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SpectraA Technology Solutions Ltd IPO
SpectraA Technology Solutions Ltd
₹2,68,800 /2400 sharesMinimum investment
IPO details
Minimum investment
₹2,68,800
Price range
₹112 - ₹118
Lot size
1,200
Issue size
42.52 Cr
Face value
10
IPO document
Subscription rate
Qualified Institutional Buyers0.00x
Non-Institutional Investor3.07x
Retail Individual Investor9.35x
Total5.17x
As of 17 Sep'26, 06:55 PM
Schedule
17 Sep 2026
IPO open date
21 Sep 2026
IPO close date
22 Sep 2026
Allotment date
22 Sep 2026
Funds unblock or debit
24 Sep 2026
Tentative listing date
About
Founded in
2009
MD/CEO
Mr A L Arun Kumar
Parent organisation
SpectraA Technology Solutions Ltd
SpectraA Technology Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
The company operates manufacturing facilities in Bengaluru and Jaipur, allowing it to cater to customers across southern, northern, and western India. As of the date of filing of the Red Herring Prospectus, its installation footprint covered 19 states and three Union Territories in India, along with exports to 10 countries.
The company claims to fabricate its equipment in-house, covering processes such as cutting, rolling, welding, passivation, pressure testing, and factory acceptance testing. This allows it to handle design changes and fabrication activities internally rather than relying on external vendors.
As of August 25, 2026, the company had an order book of Rs 81.30 crore. The order book covers projects across breweries, distilleries, malt spirit, extraction, food and beverage, and customised processing.
The company serves customers across breweries, distilleries, malt spirit, extraction, food and beverage, and other processing industries. Its projects cover both greenfield and brownfield requirements across domestic and export markets.
The company states that it has not had any warranty claims during the period ended September 30, 2025, and the preceding three financial years. It also reported a 100% factory acceptance testing (FAT) success ratio during this period.
The company had technical employees accounting for 90% of its total workforce as of August 31, 2026. Its management and technical teams have experience across engineering, manufacturing, projects, quality, and service functions.
The company states that its quality processes conform to ISO 9001:2015 requirements. Its quality checks cover raw-material inspection, fabrication, assembly verification, pressure testing, factory acceptance testing, and site handover.
The company has witnessed a consistent increase in its profit after tax (PAT). PAT increased from Rs 2.00 crore in FY24 to Rs 4.91 crore in FY25 and Rs 11.56 crore in FY26.
The top 10 customers contributed Rs 66.34 crore (65.60%), Rs 46.54 crore (61.91%), and Rs 64.38 crore (72.37%) to the company’s revenue from operations in FY26, FY25, and FY24, respectively. Any loss of key customers, reduction in their demand, disputes, plant shutdowns, or deterioration in their financial condition could adversely affect the company’s revenue, profitability, cash flows, and financial condition.
The company depends on a limited number of suppliers for its raw materials, with its top 10 suppliers accounting for Rs 21.06 crore (43.35%), Rs 23.39 crore (46.84%), and Rs 25.52 crore (50.94%) of total purchases in FY26, FY25, and FY24, respectively. The company does not have long-term supply agreements and typically procures materials through purchase orders, while switching suppliers mid-cycle may be difficult due to design requirements. Any disruption in supply, adverse changes in commercial terms, delays in delivery, or increases in raw material prices that cannot be passed on to customers could adversely affect its production schedules, margins, cash flows, and financial condition.
As of March 31, 2026, the company had total trade receivables of Rs 44.47 crore, compared with Rs 42.86 crore as of March 31, 2025, and Rs 36.31 crore as of March 31, 2024. Delay or failure in recovering these amounts could increase working capital requirements and result in additional credit-loss provisions, adversely affecting the company’s cash flows, liquidity, and profitability.
The company’s revenue from operations declined from Rs 88.96 crore in FY24 to Rs 75.17 crore in FY25, as it shifted its product focus towards higher-margin products and reduced lower-margin orders. Although revenue increased to Rs 101.16 crore in FY26, the company may remain dependent on securing sufficient high-margin orders. Any decline in demand for such products or inability to secure adequate orders could adversely affect its revenue, cash flows, financial condition and results of operations.
The company’s revenue is significantly concentrated across certain geographical regions. Customers in Maharashtra, Goa, Uttarakhand, Karnataka, Uttar Pradesh, West Bengal, Odisha and Sikkim contributed 57.89%, 69.60%, and 45.44% of revenue from operations in FY26, FY25, and FY24, respectively. Any adverse political, social, economic, regulatory, or other developments in these regions could disrupt operations, increase costs, and adversely affect the company’s business, financial condition, and cash flows.
The company, its directors, promoters, and Group Entity/Company are involved in certain outstanding civil, tax, statutory, regulatory and other material legal proceedings. Any adverse outcome in these proceedings could result in financial liabilities, regulatory consequences, or reputational damage and may adversely affect the company’s business and results of operations.
The company operates in a highly competitive and fragmented market for steel tanks and related systems used across the dairy, food processing, beverage, brewery, distillery, and winery industries. Larger domestic and international competitors may have greater financial resources, manufacturing capacity, technological capabilities, and established customer relationships, while increased competition could result in pricing pressure, lower margins, longer receivable cycles, and loss of customers, adversely affecting the company’s business and financial condition.
As of August 31, 2026, its total outstanding borrowings stood at Rs 22.98 crore. Any failure to service or repay these borrowings on time could adversely affect the company’s business, financial condition, and cash flows.
As of March 31, 2026, the company had trade receivables amounting to Rs 44.47 crore. Any delay or failure in recovering these receivables could adversely affect the company’s cash flows, liquidity, and financial condition.
Application details
For SpectraA Technology IPO, eligible investors can apply as Individual investor.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Individual investor | ₹112 - ₹118 | ₹2 - ₹5 Lakhs | 1200 |
About
Objective of SpectraA Technology Solutions IPO Proceeds
|
Particulars |
Estimated Amount (in ₹ Cr.) |
|
Capital Expenditure at Jaipur manufacturing facility |
11.00 |
|
Repayment of Term Loans availed by our Company |
6.47 |
|
Working Capital requirements |
9.50 |
|
General corporate purposes. |
[.] |
|
Total |
[.] |
Book Running Lead Managers & Registrar of SpectraA Technology Solutions IPO
|
Book Running Lead Managers |
Indcap Advisors Private Limited |
|
Registrar to the Issue |
Maashitla Securities Private Limited |
|
Market Maker to the Issue |
Asnani Stock Broker Private Limited |
Key Performance Indicators (KPIs) of SpectraA Technology Solutions Ltd.
|
KPI |
Value (for the year ended March 31, 2026) |
|
ROE(%) |
60.95 |
|
ROCE (%) |
37.61 |
|
EBITDA Margin (%) |
19.04 |
|
PAT Margin (%) |
11.42 |
|
Debt-to-equity Ratio |
1.09 |
|
EPS (Pre IPO) (₹) |
11.45 |
|
Return on Net Worth (RoNW) (%) |
46.59 |
|
Net Asset Value (NAV) per Equity Share (₹) |
24.58 |
SpectraA Technology Solutions IPO Contact Details
|
Company Name |
SpectraA Technology Solutions Limited |
|
Registered Office |
17/7 Ali Asker Road, Cunningham Rd, Bangalore G.P.O, Bangalore North, Karnataka, India, 560001 |
|
Phone |
+91 80 41150466 |
|
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|
Website |
SpectraA Technology Solutions IPO Registrar Contact Details
|
Company Name |
Maashitla Securities Private Limited |
|
Phone |
+91 11 47581432 |
|
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Website |