Technocrats Plasma SystemsIPO Review — Financials, Valuation & Peers
A data-only look at the Technocrats Plasma Systems IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 6.35 | 2.21 | 1.3 | 3.74 | 13.55 | 6.66 | — |
| FY 2025 | 49.44 | 8.11 | 8.59 | 14.24 | 36.72 | 10.24 | — |
| FY 2026 | 131.41 | 14.94 | 26.29 | 39.01 | 72.06 | 14.73 | 11.6 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 11.38x
- P/E (post-issue)
- 15.47x
- RoNW
- 56.1%
- RoE
- 56.1%
- RoCE
- 48.55%
- Debt / Equity
- 0.38
- EPS (pre-issue)
- ₹11.6
- EPS (post-issue)
- ₹8.53
- EBITDA Margin
- 20.02%
- PAT Margin
- 11.37%
- P/BV
- 1.52x
- NAV / share
- ₹30.28
- Market Cap
- ₹231 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV |
|---|---|---|---|---|---|
| Technocrats Plasma Systems | 11.63 | 30.28 | — | 56.1% | — |
| Ador Welding Ltd | 47.11 | 318.6 | 31.55x | 14.79% | 4.67x |
| Esab India Ltd | 134.3 | 278.94 | 41.88x | 48.14% | 20.23x |
| Jyoti Cnc Automation Ltd | 14.78 | 88 | 58.51x | 16.79% | 9.83x |
| Patil Automation Limited | 8.65 | 63.49 | 23.21x | 13.77% | 3.17x |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: <p>Arun Kumar, Vandana Sharma</p>
- Holding (pre-issue)
- 86.96%
- Holding (post-issue)
- 64%
- Dilution
- 22.96%
Analysis in brief
Anchor book
The anchor round of the Technocrats Plasma Systems IPO drew 9 institutional investors committing a combined ₹17.35 crore. Anchor investors are institutions allotted shares at the issue price a day before bidding opens, in exchange for a mandatory post-listing lock-in — their names and cheque sizes are disclosed, which is why the anchor book is read as an institutional signal. The largest allocations went to FORTUNE HANDS GROWTH FUND-FORTUNE HANDS GROWTH FUND SCHEME I (₹3.01 crore), PI SQUARE INDIA EMERGING BUSINESS INVESTMENT FUND (₹2.67 crore) and M7 GLOBAL FUND PCC-CELL DEWCAP FUND (₹2.65 crore). Investor categories represented include Other and FII/FPI. The lock-in on half the anchor shares ends on 18 Sept 2026, with the remainder locked until 17 Nov 2026.
Margin and return profile
Away from the price multiples, the offer document also discloses the shape of the underlying business. Technocrats Plasma Systems operates at an EBITDA margin of 20.02% and a net (PAT) margin of 11.37% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 48.55% and a return on equity (RoE) of 56.1%. At the upper band, the post-issue market capitalisation works out to about ₹231 crore. These are offer-document figures for the latest reported period (as of 31 Mar 2026); they describe the business as disclosed, not how the stock will trade.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward funding towards long-term working capital requirements (₹40 crore), alongside purchase and installation of plant and machinery for manufacturing of plasma cutting machines, welding equipment and customised automation systems at the existing premises (₹8.79 crore). In all, 4 objects are disclosed.
Financials
In FY2026, Technocrats Plasma Systems reported revenue of ₹131.41 crore and a net profit of ₹14.94 crore. Revenue grew from ₹6.35 crore in FY2024 to ₹131.41 crore in FY2026 (+1969.0%). Net worth stood at ₹39.01 crore at the end of FY2026. At the upper band, that puts the issue at roughly 11.4× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 15.47× post-issue earnings and 1.52× book value, against a return on net worth of 56.1% and a debt-to-equity ratio of 0.38. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Ador Welding Ltd and Esab India Ltd, with a median peer P/E of about 36.7×. The issue's own post-issue P/E works out to 15.47×.
Promoters
The promoters of the company are <p>Arun Kumar, Vandana Sharma</p>. Promoter holding stands at 86.96% before the issue and comes down to 64% after listing.
Frequently asked questions
- What is the reservation split in the Technocrats Plasma Systems IPO?
- Of the total shares offered, retail investors get 35.04%, QIBs 19.98% (plus 29.94% anchor), non-institutional investors 15.04%.
- Who are the promoters of Technocrats Plasma Systems and what is their holding?
- The promoters are <p>Arun Kumar, Vandana Sharma</p>. Promoter holding is 86.96% before the issue and 64% after listing.
- What is the P/E ratio of the Technocrats Plasma Systems IPO?
- At the upper price band, the Technocrats Plasma Systems IPO is valued at 11.38× pre-issue earnings and 15.47× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Technocrats Plasma Systems IPO?
- The net proceeds go primarily toward funding towards long-term working capital requirements, among 4 disclosed objects.