Tankup Engineers
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 23 Apr 2025 – 25 Apr 2025
- Listing date
- 30 Apr 2025
- Face value
- ₹10 per share
- Issue price
- ₹140 per share
- Lot size
- 1,000 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹19.53 Cr
- Market cap at offer price
- ₹74.13 Cr
- Promoter holding
- 100.00% → 73.65% pre-issue → post-issue
- ISIN
- INE0Z7N01017
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Hem Securities Ltd.
- Registered office
- 1262, SA Goila, Chinhat, Uttar Pradesh
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 3,85,000 | — | — |
| Market maker | 70,000 | — | — |
Application size
Minimum 1,000 shares per lot, in multiples, at ₹140
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,40,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,80,000 |
| S-HNI (max) | 7 | 7,000 | ₹9,80,000 |
| B-HNI (min) | 8 | 8,000 | ₹11,20,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 6.59 | 2.68 |
| P/E (×) | 21.24 | 52.24 |
| Price to book (×) | 10.46 | — |
| Market cap | — | ₹74.13 Cr |
Key performance indicators
- Return on net worth
- 69.75%
- ROCE
- 46.49%
- Debt / equity
- 1.00
- PAT margin
- 13.23%
- NAV per share
- ₹13.39
- Price to book
- 10.46
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Tankup Engineers
Tankup Engineers Limited, incorporated on November 3, 2020, is engaged in the business of manufacturing specialized vehicle superstructure for complex mobility and storage solutions of various capacities. The company manufactures large containers or tank-like solutions used for transporting and storing various materials, including liquids, gases, or solids, depending on customer requirements. Products are custom-built to meet specific client requirements regarding size, material, capacity, and features. The company caters to a broad spectrum of end-use industries including petroleum, mining, infrastructure, and defence. Manufacturing activities focus on fabrication of tanks dedicated to delivering mobile solutions for a wide range of commercial use. For the stub period ended November 30, 2024, total revenue from operations was ₹1,247.51 lakhs with a profit after tax of ₹94.70 lakhs.
Company Analysis
from RHPTankup Engineers Limited manufactures specialized vehicle superstructure and tank solutions for petroleum, mining, infrastructure, and defence industries.
Tankup Engineers Limited, incorporated on November 3, 2020, is engaged in the business of manufacturing specialized vehicle superstructure for complex mobility and storage solutions of various capacities. The company manufactures large containers or tank-like solutions used for transporting and storing various materials, including liquids, gases, or solids, depending on customer requirements. Products are custom-built to meet specific client requirements regarding size, material, capacity, and features. The company caters to a broad spectrum of end-use industries including petroleum, mining, infrastructure, and defence. Manufacturing activities focus on fabrication of tanks dedicated to delivering mobile solutions for a wide range of commercial use. For the stub period ended November 30, 2024, total revenue from operations was ₹1,247.51 lakhs with a profit after tax of ₹94.70 lakhs.
Objects of the Issue
- Repayment in full or in part, of certain of our outstanding borrowings ₹350.00 lakhs p.24
- Funding to meet working capital requirements ₹1,000.00 lakhs p.24
- General Corporate Purpose p.24
- Repayment in full or in part, of certain of our outstanding borrowings ₹350.00 lakhs p.83
- Funding to meet working capital requirements ₹1,000.00 lakhs p.84
- General Corporate Purpose p.85
Issue Structure
- Total Issue
- ₹[●] lakhs (upto 13,95,000 Equity Shares)
- Fresh Issue
- Upto 13,95,000 Equity Shares of Face Value of ₹10/- each aggregating to ₹[●] lakhs
- Offer for Sale
- Nil
- Price Band
- ₹[●] (Floor Price) to ₹[●] (Cap Price)
- Lot Size
- [●] equity shares and in multiples of [●] equity shares thereafter
- Face Value
- ₹10/- per Equity Share
Business Model
The company manufactures and sells specialized vehicle superstructure, primarily tank and container solutions. Key products include Refuellers (54.69% of revenue in Nov 2024 stub period), Water Sprinkler, Mobile Service Van, Explosive Van, and Tank Truck variants (top loading/bottom loading). Revenue is generated through direct sales to customers across various industries. The company also engages in related party transactions including sales to group companies which represented 13.07% of revenue in the Nov 2024 stub period.
