The Haryana-based bead mill and disperser manufacturer is raising Rs 60.55 crore. Issue closes March 25.
Tipco Engineering India Limited, a manufacturer of industrial mixing and grinding machinery, opens its SME IPO today on BSE SME and closes on March 25. Incorporated in 2021, the company makes a comprehensive range of bead mills, dispersers, and homogenizers used primarily in the paint and coatings, chemicals, printing and packaging, metals, and construction and infrastructure industries.
It is promoted by Ritesh Sharma, aged 37, who brings 18 years of experience in machine manufacturing and oversees production, sales, exports, and strategy. As of December 2025, the company has 96 employees. Listing is expected on April 1 on BSE SME.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | March 23, 2026 |
| Issue Closes | March 25, 2026 |
| Price Band | Rs 84 – Rs 89 per share |
| Issue Size | Rs 60.55 crore (at upper band) |
| Fresh Issue | Rs 48.49 crore (54,48,000 shares) |
| Offer for Sale | Rs 12.06 crore (13,55,200 shares) |
| Face Value | Rs 10 per share |
| Minimum Application | 3,200 shares (2 lots) |
| Minimum Investment (Retail) | Rs 2,84,800 at upper band |
| Post-Issue Market Cap | Rs 184.83 crore |
| IPO as % of Post-IPO Capital | 32.76% |
| Lead Manager | Smart Horizon Capital Advisors Pvt. Ltd. |
| Registrar | Maashitla Securities Pvt. Ltd. |
| Market Maker | Shreni Shares Ltd. |
| Listing | BSE SME |
| Listing Date | April 1, 2026 |
Promoter shareholding declines from 87.19% pre-issue to 57.79% post-issue. The OFS proceeds go to the promoter selling shareholder — the company itself receives nothing from that portion.
Objects of the Issue
| Object | Amount (Rs crore) |
|---|---|
| Repayment of borrowings | 30.00 |
| Working capital requirements | 7.66 |
| General corporate purposes | Balance |
| Total Fresh Issue | 48.49 |
The bulk of the fresh proceeds — Rs 30 crore — go toward debt repayment. Total borrowings have been declining, with the debt-to-equity ratio improving from 2.05x in FY24 to 0.81x as of 9M FY26.
Business
Tipco manufactures industrial machinery across three categories — Mill Series (bead mills of various types including batch, lab, horizontal, vertical, tungsten carbide pin-type, disc type, dyno mill, pug mill, attritor mill, basket mill, and ceramic bead mill), Disperser Series (high-speed dispersers, twin-shaft, triple-shaft, vacuum, fixed, and platform type), and Homogenizers Series (in-line, in-tank, and high-shear in-tank homogenizers).
It also manufactures liquid powder mixing machines and sigma mixers. Sale of products constitutes approximately 92.27% of revenue, with trading of ancillary products and installation and commissioning services making up the rest.
The paint and coatings sector is the largest revenue contributor, accounting for Rs 82.78 crore of FY25 revenue, followed by construction and infrastructure at Rs 25.60 crore — a segment that grew sharply from near-negligible levels in FY24, reflecting new customer wins. The chemical segment has also grown rapidly in 9M FY26, reaching Rs 18.60 crore. Geographically, 73.03% of FY25 revenue was concentrated in Uttar Pradesh, Rajasthan, and Haryana.
Financials
| Particulars (Rs lakh) | FY23 | FY24 | FY25 | 9M FY26 |
|---|---|---|---|---|
| Revenue from Operations | 3,597 | 10,123 | 13,314 | 8,590 |
| EBITDA | — | 1,214 | 2,385 | 2,089 |
| EBITDA Margin | — | 12.0% | 17.91% | 24.32% |
| PAT | 256 | 845 | 1,561 | 1,319 |
| PAT Margin | 7.12% | 8.34% | 11.72% | 15.35% |
| EPS (Rs) | — | 8.61 | 10.88 | 8.61 |
| RoE | — | 112.0% | 68.26% | 33.12% |
| RoCE | 30.83% | 30.74% | 33.27% | 24.76% |
| Debt to Equity | 3.28x | 2.05x | 1.12x | 0.81x |
Revenue has grown at a CAGR of 92.38% from FY23 to FY25, going from Rs 35.97 crore to Rs 133.14 crore. Margins have also expanded sharply — EBITDA margins at 24.32% in 9M FY26 and PAT margins at 15.35% are strong for an industrial machinery manufacturer.
The company had an order book of Rs 76.41 crore as of December 31, 2025, providing near-term revenue visibility. However, as two research notes reviewing this issue point out, the sudden surge in profits from FY24 onwards raises questions about sustainability, given the company was incorporated only in 2021 and has a limited track record.
Valuations
| Metric | Value |
|---|---|
| P/E on FY25 earnings (post-issue) | 11.84x |
| P/E on annualised FY26 earnings (post-issue) | 10.51x |
| P/BV on NAV of Rs 30.30 (Dec 2025) | 2.94x |
| EPS pre-issue | Rs 10.88 |
There are no listed peers cited in the offer document for direct comparison. At 10–12x earnings, the issue is priced at a significant discount to most listed industrial machinery companies. Equivision, however, flags the valuation as fair-to-slightly premium given the high customer and geographic concentration, and recommends avoid.
Risks Factors
Customer concentration. The top 10 customers contributed 78.83% of FY25 revenue, with the single largest customer at 25.55%. Any client loss would be highly material. Geographic concentration. 73.03% of FY25 revenue comes from Uttar Pradesh, Rajasthan, and Haryana — exposure to regional policy, economic, or demand disruptions. Short operating history. The company was incorporated in 2021. The rapid growth from FY23 to FY25 is impressive but has limited historical context to validate sustainability.