Taurian MPS
Book Building issueSMENSE₹42.53 Cr issue
+22.81%
Listing gain over issue price
Issue size
₹42.53 Cr
1 lot at cut-off
₹1,36,800
Lot size
800shares
Open
09 Sep 2025
Close
11 Sep 2025
Allotment
12 Sep 2025
Listing
16 Sep 2025
Listing performance
Issue price
₹171
Listed at
₹210
Listing-day close
₹220.50
Latest price
₹531.90
Close on 23 Oct 2026
Listing gain
+22.81%
Return since issue
+211.05%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 09 Sep 2025 – 11 Sep 2025
- Listing date
- 16 Sep 2025
- Face value
- ₹10 per share
- Issue price
- ₹171 per share
- Lot size
- 800 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹42.53 Cr
- Market cap at offer price
- ₹152 Cr
- Promoter holding
- 88.61% → 63.80% pre-issue → post-issue
- ISIN
- INE0XWS01018
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Gretex Corporate Services Ltd.
- Registered office
- Office Premises No.201-C, A Wing, Poonam Chambers, ShivsagarEstate, Dr.Annie Basant, Road, Worli, Maharashtra
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 | 6,55,200 | — | — |
| Market maker | 2,99,200 | — | — |
Application size
Minimum 800 shares per lot, in multiples, at ₹171
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 800 | ₹1,36,800 |
| S-HNI (min) | 2 | 1,600 | ₹2,73,600 |
| S-HNI (max) | 7 | 5,600 | ₹9,57,600 |
| B-HNI (min) | 8 | 6,400 | ₹10,94,400 |
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.
Shares allocated
6,55,200
Anchor portion
₹11.20 Cr
at ₹171 per share
Valuation and performance
Valuation at offer price
₹171 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 15.14 | — |
| P/E (×) | 11.29 | — |
| Price to book (×) | 3.19 | — |
| Market cap | — | ₹152 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 27.69%
- ROCE
- 31.64%
- Debt / equity
- 0.27
- PAT margin
- 12.92%
- EBITDA margin
- 20.51%
- NAV per share
- ₹53.62
- Price to book
- 3.19
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Taurian MPS
Taurian MPS Limited, originally incorporated on June 28, 2010 as 'Rashi Resources Private Limited', was renamed to 'Taurian MPS Limited' and converted from a Private Limited Company to a Public Limited Company on November 5, 2024. The company is engaged in the manufacturing and sale of plant and equipment including crushing and screening plants, washing plants, and spare parts catering to diverse industries including minerals, metals, construction, food processing, and waste management. The company serves a diverse customer base from international markets to local companies, offering customized solutions to meet specific industry needs. In FY 2024-25, the company generated revenue from operations of ₹7,352.92 lakhs with a net worth of ₹3,429.65 lakhs.
Company Analysis
from RHPTaurian MPS Limited is an engineering and manufacturing company specializing in crushing and screening plants, washing plants, and spare parts for the mining, construction, food processing, and waste management industries.
Taurian MPS Limited, originally incorporated on June 28, 2010 as 'Rashi Resources Private Limited', was renamed to 'Taurian MPS Limited' and converted from a Private Limited Company to a Public Limited Company on November 5, 2024. The company is engaged in the manufacturing and sale of plant and equipment including crushing and screening plants, washing plants, and spare parts catering to diverse industries including minerals, metals, construction, food processing, and waste management. The company serves a diverse customer base from international markets to local companies, offering customized solutions to meet specific industry needs. In FY 2024-25, the company generated revenue from operations of ₹7,352.92 lakhs with a net worth of ₹3,429.65 lakhs.
