All IPOs 
Technocrats Plasma Systems
SME · BSE closed
Lists in 2 days · 21 Aug 2026
₹43
GMP* · 19 Aug, 06:20 pm
Price Band
₹125 – ₹132
Issue Size
₹60.98 Cr
1 lot at upper band
₹1,32,000
Lot Size
1,000
Open
14 Aug 2026
Close
18 Aug 2026
Allotment
—
Listing
21 Aug 2026
Scheduled dates
- Open14 Aug 2026
- Close18 Aug 2026
- Refund20 Aug 2026
- Demat credit20 Aug 2026
- Listing21 Aug 2026
GMP Trend*
Daily grey market premium (₹). Unofficial.
Latest GMP: ₹43 9 sessions
Subscription (times)
Latest per-category subscription · as of 18 Aug, 05:11 pm IST.
QIB 169.54x
NII 311.97x
BHNI 374.59x
SHNI 186.74x
RII 176.05x
Total 203.36x
About Technocrats Plasma Systems
Technocrats Plasma Systems Limited is an engineering-led manufacturer of plasma cutting machines, welding equipment and customised automation systems for metal fabrication and related industries in India. The company's products are used by customers in various sectors including automotive, construction, shipbuilding, heavy engineering and general manufacturing. The company categorises its offerings into machines (with and without automation), customisation and retrofit services, and lifecycle support services. The company operates two manufacturing facilities at Vasai, Maharashtra with an aggregate built-up area of 20,000 square feet and partners with more than 2,500 clients across India and abroad.
www.technocratplasma.com ↗Strengths
- Experience across industries, installed base and diversified customer baseThe company has been active in plasma cutting and welding since 1990, serving customers across heavy fabrication, automotive, infrastructure, shipbuilding, defence, and other sectors with over 2,500 clients across India and abroad.
- Indigenous design and in-house fabrication with cost and schedule controlThe company develops products through in-house R&D and engineering, carrying out fabrication, assembly and testing in-house under a single quality system while maintaining design know-how internally.
- Product and solution range with customisation and lifecycle serviceThe company offers a comprehensive range of plasma cutting machines, welding equipment and customised automation solutions with engineering capabilities to adapt machines to specific applications and customer requirements.
- Operations, quality assurance and employee trainingThe company combines in-house manufacturing with vendor base for components, applies quality assurance through in-process inspections and performance testing, with technical staff ratio of approximately 63-71% of total employees.
- Experienced leadership and technical teamsThe company's Promoters have over 50 years of industry experience and are supported by management team covering engineering, fabrication, projects, quality, automation and services with strong focus on capability building.
Risk Factors
- Customer Concentration RiskThe company derives a substantial portion of revenue from its top 10 customers, accounting for 62.61%, 83.89% and 55.70% of total revenue from operations for fiscal years 2026, 2025 and 2024 respectively. Loss of any key customers or reduction in business from such customers could significantly impact business operations and financial performance.
- Supplier Dependency and Raw Material Price VolatilityThe company depends on few suppliers without definitive agreements, with top 10 suppliers contributing 93.50%, 93.12% and 43.63% of purchases for fiscal years 2026, 2025 and 2024 respectively. Raw material costs represent 85.82%, 89.97% and 38.19% of revenues, exposing the company to significant price volatility and supply disruption risks.
- Geographic Revenue ConcentrationThe company derives 75.91%, 93.12% and 67.67% of revenue from customers in just two states (Maharashtra and Gujarat) for fiscal years 2026, 2025 and 2024 respectively. This concentration exposes the company to regional economic, political, regulatory or infrastructural disruptions that could materially impact operations.
- Manufacturing Facility Concentration RiskThe company's manufacturing operations are concentrated in Maharashtra, making operations susceptible to local and regional risks including civil unrest, adverse weather conditions, natural disasters, or other unforeseen circumstances. Any significant disruption could materially affect manufacturing operations and business continuity.
- Negative Cash Flow HistoryThe company experienced negative net cash flows from operating activities for fiscal years 2026 and 2025, and negative cash flows from investing activities for the same periods. Continued negative cash flows could adversely affect liquidity, financial condition and results of operations.
