Advanced Sys-Tek IPO
Advanced Sys-Tek IPO — date, issue size, SEBI status & DRHP details 2026
Advanced Sys-Tek filed its draft red herring prospectus (DRHP) with SEBI on 5 Aug 2026 for an IPO of a fresh issue of up to ₹98 crore and an offer for sale of up to 26,00,000 shares. The draft is under SEBI review. The price band, lot size and IPO dates are not announced yet.
Advanced Sys-Tek, based in Vadodara, makes terminal automation systems for oil and petrochemical storage terminals. Revenue from operations grew from Rs 188.23 crore in FY2024 to Rs 302.25 crore in FY2026.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the DRHP filed with SEBI
Where the Advanced Sys-Tek IPO stands
From draft to listing. Today is 11 November 2026.
- DRHP filed 05 Aug 2026
- SEBI observations TBA
- RHP & price band TBA
- Bidding TBA
- Listing TBA
| DRHP filed with SEBI | 5 Aug 2026 |
|---|---|
| SEBI status | Under SEBI review · 5 Nov 2026 |
| Last SEBI communication | 5 Nov 2026 |
| Coordinating lead manager | Inga Ventures Private Limited |
| RHP, price band & dates | Not announced |
Advanced Sys-Tek IPO details
The offer as the DRHP describes it. Terms can change in the RHP.
| Issue type | Fresh issue and offer for sale |
|---|---|
| Fresh issue | Up to ₹98 Cr |
| Offer for sale | Up to 26,00,000 shares |
| Total issue size | Depends on the price band |
| Face value | ₹10 per share |
| Proposed listing | BSE, NSE |
| Price band | Not announced (comes with the RHP) |
| Lot size | Not announced |
| IPO dates | Not announced |
| Book running lead managers | Inga Ventures Private Limited, Sowilo Capital Advisors LLP |
| Registrar | MUFG Intime India Private Limited |
Who is selling in the offer for sale
| Selling shareholder | Type | Offering | Avg. cost / share |
|---|---|---|---|
| Mukesh R Kapadia | Promoter | Up to 12,94,000 shares | Nil |
| Umed Amarchand Fifadra | Promoter | Up to 12,94,000 shares | Nil |
| Grishma Mihir Ghelani | Other selling shareholder | Up to 6,000 shares | Rs 208.00 |
| Maurya Mihir Ghelani | Other selling shareholder | Up to 6,000 shares | Rs 208.00 |
The two selling promoters hold their shares at a weighted average cost of nil, and the two other sellers at Rs 208.00 per share.
Strengths & risks
The case for and against, from the DRHP's own numbers and risk factors.
Strengths · 7
- 01Revenue from operations rose from Rs 188.23 crore in FY2024 to Rs 302.25 crore in FY2026, a 2-year CAGR of 26.72%.
- 02Profit after tax rose from Rs 19.22 crore in FY2024 to Rs 36.73 crore in FY2026, a 2-year CAGR of 38.25%.
- 03EBITDA margin went from 12.51% in FY2024 to 13.28% in FY2025 and 14.36% in FY2026.
- 04Return on capital employed improved from 17.43% in FY2024 to 21.69% in FY2026.
- 05Order intake was Rs 296.39 crore in FY2026 and Rs 314.72 crore in FY2025, against Rs 209.52 crore in FY2024.
- 06The company has over 30 years of experience, and its promoters Mukesh R Kapadia and Umed Amarchand Fifadra have around 38 years each in the automation industry.
- 07Net worth grew from Rs 187.10 crore on 31 March 2024 to Rs 250.18 crore on 31 March 2026, and the current ratio was 2.69 in FY2026.
Risks · 10
- 01The top 10 customers gave 94.91% of FY2026 revenue from operations, and the top 5 gave 91.11%.
- 02PSU customers gave 91.39% of FY2026 revenue from operations. Their contracts are awarded by tender, usually to the lower bidder.
- 03The petroleum, oil and gas industry gave 93.55% of FY2026 revenue, and the document flags West Asia tensions as a risk.
- 04Operating cash flow was negative at Rs -35.15 crore in FY2026 and Rs -7.81 crore in FY2025, while profit after tax rose.
- 05Working capital days rose from 183 in FY2024 to 218 in FY2026, and net working capital requirement was Rs 198.98 crore in FY2026.
- 06PSU customers held back retention money of Rs 102.64 crore in FY2026, up from Rs 59.31 crore in FY2024.
- 07Outstanding performance bank guarantees were Rs 98.71 crore on 31 March 2026.
- 08Total borrowings were Rs 175.00 crore on 31 March 2026, against nil in the earlier two years.
- 09The top 10 suppliers supplied 57.88% of the cost of materials in FY2026, and there are no long-term supplier contracts.
- 10Of the Rs 98.00 crore fresh issue, Rs 50.00 crore is for long-term working capital and the use of the rest is not yet specified (general corporate purposes). Promoters Mukesh R Kapadia and Umed Amarchand Fifadra sell 12,94,000 shares each at a stated cost of acquisition of nil.
Advanced Sys-Tek financials
Restated figures in ₹ crore, as reported in the DRHP.
| ₹ crore | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Revenue from Operations | 302.25 | 252.79 | 188.23 |
| Total Income | 309.06 | 258.31 | 192.15 |
| EBITDA | 43.39 | 33.56 | 23.55 |
| Profit After Tax | 36.73 | 27.59 | 19.22 |
| Net Worth | 250.18 | 213.30 | 187.10 |
| Total Borrowing | 175.00 | 0.00 | 0.00 |
Key ratios (FY26)
P/E and market capitalisation need the price band and are added when the RHP is out.
