TIPCO Engineering India Ltd IPO
TIPCO Engineering India Ltd
₹2,68,800 /3200 sharesMinimum investment
IPO listing details
Listing gains
₹0.25 (0.28%)
IPO details
Minimum investment
₹2,68,800
Subscription rate
Qualified Institutional Buyers3.20x
Non-Institutional Investor1.45x
Retail Individual Investor0.56x
Total1.49x
As of 25 Mar'26, 04:31 PM
Schedule
25 Mar 2026IPO close date
27 Mar 2026Allotment date
1 Apr 2026Tentative listing date
Tipco Engineering India Limited is engaged in manufacturing and supplying industrial machinery for processing and mixing applications across multiple industries. The company primarily manufactures equipment such as bead mills, dispersers, homogenisers, attritor mills, basket mills, sigma mixers, and other related machinery. These products are broadly categorised into three segments: Mill Series, Disperser Series, and Homogeniser Series, used in industries such as paints and coatings, chemicals, printing and packaging, metals, and construction.
The company operates from its registered office and manufacturing facilities located in Rai Industrial Estate, Sonipat, Haryana, where it undertakes fabrication, machining, and assembly activities using CNC machines, turning centres, laser cutting machines, welding equipment, and other fabrication tools. Most manufacturing operations are conducted in-house, with support from a team of engineers and skilled workers and quality assurance systems for inspecting raw materials and finished products.
The company also undertakes trading of ancillary products related to its machinery and provides services such as construction, erection, installation, commissioning, and dismantling of equipment. The company holds ISO 9001:2015 and ISO 45001:2018 certifications for quality and occupational health and safety management systems.;
Parent organisation
TIPCO Engineering India Ltd
Tipco Engineering Financials
Revenue
Total Assets
Profit
The company claims to offer a diversified range of industrial machinery primarily across three product categories: Mill Series, Disperser Series, and Homogeniser Series. This portfolio includes various specialised machines such as bead mills, dispersers, homogenisers, and mixing equipment used in industries like paints, chemicals, printing and packaging. The company states that a broad product portfolio enables it to address varied processing requirements across multiple industries.
The company claims to benefit from the experience of its promoters, Mr. Ritesh Sharma and Ms. Sonia Sharma, who have experience in the machinery manufacturing industry. The management team is stated to oversee production operations, business development, and marketing initiatives, including participation in industry exhibitions and development of sales networks.
The company claims to operate a manufacturing facility where most fabrication, machining and assembly processes are conducted in-house using CNC machines, turning centres, laser cutting machines and welding equipment. The company claims that conducting major operations under one roof enables better production control, quality monitoring, and operational coordination.
As of December 31, 2025, the company reported an order book of Rs 76.41 crore. The company claims that the presence of an order pipeline provides visibility of upcoming business and supports planning of production and operational activities.
The company has witnessed a consistent increase in its revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 35.97 crore in FY23 to Rs 101.23 crore in FY24 and Rs 133.14 crore in FY25. PAT increased from Rs 2.56 crore in FY23 to Rs 8.44 crore in FY24 and Rs 15.61 crore in FY25.
The company derives a significant portion of its revenue from a limited number of customers. The top 10 customers contributed Rs 65.11 crore (75.80%), Rs 104.95 crore (78.83%), Rs 77.88 crore (76.94%), and Rs 21.93 crore (60.97%) of total revenue from operations for the period ended December 31, 2025, and FY25, FY24, and FY23, respectively. Loss of key customers, reduction in order volumes, cancellation or modification of orders, or changes in sourcing strategies by these customers could adversely affect revenue stability and financial performance.
The company relies on a limited number of suppliers for the procurement of raw materials and stock-in-trade. Purchases from the top 10 suppliers accounted for Rs 43.39 crore (71.61%) for the period ended December 31, 2025; Rs 71.33 crore (59.93%) in FY25; Rs 50.00 crore (56.66%) in FY24; and Rs 24.63 crore (67.83%) in FY23. Any disruption in supply, deterioration in supplier relationships, or changes in pricing or availability of raw materials may adversely affect production schedules and profitability.
A significant portion of the company’s revenue is derived from domestic markets, particularly from the states of Uttar Pradesh, Rajasthan, and Haryana. These regions contributed 60.95%, 73.03%, 81.86%, and 65.46% of total revenue from operations for the period ended December 31, 2025, and FY25, FY24, and FY23, respectively. Domestic sales accounted for Rs 77.69 crore (90.44%) for the period ended December 31, 2025; Rs 129.08 crore (96.95%) in FY25; Rs 98.57 crore (97.38%) in FY24; and Rs 34.82 crore (96.81%) in FY23. Such geographical concentration exposes the company to regional economic upheavals, policy changes, and competitive pressures, which could adversely affect its revenue and financial performance.
The company and its promoters are involved in certain ongoing legal proceedings, including tax proceedings. Any adverse judgment in these cases can be detrimental to the company’s business prospects.
The company reported negative cash flow from operating activities of Rs 11.28 crore for the period ended December 31, 2025, and Rs 6.07 crore for FY23. The company’s negative cash flows from investing activities were Rs 30.99 crore in FY25, Rs 4.05 crore in FY24, and Rs 0.90 crore in FY23. The company’s negative cash flows from financing activities were Rs 4.73 crore in FY25. If cash outflows continue to exceed inflows, the company may face liquidity challenges in the future.
As of the period ended December 31, 2025, the company’s trade receivables were Rs 37.03 crore, which is about 42.9 percent of the total income for the period. So, a significant part of the sales is done on a credit basis. Any failure to collect these receivables on time or at all can have a negative impact on the business and its financial condition.
As of the period ended December 31, 2025, the company had outstanding financial indebtedness of Rs 37.52 crore. Any failure to service or repay these loans can harm the company’s operations and financial position.
Application details
For Tipco Engineering IPO, eligible investors can apply as Individual investor.
| Apply as | Price band | Apply range | Lot size |
|---|
| Individual investor | ₹84 - ₹89 | ₹2 - ₹5 Lakhs | 1600 |
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