Technocrats Plasma Systems Ltd. IPO
Technocrats Plasma Systems IPO was a Book Built Issue of ₹60.98 crore comprising an entirely Fresh Issue of 46,20,000 equity shares. The price band was ₹125 to ₹132 per share, with a lot size of 1,000 shares. The shares were listed on BSE SME.
Technocrats Plasma Systems Ltd. IPO Details
Technocrats Plasma Systems IPO opened for subscription on 14 August 2026 and closed on 18 August 2026. The basis of allotment was finalised on 19 August 2026, refunds were initiated on 20 August 2026, shares were credited to Demat accounts on 20 August 2026, and the shares were listed on BSE SME on 21 August 2026.
Technocrats Plasma Systems Ltd. IPO GMP
Technocrats Plasma Systems IPO GMP was reported at ₹70 on 21 August 2026. Against the issue price of ₹132, this indicated a theoretical GMP-based price of ₹202. The actual BSE SME listing price was ₹230. GMP is unofficial, unregulated and can differ from actual listing performance.
Technocrats Plasma Systems Ltd. IPO Timeline (Tentative)
Technocrats Plasma Systems IPO opened on 14 August 2026 and closed on 18 August 2026. The basis of allotment was finalised on 19 August 2026, refunds were initiated on 20 August 2026, shares were credited to Demat accounts on 20 August 2026, and the shares were listed on BSE SME on 21 August 2026. Anchor investor bidding took place on 13 August 2026.
| Event | Tentative Date |
|---|---|
| IPO Open Date | Fri, Aug 14, 2026 |
| IPO Close Date | Tue, Aug 18, 2026 |
| Basis of Allotment | Wed, Aug 19, 2026 |
| Initiation of Refunds | Thu, Aug 20, 2026 |
| Credit of Shares to Demat | Thu, Aug 20, 2026 |
| Listing Date | Fri, Aug 21, 2026 |
| Anchor Investor Bidding | 13 August 2026 |
| IPO Opens | 14 August 2026 |
| IPO Closes | 18 August 2026 |
| Basis of Allotment | 19 August 2026 |
| Refund Initiation | 20 August 20220 August 20266 |
| Credit of Shares to Demat | 20 August 2026 |
| Listing Date | 21 August 2026 |
Technocrats Plasma Systems Ltd. IPO Lot Size
The Technocrats Plasma Systems IPO lot size was 1,000 shares. Individual Investors were required to apply for a minimum of 2 lots, or 2,000 shares, at the upper price band of ₹132, requiring ₹2,64,000.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 2 | 2,000 | 2,64,000 |
| Retail (Max) | 2 | 2,000 | 2,64,000 |
| S-HNI (Min) | 3 | 3,000 | 3,96,000 |
| S-HNI (Max) | 7 | 7,000 | 9,24,000 |
| B-HNI (Min) | 8 | 8,000 | 10,56,000 |
Technocrats Plasma Systems Ltd. IPO Reservation
Technocrats Plasma Systems IPO comprised 46,20,000 equity shares. The issue included 21,91,000 shares reserved for QIBs including the anchor portion, 6,60,000 shares for NIIs, 15,38,000 shares for retail investors and 2,31,000 shares reserved for the market maker.
Technocrats Plasma Systems Ltd. IPO Subscription
Technocrats Plasma Systems IPO received exceptionally strong demand and was subscribed 203.36 times overall. The QIB category was subscribed 169.54 times, the NII category 311.97 times and the retail category 176.05 times.
| Category | Subscription (times) |
|---|---|
| QIB | 169.54 |
| NII | 311.97 |
| RII | 176.05 |
| Total | 203.36 |
About Technocrats Plasma Systems Ltd.
Technocrats Plasma Systems Limited is an engineering-focused company engaged in the design, manufacture, supply, installation and servicing of plasma cutting machines, welding equipment and customised automation solutions. The company has been operating in the plasma cutting and welding technology field for more than three decades.
