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Tempsens Instruments (India) Ltd IPO
Tempsens Instruments (India) Ltd
₹14,250 /50 sharesMinimum investment
IPO details
Minimum investment
₹14,250
Price range
₹285 - ₹300
Lot size
50
Issue size
650 Cr
Face value
4
IPO document
Subscription rate
Data will be available soon
Schedule
20 Aug 2026
IPO open date
24 Aug 2026
IPO close date
25 Aug 2026
Allotment date
25 Aug 2026
Funds unblock or debit
28 Aug 2026
Tentative listing date
About
Founded in
1990
MD/CEO
Mr Vinay Rathi
Parent organisation
Tempsens Instruments (India) Ltd
Tempsens Instruments Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
The company claims to be the largest manufacturer of contact and non-contact temperature sensors in India by revenue, with an approximately 10.5% share of the temperature sensor segment in FY26. It also claims to be the only Indian manufacturer of non-contact temperature sensors, with an approximately 21.3% market share in the segment.
The company has a diversified product portfolio across three verticals: temperature sensing solutions, electrical heating solutions, and specialised cables. Its products are used across industries, including petrochemicals, metal, power, defence, nuclear, glass, plastics, automotive, and pharmaceuticals.
The company has a global manufacturing and distribution network. Together with its subsidiaries and joint ventures, it operates 15 manufacturing units across India, the UAE, South Korea, Indonesia, Germany, and Poland and has 28 distributors supporting sales across more than 80 countries.
The company has an established R&D setup with 83 employees as of March 31, 2026. It has developed products including fibre optic temperature sensors, aerospace-grade cables, and catalyst bed heaters for space applications. As of the date of the Red Herring Prospectus, it also had 12 patents in India and 39 trademark registrations across jurisdictions outside India.
The company has a backwards-integrated manufacturing setup for thermocouples, cables, and electrical heaters in Udaipur. It claims to manage processes ranging from alloy melting and wire drawing to fabrication, assembly, and calibration in-house, reducing reliance on external suppliers for key manufacturing stages.
Most of the company’s Indian manufacturing units are certified under ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018. Its Udaipur temperature calibration centre is accredited to ISO/IEC 17025:2017 by NABL, while its manufacturing operations also have product approvals and certifications, including ATEX, IECEx, UL, EAC, BIS, CE, PESO, and the ETL Listed mark, as applicable.
The company has a relatively diversified customer and revenue base. Its top 10 customers accounted for 18.59% of revenue from operations in FY26, while it served more than 3,800 customers as of March 31, 2026. Revenue from MRO activities accounted for 32.45% of revenue from operations in FY26, alongside 67.55% from the Projects/OEM business.
The company has shown a consistent increase in revenue from operations and PAT. Revenue from operations increased from Rs 274.81 crore in FY24 to Rs 378.53 crore in FY25 and Rs 444.88 crore in FY26, while PAT increased from Rs 40.92 crore to Rs 62.55 crore and Rs 71.07 crore during the same period.
The company is more dependent on its Projects/OEM business, which contributed Rs 297.97 crore (67.55%), Rs 259.58 crore (69.16%), and Rs 174.61 crore (63.99%) to revenue from operations in FY26, FY25, and FY24, respectively. Any reduction in customer capital expenditure, delay or cancellation of major projects, or decline in demand for either Projects/OEM or MRO orders can adversely affect the company’s business, financial condition, results of operations, and cash flows.
The company’s revenue is exposed to demand trends in the metal and petrochemical industries, which collectively contributed Rs 181.45 crore (41.13%), Rs 161.05 crore (42.90%), and Rs 113.28 crore (41.52%) to revenue from operations in FY26, FY25, and FY24, respectively. Any adverse developments, reduced capital expenditure, regulatory changes or slowdown in these sectors can adversely affect the company’s business, financial condition, results of operations and cash flows.
The company’s raw material purchases are significantly dependent on copper and nickel, which accounted for 26.05%, 24.49%, and 22.33% of total purchases in FY26, FY25, and FY24, respectively, amounting to Rs 67.94 crore, Rs 51.16 crore, and Rs 36.95 crore. Any significant increase in the prices of these materials, shortages, supply disruptions, or delays, particularly for specialised materials required for project-specific orders, can adversely affect the company’s business, financial condition, results of operations, and cash flows.
