Technocrats Plasma Systems IPO
Technocrats Plasma Systems IPO — dates, price band, GMP & allotment.
Timetable
Issue Summary
| Price Band | ₹125-132 |
| Face Value | ₹10 |
| Lot Size | 1000 Shares |
| Issue Size | ₹60.98 Cr |
| Sale Type | Fresh capital only |
| Listing On | BSE SME |
| NSE Symbol | TECHNOCRAT.BO |
| BSE Scrip Code | 7884 |
| Min Investment | ₹132,000 |
Reservation
What Will It Cost Me?
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 1,000 | ₹132,000 |
| Retail (Max) | 1 | 1,000 | ₹132,000 |
| HNI (Min) | 2 | 2,000 | ₹264,000 |
Strengths & Risks
Strengths
- The company has grown very fast. Total income went from Rs 6.35 crore in FY2024 to Rs 49.44 crore in FY2025 and Rs 131.41 crore in FY2026.
- Profit after tax grew from Rs 2.21 crore in FY2024 to Rs 8.11 crore in FY2025 and Rs 14.94 crore in FY2026.
- EBITDA improved sharply, from Rs 1.30 crore in FY2024 to Rs 8.59 crore in FY2025 and Rs 26.29 crore in FY2026.
- Net worth rose from Rs 3.74 crore in FY2024 to Rs 39.01 crore in FY2026.
- The company has a long history in this line of work, having been started in 1994, which is more than 30 years.
- Design is done in-house across mechanical, electrical and control engineering, so the technical knowhow stays with the company and is not bought from outside.
- Apart from selling machines it earns from customisation, retrofit, maintenance, upgrades and spares, which brings income from machines already installed.
- It serves customers across several manufacturing industries rather than depending on one sector.
Risks
- The jump in sales is extreme and needs to be seen with caution. Total income went up about 20 times in two years, from Rs 6.35 crore in FY2024 to Rs 131.41 crore in FY2026, and a base of Rs 6.35 crore is too small to judge whether this level can continue.
- Profit did not grow as fast as sales in FY2026. Income rose 166% but profit after tax rose only 84%, which means margin came down.
- The company is very small in people terms, with only 40 employees handling income of Rs 131.41 crore, so the business depends on a few key technical persons.
- Rs 40.00 crore of the Rs 60.98 crore issue goes into long term working capital, which shows that a large amount of money stays blocked in this business.
- Borrowing rose from Rs 10.24 crore to Rs 14.73 crore in FY2026.
- This is a capital goods business. Orders come when factories are expanding, so any slowdown in industrial capital spending will directly reduce orders.
- Both manufacturing units are in the same industrial estate at Vasai, so there is single location risk.
- This is an SME issue. One lot is 1,000 shares, which is Rs 1.32 lakh at the upper band of Rs 132, and SME shares usually trade in low volume after listing.
Valuation & Key Ratios
Financials (Rs. Crore)
| Metric | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 72.06 | 36.72 | 13.55 |
| Total Income | 131.41 | 49.44 | 6.35 |
| Profit After Tax | 14.94 | 8.11 | 2.21 |
| EBITDA | 26.29 | 8.59 | 1.30 |
| NET Worth | 39.01 | 14.24 | 3.74 |
| Reserves and Surplus | 26.13 | 12.61 | 2.20 |
| Total Borrowing | 14.73 | 10.24 | 6.66 |
About The Company
Technocrats Plasma Systems Limited was started in 1994. It is an engineering company that provides plasma based surface treatment and coating solutions for factories. It designs, develops and installs plasma systems used for surface cleaning, activation, coating and modification in different manufacturing industries.
The company makes plasma cutting machines, welding equipment and customised automation systems. Its offerings are of four types, machines without automation, machines with automation, customisation and retrofit work, and services. On the service side it does installation and commissioning, lifecycle maintenance, upgradation and retrofit support, and supply of spares.
The products are developed through in-house research and engineering. Its own teams handle the mechanical, electrical and control design, which keeps the design knowledge within the company. It has two manufacturing units, both at the Gaodevi Industrial Estate in Sativali, Vasai. As on 30 June 2026 it had 40 employees.
Company & Registrar
Subscription By Category
| Category | Subscribed | Shares Offered | Shares Bid For |
|---|---|---|---|
| Qualified Institutional Buyers (QIB) | 169.54× | 877,000 | — |
| Non-Institutional Investors (NII) | 231.35× | 891,000 | — |
| Retail Individual Investors (RII) | 176.05× | 1,538,000 | — |
| Employee | 0× | 0 | — |
| Shareholder | 0× | 0 | — |
| Total | 189.22× | 3,306,000 | — |
GMP History
| Date | GMP | % Over Issue Price |
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Anchor Investors
| Investor | Category | Shares Allotted | Value |
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