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Teamtech Formwork Solutions Ltd IPO
Teamtech Formwork Solutions Ltd
₹2,44,000 /4000 sharesMinimum investment
IPO details
Minimum investment
₹2,44,000
Price range
₹61 - ₹63
Lot size
2,000
Issue size
50.15 Cr
Face value
5
IPO document
Subscription rate
Data will be available soon
Schedule
19 May 2026
IPO open date
21 May 2026
IPO close date
22 May 2026
Allotment date
22 May 2026
Funds unblock or debit
26 May 2026
Tentative listing date
About
Founded in
2018
MD/CEO
Mr Eldo Varghese
Parent organisation
Teamtech Formwork Solutions Ltd
Teamtech Formwork Solutions Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
Teamtech Formwork Solutions operates an integrated business model covering manufacturing, refurbishment, and rental of modular T formwork systems. This allows the company to cater to different customer requirements across project stages while also generating revenue from multiple service lines instead of depending only on product sales.
The company claims to have an in-house manufacturing and refurbishment facility spread across approximately 32,000 sq. ft. at IDA Bollaram, Telangana. The facility is equipped with machinery such as laser machines and plywood cutting equipment used for manufacturing standard and customised modular formwork systems.
The company claims to have in-house engineering and technical capabilities for formwork design, layout planning, quantity estimation, and site-level technical support. It also uses software from third-party vendors for formwork planning and project execution layouts, which helps in estimating panel requirements and project timelines.
Teamtech Formwork Solutions derives revenue from multiple activities, including manufactured formwork systems, refurbishment services, rental income, and the sale of accessories. The rental and refurbishment segments also allow the company to reuse existing inventory and extend the lifecycle of formwork systems.
The company has supplied products across several Indian states, including Telangana, Karnataka, Maharashtra, Tamil Nadu, Odisha, and Gujarat. It has also executed projects in international markets such as the UAE, Bahrain, and Bhutan, providing exposure to overseas construction requirements.
The company has witnessed a consistent increase in its revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 30.30 crore in FY24 to Rs 32.71 crore in FY25 and Rs 53.66 crore in FY26. PAT increased from Rs 7.69 crore in FY24 to Rs 7.84 crore in FY25 and Rs 11.59 crore in FY26.
The top five customers of Teamtech Formwork Solutions contributed Rs 38.98 crore (72.65%), Rs 17.68 crore (54.06%), and Rs 14.16 crore (46.74%) to the company’s total revenue in FY26, FY25, and FY24, respectively. Any loss of these key customers, reduction in order volumes, or inability to maintain long-term relationships with them could adversely affect the company’s business operations and financial condition.
The company also derives a portion of its revenue from promoter group entity Teamtech Formwork Solutions (F.Z.C), which contributed Rs 11.54 crore, representing 21.50% of total revenue in FY26. Any reduction in business from this related party entity could negatively impact the company’s revenue and cash flows.
Teamtech Formwork Solutions operates in the construction industry, which is subject to seasonal fluctuations. Demand for the company’s formwork systems may decline during monsoon periods when construction activity typically slows down, which could impact revenue generation and operating performance during certain quarters. Any prolonged slowdown in construction activity during peak seasonal periods or delays in project execution due to adverse weather conditions could negatively affect the company’s business operations, cash flows, and financial condition.
A significant portion of Teamtech Formwork Solutions’ revenue is derived from the sale of standard panels, which contributed Rs 26.67 crore (65.60%), Rs 13.42 crore (60.24%), and Rs 17.14 crore (68.31%) of product revenue in FY26, FY25, and FY24, respectively. Any decline in demand for these products due to a slowdown in construction activity, pricing pressure, regulatory changes, or increased competition could adversely affect the company’s business and profitability. The company’s business also depends on the performance, quality, and market acceptance of its standard panels. Any failure of these products to meet customer expectations or industry standards, fluctuations in raw material costs, or disruptions in the supply chain could negatively impact sales, customer relationships, and financial performance.
Teamtech Formwork Solutions has reported negative cash flows from investing and financing activities in certain recent years. The company recorded negative cash flows from investing activities amounting to Rs 7.39 crore, Rs 12.44 crore, and Rs 3.20 crore in FY26, FY25, and FY24, respectively, while negative cash flow from financing activities stood at Rs 0.46 crore in FY24. Although the company reported positive cash flow from operating activities during these periods, it has fluctuated and not consistently increased. Investors should keep an eye on this metric to see if its slips into the red and the reasons thereof.
As of FY26, Teamtech Formwork Solutions had trade receivables of Rs 29.77 crore, up from Rs 7.36 crore in FY25 and Rs 7.66 crore in FY24. The company’s trade receivable days also increased to 200 days in FY26 from 81 days in FY25 and 91 days in FY24, indicating a slower recovery of dues from customers. The company has also reported bad debts written off amounting to Rs 0.51 crore in FY26. Any inability to recover receivables on time, defaults by customers, or inadequate provisioning for doubtful debts could adversely affect the company’s cash flows, liquidity, and financial condition.
As of FY26, Teamtech Formwork Solutions had total outstanding borrowings of Rs 16.67 crore, including corporate loans, term loans, cash credit facilities, and machinery loans. A significant portion of these borrowings has been taken for working capital requirements and construction of the manufacturing facility. Any failure to service or repay these borrowings on time could hurt the company’s liquidity, cash flows, and financial condition. Additionally, increases in interest rates or stricter lending conditions could raise financing costs and impact profitability.
Application details
For Teamtech Formwork Solutions IPO, eligible investors can apply as Individual investor.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Individual investor | ₹61 - ₹63 | ₹2 - ₹5 Lakhs | 2000 |