Technocrats Plasma Systems IPO

SME • BSE SME • Fresh capital only

LISTEDSMEBSE SME

Technocrats Plasma Systems

Price band

₹125 – ₹132

Lot size

1000 shares

Min investment

₹1,32,000

Issue size

₹60.98 Cr

About the company

Technocrats Plasma Systems Limited was started in 1994. It is an engineering company that provides plasma based surface treatment and coating solutions for factories. It designs, develops and installs plasma systems used for surface cleaning, activation, coating and modification in different manufacturing industries. The company makes plasma cutting machines, welding equipment and customised automation systems. Its offerings are of four types, machines without automation, machines with automation, customisation and retrofit work, and services. On the service side it does installation and commissioning, lifecycle maintenance, upgradation and retrofit support, and supply of spares. The products are developed through in-house research and engineering. Its own teams handle the mechanical, electrical and control design, which keeps the design knowledge within the company. It has two manufacturing units, both at the Gaodevi Industrial Estate in Sativali, Vasai. As on 30 June 2026 it had 40 employees.

Technocrats Plasma Systems Limited is an engineering company running since 1994 that provides plasma based surface treatment and coating solutions. It makes plasma cutting machines, welding equipment and customised automation systems from two units at Vasai, Maharashtra.

IPO details

Issue price: ₹132
Price band: ₹125 – ₹132
Face value: ₹10
Lot size: 1000
Min investment: ₹1,32,000
Issue size: ₹60.98 Cr
Sale type: Fresh capital only
Listing on: BSE SME
BSE scrip code: 7884
NSE symbol: TECHNOCRAT.BO

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	1,000	₹1,32,000
Retail (Max)	1	1,000	₹1,32,000
HNI (Min)	2	2,000	₹2,64,000

Investor reservation

CATEGORY	RESERVED
QIB	21,91,000 shares (49.92% of the Offer)
NII	6,60,000 shares (15.04% of the Offer)
Retail	15,38,000 shares (35.04% of the Offer)

Objects of the issue

1Purchase and installation of plant and machinery for manufacturing of plasma cutting machines, welding equipment and customised automation systems at the Existing Premises8.79

2Funding towards long-term working capital requirements40.00

3General Corporate Purposes

Financials

Rs. Crore • restated

METRIC	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	72.06	36.72	13.55
Total Income	131.41	49.44	6.35
Profit After Tax	14.94	8.11	2.21
EBITDA	26.29	8.59	1.30
NET Worth	39.01	14.24	3.74
Reserves and Surplus	26.13	12.61	2.20
Total Borrowing	14.73	10.24	6.66

Key performance indicators

P/E Ratio

15.47

EPS (₹)

8.53

RoCE

48.55%

RoNW

56.10%

PAT Margin

11.37%

✓ Strengths

• The company has grown very fast. Total income went from Rs 6.35 crore in FY2024 to Rs 49.44 crore in FY2025 and Rs 131.41 crore in FY2026.

• Profit after tax grew from Rs 2.21 crore in FY2024 to Rs 8.11 crore in FY2025 and Rs 14.94 crore in FY2026.

• EBITDA improved sharply, from Rs 1.30 crore in FY2024 to Rs 8.59 crore in FY2025 and Rs 26.29 crore in FY2026.

• Net worth rose from Rs 3.74 crore in FY2024 to Rs 39.01 crore in FY2026.

• The company has a long history in this line of work, having been started in 1994, which is more than 30 years.

• Design is done in-house across mechanical, electrical and control engineering, so the technical knowhow stays with the company and is not bought from outside.

• Apart from selling machines it earns from customisation, retrofit, maintenance, upgrades and spares, which brings income from machines already installed.

• It serves customers across several manufacturing industries rather than depending on one sector.

⚠ Risks

• The jump in sales is extreme and needs to be seen with caution. Total income went up about 20 times in two years, from Rs 6.35 crore in FY2024 to Rs 131.41 crore in FY2026, and a base of Rs 6.35 crore is too small to judge whether this level can continue.

• Profit did not grow as fast as sales in FY2026. Income rose 166% but profit after tax rose only 84%, which means margin came down.

• The company is very small in people terms, with only 40 employees handling income of Rs 131.41 crore, so the business depends on a few key technical persons.

• Rs 40.00 crore of the Rs 60.98 crore issue goes into long term working capital, which shows that a large amount of money stays blocked in this business.

• Borrowing rose from Rs 10.24 crore to Rs 14.73 crore in FY2026.

• This is a capital goods business. Orders come when factories are expanding, so any slowdown in industrial capital spending will directly reduce orders.

• Both manufacturing units are in the same industrial estate at Vasai, so there is single location risk.

• This is an SME issue. One lot is 1,000 shares, which is Rs 1.32 lakh at the upper band of Rs 132, and SME shares usually trade in low volume after listing.

Promoters & holding

Arun Kumar and Vandana Sharma

Pre-issue promoter holding

86.96%

Post-issue promoter holding

64%

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