Technocrats Plasma Systems SME IPO
Technocrats Plasma Systems IPO — date, price band, GMP & allotment 2026
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.
Stock price
Technocrats Plasma Systems is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 14 September.
- Open 14 Aug 2026
- Close 18 Aug 2026
- Allotment 19 Aug 2026
- Refund/credit 20 Aug 2026
- Listing 21 Aug 2026
Issue summary
The terms of the offer, as filed.
| IPO Dates | 14 to 18 Aug, 2026 |
|---|---|
| Price Band | ₹125 – ₹132 |
| Face Value | ₹10 |
| Lot Size | 1000 Shares |
| Issue Size | ₹60.98 Cr |
| Sale Type | Fresh capital only |
| Listing On | BSE SME |
| Registrar | Maashitla Securities Private Limited |
| Min Investment | ₹ 2,64,000 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 1000 shares at the ₹132 cut-off. The SME retail application is a fixed 2 lots; HNI starts at 3.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 2 | 2,000 | ₹2,64,000 |
| Retail (max) | 2 | 2,000 | ₹2,64,000 |
| HNI (min) | 3 | 3,000 | ₹3,96,000 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 8
- 01The 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.
- 02Profit after tax grew from Rs 2.21 crore in FY2024 to Rs 8.11 crore in FY2025 and Rs 14.94 crore in FY2026.
- 03EBITDA improved sharply, from Rs 1.30 crore in FY2024 to Rs 8.59 crore in FY2025 and Rs 26.29 crore in FY2026.
- 04Net worth rose from Rs 3.74 crore in FY2024 to Rs 39.01 crore in FY2026.
- 05The company has a long history in this line of work, having been started in 1994, which is more than 30 years.
- 06Design is done in-house across mechanical, electrical and control engineering, so the technical knowhow stays with the company and is not bought from outside.
- 07Apart from selling machines it earns from customisation, retrofit, maintenance, upgrades and spares, which brings income from machines already installed.
- 08It serves customers across several manufacturing industries rather than depending on one sector.
Risks · 8
- 01The 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.
- 02Profit did not grow as fast as sales in FY2026. Income rose 166% but profit after tax rose only 84%, which means margin came down.
- 03The 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.
- 04Rs 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.
- 05Borrowing rose from Rs 10.24 crore to Rs 14.73 crore in FY2026.
- 06This is a capital goods business. Orders come when factories are expanding, so any slowdown in industrial capital spending will directly reduce orders.
- 07Both manufacturing units are in the same industrial estate at Vasai, so there is single location risk.
- 08This 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.
Three years of numbers
All figures in ₹ crore, as reported in the Technocrats Plasma Systems offer document.
| 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 |
See how this IPO compares — view listing performance of all SME IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Technocrats Plasma Systems RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Technocrats Plasma Systems IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Post-Issue |
|---|---|
| EPS (₹) | ₹8.53 |
| P/E Ratio (x) | 15.47 |
| Market Cap at Offer Price (₹ Cr) | ₹231.19 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹132 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹48.79 Cr of the issue is earmarked to named objects.
About the company
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.
Interested in this IPO? Check the live subscription status or browse all upcoming SME IPOs.
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The bankers & the filings
Who is running the book, and the documents this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Rarever Financial Advisors Pvt. Ltd. Pvt. Ltd.
1 issue handled1 of their issues has listed so far, and 1 opened above the issue price (average +13.4%). That is too small a sample to read as a hit rate.
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Technocrats Plasma Systems?
The current Grey Market Premium is ₹70, or 53.03% over the issue price.
What is the Technocrats Plasma Systems IPO price band?
₹125 to ₹132, on a face value of ₹10.
When is the allotment?
The basis of allotment is 19 August 2026, with listing on 21 August 2026.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — Maashitla Securities Private Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every SME and Mainboard issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
