Hy-Tech Engineers IPO

Mainboard • Equity • Fresh capital cum OFS

LISTEDMAINBOARDEquity

Hy-Tech Engineers

Price band

₹50 – ₹53

Lot size

283 shares

Min investment

₹14,999

Issue size

₹135.73 Cr

About the company

Hy-Tech Engineers Limited was started in December 1978. It designs, makes and supplies hydraulic fittings, which are the joints and connectors used to carry high pressure oil in machines. It has more than four decades of experience in the hydraulics business. Its range covers over 11,000 SKUs, including DIN-metric fittings, JIC flared and flareless fittings, O-Ring Face Seal fittings, conversion fittings and fittings made to a customer's own design. It works on a B2B model, selling to original equipment makers and industrial buyers both directly and through authorised distributors. Its fittings go into construction machinery, automotive, farming machinery, injection moulding machines and general hydraulic systems, and it also holds certifications for railway and defence use. As on 31 March 2026 it was selling in markets including the USA, Belgium, Poland, Russia, Brazil, Italy, Saudi Arabia, Hungary, UAE, Thailand and Germany. It runs plants at Thane, Shirwal, Kavathe and Pithampur, supported by a unit at Nashik that supplies forged parts to the other plants. As on 31 March 2026 it had 468 permanent employees and 253 contract workers.

Hy-Tech Engineers Limited designs and makes hydraulic fittings for industry, with a range of over 11,000 SKUs. Running since 1978, it supplies OEMs and distributors in India and eleven overseas markets from plants at Thane, Shirwal, Kavathe and Pithampur, backed by its own forging unit at Nashik.

IPO details

Issue price: ₹53
Price band: ₹50 – ₹53
Face value: ₹5
Lot size: 283
Min investment: ₹14,999
Issue size: ₹135.73 Cr
Sale type: Fresh capital cum OFS
Listing on: BSE, NSE
BSE scrip code: 7908
NSE symbol: HTEL.NS

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	283	₹14,999
Retail (Max)	13	3,679	₹1,94,987
S-HNI (Min)	14	3,962	₹2,09,986
B-HNI (Min)	67	18,961	₹10,04,933

Investor reservation

CATEGORY	RESERVED
QIB	Not more than 50% of the Net Offer
Retail	Not less than 35% of the Net Offer
NII	Not less than 15% of the Net Offer

Objects of the issue

1Funding capital expenditure requirement of the Company towards procurement of machinery and equipment for expansion at Kavathe Unit, Shirwal Unit and procurement Pithampur Unit-I29.97

2Prepayment or repayment, in full or in part, of certain outstanding borrowings availed by the Company16.00

3General Corporate Purposes

Financials

Rs. Crore • restated

METRIC	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	175.71	170.65	146.24
Total Income	193.44	166.71	141.17
Profit After Tax	22.59	19.62	11.60
EBITDA	41.69	35.79	22.55
NET Worth	122.02	101.25	82.22
Reserves and Surplus	80.25	59.48	81.84
Total Borrowing	29.76	43.53	40.84

Key performance indicators

P/E Ratio

22.27

EPS (₹)

2.38

RoE

20.24%

RoCE

24.40%

RoNW

20.24%

PAT Margin

11.68%

EBITDA Margin

22.01%

NAV (₹)

14.61

✓ Strengths

• Sales and profit have grown for three years. Total income went from Rs 141.17 crore in FY2024 to Rs 166.71 crore in FY2025 and Rs 193.44 crore in FY2026.

• Profit after tax nearly doubled in two years, from Rs 11.60 crore in FY2024 to Rs 19.62 crore in FY2025 and Rs 22.59 crore in FY2026.

• Return ratios are healthy, with RoCE of 20.46% and RoNW of 21.39%, and the PAT margin was 11.77%.

• The company cut its borrowing while growing, from Rs 43.53 crore in FY2025 to Rs 29.76 crore in FY2026, against a net worth of Rs 122.02 crore.

• The product range is very wide at more than 11,000 SKUs, so a customer can source most of its fitting needs from one supplier.

• It is backward integrated. Its Nashik unit supplies forged parts to the other plants, which helps control cost and quality.

• It has a long record of more than 45 years, having started in December 1978.

• Exports go to eleven markets including the USA, Germany and Italy, and railway and defence certifications open up further demand.

⚠ Risks

• Demand depends on industrial and vehicle capital spending. Hydraulic fittings are bought when construction, farm and factory machinery is being built, so a slowdown in those industries directly cuts orders.

• The company runs four manufacturing plants plus a forging unit, which is a lot of fixed cost to carry for a company of this size if volumes fall.

• Rs 29.97 crore of the issue money goes into expanding three units at the same time, at Kavathe, Shirwal and Pithampur, which brings execution risk and the new capacity will take time to earn.

• It uses a large contract workforce, 253 contract workers against 468 permanent employees, which brings labour availability and compliance risk.

• Steel and alloy prices are the main raw material cost and any sharp rise that cannot be passed on to OEM customers will squeeze margin.

• Selling to OEMs usually means long payment terms and pressure on price at every annual contract renewal.

• Exports to eleven countries bring currency risk and exposure to trade rules in those markets.

• Promoter holding will come down from 97.99% to 71.23% after the issue.

Promoters & holding

Hemant Tukaram Mondkar, Surekha Hemant Mondkar and Ashwin Hemant Mondkar

Pre-issue promoter holding

97.99%

Post-issue promoter holding

71.23%

Data refreshed 07 Nov 2026, 05:03 pm IST. GMP is unofficial market sentiment, not investment advice.