TE
TIPCO Engineering India
Book Building issueSMEBSE₹60.55 Cr issue
+0.28%
Listing gain over issue price
Price band
₹84 – ₹89
Issue size
₹60.55 Cr
1 lot at cut-off
₹1,42,400
Lot size
1,600shares
Open
23 Mar 2026
Close
25 Mar 2026
Allotment
27 Mar 2026
Listing
01 Apr 2026
Listing performance
Issue price
₹89
Listed at
₹89.25
Listing-day close
₹84.79
Latest price
₹188.10
Listing gain
+0.28%
Return since listing
+111.35%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
₹0
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 01 Apr 2026 | ₹0 | 0.00% | ₹0 | ₹89 | ₹0 |
| 31 Mar 2026 | ₹0 | 0.00% | ₹0 | ₹89 | ₹0 |
| 30 Mar 2026 | ₹0 | 0.00% | ₹0 | ₹89 | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 23 Mar 2026 – 25 Mar 2026
- Listing date
- 01 Apr 2026
- Face value
- ₹10 per share
- Price band
- ₹84 – ₹89
- Issue price
- ₹89 per share
- Lot size
- 1,600 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹60.55 Cr
- Market cap at offer price
- ₹185 Cr
- Promoter holding
- 87.19% → 57.79% pre-issue → post-issue
- ISIN
- INE1U6D01014
- Registrar
- Maashitla Securities Pvt.Ltd.
- Lead managers
- Smart Horizon Capital Advisors Pvt.Ltd.
- Registered office
- P.No.1658, Phase I, Sector 38, Industrial Estate Rai Distt., Sonepat, P.S.Rai, Haryana
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 | 17,20,000 | — | — |
| Market maker | 10,20,800 | — | — |
Application size
Minimum 1,600 shares per lot, in multiples, at ₹89
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,42,400 |
| S-HNI (min) | 2 | 3,200 | ₹2,84,800 |
| S-HNI (max) | 7 | 11,200 | ₹9,96,800 |
| B-HNI (min) | 8 | 12,800 | ₹11,39,200 |
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
17,20,000
Anchor portion
₹15.31 Cr
at ₹89 per share
Valuation and performance
Valuation at offer price
₹89 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 10.19 | 8.47 |
| P/E (×) | 8.73 | 10.51 |
| Price to book (×) | 4.10 | — |
| Market cap | — | ₹185 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 46.98%
- ROCE
- 33.27%
- Debt / equity
- 1.12
- PAT margin
- 11.72%
- EBITDA margin
- 17.91%
- NAV per share
- ₹21.69
- Price to book
- 4.10
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About TIPCO Engineering India
Tipco Engineering India Limited, incorporated on September 30, 2021 and converted to a public company on September 3, 2025, is engaged in manufacturing and supplying a comprehensive range of plants and machinery including bead mills, dispersers, homogenizers, and mixer equipment. The company serves industries including paint and coatings, chemicals, printing and packaging, metal, construction and infrastructure, and machinery and equipment. The company offers its plants and machinery across three series: Mill Series, Disperser Series, and Homogenizers Series. It generates majority sales from the domestic market, particularly from Uttar Pradesh, Rajasthan, and Haryana.
Company Analysis
from RHPTipco Engineering manufactures and supplies plants and machinery such as bead mills, dispersers, and homogenizers serving paint & coatings, chemicals, printing, metals, and construction industries.
Tipco Engineering India Limited, incorporated on September 30, 2021 and converted to a public company on September 3, 2025, is engaged in manufacturing and supplying a comprehensive range of plants and machinery including bead mills, dispersers, homogenizers, and mixer equipment. The company serves industries including paint and coatings, chemicals, printing and packaging, metal, construction and infrastructure, and machinery and equipment. The company offers its plants and machinery across three series: Mill Series, Disperser Series, and Homogenizers Series. It generates majority sales from the domestic market, particularly from Uttar Pradesh, Rajasthan, and Haryana.
