An Oil & Gas and Power sector operations and maintenance services company plans to raise Rs 35.48 crore via the NSE SME platform.
Teja Engineering Industries Ltd., an engineering services company providing operations and maintenance solutions to the Oil & Gas, Power, and Energy sectors, opens for subscription on June 30 with the issue closing on July 2.
The company is listing on the NSE SME Emerge platform through a fixed-price issue at Rs 220 per share. All proceeds are a fresh issue flowing entirely to the company. Note that QIB quota is nil — the issue is split 50:50 between NII and retail.
What the Company Does
Teja Engineering provides specialised Operations & Maintenance (O&M) services for power plants, refineries, industrial installations, and energy infrastructure. O&M services in this sector are recurring in nature — once a company is empanelled as a service provider for a plant, the engagement tends to be long-term with periodic contract renewals, providing revenue visibility.
The company serves clients in the Oil & Gas and Power sectors, where technical competence, safety credentials, and regulatory compliance are the primary differentiators. The business is inherently people-intensive and asset-light relative to capital goods manufacturing, with margins driven by workforce efficiency and project execution.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | June 30, 2026 |
| Issue Closes | July 2, 2026 |
| Listing | NSE SME Emerge (July 7, 2026) |
| Issue Price | Rs 220 per share (Fixed Price) |
| Face Value | Rs 10 |
| Issue Size | Rs 35.48 crore (100% Fresh Issue) |
| Lot Size | 600 shares (min 2 lots = 1,200 shares) |
| Min. Retail Investment | Rs 2,64,000 |
| QIB / NII / Retail | 0% / 50% / 50% |
| BRLM | Interactive Financial Services Ltd. |
| Registrar | Cameo Corporate Services Ltd. |
Financial Performance
| Particulars (Rs cr) | FY24 | FY25 |
|---|---|---|
| Revenue | 31.62 | 55.23 |
| PAT | 2.16 | 4.02 |
| PAT Margin | 6.83% | 7.28% |
Revenue grew 75% from FY24 to FY25 — a sharp acceleration — with PAT margins broadly stable around 7%. The company has no listed domestic peers, removing any market-based valuation reference. A noted setback in the FY25 bottom line following accounting adjustments means profitability in the reported period includes one-off factors investors should evaluate carefully. The issue has no QIB quota, which limits institutional participation and post-listing depth.
BRLM Track Record: Interactive Financial Services has a poor track record — of its last 10 mandates, 6 listings opened at a discount and 2 at par.
Risks to Consider
The O&M services business is highly dependent on workforce availability, skilled manpower retention, and contract renewal success — any disruption in these areas directly affects revenue. The company has no listed peers, making valuation benchmarking difficult. The nil QIB quota limits institutional validation of the pricing. High dependence on a limited set of large industrial clients is typical for this kind of services business and can create revenue concentration risk.
Analyst View
Analysts note the company posted growth in its top lines for the reported periods but suffered a setback in the FY25 bottom line following accounting adjustments. With no listed peers, the company is attempting to extract a fancy price. The issue appears fully priced based on overall financial data, as per analysts.