miningconstructionfood processingwaste managementminerals processinginfrastructure
Objects of the Issue
- Acquisition of machineries and equipment's at existing production facility ₹606.74 lakhs p.29
- Acquisition of equipment's to improve the Research and Development facilities to promote innovation ₹195.48 lakhs p.29
- To meet Working Capital Requirements ₹2,260.00 lakhs p.29
- General Corporate Purpose p.29
- Acquisition of machineries and equipments at existing production facility ₹606.74 lakhs p.61
- Acquisition of equipments to improve the Research and Development facilities to promote innovation ₹195.48 lakhs p.61
- To meet Working Capital Requirements ₹2,260.00 lakhs p.61
- General Corporate Purposes Not to exceed 15% of Gross Proceeds or ₹10 crores, whichever is lower p.61
- Acquisition of machineries and equipment at existing production facility ₹606.74 Lakhs p.107
- Acquisition of equipment to improve Research and Development facilities to promote innovation ₹195.48 Lakhs p.110
- To meet Working Capital Requirements ₹2,260.00 Lakhs p.112
- General Corporate Purposes [●] Lakhs (not exceeding 15% of Gross Proceeds or ₹10 crores, whichever is lower) p.116
- Not disclosed in this document section
- Not explicitly specified in this extract
Issue Structure
- Total Issue
- Upto 24,87,200 Equity Shares of face value of ₹10.00 each aggregating to ₹[●] Lakhs
- Fresh Issue
- Upto 24,87,200 Equity Shares of face value of ₹10.00 each
- Offer for Sale
- Nil
- Price Band
- ₹162.00 (Floor Price) to ₹171.00 (Cap Price)
- Lot Size
- Minimum lot size of 800 Equity Shares and in multiples of 800 thereafter
- Face Value
- ₹10.00 per Equity Share
Business Model
The company generates revenue primarily through the manufacturing and sale of crushing and screening plants (90.37% of revenue in FY 2024-25), washing plants (3.83%), spare parts (5.53%), and services (0.27%). Revenue is earned from both domestic and international customers. The company also generates revenue from the sale of lactose processing plants and services. The business model involves custom engineering and manufacturing of heavy machinery based on customer specifications.
Business Segments
Manufacturing and sale of crushing and screening plants for mining and construction industries
Manufacturing and sale of washing plants
Sale of spare parts including Jaw Crushers, Cone Crushers, VSI, Roll Crushers, Screens, and Feeders
Service and maintenance income
Manufactures crushing and screening equipment
Manufactures washing plant equipment
Manufactures and sells spare parts for machinery
Provides services related to machinery
Manufactures and sells crushing and screening equipment under multiple product series including Terra Track Series, Swift Series, Wheeler Series, and Modular Series with capacities ranging from 100 to 750 tph
Manufactures and sells washing plant equipment for minerals and aggregates
Provides spare parts and components for crushing and screening equipment
Manufactures primary, secondary, tertiary, and quaternary crushing and screening plants including jaw crushers, cone crushers (CG Series, CB Series, CM Series), vertical shaft impact (VSI) crushers, roller crushers, grizzly feeders, circular motion screens, high frequency screens.
Manufactures washing systems including washing equipment (TWS series), Frac 225 separation equipment for ultrafine materials, and thickeners (THT series) for water recovery in washing plants, serving beneficiation of aggregates, mineral ores and industrial sands.
Supplies spare parts for crushing, screening and washing equipment. The company manufactures spare parts in-house and also procures from external suppliers.
Provides after-sales service, maintenance, and technical support for installed equipment.
Manufactures bulk material conveyor systems including radial telescopic conveyors, power stack conveyors, hopper stackers, mobistack, horizontal indexing conveyors, and jump conveyors for material transfer in mining, construction, ports and aggregate projects.
