Institutional Alpha Dossier
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MAINBOARD
SYNCING
GMP: ₹-
Est. Listing: Calculating...
01
Bidding Opens
-
Issue Open
02
Bidding Closes
-
Closing Date
03
Basis of Allotment
-
Registrar Finalization
04
Exchange Listing
-
Secondary Debut
Issue Price Valuation
₹-
Upper Cap Price
Price Band Cap:
Book Built / Fixed
Lot Size & Retail Matrix
- Shares
Minimum Market Lot
Min Capital:
₹-
Application Size:
-
Quant Grade & Moat Score
Proprietary Multi-Factor Moat Model
Synthesizing institutional thesis...
💼 MINIMUM INVESTMENT
Capital Matrix
Retail (Min Lot)
Up to ₹2 Lakhs Category
₹ 264000
HNI (Min Lot)
sNII / High Net-Worth Tier
₹ 396000
HNI Capital Multiple:
Institutional Lot Sizing
🍩 RESERVATION QUOTA (%)
Issue Allocation
100%
Total Issue
Anchor
28.44%
Market Maker
5%
QIB
18.98%
NII / HNI
14.29%
Retail
33.29%
Institutional Corporate Dossier
Technocrats Plasma Systems
COMPANY PROFILE & DNA
Incorporation / Founded
1/11/1994
Active Vintage
Corporate Headquarters
Vasai, Maharashtra
Registered Hub
👔 Leadership & Promoter Group
Key Management
Arun Kumar and Vandana Sharma
⚙️ Business Overview & Portfolio
Core Offerings
Manufacturing of plasma cutting machines, welding equipment and customised automation systems.
🎯 Target Market & End-Use
Revenue Drivers
Industrial metal cutting, welding, and customised automation applications.
🛡️
★ Unique Selling Proposition (Core Economic Moat)
In-house manufacturing facility with integrated testing capabilities and strong design and development capabilities.
Objects of the Issue (Use of Proceeds & Allocation)
🎯 Objective 01
Purchase and installation of plant and machinery
₹ 8.79
Allocation
🎯 Objective 02
Funding towards long term working capital requirements
₹ 40.00
Allocation
🎯 Objective 03
General corporate purposes
Balance
Allocation
🎯 Objective 04
Not Mentioned
₹ 0.00
Allocation
Financial Performance & Multi-Year Trajectory
All Figures in ₹ Crores
Latest Total Income📊
₹-
Top-Line
EBITDA Margin⚡
-%
Operating
Net Profit (PAT) Margin📈
-%
Bottom-Line
Debt / Net Worth🛡️
-x
Leverage
📊 Income, EBITDA & Profit Growth Trajectory
Income
EBITDA
PAT Trend
🏛️ Balance Sheet: Net Worth vs Debt
Net Worth
Borrowing
| Particulars | NA | FY26 | FY25 | FY24 |
|---|---|---|---|---|
| Total Income | 0 | 131.309 | 49.3568 | 6.0623 |
| EBITDA | 0 | 26.1839 | 8.5564 | 1.4681 |
| Profit After Tax (PAT) | 0 | 14.936 | 8.1096 | 2.2051 |
| Net Worth | 0 | 39.006 | 14.2448 | 3.7352 |
| Total Borrowing | 0 | 14.73 | 10.2386 | 6.6609 |
Growth Engine & Compounding Velocity (KPIs)
Multi-Year Trajectory
131.31
₹ Cr
YoY Growth
1.6604
3-Year CAGR
3.654
26.18
₹ Cr
YoY Growth
2.0602
3-Year CAGR
3.2232
14.94
₹ Cr
YoY Growth
0.8418
3-Year CAGR
1.6026
Capital Efficiency & Return Ratios (ROE vs ROCE)
Capital Allocation Audit
◈ ROE (Return on Equity)
Calculating...
-%
Current ROE
◈ ROCE (Capital Employed)
Calculating...
-%
Current ROCE
| MetricMetric | Current (%)Curr% | Last Year (%)Last% | 3-Yr Avg (%)3Y Avg | Trend StatusTrend |
|---|---|---|---|---|
| ROE (Return on Equity)ROE | 0.3829 | 0.5693 | 0.5142 | High |
| ROCE (Capital Employed)ROCE | 0.4873 | 0.3495 | 0.326 | High |
Forensic Analysis & Reality Check
Earnings Quality & Dilution Audit
-0.4455
CFO / EBITDA
Cash Flow Conversion Efficiency
Checking...
