engineering capabilities.
- Established customer base, including defence and public-sector customers.
- Integrated manufacturing, installation, commissioning and maintenance capabilities.
- Experienced promoters and management with domain knowledge.
- Revenue and profitability have shown improvement, with FY26 annualised revenue of ₹122.72 crore and PAT of ₹14.20 crore.
Risks
- High dependence on a limited number of customers; the top 10 customers contributed a substantial share of revenue.
- Business is working-capital intensive, with high debtor and inventory requirements.
- Demand is linked to industrial capital expenditure, which can make order inflows uneven.
- Modest scale of operations and limited product diversity remain key concerns.
- The company has historically operated with an aggressive capital structure.
- SME-listed stocks can carry higher liquidity and price-volatility risks.
Financial performance (₹ Cr)
Subscription breakup (final, times)
IPO Roadmap / Timeline
IPO Opens
Completed14 Aug 2026Bidding starts for all investor categories
IPO Closes
Completed18 Aug 2026Last day to place your bid
Basis of Allotment
Completed20 Aug 2026Share allotment finalised
Refund Initiation
Completed21 Aug 2026Refunds credited for non-allottees
Credit to Demat
Completed22 Aug 2026Allotted shares credited to demat account
Listing on Exchange
Completed21 Aug 2026Shares list on NSE / BSE
Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.
Lot size & minimum investment
| Investor Type | Min Lots | Min Shares | Min Amount | Max Lots | Max Amount | Notes |
|---|---|---|---|---|---|---|
| Retail / Individual | 1 | 1000 | ₹132,000 | 1 | ₹132,000 | 1 lot only |
| HNI | 2 | 2000 | ₹264,000 | 2 | ₹264,000 | Min 2 lots |
Shares reserved per category & allotment probability
| Category | Reservation | Shares Offered | Amount (₹ Cr) | Shares Bid | Subscribed | Allotment % |
|---|---|---|---|---|---|---|
| QIB | 50% | 2,373,541 | 30.5 | 0 | 0.00x | 100% |
| NII | 15% | 712,062 | 9.15 | 1,125,058 | 1.58x | 63.3% |
| Retail | 35% | 1,661,479 | 21.35 | 897,199 | 0.54x | 100% |
Retail is a lottery-based allotment when oversubscribed; QIB/NII get pro-rata. Probability ≈ 1 / subscription times (100% if under-subscribed).
Date-wise daily subscription (all categories)
| Date / Day | Retail (x) | QIB (x) | NII (x) | EMP (x) | OTHER (x) | Total (x) | Total |
|---|---|---|---|---|---|---|---|
14 Aug Day 1 | 0.09x | 0.00x | 0.26x | 0.00x | 0.00x | 0.07x | 0.42x |
15 Aug Day 2 | 0.31x | 0.00x | 0.92x | 0.00x | 0.00x | 0.23x | 1.46x |
16 Aug Day 3 | 0.34x | 0.00x | 1.23x | 0.00x | 0.00x | 0.38x | 1.95x |
17 Aug Day 4 | 0.49x | 0.00x | 1.49x | 0.00x | 0.00x | 0.38x | 2.36x |
18 Aug Day 5 | 0.54x | 0.00x | 1.58x | 0.00x | 0.00x | 0.45x | 2.57x |
Date-wise cumulative subscription figures per category, refreshed each bidding day.