Technocrats Plasma Systems Limited is an engineering-led manufacturer specializing in advanced industrial cutting and welding equipment, along with customized automation solutions for metal fabrication and heavy engineering. Under the active sponsorship and leadership of its promoters, Arun Kumar and Vandana Sharma, who hold a combined experience of over 50 years, the company operates under a business-to-business (B2B) model. HIPL has established a compelling core value proposition of enhancing precision manufacturing, improving edge quality, and accelerating shop-floor productivity for major industrial applications. The company’s comprehensive business model covers the entire lifecycle of industrial equipment—including design, engineering, component sourcing, in-house fabrication and assembly, rigorous quality testing, on-site commissioning, operator training, aftermarket spares supply, and annual maintenance contracts .
To serve its market effectively, the company has structured its offerings into four distinct product and service verticals :
Standalone manual cutting and welding machines operated directly by the user (including inverter, thyristor, and chopper-technology plasma sources).
Automated machines and CNC solutions including gantry-type CNC plate and pipe cutters, fiber laser systems, and integrated cutting–welding cells.
Customization and retrofit services aimed at upgrading older machinery with modern controllers, drives, or newer power sources to extend their lifecycle.
Lifecycle service support including preventive maintenance, spares and consumables supply, on-site installations, and specialized operator familiarization training.
HIPL caters to high-growth, technically intensive industries such as heavy fabrication and engineering, infrastructure and construction equipment, automotive and component manufacturing, shipbuilding and marine sectors, defense, nuclear energy, and the oil and gas segment. The company serves a diverse client base of more than 2,500 clients, with a substantial portion of revenue driven by repeat orders from long-term institutional customers. Domestically, the company's geographic footprint spans 22 states—headquartered in Maharashtra with a prominent sales and distribution network across Gujarat, Karnataka, Punjab, and Telangana. HIPL also possesses a growing international presence, exporting highly engineered systems to emerging markets such as Cameroon, Kuwait, Oman, Greece, Uganda, Bhutan, and Nigeria.
he company operates two state-of-the-art manufacturing facilities located in the Gaodevi Industrial Estate at Vasai East, Palghar, Maharashtra, boasting an aggregate built-up area of approximately 20,000 square feet. This specialized manufacturing infrastructure is equipped with machining centers, conventional and CNC plate-cutting units, electrical panel assembly lines, and dedicated testing and fabrication bays. According to the official evaluation conducted by Garg and Associates, an independent Chartered Engineer, HIPL maintains an average annual installed capacity of 70.88 units. Reflecting its job-order, customization-heavy operational model, the aggregate production capacity utilization trends over the last three financial years stood at 16.05% in FY24, 58.38% in FY25, and 50.08% in FY26.
A core pillar of HIPL’s operational superiority is its in-house research and development (R&D) and engineering design capabilities. The company's engineering team handles the mechanical, electrical, and control design for plasma and laser cutting machines internally, helping to preserve critical design secrets and IP within the firm. This commitment to high-end innovation is demonstrated through marquee Technology Transfer Agreements (TTAs) signed with premier Indian government research institutions. In Fiscal 2025, HIPL entered into an incubation-route agreement with the AIC RRCAT Pi-Hub Foundation (Raja Ramanna Centre for Advanced Technology, Indore) to develop and manufacture 1 kW monolithic single-mode continuous-wave fiber laser power sources. HIPL has also signed a strategic technology transfer agreement with the Bhabha Atomic Research Centre (BARC), Mumbai, to develop and manufacture specialized Air Plasma Incinerators.
To overcome space constraints and support large-scale industrial projects, the company strategically transitioned to an on-site manufacturing, assembly, and service model. Under this execution approach, permanent employees handle design, supervision, and quality control, while on-site fabrication, installation, and commissioning are carried out at customer locations. This highly successful model matured rapidly, accounting for approximately 86.00% of revenue from operations in FY25 and expanding to 91.00% of revenue from operations in FY26.
As per financial performance, Technocrats Plasma Systems Limited has posted total income / net profits of Rs 6.35 Cr / Rs 2.21 Cr (FY24), Rs 49.44 Cr / Rs 8.11 Cr (FY25) and Rs 131.41 Cr / Rs 14.94 Cr (FY26). So as per previous financials data, the company has shown exceptional exponential top-line and bottom-line growth, with total borrowings increasing to Rs 14.73 Cr as of March 31, 2026, which represents a highly manageable debt structure with a low leverage ratio of 0.38 times. Reported deeply negative Operating Cash Flows for consecutive years - standing at Rs (11.66) Cr in FY26 and Rs (5.05) Cr in FY25 - reflecting poor earnings quality. Company suffers from severe operational instability and high turnover, with the employee attrition rate peaking at 60.00% in FY25 and remaining high at 38.81% in FY26. Company has an average EPS of Rs 8.65 and average RoNW of 72.08% for the last three fiscals. Based on the pre-issue book value, the issue is priced at a Pre-Issue P/BV of 4.36 as per NAV of Rs 30.28 as on 31.03.26. Factoring in the fresh issue proceeds, the Post-Issue P/BV stands at 2.31 (gross of issue expenses, or 2.34 net of issue expenses). If we attribute the latest earnings of FY24, FY25, and FY26 to the expanded equity base post-issue, then the asking price is at a Post-Issue P/E of around 104.76, 28.48, and 15.47 respectively. As per RHP, a comparison between listed peers shows that its peer group consists of Ador Welding Limited (trading at a P/E of 31.55), ESAB India Limited (P/E of 41.88), Patil Automation Ltd (P/E of 23.21), and Jyoti CNC Automation Ltd (P/E of 58.51), making HIPL's issue highly attractive at a post-issue P/E of 15.47 based on FY26 earnings.
On BRLM's front, RarEver Financial Advisors Private Limited is associated with this IPO, and has handled 2 IPOs in the past. From last two IPO, that opened above issue price or at par, on the day of listing. As of now, from the last two IPOs, that trading above the issue price or at par. (As On 12.08.26)
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