The company traces its origins to 1990, when Technocrats was established as a partnership firm founded by Arun Kumar, a former scientist at Bhabha Atomic Research Centre. It subsequently developed plasma cutting technology and expanded into welding equipment and automation solutions.
Technocrats Plasma Systems was incorporated as a private limited company in 1994 and was converted into a public limited company in 2025. Its corporate identity number is U74999MH1994PLC082603.
The company's product portfolio covers manual and CNC-controlled plate and pipe cutting systems, plasma cutting machines, welding equipment and automation solutions. Its welding portfolio includes technologies for MIG, TIG, ARC, SAW and laser-related applications.
The company also provides customised and retrofit solutions. Its lifecycle support includes installation, commissioning, operator familiarisation, maintenance, spares and upgrades, allowing customers to enhance or modify existing systems according to production requirements.
Technocrats operates across industries that require metal cutting, welding and automation technologies. Its solutions are relevant to manufacturing and fabrication applications where precision, productivity and process automation are important.
The company has developed a dealer and service network across India. As of 30 June 2025, it had 17 dealers and 14 service locations across states including Maharashtra, Delhi, Tamil Nadu, Karnataka, Telangana and Andhra Pradesh.
The company also has a technically oriented workforce. Technical employees accounted for approximately 71% of its total workforce in FY2025, reflecting the engineering and service-intensive nature of its operations.
Technocrats has expanded its technology portfolio in recent years. In 2025, the company began manufacturing fibre laser power sources under a Technology Transfer Agreement with Raja Ramanna Centre for Advanced Technology, Indore. It also entered the manufacture of Indian air plasma gasifiers/incinerators under a Technology Transfer Agreement with Bhabha Atomic Research Centre, Mumbai.
The company's website identifies its key product and solution areas as automation solutions for cutting and welding processes, plasma cutting and welding solutions, H-beam fabrication systems, CNC drilling systems and laser systems.
Strengths
- More than three decades of experience in plasma cutting, welding and automation technologies.
- Established engineering and manufacturing capabilities.
- Wide portfolio of plasma cutting and welding equipment.
- Provides both manual and CNC-controlled solutions.
- Offers customised and retrofit automation solutions.
- Provides installation, commissioning, maintenance and technical support.
- Established dealer and service network across India.
- Strong technical workforce.
- Experience serving industrial and fabrication applications.
- In-house product development and engineering capabilities.
- Expansion into fibre laser power sources.
- Technology Transfer Agreement with Raja Ramanna Centre for Advanced Technology for fibre laser power sources.
- Technology Transfer Agreement with Bhabha Atomic Research Centre for air plasma gasifier/incinerator technology.
- Revenue and profitability increased significantly in FY2026.
- FY2026 total income stood at ₹131.41 crore.
- FY2026 PAT stood at ₹14.94 crore.
- FY2026 EBITDA stood at ₹26.29 crore.
- FY2026 ROE stood at 56.10%.
- FY2026 ROCE stood at 48.55%.
- Debt-to-equity stood at 0.38x as of 31 March 2026.
Risks to Consider
- The company operates in a competitive engineering and capital-goods industry.
- Demand is linked to capital expenditure and industrial manufacturing activity.
- The business depends on customers making investments in machinery and automation.
- Raw material costs can affect operating margins.
- The company has significant working-capital requirements.
- Trade receivables and inventory form a substantial part of current assets.
- Delays in customer payments can affect cash flows.
- The company depends on technically skilled employees for engineering, production, installation and servicing.
- Loss of experienced technical personnel could affect operations.
- Equipment manufacturing requires continuous technological development.
- Existing technologies may become obsolete as newer cutting, welding and automation technologies develop.
- Competition from domestic and international equipment manufacturers may affect pricing and margins.
- Expansion of manufacturing capacity requires additional capital and successful execution.
- Dependence on dealers and service locations creates distribution and service risks.
- Product defects, installation problems or equipment failures could result in warranty claims and reputational damage.
- The company may be affected by fluctuations in the prices and availability of raw materials and components.
- The business is exposed to general economic and industrial-cycle risks.
