SpectraA Technology Solutions IPO

SME • NSE SME • Fresh capital cum OFS

LISTEDSMENSE SME

SpectraA Technology Solutions

Price band

₹112 – ₹118

Lot size

1200 shares

Min investment

₹1,41,600

Issue size

₹42.52 Cr

About the company

SpectraA Technology Solutions Ltd was started in 2009. It builds the process plants that other factories run on, handling engineering, design, fabrication, installation, commissioning and even decommissioning, for both new plants and expansions of existing ones. Its customers are in breweries, including craft and microbreweries, distilleries, food and beverages, malt spirit and blending, extraction plants, FMCG and pharmaceuticals. Its work is organised into six product lines. Commercial brewery equipment covers turnkey brewhouse and cellar systems for large scale beer brewing, fermentation, conditioning and storage. Distillery equipment covers copper pot still based systems used to separate and concentrate alcohol and flavour compounds for spirits. Food and beverage plants cover process equipment and the linked utilities and packaging interfaces for extracting flavour and colour from plant material. Microbrewery equipment is the same brewhouse and cellar work at craft scale. Malt spirit equipment covers the complete train from milling to distillation, including wash and spirit stills, condensers and blending and storage tanks. Extraction plants cover extraction vessels with holding and buffer tanks. It runs two manufacturing facilities, at Bengaluru and Jaipur, with a combined built up area of about 33,214.75 square feet.

SpectraA Technology Solutions Ltd designs, fabricates, installs and commissions turnkey process plants for breweries, distilleries, food and beverage, malt spirit and extraction industries. Running since 2009, it operates two manufacturing facilities at Bengaluru and Jaipur covering about 33,214 square feet.

IPO details

Issue price: ₹118
Price band: ₹112 – ₹118
Face value: ₹10
Lot size: 1200
Min investment: ₹1,41,600
Issue size: ₹42.52 Cr
Sale type: Fresh capital cum OFS
Listing on: NSE SME
BSE scrip code: SPECTRAA
NSE symbol: SPECTRAA-SM.NS

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	1,200	₹1,41,600
Retail (Max)	1	1,200	₹1,41,600
HNI (Min)	2	2,400	₹2,83,200

Investor reservation

CATEGORY	RESERVED
QIB	17,08,800 shares (49.95% of the Offer)
NII	5,14,800 shares (15.05% of the Offer)
Retail	11,97,600 shares (35.01% of the Offer)

Objects of the issue

1Capital Expenditure at Jaipur manufacturing facility12.41

2Repayment of Term Loans availed by the Company9.00

3Working Capital requirements9.50

4General Corporate Purposes

Financials

Rs. Crore • restated

METRIC	30 Sep 2025	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	111.63	100.00	66.64	59.72
Total Income	34.12	75.53	89.68	103.49
Profit After Tax	4.41	4.91	2.00	1.78
EBITDA	7.60	10.13	4.48	3.78
NET Worth	17.58	13.12	8.18	6.17
Reserves and Surplus	16.46	12.00	7.06	5.05
Total Borrowing	24.63	17.21	14.19	10.55

Key performance indicators

P/E Ratio

13.63

EPS (₹)

8.66

RoE

60.95%

RoCE

37.61%

RoNW

46.59%

PAT Margin

11.42%

EBITDA Margin

19.04%

Debt / Equity

1.31

NAV (₹)

24.58

✓ Strengths

• Profit has grown every year, from Rs 1.78 crore in FY2023 to Rs 2.00 crore in FY2024 and Rs 4.91 crore in FY2025, with Rs 4.41 crore earned in just the half year to 30 September 2025.

• EBITDA has improved sharply over the same period, from Rs 3.78 crore to Rs 10.13 crore in FY2025 and Rs 7.60 crore in the latest half year.

• Return ratios are strong, with RoNW of 46.59% and RoCE of 37.61%, and a PAT margin of 11.42%.

• The issue is priced at about 13.63 times earnings on an EPS of Rs 8.66.

• It supplies turnkey plants rather than loose equipment, handling design, fabrication, installation and commissioning together, which is harder for a small fabricator to match.

• The six product lines cover breweries, microbreweries, distilleries, food and beverage, malt spirit and extraction, so it is not tied to one customer industry.

• Craft brewing and premium spirits are growing categories in India, and microbrewery equipment is a direct play on that.

• It has two manufacturing facilities, at Bengaluru and Jaipur, covering about 33,214.75 square feet, and Rs 12.41 crore of the issue goes into the Jaipur plant.

⚠ Risks

• Sales have been falling for three years. Total income went from Rs 103.49 crore in FY2023 down to Rs 89.68 crore in FY2024 and Rs 75.53 crore in FY2025. The profit has risen only because margins improved, not because the company is selling more.

• Debt is high. Total borrowing was Rs 24.63 crore as on 30 September 2025 against a net worth of Rs 17.58 crore, a debt to equity ratio of 1.31, and borrowing has risen every year from Rs 10.55 crore in FY2023.

• The latest column in the offer document is only a half year ending 30 September 2025, so it cannot be compared directly with the full years before it, and the data is close to a year old.

• This is project work, so revenue is lumpy. A quarter without new orders leaves the fabrication shops idle while costs continue.

• Its customers are breweries, distilleries and spirits makers, which are heavily regulated industries. State excise policy changes can stall a customer's expansion plans and therefore its orders.

• Turnkey contracts carry execution risk. Delays in commissioning or a plant not meeting guaranteed output can mean penalties or retention money being held back.

• The company is small, with a net worth of Rs 17.58 crore.

• This is a fresh issue combined with an offer for sale, so a part of the money goes to the selling shareholders and not to the company.

• Promoter holding will come down from 96.04% to 70% after the issue.

• This is an SME issue. One lot is 1,200 shares, which is about Rs 1.42 lakh at the upper band of Rs 118, and SME shares usually trade in low volume after listing.

Promoters & holding

A L Arun Kumar, Sailaja Arun Kumar, Praveen Kumar Appukuttan Nair Leela and Divya Praveen

Pre-issue promoter holding

96.04%

Post-issue promoter holding

70%

Data refreshed 07 Nov 2026, 04:56 pm IST. GMP is unofficial market sentiment, not investment advice.