Manufacturing of crushing and screening plants catering to mining and aggregates industries
Manufacturing of washing plants for various industrial applications
Supply of spare parts and maintenance services for manufactured equipment
Manufacturing and sale of crushing, screening, and washing plants used in mining, construction, and aggregates processing
Sale of spare parts and high-quality tools for machinery sold, crushing products, and assembly and erection services
SWOT Analysis
Strengths
- • Investment in R&D facilities to drive innovation(p.51)
- • Significant revenue concentration in core crushing and screening plants business(p.60)
- • Strong promoter experience and involvement in business strategy(p.60)
- • Established brand recognition and customer relationships(p.59)
- • Comprehensive product portfolio across crushing, screening, and washing plants with diverse capacity options(p.151)
- • Strong revenue growth and operational expansion with 96% increase in revenue from FY23 to FY25(p.122)
- • High profitability metrics with PAT margin of 12.92% and EBITDA margin of 20.51% in FY25(p.122)
- • Significant growth in manufacturing capacity and production efficiency through planned CNC machinery upgrades(p.108)
- • Expanding R&D capabilities with substantial investment growth in innovation(p.110)
- • Strong return on equity of 35.44% in FY25, indicating efficient capital utilization(p.122)
- • Strategic geographic positioning with existing production facilities in high-demand regions(p.107)
- • Comprehensive product portfolio across crushing, screening, and washing systems(p.175)
- • Strong R&D capabilities with dedicated facility and team(p.178)
- • 100% in-house manufacturing capability for cost control and quality(p.179)
- • Strong financial growth and improving profitability(p.171)
- • Established customer relationships with tier-one EPC contractors and infrastructure companies(p.176)
- • Experienced managing director with strong strategic vision and operational leadership in manufacturing(p.237)
- • Strong revenue growth trajectory with 96% YoY revenue increase from FY24 to FY25(p.286)
- • Growing customer base demonstrating market traction(p.287)
- • Diverse product portfolio across crushing, screening, washing plants and spare parts(p.285)
- • Profitable operations with consistent EBITDA margins around 20%(p.286)
- • Significant revenue growth from increased sales volume and pricing(p.295)
- • Expanding customer base and geographic reach(p.297)
- • Strong spare parts business supporting customer retention(p.296)
- • Improved profitability and operating margins(p.294)
- • Positive and growing net worth(p.326)
- • Improved inventory turnover and asset efficiency(p.306)
- • Investment in R&D capabilities(p.296)
Weaknesses
- • Limited track record in manufacturing crushing, screening, and washing plants(p.37)
- • High dependence on few customers with irregular business frequency(p.37)
- • Significant working capital requirements and cash flow pressures(p.38)
- • Limited external quality certifications(p.41)
- • High concentration of revenue from key product(p.40)
- • Dependence on qualified personnel and high attrition risk(p.41)
- • High inventory holding levels relative to sales(p.43)
- • Dependence on few major suppliers for materials(p.45)
- • Low manufacturing capacity utilization levels(p.50)
- • Lack of firm long-term customer contracts(p.37)
- • High working capital intensity and dependence on customer payment cycles(p.61)
- • Significant outstanding indebtedness with covenant restrictions(p.53)
- • Contingent liabilities from tax disputes(p.55)
- • Unregistered trademark and potential brand protection challenges(p.59)
- • Outstanding litigation against the company(p.52)
- • Dependence on leased manufacturing facility with termination risk(p.53)
- • Regulatory and statutory compliance lapses(p.55)
- • Promoter personal guarantees on company debt(p.62)
- • Significant inventory holding period of 203 days in FY25, indicating high working capital requirements(p.114)
- • Heavy dependence on a small customer base with only 94 customers generating total revenue(p.123)
- • Concentration of production at single facility location creating operational bottleneck risk(p.106)
- • High trade receivables collection period of 150 days in FY25 indicating delayed cash conversion(p.113)
