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Technocrats Plasma Systems Ltd IPO
Technocrats Plasma Systems Ltd
₹2,50,000 /2000 sharesMinimum investment
IPO details
Minimum investment
₹2,50,000
Price range
₹125 - ₹132
Lot size
1,000
Issue size
60.98 Cr
Face value
10
IPO document
Subscription rate
Data will be available soon
Schedule
14 Aug 2026
IPO open date
18 Aug 2026
IPO close date
19 Aug 2026
Allotment date
19 Aug 2026
Funds unblock or debit
21 Aug 2026
Tentative listing date
About
Founded in
1994
MD/CEO
Mr. Arun Kumar
Parent organisation
Technocrats Plasma Systems Ltd
Technocrats Plasma Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
Technocrats Plasma Systems has been active in plasma cutting and welding since 1990. The company has supplied machines and systems across industries including heavy fabrication and engineering, infrastructure and construction equipment, shipbuilding, defence, nuclear energy and oil & gas.
The company claims to undertake product development, engineering, fabrication, assembly and testing in-house. Its teams handle mechanical, electrical and control design, which allows it to retain design know-how internally and make changes to machine configurations without being entirely dependent on external vendors.
Technocrats Plasma Systems offers both standard equipment and customised automation solutions. Its portfolio covers manual and CNC-compatible plate and pipe cutting systems and MIG, TIG, ARC, SAW and laser welding equipment. It can also customise table sizes, motion systems, controls and fixtures based on customer requirements.
The company claims to have an established dealer and service network across India. As of June 30, 2025, it had 17 dealers and 14 service locations across states, including Maharashtra, Delhi, Tamil Nadu, Karnataka, Telangana, and Andhra Pradesh, compared with six dealers and five service locations in FY23.
Technocrats Plasma Systems has a high proportion of technical employees. Technical staff accounted for 71% of its total workforce in FY25, compared with 69% in FY24 and 68% in FY23. Its technical teams cover areas including engineering, fabrication, projects, quality, automation and services.
The company provides lifecycle support alongside its equipment, including installation, commissioning, operator familiarisation, maintenance, spares and upgrades. Its systems can also be upgraded from manual or semi-automatic configurations by adding automation, fixtures and additional controls
The company has seen a consistent increase in revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 4.45 crore in FY23 to Rs 6.06 crore in FY24 to Rs 49.36 crore in FY25, while PAT increased from Rs 1.51 crore in FY23 to Rs 2.20 crore in FY24 to Rs 8.81 crore in FY25.
The top 10 customers of the company contributed Rs 28.62 crore, Rs 41.40 crore, Rs 3.38 crore and Rs 2.75 crore, representing 93.27%, 83.89%, 55.70% and 61.68% of revenue from operations for the period ended June 30, 2025, FY25, FY24 and FY23, respectively. Loss of any major customer or reduction in orders from them could adversely affect the company’s financial performance.
The top 10 suppliers of the company accounted for 98.89%, 93.12%, 43.63%, and 30.45% of total purchases for the period ended June 30, 2025, FY25, FY24, and FY23, respectively. Any disruption in supplies, deterioration in supplier relationships, or changes in credit terms could affect production, costs, and profitability.
Raw material costs form a significant portion of the company’s revenue from operations. The cost of raw materials consumed represented 93.27%, 89.97%, 38.19%, and 30.65% of revenue from operations for the period ended June 30, 2025, FY25, FY24, and FY23, respectively. Since the company does not have long-term fixed-price contracts with raw material suppliers, an increase in prices that cannot be passed on to customers could adversely affect its margins, cash flows and profitability.
The company’s revenue is geographically concentrated in Maharashtra and Gujarat. Maharashtra contributed Rs 15.60 crore, Rs 43.36 crore, Rs 3.44 crore and Rs 2.24 crore, representing 50.86%, 87.86%, 56.83% and 50.30% of revenue from operations for the period ended June 30, 2025, FY25, FY24 and FY23, respectively, while Gujarat contributed Rs 13.62 crore, Rs 2.59 crore, Rs 0.66 crore and Rs 0.10 crore, representing 44.39%, 5.26%, 10.84% and 2.29%, respectively. Adverse economic, regulatory, political, or infrastructural developments in these regions could affect the company’s operations, revenues, and cash flows.
The company’s manufacturing operations are concentrated at two facilities in Vasai, Maharashtra. Any disruption at these facilities due to any reason could disrupt manufacturing and order execution, adversely affecting its business, financial condition, and cash flows.
The company, its subsidiaries, promoters, and directors are involved in certain ongoing legal proceedings. Any adverse judgments in any of these cases could be detrimental to the company’s business prospects.
The company has experienced significant employee attrition in the past. Its employee attrition rate stood at 9.09%, 60.00%, 27.91% and 48.78% for the period ended June 30, 2025, FY25, FY24 and FY23, respectively. Given its dependence on engineers and other technically skilled personnel, the inability to retain or replace key employees could affect product development, customer relationships, and operations.
The company has had several instances of delays in depositing statutory dues and filing returns. These include delays in EPF contributions of up to 854 days during FY23 and 642 days during FY24, along with delays in GST and ESIC filings. Although the dues have been paid, further delays could result in penalties and adversely affect the company’s financial condition and cash flows.
The company has also experienced delays and discrepancies in statutory filings with the Registrar of Companies. These include historical delays in filing various statutory forms and discrepancies relating to share allotments, shareholding and other corporate records, while an adjudication application relating to procedural lapses in a preferential allotment was pending as of the prospectus date. Any adverse regulatory action could result in penalties, additional compliance costs and reputational impact.
The company has relatively low utilisation of its installed manufacturing capacity. Capacity utilisation stood at 47.27%, 58.38%, 16.05%, and 11.82% for the period ended June 30, 2025, FY25, FY24, and FY23, respectively. Continued under-utilisation or inability to utilise the proposed expanded capacity could increase per-unit costs, reduce operating leverage, and adversely affect returns on capital employed and profitability.
The company had total outstanding indebtedness of Rs 11.04 crore as of June 30, 2025. Any failure to service or repay these loans can harm the company’s operations and financial position.
Application details
For Technocrats Plasma IPO, eligible investors can apply as Individual investor.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Individual investor | ₹125 - ₹132 | ₹2 - ₹5 Lakhs | 1000 |