About Tipco Engineering India IPO
Tipco Engineering India IPO Details
Tipco Engineering India IPO is a 100% book-built issue offering up to 68.03 lakh equity shares worth up to ₹60.55 crore, comprising a fresh issue of up to 54.48 lakh equity shares worth up to ₹39 crore and an offer for sale (OFS) of up to 13.55 lakh equity shares worth up to ₹12 crore, with a face value of ₹10 per share. The company filed its DRHP with SEBI on September 30, 2025.
The price band for this issue is set at ₹84 to ₹89 per share and the lot size for an application is 1,600 shares. The minimum investment required for a retail investor is ₹2,84,800 (3,200 shares). The IPO will open for subscription from March 23 to March 25, 2026, on the BSE SME platform, with a tentative listing date scheduled for April 1, 2026.
Smart Horizon Capital Advisors Private Ltd. is the Book Running Lead Manager (BRLM) for the issue, while Maashitla Securities Private Ltd. is the registrar to the offer.
Tipco Engineering India IPO Date & Timeline
The Tipco Engineering India IPO is officially set to open for subscription on March 23, 2026 and will close on March 25, 2026. The company initially filed its Draft Red Herring Prospectus (DRHP) on September 30, 2025 and has now finalized its schedule following SEBI approval. Once the subscription window closes, the finalization of the basis of allotment is expected on Mar 27, 2026. Following this, the company will initiate refunds and credit shares to successful investors' demat accounts on Mar 30, 2026. Finally, the Tipco Engineering India Ltd. shares are tentatively scheduled to list on the stock exchanges on Apr 1, 2026.
Tipco Engineering India IPO Timeline
| IPO Open Date | Mon, Mar 23, 2026 |
| IPO Close Date | Wed, Mar 25, 2026 |
| Tentative Allotment | Fri, Mar 27, 2026 |
| Initiation of Refunds | Mon, Mar 30, 2026 |
| Credit of Shares to Demat | Mon, Mar 30, 2026 |
| Tentative Listing Date | Wed, Apr 1, 2026 |
Tipco Engineering India IPO Details
| Detail | Description |
|---|---|
| IPO Date | 23 to 25 Mar, 2026 |
| Listing Date | - |
| Face Value | ₹ 10 per share |
| Issue Price Band | ₹ 84 to ₹ 89 |
| Lot Size | 1,600 Shares |
| IPO Type | Fresh Capital & OFS |
| Total Issue Size | 68,03,200 shares (agg. up to ₹ 61 Cr) |
| Reserved for Market Maker | 10,20,800 shares (agg. up to ₹ 9 Cr) Shreni Shares Ltd. |
| Fresh Issue(Ex Market Maker) | 44,27,200 shares (agg. up to ₹ 39 Cr) |
| Offer for Sale | 13,55,200 shares of ₹10 (agg. up to ₹ 12 Cr) |
| Net Offered to Public | 57,82,400 shares (agg. up to ₹ 51 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Share Holding Pre Issue | 1,53,19,584 shares |
| Share Holding Post Issue | 2,07,67,584 shares |
Tipco Engineering India IPO GMP (Grey Market Premium)
Grey Market Premium (GMP) refers to the unofficial price at which IPO shares are traded before their official listing on the stock exchange.
Currently, the Tipco Engineering India IPO GMP is trading at ₹[.], reflecting investor sentiment before listing. This suggests a potential listing price of ₹[.], which is [.]% above the issue price. However, GMP is highly volatile and should not be the sole factor considered while making investment decisions.
IPO Estimated Listing Return
Based on the IPO Price of ₹89 (highest price band), the latest uploaded Grey Market Premium (GMP) of ₹0 and a lot size of 1600 shares.
Tipco Engineering India GMP TREND (DAILY UPDATES)
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| - | ₹89.00 | ₹0 | - |
Company Background
Tipco Engineering India Ltd. was incorporated in 2021, continuing the legacy of its predecessor partnership firm, M/s Tipco Engineering Works, which had been operating since 1990. The company is based in Sonepat, Haryana, and has evolved from a regional engineering firm into a high-precision component manufacturing company.
Over time, the company expanded its capabilities to serve the defense and aerospace industries. It has developed expertise in manufacturing ground support equipment for Indian defense forces and providing engineering solutions supporting the country's indigenization initiatives.
Operations & Product Range
Tipco Engineering India Ltd. operates in the heavy engineering and precision manufacturing sector. Its product portfolio includes specialized machinery, ground support equipment for defense applications, and precision components for industrial use. The company follows a design-to-delivery model, handling conceptualization, engineering design, and final production of complex equipment.
Its primary customers include defense public sector undertakings and large industrial companies.
Facilities & Capacity
The company’s primary manufacturing facility is located in Rai, Sonepat. The facility is equipped with advanced machinery that supports precision manufacturing processes. Through the IPO proceeds, the company plans to invest in additional machinery and equipment to expand production capacity and meet increasing demand.