- • Dependence on outsourced job work for significant production activities(p.108)
- • High dependence on top 10 customers for majority of revenue(p.174)
- • Limited geographical presence with heavy concentration in few states(p.173)
- • Moderate debt levels relative to equity(p.207)
- • Early stage business with short operating history and limited market recognition(p.189)
- • Relatively small scale compared to established competitors(p.190)
- • Significant dependence on limited number of key customers for revenue generation(p.285)
- • Single manufacturing location concentration risk in Uttarakhand(p.288)
- • High leverage with short-term borrowings of Rs 899 lakhs and long-term borrowings of Rs 12 lakhs(p.254)
- • Working capital intensive business with high inventory and receivables levels(p.254)
- • Qualified audit opinion for FY23 relating to unconfirmed receivables and payables(p.253)
- • Declining profitability margins despite revenue growth(p.294)
- • Rising cost of materials as percentage of revenue(p.299)
- • Significant increase in finance costs(p.298)
- • High dependence on limited customer base(p.301)
- • Outstanding tax demands and litigation exposure(p.314)
- • Negative working capital from operations(p.304)
- • Outstanding litigation against promoters(p.313)
Opportunities
- • Growth in demand from mining, construction, and food processing industries(p.28)
- • Expansion into food processing sector with lactose processing plants(p.39)
- • Growing export opportunities due to India's cost advantages(p.28)
- • Expansion into multiple industry verticals(p.51)
- • Capital deployment for manufacturing capacity expansion and R&D(p.62)
- • Market presence in growing mining, construction, and waste management sectors(p.51)
- • India's mining sector experiencing robust growth with coal production surging 12% to 997.25 MT in FY24(p.137)
- • Iron ore production increased to 257.85 MT in FY23, representing 23% growth from FY21(p.138)
- • Government thrust on infrastructure development and manufacturing through PLI schemes(p.135)
- • Expansion into international markets with export capabilities for crushing and screening equipment(p.105)
- • Growing demand from waste management and food processing industries for processing equipment(p.151)
- • Increasing industrialization with manufacturing sector projected to reach US$ 1 trillion by 2025-26(p.144)
- • Geographic expansion strategy to deepen presence in new territories(p.176)
- • International market expansion with existing global partnerships(p.182)
- • Launch of new product lines including Spiral Classifier, Wheeled Hyper Screen, and Twin Core(p.171)
- • Growing demand in mining, construction, and recycling industries(p.174)
- • Potential for higher capacity utilization and economies of scale(p.179)
- • Expanding international market presence in mining sector across Africa and Caribbean(p.285)
- • Growing demand across diversified end-user industries including food processing and waste management(p.288)
- • Capacity to customize solutions for specific customer requirements(p.288)
- • Increased market opportunity with rising number of customers from 51 to 94 over two years(p.287)
- • Expansion into export markets with export revenue growing from Rs 10.51 lakhs (FY24) to Rs 145.75 lakhs (FY25)(p.269)
- • Expansion to new export markets(p.297)
- • Growth through increased plant sales volumes(p.295)
- • Scaling spare parts and after-sales services business(p.296)
- • Enhancement of sales and distribution network through distributors(p.297)
- • Potential for product line expansion and market penetration(p.296)
Threats
- • Intense competition from larger, better-resourced competitors(p.50)
- • Risk of product rejection, return delays, and customer dissatisfaction(p.39)
- • Complex regulatory compliance requirements for safety, health, and environment(p.48)
- • Fluctuations in foreign exchange rates affecting export revenues(p.48)
- • Dependence on third-party logistics providers with price volatility(p.51)
- • Risk of changes in labor regulations and wage demands(p.47)
- • Cyclicality and volatility in mining and construction industries(p.42)
- • Intense competition and product replication risk(p.51)
- • Technology obsolescence and rapid innovation cycles(p.51)