Paint and CoatingsChemicalsPrinting and PackagingMetalConstruction and InfrastructureMachinery and Equipment
Objects of the Issue
- Repayment/prepayment of all or certain of our borrowings availed of by our Company 3,000.00 lakhs p.30
- Working Capital Requirement of our Company 766.00 lakhs p.30
- General Corporate Purpose p.30
- Repayment/prepayment of all or certain of our borrowings availed of by our Company ₹3,000.00 Lakhs (estimated) p.63
- Working Capital Requirement of our Company p.73
- General Corporate Purposes p.73
- Repayment/prepayment of all or certain of our borrowings availed of by our Company ₹3,000.00 Lakhs p.114
- Funding Working Capital Requirement of our Company ₹766.00 Lakhs p.116
- General corporate purposes [●] Lakhs p.117
- Repayment of borrowings p.303
- General corporate purposes
Issue Structure
- Total Issue
- Up to 68,03,200 Equity Shares aggregating up to ₹ [●] Lakhs
- Fresh Issue
- Up to 54,48,000 Equity Shares aggregating up to ₹[●] Lakhs
- Offer for Sale
- Up to 13,55,200 Equity Shares aggregating up to ₹[●] Lakhs by Mr. Ritesh Sharma
- Price Band
- ₹[●] per Equity Share (Floor Price) to ₹[●] per Equity Share (Cap Price)
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares
- Face Value
- ₹10/- each
Business Model
The company manufactures and supplies specialized industrial machinery and plants. Revenue is generated through sale of these machines to various industries. For the period ended December 31, 2025, revenue from operations was ₹8,590.35 lakhs, with domestic sales representing 90.44% and exports 9.56% of total revenue.
Business Segments
Supply of plants and machinery for paint and coating applications
Supply of plants and machinery for chemical industry applications
Supply of plants and machinery for printing and packaging applications
Supply of plants and machinery for metal industry applications
Supply of plants and machinery for construction and infrastructure applications
Manufacturing of advanced mixing and milling solutions for paint, ink, coating, pharmaceutical, chemical, and paper industries
Range of industrial equipment designed for milling and grinding operations including bead mills, batch type bead mills, lab bead mills, horizontal bead mills, vertical bead mills, and specialized variants such as Tungsten Carbide Pin-Type and Ceramic Bead Mills
Equipment used to evenly distribute and mix chemical components within a mixture, including high-speed dispersers, twin-shaft dispersers, triple-shaft dispersers, vacuum high-speed dispersers, and fixed/platform type dispersers
Devices used to uniformly blend or break down particles within a liquid or semi-liquid mixture, including in-line homogenizers, in-tank homogenizers, and high shear in-tank homogenizers
Manufactures bead mills, Dyno mills, Pug mills, Attritor mills, and related grinding and milling equipment for dispersing and particle size reduction
Manufactures high-speed dispersers, vacuum dispersers, twin-shaft dispersers, triple-shaft dispersers, and fixed/platform type dispersers for mixing and dispersing operations
Manufactures in-line homogenizers, in-tank homogenizers, high shear in-tank homogenizers, and liquid powder mixing machines for emulsification and homogenization
Machinery for milling and grinding operations in agriculture, manufacturing and related industries; includes bead mill, batch type bead mill, lab bead mill, horizontal bead mill, vertical bead mill, Tungsten Carbide Pin-Type Bead Mill, Disc Type Horizontal Bead Mill, Dyno Mill, Lab Dyno Mill, Pug Mill, Attritor Mill, Lab Attritor Mill, Basket Mill, Combined Pin and Disc Type Bead Mill, Ceramic Bead Mill
Machines to evenly distribute and mix chemical components within a mixture using high-speed blades/impellers; includes Lab High-Speed Disperser, High-Speed Disperser, Twin-Shaft Disperser, Triple-Shaft Disperser, Vacuum High-Speed Disperser, Fixed Type Disperser, Platform Type Disperser; serves paint production and pharmaceuticals
Devices to uniformly blend or break down particles within liquid/semi-liquid mixtures using high pressure or shear forces; includes In-Line Homogenizer, In-Tank Homogenizers, High Shear In-Tank Homogenizer, Liquid Powder Mixing Machine, Sigma Mixer; serves food processing, pharmaceuticals, and cosmetics
Manufacturing and trading of machinery and industrial products
Provision of services related to machinery and project execution
SWOT Analysis
Strengths
- • Comprehensive product portfolio across multiple machinery series(p.30)
- • Diversified customer base across multiple industries(p.30)
- • Strong revenue growth trajectory(p.32)