- Technology Transfer Agreements and new product initiatives involve execution and commercialisation risks.
- A significant increase in revenue in FY2026 may not necessarily be sustainable at the same growth rate.
Technocrats Plasma Systems Ltd. Financials (₹ Cr)
Technocrats Plasma Systems reported total income of ₹6.35 crore in FY2024, ₹49.44 crore in FY2025 and ₹131.41 crore in FY2026. PAT increased from ₹2.21 crore in FY2024 to ₹8.11 crore in FY2025 and ₹14.94 crore in FY2026. Net worth increased from ₹3.74 crore to ₹39.01 crore during the same period.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| FY2024 | 6.35 | 2.21 | 13.55 | 3.74 |
| FY2025 | 49.44 | 8.11 | 36.72 | 14.24 |
| FY2026 | 131.41 | 14.94 | 72.06 | 39.01 |
KPIs & Valuation
For FY2026, Technocrats Plasma Systems reported ROE of 56.10%, ROCE of 48.55%, RoNW of 56.10%, EBITDA margin of 20.02%, PAT margin of 11.37% and debt-to-equity of 0.38x. The pre-IPO EPS was ₹11.60 and the reported post-IPO EPS was ₹8.53.
Objects of the Issue
The net proceeds from the Fresh Issue were proposed to be used for purchase and installation of plant and machinery, funding long-term working-capital requirements and general corporate purposes. The largest allocation was towards long-term working capital.
- The company proposed to utilise the IPO proceeds for:
- Purchase and installation of plant and machinery for manufacturing plasma cutting machines, welding equipment and customised automation systems at the existing premises – ₹8.79 crore.
- Funding towards long-term working-capital requirements – ₹40.00 crore.
- General corporate purposes – ₹5.50 crore.
- Issue-related expenses were also to be met from the issue proceeds as disclosed in the offer documents.
- The IPO comprised an entirely Fresh Issue of 46,20,000 equity shares aggregating to ₹60.98 crore at the upper price band of ₹132. There was no Offer for Sale.
Promoters, Lead Managers & Registrar
Technocrats Plasma Systems Limited is promoted by Arun Kumar and Vandana Sharma. Rarever Financial Advisors Private Limited acted as the Book Running Lead Manager, while Maashitla Securities Private Limited acted as the Registrar to the Issue. Aftertrade Broking Private Limited acted as the Market Maker.
Promoters
Lead Managers (BRLM)
Registrar
| Name | Maashitla Securities Private Limited |
|---|---|
| Phone | 011-47581432 |
| ipo@maashitla.com | |
| Website | http://www.maashitla.com |
Technocrats Plasma Systems Ltd. IPO Review
Technocrats Plasma Systems operates in a specialised engineering segment covering plasma cutting, welding equipment and customised automation solutions. Its long operating history and technical capabilities provide a foundation for its business in industrial manufacturing and metal fabrication.
The company has developed a broad product portfolio rather than depending solely on one plasma-cutting product. Its offerings include cutting systems, welding equipment, automation solutions, CNC systems and customised or retrofit solutions.
A key feature of the business is its lifecycle service capability. In addition to supplying equipment, the company provides installation, commissioning, operator training, maintenance, spare parts and upgrades. This can support recurring customer relationships and after-sales engagement.
The company has also built a dealer and service network. As of June 2025, it had 17 dealers and 14 service locations, giving it a broader reach across Indian industrial markets.
Financial performance has shown substantial growth. Total income increased from ₹6.35 crore in FY2024 to ₹49.44 crore in FY2025 and ₹131.41 crore in FY2026. PAT increased from ₹2.21 crore in FY2024 to ₹8.11 crore in FY2025 and ₹14.94 crore in FY2026.
EBITDA increased from ₹1.30 crore in FY2024 to ₹8.59 crore in FY2025 and ₹26.29 crore in FY2026. This indicates a substantial improvement in operating scale during the period.
The company's net worth increased from ₹3.74 crore in FY2024 to ₹14.24 crore in FY2025 and ₹39.01 crore in FY2026. Total assets increased from ₹13.55 crore to ₹36.72 crore and then ₹72.06 crore during the same period.
