TECHNOCRATS PLASMA SYSTEMS LIMITED
Closed14–18 Aug 2026
Updated 2026-08-21 (IST)
Business overview
We are an engineering-led manufacturer of plasma cutting machines, welding equipment and customised automation systems for metal fabrication and related industries in India. Our products are used by customers in various sectors including automotive, construction, shipbuilding, heavy engineering and general manufacturing.
Profit & Loss
Rs crore · AnnualLatest year highlighted in green. Sparklines show the trend.
| 2024 | 2025 | 2026 | ||
|---|---|---|---|---|
| Sales | 6 | 49 | 131 | |
| Operating Profit | 1 | 9 | 26 | |
| OPM % | 21.4% | 17.4% | 20.0% | |
| Net Profit | 2 | 8 | 15 | |
| Total Debt | 7 | 10 | 15 |
Offer structure
Total: ₹0 cr. Fresh issue proceeds go to the company; OFS proceeds go to selling shareholders.
Use of proceeds- Purchase and installation of plant and machinery for manufacturing of plasma cutting machines, welding equipment and customised automation systems at the Existing Premises — ₹9 cr
- Funding towards long term working capital requirements — ₹40 cr
- General corporate purposes
Promoters
- Arun Kumar — Chairman and Managing Director
- Vandana Sharma — Chief Financial Officer
Strengths & risks
Company-stated strengths and disclosed risk factors from the offer document.
- Established Operational Track Record: Over three decades of experience since 1994, serving institutional clients across government, PSUs, and private sectors. (p.197)
- Indigenous Design and Technological Innovation: Indigenously developed core technologies with in-house R&D supporting CNC plasma cutters, automated welding, energy-efficient systems, and digital integration. (p.197)
- Comprehensive and Customizable Product Portfolio: Wide range of plasma cutting machines, welding equipment (including laser solutions), and automation-ready systems. (p.197)
- Robust Service Network and Lifecycle Support: Nationwide technician deployment, preventive maintenance, spare parts availability, remote diagnostics, and predictive maintenance. (p.198)
- Cost-Efficient, Scalable Operations with Strategic Alliances and Certifications: Vertically integrated manufacturing and strong vendor/global partnerships enable scalable, cost-effective operations. (p.198)
- Substantial portion of our revenue from operations is from our top 10 customers, and loss of any such customers will have a significant adverse impact. (p.30)
- We are dependent upon few suppliers for the material requirements of our business and do not have definitive agreements with most of them. (p.32)
- Our revenues are significantly dependent on certain geographical regions, namely Maharashtra and Gujarat. (p.33)
- Our net cash flows have been negative in some years in the past, which may affect our liquidity and financial condition. (p.37)
- We have certain outstanding litigation against our Company, Directors and Promoters. (p.38)
Peer comparison — DRHP median P/E 36.7x
Live BSE prices| Company | CMP | P/E | OPM% | ROE% | Source |
|---|---|---|---|---|---|
| Ador Welding Limited | Rs 1,567.05 +2.8% | 24.0x | 13.7% | 23.8% | live |
| ESAB India Limited | Rs 5,823.2 +1.5% | 41.9x | 19.2% | 63.9% | live |
| Patil Automation Ltd | — | 23.2x | — | — | DRHP |
| Jyoti CNC Automation Ltd | Rs 926.8 +8.1% | 55.7x | 35.7% | 21.0% | live |
P/E from offer document where live data unavailable. Not a fair-value judgement.
Market & competition
The Company offers a combined Fibre Laser + Plasma + Oxy-Fuel cutting system that integrates multiple cutting technologies on a single platform, positioning it among a limited number of manufacturers globally with such capabilities.
Future outlook
We plan to broaden our product portfolio by introducing higher-end plasma cutting systems, CNC-integrated models and automation-ready welding solutions, Laser welding and Laser cutting solutions. We also intend to strengthen our position in the Indian market by expanding the number and coverage of authorised dealers, service centres and technical representatives.
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Sources & method
Subscription and issue data come from the NSE and BSE exchange feeds, with the third-party aggregator, clearly labelled, where an exchange feed is unreachable. DRHP analysis is extracted from the offer document itself, every figure cited to its page. Each figure on the page carries its source and its timestamp.
Grey-market premium (GMP) is unregulated.
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