- • Profitable operations with consistent PAT(p.32)
- • Non-Competition Agreements with promoter group entities protecting company's competitive position(p.59)
- • ISO 9001:2015 and ISO 45001:2018 certifications for quality and safety standards(p.65)
- • Wide range of products across multiple series(p.150)
- • Strong order book demonstrating robust market demand(p.153)
- • Manufacturing setup integrated under one roof with quality assurance(p.153)
- • Experienced promoter and management team with industry expertise(p.151)
- • Repeat orders and long-standing customer relationships(p.153)
- • Quality certifications and standards compliance(p.151)
- • Comprehensive product portfolio across multiple mill and disperser series(p.193)
- • Strong quality certifications and industry recognition(p.181)
- • Consistent high capacity utilization rates(p.179)
- • Established customer relationships and market presence(p.179)
- • Serving diverse industrial end-markets(p.193)
- • Strong management with industry experience(p.273)
- • Diverse product portfolio across three series(p.273)
- • Established manufacturing infrastructure with quality standards(p.274)
- • Strong revenue growth trajectory(p.273)
- • Improving profitability margins(p.275)
- • Strong return on equity(p.275)
- • In-house manufacturing capability with skilled workforce(p.273)
- • Growing export presence(p.275)
- • Strong revenue growth with consistent execution of high-value projects(p.282)
- • Significant expansion into new geographic markets(p.282)
- • Improved customer retention and satisfaction through product service enhancements(p.282)
- • Increased installed and utilized production capacity(p.282)
- • Improved operational efficiencies driving profitability(p.283)
- • Strong net profit growth and EBITDA performance(p.283)
Weaknesses
- • High customer concentration risk(p.41)
- • Lack of long-term customer contracts(p.41)
- • High supplier concentration(p.44)
- • Dependence on rented premises from related parties(p.47)
- • History of statutory compliance delays and non-filings(p.48)
- • Delays in statutory payment obligations(p.46)
- • Outstanding tax litigation(p.33)
- • Promoter group entities in same line of business(p.58)
- • Negative cash flows from operating activities across multiple years(p.60)
- • Limited operational history in manufacturing sector creating forecasting and compliance challenges(p.60)
- • Discontinued customers substantially exceed continued customers(p.61)
- • Heavy dependence on single manufacturing unit located in Sonepat(p.61)
- • Significant working capital requirements with high debt financing(p.62)
- • High attrition rates in workforce creating retention challenges(p.68)
- • Promoter educational credentials not documented; missing degree certificates(p.66)
- • Trademark 'TIPCO' not yet registered with Registrar of Trademark(p.66)
- • Inadequate insurance coverage relative to total assets(p.69)
- • Shortage of skilled labourers(p.155)
- • Risk of confidential information leakage to competitors by employees(p.155)
- • High debt-to-equity ratio requiring improvement(p.154)
- • High customer concentration risk(p.169)
- • Significant supplier concentration dependency(p.174)
- • High employee attrition rate(p.183)
- • Dependence on key promoter-related entities for business operations(p.215)
- • Raw material price volatility exposure(p.170)
- • Heavy dependence on domestic market(p.275)
- • High leverage and debt burden(p.275)
- • Pending tax litigation(p.264)
- • High interest rate exposure on unsecured borrowings(p.270)
- • Substantial concentration in long-term loans to related parties(p.249)
- • Declining return on equity and capital employed(p.275)
- • High dependence on top customers with concentrated revenue base(p.282)
- • Significant increase in finance costs due to higher borrowings(p.283)
- • Significant increase in provisions for bad debts(p.283)
- • High customer discontinuation rate affecting revenue stability(p.282)
- • Pending income tax demand against the company(p.291)
- • GST compliance issues with pending notices to promoter entities(p.292)
Opportunities
- • Expansion in non-domestic markets(p.51)
- • Growth in construction and infrastructure sector(p.56)
- • Strong order backlog for future execution(p.50)
- • Opportunity to formalize customer relationships(p.42)
- • Diversification potential across verticals(p.56)
- • Resource Sharing Agreement with promoter group entity to optimize operational efficiency(p.64)
- • Expansion into new and unexplored export markets(p.153)
- • New product development through international collaboration(p.154)