Borrowings increased from ₹6.66 crore in FY2024 to ₹10.24 crore in FY2025 and ₹14.73 crore in FY2026. Despite this increase, the FY2026 debt-to-equity ratio was reported at 0.38x.
The IPO proceeds are primarily intended to strengthen working capital. ₹40 crore was earmarked for long-term working-capital requirements, while ₹8.79 crore was allocated for plant and machinery. This indicates that supporting the company's expansion and operational scale is a major objective of the issue.
The company is also investing in manufacturing capacity. The proposed machinery expenditure is intended for manufacturing plasma cutting machines, welding equipment and customised automation systems at its existing premises.
At the upper issue price of ₹132, the reported FY2026 pre-IPO EPS was ₹11.60. The pre-issue P/E was approximately 11.38x and the post-issue P/E was approximately 15.47x, based on the reported offer-document valuation calculations.
The company reported FY2026 ROE of 56.10%, ROCE of 48.55%, EBITDA margin of 20.02% and PAT margin of 11.37%. These figures indicate strong profitability and return ratios, although investors should assess whether the recent improvement can be maintained.
The business is nevertheless exposed to industrial-capital expenditure cycles. A slowdown in manufacturing investment or reduced demand for fabrication and automation equipment could affect new orders.
Working capital is another important factor. As of 31 March 2026, total inventory was ₹33.18 crore and net trade receivables were ₹20.98 crore, highlighting the amount of capital tied up in operations.
The company's expansion into fibre laser power sources and air plasma gasifier/incinerator technology provides additional opportunities, but these newer product areas also require successful commercialisation, manufacturing execution and market acceptance.
The IPO received exceptionally strong investor demand. The final subscription was reported at 203.36 times overall, with QIBs at 169.54 times, NIIs at 311.97 times and retail investors at 176.05 times.
Technocrats Plasma Systems shares were listed on BSE SME on 21 August 2026 at ₹230 against the issue price of ₹132, resulting in a listing gain of approximately 74.24%.
Overall, Technocrats Plasma Systems combines a long operating history, specialised engineering capabilities, a broad product portfolio, an established service network and strong recent financial growth. Investors should nevertheless evaluate working-capital requirements, customer and industrial-cycle dependence, technological competition, execution risks and the sustainability of FY2026 growth before making an investment decision.
Listing Performance
Technocrats Plasma Systems shares were listed on BSE SME on 21 August 2026 at ₹230 against the IPO issue price of ₹132. The shares therefore debuted at a premium of ₹98 per share, representing a listing gain of approximately 74.24%.
| Particular | Price |
|---|---|
| IPO Issue Price | ₹132.00 |
| Listing Price | ₹230.00 |
| Listing Gain/Loss | ₹98.00 |
| Listing Gain/Loss (%) | 74.24% |
How to Apply
Technocrats Plasma Systems IPO applications were made through the ASBA process and UPI-supported IPO applications. The market lot was 1,000 shares, while Individual Investors were required to apply for a minimum of 2 lots, or 2,000 shares, requiring ₹2,64,000 at the upper price band of ₹132.
Through UPI
- Log in to your stockbroker app or website.
- Go to the IPO section.
- Select Technocrats Plasma Systems IPO.
- Enter the required number of lots.
- Enter your valid UPI ID.
- Submit the IPO application.
- Approve the UPI mandate received in your UPI application.
- Confirm the mandate using your UPI PIN.
- The application amount remains blocked in your bank account until the allotment process.
- The applicable amount is debited after allotment, while the remaining blocked amount is released according to the IPO process.
Prospectus & Documents
The Technocrats Plasma Systems IPO was an entirely Fresh Issue of 46,20,000 equity shares. The company's official website provides its offer-related documents, while the DRHP identifies Rarever Financial Advisors Private Limited as the Book Running Lead Manager and Maashitla Securities Private Limited as the Registrar to the Issue.
Last updated Sep 2, 2026.