- Manufacturing Capacity Under-utilizationThe company's capacity utilization was only 50.08%, 58.38% and 16.05% for fiscal years 2026, 2025 and 2024 respectively. Under-utilization leads to higher per-unit production costs, lower absorption of fixed costs and reduced operating leverage, adversely affecting profitability.
- Regulatory Compliance and Statutory Filing DelaysThe company has experienced delays in statutory filings and payments, including GST returns and EPF contributions, with some delays extending over 600 days. Future delays could result in financial penalties from government authorities and impact financial condition.
- Outstanding Litigation and Tax ProceedingsThe company faces 8 tax proceedings against it with an aggregate amount of ₹285.64 lakhs involved. Adverse outcomes could materially affect business operations, reputation and financial performance.
- High Working Capital RequirementsThe company's working capital increased from ₹58,578 thousands in fiscal 2024 to ₹5,07,680 thousands in fiscal 2026. The manufacturing operations are working capital intensive, and any inadequacy or disruption in availability could adversely affect operations and financial condition.
- Debt Service Obligations and Restrictive CovenantsThe company has total outstanding borrowings of ₹1,47,301 thousands as of March 31, 2026, with financing agreements containing restrictive covenants. Non-compliance could trigger accelerated repayment obligations and enforcement of security interests, significantly impairing operational ability.
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 PremisesThe company proposes to utilize proceeds towards purchase and installation of plant and machinery for manufacturing plasma cutting machines, welding equipment and customised automation systems at existing manufacturing facility located at Vasai. The proposed capital expenditure is expected to augment existing production capacity and improve operational efficiencies.8.78 crores
- Funding towards long term working capital requirementsThe company proposes to utilize proceeds to fund long term working capital requirements in Fiscal 2027 and Fiscal 2028. The funding of incremental long-term working capital requirements will help achieve consequent increase in profitability and proposed targets as per business plan.40 crores
- General corporate purposesThe company intends to deploy balance proceeds for general corporate purposes including meeting capital expenditure, operating expenses, brand building, strategic initiatives, repayment of borrowings, meeting working capital requirements, strengthening business development and marketing capabilities, and meeting exigencies.
Financial Snapshot
Annual values as reported in the offer document.
| Year end | Revenue | Rev. growth | Profit | Profit growth | Assets | Equity | Operating cash flow |
|---|---|---|---|---|---|---|---|
| 31/03/2026 | 131.41 | +165.8% | 14.94 | +84.2% | 72.06 | 39.01 | -11.66 |
| 31/03/2025 | 49.44 | +678.6% | 8.11 | +267.0% | 36.72 | 14.24 | -5.05 |
| 31/03/2024 | 6.35 | — | 2.21 | — | 13.55 | 3.74 | 0.79 |
Units: crores
Issue Details
- Face Value
- ₹10
- P/E
- 11.38
- ROCE
- 48.55%
- Shares / Lot
- 1,000
- Minimum Bid
- 2,000 shares
- Refund
- 20 Aug 2026
- Credit to Demat
- 20 Aug 2026
- ISIN
- INE19QK01022
- CIN
- U28299MH1994PLC082603
- Registrar
- Maashitla Securities Pvt.Ltd.
- Lead Managers
- Rarever Financial Advisors Pvt.Ltd.
- Registered Office
- Gala No. 6, 7, 8, 105, 106, 107, 108, Nirav-2, Gaon Devi Industrial Estate, Sativali, Vasai East, Dist. Palghar – 401 208, Maharashtra, India
Management
ARUN KUMARMD
AMRISHA ARUN KUMAR SHARMACEO
APEKSHA SHARMADirector
VIJOY KUMARDirector
INDU SHEKHAR JHADirector
Vandana SharmaCFO
Prashant Prakash LathiDirector
Ajay Kumar Ganesh ChoudharyDirector of Operations
Jigar Bhupendrarai DesaiVP of Sales
Krishnanand MishraVP of Sales
Sudhakara K PoojaryCFO
Rekha Leeladhar BangeraDirector of Operations
* Grey Market Premium is unofficial, indicative data from unregulated grey-market dealers. It is not published by NSE, BSE, SEBI or the issuer, and is not a forecast of the listing price.