- • Creation of pan-India presence to expand customer base(p.155)
- • Growing demand in engineering and manufacturing sectors(p.142)
- • Government support for manufacturing sector growth(p.143)
- • Expansion in high-growth industrial sectors(p.193)
- • Growing use of high-shear homogenizers in industries(p.167)
- • Increasing demand for advanced technology solutions in manufacturing(p.167)
- • Digital marketing and online channel expansion(p.180)
- • Export market development potential(p.193)
- • Expansion into capital equipment market(p.273)
- • Growth in export markets(p.275)
- • Diversification into allied services(p.274)
- • Increased service revenue contribution(p.281)
- • Further expansion into new geographic markets and customer segments(p.282)
- • Continued product innovation and service improvements(p.282)
- • Faster customer onboarding and enhanced after-sales services(p.282)
- • Increased capacity utilization with additional installed capacity(p.282)
- • Export opportunities through import-export code and international customer base(p.282)
Threats
- • Severe geographical revenue concentration in three states(p.51)
- • Regulatory and licensing risks(p.34)
- • Related party liquidity and NPA risk(p.34)
- • Unregistered rent agreement for critical premises(p.47)
- • Order execution and payment collection risks(p.50)
- • Industry cyclicality and economic sensitivity(p.30)
- • Technology obsolescence in competitive market(p.30)
- • Reliance on select customer base with risk of revenue concentration and customer loss(p.61)
- • Operational disruption risks at manufacturing facility from natural disasters and equipment failure(p.61)
- • Variable interest rate exposure increasing financing costs(p.62)
- • Capacity utilization constraints limiting profitability despite manufacturing capability(p.67)
- • Dependence on third-party transportation providers creating supply chain vulnerability(p.72)
- • Intense competition from larger, better-resourced competitors(p.71)
- • Labour cost inflation reducing profitability and operational margins(p.68)
- • Regulatory changes and compliance risks affecting business operations(p.77)
- • Geographic concentration in India exposing to country-specific economic and political risks(p.81)
- • Production disruptions due to workplace incidents or accidents(p.155)
- • Changes in government policies affecting operations(p.155)
- • High dependence on top 10 customers for revenue(p.153)
- • Intense competition in the machinery manufacturing sector(p.180)
- • Dependence on stable power supply(p.179)
- • Exposure to import competition(p.170)
- • Regulatory compliance requirements(p.182)
- • Industrial cyclicality and economic downturn risks(p.180)
- • Exposure to economic cyclicality in paint and coatings industry(p.273)
- • Raw material price volatility(p.274)
- • High finance costs impacting profitability(p.281)
- • Concentration of bank guarantees(p.264)
- • Dependence on working capital financing(p.270)
- • Foreign exchange exposure(p.265)
- • Business seasonality affecting revenue consistency(p.289)
- • Significant working capital challenges with large increase in trade receivables(p.286)
- • Dependence on few large orders significantly influencing turnover(p.282)
- • Inflation impact on salary, wages and operational costs(p.288)
- • Interest rate risk affecting debt service obligations(p.288)
- • Credit risk from customer non-payment(p.288)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Ritesh Sharma | Promoter/Selling Shareholder | 61.60% | — |
| Ms. Sonia Sharma | Promoter | 22.67% | — |
| Mr. Ritesh Sharma | Promoter/Selling Shareholder/Chairman and Managing Director | 61.60% | — |
| Ms. Sonia Sharma | Promoter/Executive Director | 22.67% | — |
| Ms. Veena Rani Sharma | Promoter Group | 2.92% | — |
| Mr. Ritesh Sharma | Promoter | — | — |
| Ms. Sonia Sharma | Promoter | — | — |
| Mr. Ritesh Sharma | Promoter | 61.60% | — |
| Ms. Sonia Sharma | Promoter | 22.67% | — |
| Ritesh Sharma | Promoter | 66.44% | — |
| Sonia Sharma | Promoter | 22.67% | — |
| Ritesh Sharma | Promoter | 94,37,190 Equity Shares (₹10 face value each) | — |
| Ritesh Sharma | Selling Shareholder / Promoter | — | — |
Leadership
Mr. Ritesh Sharma · Chairman and Managing Director
Ms. Sonia Sharma · Whole Time Director
Ms. Neha Sharma · Chief Financial Officer
Ms. Kirti Jain · Company Secretary and Compliance Officer
Mr. Anup Kumar Singh · Non-Executive Director
Mr. Jeewan Chandra · Non-Executive Independent Director
Mr. Patterson Thomas · Non-Executive Independent Director
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.