The company depends on a concentrated group of suppliers, with its top 10 suppliers accounting for Rs 105.17 crore (40.33%), Rs 87.08 crore (41.67%), and Rs 78.83 crore (47.62%) of total purchases in FY26, FY25, and FY24, respectively. The company generally procures raw materials through purchase orders rather than definitive long-term supply agreements, and it recorded 270, 265, and 203 instances of late delivery charges or incremental freight costs in FY26, FY25, and FY24, respectively. Prolonged disruption in supplies or failure of suppliers to fulfil orders on time could lead to production delays and cost overruns, which could adversely affect the company’s business, profit margins, results of operations and cash flows.
The company has a significant concentration of its manufacturing facilities in Udaipur, Rajasthan. Ten of its 15 manufacturing units are located in Udaipur, while the company’s corporate office is also based there. Any adverse political, social, economic, infrastructure, or natural developments in the region, including disruptions to power, water, transportation, or local regulations, could simultaneously affect multiple manufacturing units and adversely impact the company’s production, operations, and financial performance.
The company relies on subsidiaries and joint ventures for entering international markets and launching products overseas. Its interests in overseas entities include 50% stakes in PT. Tempsens Asia Jaya, Indonesia, and Tempsens Korea Co. Limited, South Korea; a 60% stake in Tempsens Gulf LLC, UAE; and a 50% stake in Tempsens Instruments GmbH, Germany. Any disagreements with JV partners, differences in strategic priorities, or limited control over decision-making or regulatory and operational issues at these entities could adversely affect the company’s international operations and financial performance.
The company’s financial and operational results for FY26, FY25, and FY24 are not directly comparable due to the acquisition of Tempsens Instruments GmbH and Tempsens Polska sp. z o.o. in FY26 and the amalgamation of Marathon Heater in FY25. The full-year consolidation of Marathon Heater in FY25 and the inclusion of the acquired entities from January 16, 2026, have changed the company’s revenue streams, cost structures, geographic mix, customer base, and operational scale. As a result, period-on-period comparisons may not provide an accurate indication of the company’s underlying performance or ongoing business trends.
The company’s top 10 customers contributed Rs 82.73 crore (18.59%), Rs 89.64 crore (23.68%), and Rs 67.99 crore (24.74%) to its revenue from operations in FY26, FY25, and FY24, respectively. The top 10 customers may change from year to year, and most orders are placed on a spot or purchase order basis, with only a relatively small portion covered by annual rate contracts. Any demand reduction, loss of business, price reductions, or delays in replacing major customers could adversely affect the company’s business, results of operations, and cash flows.
The company, its subsidiaries, certain promoters, directors, key managerial personnel (KMP), and senior management are involved in ongoing legal proceedings before various courts, tribunals, inquiry officers, and other authorities. Any adverse decisions in these proceedings could result in liabilities or penalties and may adversely affect the company’s brand image, business, and results of operations.
As of March 31, 2026, the company had trade receivables of Rs 85.74 crore, compared with Rs 64.24 crore as of March 31, 2025, and Rs 45.55 crore as of March 31, 2024. Any delay or default in receiving payments from customers could adversely affect the company’s cash flows, financial condition, and results of operations.
Certain subsidiaries have incurred losses in recent fiscal periods, which could require the company to provide financial support or absorb these losses in its consolidated financial statements. Tempsens Gulf LLC reported a loss of Rs 0.65 crore in FY25 and Rs 0.36 crore in FY24, despite reporting a profit of Rs 1.24 crore in FY26, while Tempsens Poland, which became a step-down subsidiary on January 16, 2026, reported a loss of Rs 0.23 crore for the post-acquisition period in FY26. Continued losses at these or other subsidiaries or joint ventures could hurt the company’s financial condition, results of operations, and cash flows.
As of July 31, 2026, the company and its subsidiaries had aggregate outstanding borrowings of Rs 108.32 crore. In the event of the company being unable to service these borrowings or comply with the related financing terms, its business, financial condition, results of operations and cash flows could be negatively impacted.
Application details
For Tempsens Instruments IPO, eligible investors can apply as Regular.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Regular | ₹285 - ₹300 | Upto ₹2 Lakhs | 50 |
| High Networth Individual | ₹285 - ₹300 | ₹2 - ₹5 Lakhs | 50 |