Where the IPO money goes
₹65.96 crore of the fresh issue is earmarked to named objects; offer for sale proceeds go to the selling shareholders, not the company.
About Advanced Sys-Tek
Besides terminal automation, it makes liquid and gas fiscal metering systems (metering skids) and automation for LPG bottling plants. It also sells anti-icing additive injection systems for aircraft jet fuel. Through its subsidiary AST Environment Solutions Private Limited, it makes diesel exhaust fluid (DEF). Industrial automation gave 98.99% of FY2026 revenue from operations, anti-icing systems gave 0.92% and DEF gave 0.09%.
The company makes products such as the SmartLoad batch controller, Smart Ground Detector, a flameproof proximity card reader, the KeySpin anti-tamper needle valve, pulse transmitters and over-spill detectors. It also buys in items such as digital control valves, mass flow meters, programmable logic controllers and radar gauges, which it fits into its solutions. Its software covers SCADA, networking, database management and embedded software.
Customers are mostly large public sector oil companies. PSU customers gave 91.39% of revenue from operations in FY2026, and the top 5 customers gave 91.11%. The petroleum, oil and gas industry gave 93.55%. The company has done projects in 9 countries in Asia (excluding India) and Africa.
It works from one manufacturing facility at GIDC Makarpura, Vadodara, and keeps non-operational branch offices on leave and license basis. Order intake was Rs 296.39 crore in FY2026 and the order book stood at Rs 193.48 crore on 31 March 2026. The promoters are Mukesh R Kapadia, Umed Amarchand Fifadra, Shobha Mukesh Kapadia and Usha Umed Fifadra.
The industry
The draft offer document quotes the CARE report. It says automation in the Indian petrochemical industry is expected to grow at a CAGR of 15.63% between CY26 and CY30. Distributed control systems and SCADA are widely used to monitor and control petrochemical processes. Terminal automation systems manage critical processes in oil and gas, logistics and manufacturing. Advanced Sys-Tek sells into this space, mainly to oil and gas companies.
Customer concentration: Top 5 customers gave 91.11% of FY2026 revenue from operations (89.38% in FY2025). Top 10 customers gave 94.91%.
Promoters & management
Promoters hold 40.86% and the promoter group holds 41.67% before the issue, the latter mostly through the Kapadia Family Trust and Fifadra Family Trust at 20.80% each.
| Name | Role |
|---|---|
| Umed Amarchand Fifadra | Whole Time Director and Chairman |
| Mukesh R Kapadia | Whole Time Director and Vice-Chairman |
| Shirish Madhukar Adi | Managing Director |
| Munjal Navnit Jani | Chief Financial Officer |
The bankers & the filings
Who is running the issue, and the SEBI documents this page is built from.
Advanced Sys-Tek IPO: frequently asked
When will the Advanced Sys-Tek IPO open?
The Advanced Sys-Tek IPO dates are not announced yet. The draft is under SEBI review. The company announces the dates and price band after it files its red herring prospectus (RHP) with the Registrar of Companies, usually a week or two before bidding opens. This page switches to the full IPO page with dates, price band and lot size as soon as that happens.
What is the Advanced Sys-Tek IPO price band?
The price band is not announced yet. It is set by the company and its lead managers and published with the RHP, a few days before the issue opens. The DRHP fixes only the face value of ₹10 per share.
How big is the Advanced Sys-Tek IPO?
Advanced Sys-Tek filed its draft red herring prospectus (DRHP) with SEBI on 5 Aug 2026 for an IPO of a fresh issue of up to ₹98 crore and an offer for sale of up to 26,00,000 shares. The final size in rupees depends on the price band.
Has SEBI approved the Advanced Sys-Tek IPO?
The draft is under SEBI review. SEBI observations are valid for 12 months; the IPO has to open within that window or the company must file again.
What is the Advanced Sys-Tek IPO GMP?
There is no grey market premium to report before the price band is announced. IPO Guru starts tracking the Advanced Sys-Tek IPO GMP once the RHP and price band are out.
What will Advanced Sys-Tek do with the IPO money?
As per the DRHP: Capital expenditure at the Vadodara site: a new fabrication facility and a new building (₹15.96 crore); Fund long-term working capital requirement (₹50 crore); General corporate purposes.
Who are the lead managers of the Advanced Sys-Tek IPO?
The book running lead managers are Inga Ventures Private Limited, Sowilo Capital Advisors LLP. MUFG Intime India Private Limited is the registrar.
Is Advanced Sys-Tek profitable?
Yes. Profit after tax was Rs 36.73 crore in FY2026, Rs 27.59 crore in FY2025 and Rs 19.22 crore in FY2024.
Who owns Advanced Sys-Tek?
Promoters hold 40.86% and the promoter group holds 41.67% before the issue. Mukul Mahavir Agrawal holds 7.00%.
Does Advanced Sys-Tek have debt?
Total borrowings were Rs 175.00 crore on 31 March 2026. The company had none on 31 March 2025 and 31 March 2024.
Other companies in the IPO pipeline
Mainboard companies with drafts filed with SEBI.
Know the day the price band is out.
We track every mainboard draft from SEBI filing to listing. When Advanced Sys-Tek files its RHP, this page becomes the full IPO page with dates, price band, lot size, GMP and subscription.
Not investment advice. Figures are from the company's draft offer document filed with SEBI and may change in the RHP.