- • Geographic concentration risk in Uttarakhand manufacturing facility(p.54)
- • Inability to secure technological expertise and knowledge transfer(p.51)
- • Commodity price fluctuations and input cost volatility(p.54)
- • Unfavorable regulatory and policy changes(p.68)
- • Global economic instability and trade policy uncertainties(p.70)
- • Commodity price volatility and input cost fluctuations affecting raw material procurement costs(p.110)
- • Regulatory changes in mining and quarrying sector could impact demand for equipment(p.141)
- • Geopolitical tensions and trade policy uncertainty pose risks to global supply chains and exports(p.131)
- • Monsoon and weather-related uncertainties affecting mining and construction activity cyclicality(p.133)
- • Intense competition from established international machinery manufacturers in crushing and screening equipment(p.143)
- • Significant competition from established manufacturers in crushing and screening equipment(p.184)
- • Dependency on raw material supply and price fluctuations(p.175)
- • Cyclical nature of mining and construction industries affecting demand(p.184)
- • Regulatory compliance requirements across multiple states and environmental standards(p.177)
- • Export market volatility and regulatory changes in international markets(p.174)
- • Cyclicality and volatility in mining, minerals and construction industries(p.285)
- • Dependence on global commodity prices and foreign exchange fluctuations affecting export margins(p.285)
- • Supplier dependency risks affecting production continuity and costs(p.285)
- • Unconfirmed quarterly statements submitted to banks indicating weak regulatory compliance(p.253)
- • Contingent liabilities from direct tax matters of Rs 390.14 lakhs and indirect tax of Rs 21.70 lakhs(p.279)
- • Competitive pressure from established and new market entrants(p.308)
- • Exposure to raw material price volatility(p.307)
- • Interest rate and financing risk(p.307)
- • Credit risk from customer defaults(p.307)
- • Economic cyclicality affecting industry demand(p.308)
- • Criminal proceedings and litigation risks(p.312)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Yashvardhan Sumit Bajla | Promoter | 48.27% | — |
| Ms. Puja Sumit Bajla | Promoter | 32.15% | — |
| M/s Palss Properties Private Limited | Promoter | 3.85% | — |
| M/s Castelos Parts Private Limited | Promoter | 2.33% | — |
| M/s Danta Resins Private Limited | Promoter | 2.01% | — |
| Mr. Yashvardhan Sumit Bajla | Promoter | 48.27% | [●] |
| Ms. Puja Sumit Bajla | Promoter | 32.15% | [●] |
| Palss Properties Private Limited | Promoter Group | 3.85% | [●] |
| Castelos Parts Private Limited | Promoter Group | 2.33% | [●] |
| Danta Resins Private Limited | Promoter Group | 2.01% | [●] |
| Yashvardhan Sumit Bajla | Promoter | — | [●] |
| Puja Sumit Bajla | Promoter | — | [●] |
| M/s Palss Properties Private Limited | Promoter Group | — | [●] |
| M/s Castelos Parts Private Limited | Promoter Group | — | [●] |
| M/s Danta Resins Private Limited | Promoter Group | — | [●] |
| Mr. Yashvardhan Sumit Bajla | Promoter | 48.27% | — |
| Ms. Puja Sumit Bajla | Promoter | 32.15% | — |
| Castelos Parts Private Limited | Promoter Group | — | — |
| Danta Resins Private Limited | Promoter Group | — | — |
| Palss Properties Private Limited | Promoter Group | — | — |
| Mr. Yashvardhan Sumit Bajla | Promoter | 48.27% | — |
| Ms. Puja Sumit Bajla | Promoter | — | — |
| Palss Properties Private Limited | Promoter | — | — |
| Castelos Parts Private Limited | Promoter | — | — |
| Danta Resins Private Limited | Promoter | — | — |
| Ms. Puja Sumit Bajla | Promoter | — | — |
| Mr. Yashvardhan Sumit Bajla | Promoter | — | — |
| Ms. Nikita Sureshchand Tulsian | Promoter | — | — |
Leadership
Mr. Yashvardhan Sumit Bajla · Managing Director
Ms. Nidhi Varun Kumar · Company Secretary and Compliance Officer
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.
Taurian MPS IPO FAQs
What is the lot size of Taurian MPS IPO?
The minimum lot size of Taurian MPS IPO is 800 shares. One lot costs ₹1,36,800 at the cut-off price.
When does Taurian MPS IPO open and close?
Taurian MPS IPO opened for subscription on 09 Sep 2025 and closed on 11 Sep 2025.
What is the listing date of Taurian MPS IPO?
Taurian MPS IPO listed on 16 Sep 2025.