Technocrats Plasma Systems Ltd.
TECHCRATS-PLASMASME
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Overview
Technocrats Plasma Systems Limited is a Maharashtra-headquartered manufacturer of metal fabrication equipment, designing and producing plasma and laser cutting machines, CNC plate/pipe profile cutting systems, laser welding systems, conventional and inverter-based welding machines, and integrated automation solutions. The company also executes turnkey cutting and welding projects and provides lifecycle services such as installation, commissioning, training, spares, maintenance and limited retrofit/upgrade support through a dealer and service network, serving customers across multiple industrial sectors in India and select export markets.
Opening Date
Aug 14, 2026
Closing Date
Aug 18, 2026
Listing Date
Aug 21, 2026
IPO Type
SME
IPO Status
Closed
Issue Size
60.98 Cr
Fresh Issue
60.98 Cr
Offer for Sale
0 Cr
Price Band
₹125 - ₹132
Lot Size
1000
IPO Timeline
Financials
Revenue
Profit After Tax (PAT)
Use of IPO funds
Key Performance Indicator
P/E Ratio
11.38
EPS
11.6
ROE
56.1%
ROCE
48.55%
RONW
56.1%
Debt to Equity Ratio
0.38
PAT Margin
11.37%
EBITDA Margin
20.02%
P/B
1.52
Bull vs Bear
Bull case
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Promoters own 86.96%, so they feel gains and losses like you. This can push long-term focus, since their wealth depends on business health.
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No auditor qualifications in restated statements. Cleaner audits can mean fewer hidden accounting surprises for long-term shareholders.
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Revenue, profits, and net worth rose sharply by FY25. If this reflects real customer demand, it can fund growth without constant equity dilution.
Bear case
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Customer concentration is extreme: top 10 customers were 93.27% of revenue in June 2025. Losing one big buyer can hit sales and profits fast.
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Supplier concentration is also high: top 10 suppliers were 98.89% of purchases in June 2025, with no long-term contracts. Prices or supply shocks can squeeze margins.
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Most revenue comes from Maharashtra and Gujarat. If regional disruptions or policy shifts occur, operations and cash flows may swing more than diversified peers.
Net takeaway
This company looks founder-driven, with promoters holding 86.96%, and recent financial scale-up suggests it has found meaningful demand. The long-term story depends on whether it can turn that growth into steady, repeatable business while strengthening systems. The big risk is concentration: revenue is heavily tied to a few customers, suppliers, and two states, so shocks can quickly affect earnings and cash. Track customer and supplier diversification over time.
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