A Telangana-based modular formwork manufacturer and renter plans to raise Rs 4.63 crore via the NSE SME platform
Teamtech Formwork Solutions Ltd., a Hyderabad-based company engaged in manufacturing, refurbishing, and renting modular T-formwork systems for the construction industry, opens for subscription on May 19 with the issue closing on May 21. The company is listing on the NSE SME Emerge platform.
What the Company Does
Incorporated in November 2018, Teamtech operates on a B2B model, providing modular formwork solutions for vertical concrete structures such as walls, shafts, bridges, tanks, foundations, and circular structures. Its integrated business model covers three revenue streams — outright sale, rental, and refurbishment — making it a one-stop provider for construction companies seeking to optimise capital expenditure on formwork equipment.
The company operates a 20,000 sq. ft. manufacturing and refurbishment facility in Bollaram, Telangana, and uses specialised formwork planning software for engineering design.
The company serves contractors across infrastructure and real estate construction, benefiting from India’s sustained push on infrastructure development and the growing adoption of modern shuttering systems over traditional bamboo-and-wood alternatives. All proceeds are from a fresh issue — the entire amount flows into the company.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | May 19, 2026 |
| Issue Closes | May 21, 2026 |
| Listing | NSE SME Emerge (May 26, 2026) |
| Price Band | Rs 61 – Rs 63 per share |
| Face Value | Rs 5 |
| Issue Size | Rs 47.63 crore (100% Fresh Issue) |
| Lot Size | 2,000 shares (min 2 lots = 4,000 shares) |
| Min. Retail Investment | Rs 2,52,000 |
| BRLM | GetFive Advisors Pvt. Ltd. |
| Registrar | KFin Technologies Ltd. |
| Market Maker | SMC Global Securities Ltd. |
Financial Performance
| Particulars (Rs cr) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 30.31 | 32.98 | ~54.00 |
| PAT | 7.69 | 7.84 | ~11.60 |
| PAT Margin | ~25.4% | ~23.8% | ~21.5% |
| Trade Receivable Days | 91 | 81 | 200 |
Revenue was broadly flat between FY24 and FY25, before a sharp 64% jump in FY26. PAT grew 48% in FY26 over FY25. While these numbers appear impressive in isolation, the sharp jump coincides with the pre-IPO period — a pattern that invites scrutiny. Of greater concern is the sharp deterioration in trade receivable days from 81 in FY25 to 200 in FY26, alongside a Rs 0.51 crore write-off of bad debts. This suggests the revenue growth in FY26 may partly reflect extended credit offered to customers rather than immediately recoverable sales.
Risks to Consider
The surge in trade receivable days to 200 in FY26 is the most significant financial red flag — it raises questions about the quality of the FY26 revenue growth and puts pressure on working capital. The construction and infrastructure sector is inherently cyclical, and any slowdown in project awards or capex spending directly impacts demand for formwork. The company has total borrowings of Rs 16.67 crore as of FY26, and its ability to service debt while also funding expansion from IPO proceeds will need monitoring.
Analyst View
Independent analysts note that while the business has a genuine role to play in India’s infrastructure buildout, the bumper top and bottom lines for FY26 raise eyebrows and concern over sustaining such fancy margins going forward. Analysts also note the issue appears aggressively priced based on recent financial data.