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Hy-Tech Engineers Ltd IPO
Hy-Tech Engineers Ltd
₹14,150 /283 sharesMinimum investment
IPO details
Minimum investment
₹14,150
Price range
₹50 - ₹53
Lot size
283
Issue size
135.73 Cr
Face value
5
IPO document
Subscription rate
Data will be available soon
Schedule
24 Aug 2026
IPO open date
27 Aug 2026
IPO close date
28 Aug 2026
Allotment date
28 Aug 2026
Funds unblock or debit
1 Sep 2026
Tentative listing date
About
Founded in
1978
MD/CEO
Mr. Hemant Tukaram Mondkar
Parent organisation
Hy-Tech Engineers Ltd
Hy-tech Engineers Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
As of March 31, 2026, Hy-Tech Engineers had a portfolio of more than 11,000 SKUs of hydraulic fittings. The company developed 880, 1,676, and 2,206 new SKUs in FY26, FY25, and FY24, respectively.
The company claims to have integrated manufacturing capabilities covering die designing, forging, heat treatment, machining, plating, inspection, and testing. As of March 31, 2026, it had an installed forging capacity of 3,120 MT per annum at its Nashik unit and a hydraulic fittings manufacturing capacity of 483 lakh pieces per annum across its other facilities.
The company has a diversified customer base across industries such as construction machinery, farming, automotive, injection moulding machines and hydraulic systems. Construction machinery and farming contributed 22.94% and 22.83% of revenue from operations in FY26, respectively.
The company has expanded its international presence across 11 countries – the US, Belgium, Poland, Russia, Brazil, Italy, Saudi Arabia, Hungary, the UAE, Thailand, and Germany. Overseas revenue stood at Rs 55.62 crore, Rs 45.67 crore, and Rs 45.63 crore in FY26, FY25 and FY24, respectively, accounting for 29.37%, 28.30%, and 33.14% of revenue from operations, respectively.
The company has a high share of revenue from repeat customers. Revenue from repeat customers stood at Rs 180.08 crore, Rs 153.64 crore, and Rs 125.60 crore in FY26, FY25, and FY24, respectively, accounting for 95.10%, 95.20%, and 91.20% of consolidated revenue from operations, respectively.
The company's direct customer base increased from 144 in FY24 to 152 in FY25 and 170 in FY26, while its number of distributors and distribution partners increased from five in FY24 to seven in FY26. Its direct customers include companies such as Tompkins Industries Inc, Sisa Hydropneumatics, and Fittings Unlimited Inc.
The company claims to follow a decentralised cell-based manufacturing model, under which its operations are organised into smaller, self-contained cells, with certain cells aligned with specific customers or product categories. Each cell has dedicated oversight for production, quality, and design support.
The company has seen a consistent increase in revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 137.71 crore in FY24 to Rs 161.38 crore in FY25 to Rs 189.40 crore in FY26, while PAT increased from Rs 11.60 crore in FY24 to Rs 19.62 crore in FY25 to Rs 22.59 crore in FY26.
The company is dependent on a limited number of customers, with its top 10 customers contributing Rs 85.83 crore, Rs 67.82 crore, and Rs 67.09 crore in FY26, FY25, and FY24, respectively, accounting for 45.32%, 42.02%, and 48.72% of revenue from operations, respectively. Any loss or reduction in business from key customers could adversely affect its business, financial condition, and cash flows.
The company derives a significant portion of its revenue from overseas markets, particularly the US. Export revenue stood at Rs 55.62 crore, Rs 45.67 crore, and Rs 45.63 crore in FY26, FY25 and FY24, respectively, accounting for 29.37%, 28.30%, and 33.14% of revenue from operations, respectively, while the US alone contributed 21.42%, 22.85%, and 24.56%, respectively. Changes in tariffs, trade policies, exchange rates, or economic and political conditions in overseas markets could adversely affect its business and profitability.
The company is dependent on its Promoter Group member, Hy-Tech USA Inc., for a portion of its overseas business. Customers sourced by Hy-Tech USA contributed Rs 33.87 crore, Rs 31.96 crore, and Rs 28.38 crore in FY26, FY25, and FY24, respectively, representing 17.88%, 19.80%, and 20.61% of revenue from operations, respectively. Any disruption in its relationship with Hy-Tech USA or its distribution activities could affect the company's overseas sales and financial performance.
Four of the company's six manufacturing facilities are located in Maharashtra, while the remaining two are in Madhya Pradesh. Its Maharashtra facilities contributed 77.64%, 77.27%, and 77.43% of revenue from operations in FY26, FY25, and FY24, respectively. Any significant disruption in Maharashtra or Madhya Pradesh could affect production, shipments, and results of operations.
The company has experienced underutilisation across some of its manufacturing facilities. For instance, capacity utilisation at its Kavathe unit stood at 60.42%, 55.00% and 75.00% in FY26, FY25 and FY24, respectively, while the Nashik unit recorded 67.53%, 59.62% and 49.85%, respectively. Continued underutilisation or inability to effectively utilise the proposed expanded capacities could affect its profitability and returns on capital expenditure.
The company is dependent on a limited number of suppliers for raw materials such as carbon steel and stainless steel. Its top 10 suppliers accounted for Rs 44.38 crore, Rs 33.69 crore, and Rs 31.08 crore in FY26, FY25, and FY24, respectively, representing 65.61%, 54.78%, and 65.49% of total purchases, respectively. The company does not have long-term agreements with these suppliers, and any shortage, price increase, or disruption in raw material supplies could affect production and profitability.
The company derives a significant portion of its revenue through direct sales to customers. Direct sales contributed Rs 167.48 crore, Rs 142.98 crore, and Rs 124.82 crore in FY26, FY25 and FY24, respectively, accounting for 88.42%, 88.60%, and 90.64% of revenue from operations, respectively. Any reduction or loss of purchase orders from its direct customers could adversely affect its business, financial condition, and cash flows.
The company has significant exposure to the construction machinery, farming and automotive industries, which collectively contributed 54.82%, 52.33%, and 54.55% of revenue from operations in FY26, FY25, and FY24, respectively. Any slowdown or reduction in demand from these industries could adversely affect its revenue, cash flows, and results of operations.
The company extends credit to customers, including related parties, and had total trade receivables of Rs 49.90 crore, Rs 45.72 crore, and Rs 36.86 crore in FY26, FY25, and FY24, respectively, equivalent to 26.35%, 28.33%, and 22.84% of revenue from operations, respectively. Average outstanding receivable days stood at 91 days, 92 days, and 104 days, respectively. Delays or defaults in customer payments could adversely affect its cash flows and financial condition.
The company did not have the required Consent to Operate (CTO) under pollution control laws for its Nashik unit from May 1, 2023, to October 11, 2023, resulting in contravention of the Air Act, Water Act, and Hazardous Waste Management Rules during this period. While no action has been taken in relation to the violation, any regulatory action or failure to obtain or renew required approvals in the future could result in penalties or disruption of operations.
Application details
For Hy-tech Engineers IPO, eligible investors can apply as Regular.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Regular | ₹50 - ₹53 | Upto ₹2 Lakhs | 283 |
| High Networth Individual | ₹50 - ₹53 | ₹2 - ₹5 Lakhs | 283 |