Analyzing operating cash flow conversion...
| Parameter | Pre-IPO | Post-IPO | View |
|---|---|---|---|
| Debt / Equity | 0.3776 | 0 | Low |
| EPS (₹) | 8.5349 | 0 | Diluting |
| ROE (%) | 0.3829 | 0.1494 | Bad |
| ROCE (%) | 0.4873 | 0.2619 | Good |
| P/E (Valuation) | 15.47 | 0 | Reasonable |
⏳ Debtor Days Trend (Receivables Cycle)
Analyzing...
FY24
FY25
FY26
Lower receivable days indicate faster cash collection from clients.
⚠️ Contingent Liabilities
Off-Balance Sheet
₹ 5.52 Cr
*Potential hidden obligations & legal/tax claims
Peer Comparison Analysis & Competitive Matrix
Industry Benchmarking
| Company NameComp | Revenue (Cr)Rev | P/E RatioP/E | ROCE (%)ROCE | ROE (%)ROE | OPM (%)OPM |
|---|---|---|---|---|---|
| Technocrats Plasma Systems Limited IPO CANDIDATE | 131.31 | 0.00 (Ask) | 0.4873 | 14.94% (Post Issue) | 0.2002 |
| Ador Welding Limited | ₹ 114.00 Cr | 31.55 | 0.2026 | 0.1479 | 0.1158 |
| ESAB India Limited | ₹ 150.82 Cr | 41.88 | 0.5887 | 0.4814 | 0.1789 |
| Patil Automation Ltd | ₹ 16.66 Cr | 23.21 | 0.1282 | 0.1377 | 0.1467 |
| Jyoti CNC Automation Ltd | ₹ 209.31 Cr | 58.51 | 0.1671 | 0.1679 | 0.2517 |
| NA | 0 | 0 | 0 | 0 | 0 |
▲ Positive Catalysts (Strengths + Opportunities):
8 Factors
▼ Risk Vectors (Weaknesses + Threats):
8 Factors
Strengths
Internal Competitive Moat
- In-house manufacturing facility with integrated testing capabilities
- Strong design and development capabilities
- Diversified customer base across multiple industries
- Experienced Promoters with strong domain knowledge
Weaknesses
Internal Operational Constraints
- Dependence on top suppliers for raw materials
- Geographical concentration of revenue in Maharashtra and Gujarat
- Negative net cash flows from operating activities in some years
- Underutilization of installed manufacturing capacity
Opportunities
External Growth Tailwinds
- Expansion of manufacturing facilities and capacity
- Increasing demand for customized automation solutions
- Geographical diversification to other states and export markets
- Technological innovation and adoption of smart manufacturing
Threats & Risks
External Macro & Sector Headwinds
- Intense competition from organized and unorganized players
- Fluctuations in the prices and availability of raw materials
- Changes in government policies and regulatory framework
- Currency fluctuations increasing the cost of imported components
Top 10 Anchor Investors & Smart-Money Allocation
INSTITUTIONAL BOOK
Top 10 Anchor Commitment
₹- Cr
Smart-Money Quality Score
- / 5.0 ★
Marquee Conviction
SEBI Anchor Lock-In Schedule
30D (50%) • 90D (50%)
Mandatory Lock-In
Anchor Book Allocation Pending Exchange Filing
Institutional anchor investor bidding & allocation disclosures are officially filed with NSE/BSE 1 working day prior to the IPO opening date.
| Rank | Marquee Anchor Institution | Smart-Money Grade | Amount Invested | Anchor Share (%) |
|---|
230
Moderate Moat score of 4/10 reflects high technical entry barriers via BARC and AIC RRCAT licenses, offset by a highly fragmented industry and high working capital intensity.
28.44
5
QIB Quota
Qualified Institutional Buyers
Smart Money
-x
Institutional Book
Inst. Conviction:
Evaluating
NII / HNI Quota
sNII (₹2L-10L) & bNII (₹10L+)
HNI Desk
-x
Non-Institutional
HNI Competition Ratio:
-
Retail (RII) Quota
Individual Investors (Up to ₹2L)
SEBI Lottery
-x
Retail Book
Retail Allotment Odds:
-