Business Segments
SWOT Analysis
- • Specialized manufacturing capability in vehicle superstructure(p.24)
- • Diversified product portfolio across multiple end-use industries(p.24)
- • Established market presence with growing revenue(p.36)
- • Diverse product portfolio across multiple industry verticals(p.90)
- • In-house fabrication capabilities(p.90)
- • Sustainable order book(p.90)
- • Stringent quality control ensuring standardized product quality(p.90)
- • Experienced and qualified management and workforce(p.90)
- • Diverse product portfolio across multiple high-growth industries reduces concentration risk(p.112)
- • In-house fabrication capabilities with stringent quality control and multiple ISO certifications(p.112)
- • Strong order backlog across diversified industries provides revenue visibility(p.114)
- • Experienced management team with deep manufacturing and industry expertise(p.113)
- • Revenue diversification across multiple end-use sectors reduces dependence on single industry(p.113)
- • Government-recognized fabricator and PESO-approved manufacturer(p.209)
- • ISO-certified manufacturing operations across quality, environment, and safety standards(p.209)
- • Diversified portfolio of specialized vehicle superstructures addressing multiple industries(p.209)
- • Strong profit growth trajectory with margin expansion(p.213)
- • High customer concentration risk(p.33)
- • Significant reliance on group company sales(p.33)
- • Heavy dependence on single key product(p.34)
- • Limited operating history as a company(p.35)
- • High reliance on unsecured promoter loans(p.43)
- • Contingent liabilities at ₹113.45 lakhs(p.43)
- • Significant trademark ownership issue(p.42)
- • High debt levels requiring significant capital to service(p.51)
- • Potential dilution of equity through future share issuance(p.51)
- • Dependence on external financing for capital requirements and expansion(p.51)
- • High customer concentration with top 10 customers representing majority of revenue(p.116)
- • High raw material cost as percentage of total expenses limiting margins(p.123)
- • Low capacity utilization indicating underutilized manufacturing facility(p.125)
- • Significant dependence on a few suppliers for raw materials(p.123)
- • High employee attrition rate in workforce affecting operational stability(p.126)
- • High dependence on top 10 customers representing significant portion of revenue(p.217)
- • High debt-to-equity ratio indicating significant leverage(p.218)
- • Ongoing tax disputes with GST authorities across multiple periods(p.222)
- • Promoter litigation with former employee involving criminal charges and cheque dishonor(p.220)
- • Growing demand in petroleum and natural gas sector(p.24)
- • Expanding FDI inflows in petroleum sector(p.24)
- • Growing oil demand trajectory(p.24)
- • Geographic expansion into new markets(p.36)
- • Product portfolio diversification strategy(p.34)
- • Strong government focus on infrastructure development(p.102)
- • Growing demand for specialized vehicles and storage solutions in oil & gas sector(p.103)
- • Expansion of domestic refining capacity creating demand for specialized transport solutions(p.103)
- • Increased capital expenditure allocation supporting transport and logistics infrastructure(p.102)
- • Significant government investments and policy support in infrastructure and defence sectors(p.115)
- • Strong growth in mining sector driven by government initiatives and mineral production targets(p.115)
- • Expansion in defence manufacturing with government opening sector to private participation(p.116)
- • Growing aviation sector with significant MRO industry expansion potential(p.116)
- • Accelerating demand for petroleum products and fuel management solutions(p.115)
- • Expansion into new geographies and customer segments through increased marketing and tender participation(p.116)
- • Expansion into defence and aviation sectors with government orders received(p.209)
- • Supply of ground support equipment and handling equipment to commercial aviation(p.209)
- • Growth in demand for mobile solutions in construction, mining, and remote industrial operations(p.209)
- • Significant revenue growth achieved and capacity to serve broad spectrum of end-use industries(p.214)
- • Quality standards and compliance failures could lead to order cancellations(p.34)
- • Raw material supply chain disruption risk(p.36)
- • Geographic concentration of raw materials in northern India(p.36)
- • Manufacturing facility concentration risk in Lucknow(p.36)
- • Dependence on commercial automobile industry(p.42)
- • Economic slowdown impact on business(p.49)
- • Intense competitive environment(p.46)
- • Regulatory and compliance risks(p.46)
- • Global financial market instability affecting Indian economy and demand(p.50)
- • Regulatory and policy uncertainty including potential GST implementation changes(p.50)
- • Natural disasters and external events impacting operations and the broader economy(p.50)
- • Fluctuations in metal prices and supply shortages impacting raw material costs(p.51)
- • Political instability and policy changes affecting business environment(p.51)
- • Global economic slowdown affecting customer demand from overseas-headquartered clients(p.51)
- • Competition from established manufacturers with larger scale and resources(p.126)
- • Volatility in raw material costs affecting production economics(p.123)
- • Dependence on automotive OEM manufacturers for chassis supplies creating supply chain risk(p.123)
- • Regulatory changes and compliance requirements in petroleum and defence sectors(p.129)
- • Economic cyclicality in infrastructure and mining sectors impacting demand(p.115)
- • Exposure to commodity and fuel price volatility affecting raw material costs(p.213)
- • Foreign exchange fluctuations affecting import costs and competitiveness(p.210)
- • Regulatory and compliance risks including PESO licensing and pollution control requirements(p.227)
- • Competition in specialized vehicle manufacturing sector and technological obsolescence risk(p.210)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Gaurav Lath | Promoter | 29.50% | 21.73% |
| Pankhuri Lath | Promoter | Negligible | Negligible |
| Govind Prasad Lath | Promoter | Negligible | Negligible |
| Tank-Up Petro Ventures LLP | Promoter Group | 70.48% | 51.92% |
| Gaurav Lath | Promoter | 29.50% | 21.73% |
| Tank-Up Petro Ventures LLP | Promoter | 70.48% | 51.92% |
| Pankhuri Lath | Promoter | Negligible | Negligible |
| Govind Prasad Lath | Promoter | Negligible | Negligible |
| Gaurav Lath | Promoter | 29.50% | — |
| Pankhuri Lath | Promoter | Negligible | — |
| Govind Prasad Lath | Promoter | Negligible | — |
| Tank-Up Petro Ventures LLP | Promoter Group | — | — |
| Gaurav Lath | Promoter | 29.50% | — |
| Tank-Up Petro Ventures LLP | Promoter Group | 70.48% | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.