A Pune-based industrial automation company hits the NSE SME with a Rs 74 crore fresh issue
Adisoft Technologies Ltd., a Pune-based industrial digital automation solutions provider incorporated in February 2013, opens for subscription on April 23 with the issue closing on April 27. The company designs, develops, assembles, and commissions automated assembly lines, material handling machines, robotic work cells, and special purpose machinery, primarily for automotive OEMs and component manufacturers.
What the Company Does
Adisoft’s core business is converting traditional factory setups into smart, automated production environments — integrating shop floor equipment and processes with IT-layer systems including PLC, SCADA, IoT interfaces, and Manufacturing Execution Systems (MES). The result is real-time monitoring, traceability, and reduced manual dependency. Its client base is concentrated among automobile manufacturers and automotive component companies in and around the Pune cluster.
Beyond its core automation business, the company holds a 24% stake in AIOI Systems India Private Limited — a joint venture with AIOI Systems Co. Ltd., Japan (which holds the majority 76%) — focused on developing and marketing automation products and devices for the Indian market. This partnership is noteworthy as it gives Adisoft access to Japanese engineering expertise and product development capabilities. As of January 31, 2026, the company had 183 employees on its payroll, and its order book as of April 15, 2026 stood at Rs 44.33 crore.
The capex plan funded through the IPO — Rs 37.77 crore for a new factory unit — is meaningful relative to the company’s scale and will add manufacturing capacity if executed as planned.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | April 23, 2026 |
| Issue Closes | April 27, 2026 |
| Listing | NSE SME (April 30, 2026) |
| Price Band | Rs 163 – Rs 172 per share |
| Face Value | Rs 10 |
| Issue Size | Rs 74.10 crore (100% Fresh Issue) |
| Lot Size | 800 shares (min 2 lots = 1,600 shares) |
| Min. Retail Investment | Rs 2,75,200 |
| Post-IPO Market Cap | Rs 280.67 crore |
| BRLM | Hem Securities Ltd. |
| Registrar | KFin Technologies Ltd. |
| Market Maker | Hem Finlease Pvt. Ltd. |
The IPO constitutes 26.40% of post-IPO paid-up equity capital. From net proceeds, Rs 37.77 crore goes to capex for a new factory, Rs 10 crore towards debt repayment, and Rs 10 crore towards working capital requirements. After issuing equity at par, the company issued bonus shares in a 1200:1 ratio in September 2025, resulting in a promoter acquisition cost of just Rs 0.01 per share.
Financial Performance
| Particulars (Rs cr) | FY23 | FY24 | FY25 | 7M FY26 |
|---|---|---|---|---|
| Total Income | 76.15 | 104.14 | 133.02 | 55.71 |
| Net Profit | 5.83 | 11.54 | 15.94 | 3.74 |
| PAT Margin | 8.05% | 11.38% | 12.23% | 6.89% |
| RoCE | 27.25% | 32.35% | 29.11% | 9.05% |
The three-year trajectory from FY23 to FY25 shows consistent revenue and profit growth, with PAT margins in the healthy 8–12% range. However, the 7M FY26 data — revenue of Rs 55.71 crore and net profit of Rs 3.74 crore — represents a meaningful deceleration relative to the prior-year run rate, with both the top and bottom lines falling short of what a pro-rata annualisation of FY25 would imply.
RoCE has also dropped sharply in 7M FY26 to 9.05% from 29.11% in FY25, reflecting the transition to a heavier asset base ahead of the new factory. Average EPS over three years is Rs 10.81 and average RoNW is 32.92%.
Valuation
At the upper band of Rs 172, the issue is priced at a P/E of 43.77x on annualised 7M FY26 earnings and 17.60x on FY25 earnings — a wide spread that highlights the difficulty in identifying the right earnings base for valuation. The P/BV stands at 3.90x on pre-IPO NAV of Rs 44.16. Listed peer Patil Automation is the only company cited for comparison, trading at a P/E of 27.6x — though the businesses are not directly comparable. Post-IPO NAV data, which would allow a cleaner book value assessment, is absent from the offer documents.
BRLM Track Record: This is the 44th mandate from Hem Securities in the last three fiscals. Of the last 10 listings, 2 opened at a discount, 1 at par, and 7 with premiums ranging from 1% to 90%. The lead manager has an average track record overall.
Points to see: Independent analysts tracking the issue have pointed to the inconsistency in the top line and the sharp deceleration visible in 7M FY26 as reasons for caution. The PAT margins for the current period, at 6.89%, are well below the FY25 level of 12.23%, and the RoCE compression further clouds the picture. Against this backdrop, the pricing on annualised FY26 numbers appears aggressive. While the sectoral theme — industrial automation, smart manufacturing, PLI-linked capex — is compelling and genuinely long-term in nature, the near-term financial picture does not fully support the asking valuation, as per analysts.