Brands & Market Presence
Tipco Engineering India Ltd. has established itself as a reliable Tier-1 and Tier-2 supplier within India’s defense ecosystem. Although it operates in the B2B segment, the “Tipco” brand has developed strong credibility in the niche market for defense ground support equipment. The company holds required industry certifications, creating significant entry barriers for competitors.
Revenue Streams & Business Model
The company primarily generates revenue from the sale of engineering products and precision components. For the financial year ending March 31, 2025, Tipco Engineering India Ltd. reported revenue of approximately ₹63.31 crore.
Its revenue base is supported by a strong order pipeline from government-linked organizations and industrial customers. A large portion of revenue comes from domestic business associated with modernization initiatives in the Indian defense sector.
Management & Shareholding
Tipco Engineering India Ltd. is promoted by Mr. Ritesh Sharma and Ms. Sonia Sharma, who have extensive experience in the engineering and manufacturing industry. Before the IPO, the promoter group held 100% of the company’s equity share capital. Post-IPO, the promoter shareholding will be diluted due to the fresh issue and the OFS component.
Board & Key Management
The leadership team is headed by Chairman and Managing Director Mr. Ritesh Sharma. Ms. Sonia Sharma serves as Executive Director and full-time director, supported by Mr. Anup Kumar Singh. Independent directors such as Mr. Jeewan Chandra and Mr. Patterson Thomas contribute to governance oversight. Ms. Neha Sharma serves as the Chief Financial Officer.
Tipco Engineering India IPO Financial Information
Latest Revenue
86.25
₹ Crore
Profit After Tax
13.19
₹ Crore
Net Worth
46.41
₹ Crore
Total Borrowing
37.52
₹ Crore
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Reserves & Surplus | Total Borrowing | |||
|---|---|---|---|---|---|---|---|---|---|
| 31 Dec 2025 | 114.55 | 86.25 | 13.19 | 46.41 | 31.09 | 37.52 | |||
| 31 Mar 2025 | 100.95 | 133.35 | 15.50 | 33.08 | 33.07 | 37.23 | |||
| 31 Mar 2024 | 65.72 | 101.36 | 8.42 | 12.48 | 12.47 | 25.68 | |||
| 31 Mar 2023 | 28.04 | 35.98 | 2.56 | 2.57 | 2.56 | 8.42 | |||
| Amount in ₹ Crore | |||||||||
Tipco Engineering India Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 68.26% |
| ROCE | 33.27% |
| Debt/Equity | 1.12x |
| RoNW | 46.85% |
| PAT Margin | 11.72% |
| EBITDA Margin | 17.91% |
| Price to Book Value | 4.10 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 10.19 | 8.47 |
| P/E (x) | 8.73 | 10.51 |
Tipco Engineering India IPO Objectives
Tipco Engineering India Ltd. intends to utilize the proceeds from the fresh issue for the following purposes:
- • Funding the purchase of new plant and machinery to expand production capacity.
- • Meeting working capital requirements.
- • General corporate purposes.
Tipco Engineering India IPO Review
Tipco Engineering India Ltd. is well positioned to benefit from the Government of India’s “Make in India” initiative, particularly within the defense manufacturing sector. The transition from a partnership firm to a corporate entity indicates an evolving growth trajectory. The company reported revenue exceeding ₹63 crore with a PAT margin of around 11% in FY25, reflecting a solid operational base.
The planned utilization of IPO funds for capital expenditure signals expansion and increased production capability to meet growing demand. However, investors should note that a significant portion of revenue comes from defense sector orders, which may involve longer execution timelines due to regulatory and procurement procedures.
Overall, the Tipco Engineering India IPO presents a niche engineering company entering the public market during a period of increased emphasis on domestic manufacturing. While the SME nature of the company may result in higher stock volatility, its specialized capabilities and established client relationships provide growth potential.
Conclusion
The Tipco Engineering India IPO provides an opportunity to invest in a specialized engineering company focused on high-precision manufacturing for defense and industrial sectors. With a profitable operational base and plans to expand manufacturing capacity, the company aims to strengthen its position in the domestic engineering ecosystem.
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Competitive Strengths
Established reputation of supplying specialized products to the Indian defense sector.
Capability to design and engineer products as per the client’s requirements.
Location advantage of the manufacturing facility at one of the largest industrial hubs in Haryana.
Established relationship with the major defense PSUs and the large private players.
Download regulatory filings
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 3200 | 284800 |
| Individual investors (Retail) (Max) | 2 | 3200 | 284800 |
| S-HNI (Min) | 3 | 4800 | 427200 |
| S-HNI (Max) | 7 | 11200 | 996800 |
| B-HNI (Min) | 8 | 12800 | 1139200 |