From shop-floor hustle to Dalal Street debut, Rajkot-based Omnitech’s scrips precision growth story

In the early 2000s, Udaykumar Parekh, then working in the applications department at Jyoti CNC Automation Ltd, took a leap of faith. Armed with technical know-how and just ₹1 lakh in equity, he set up a modest machine shop in Rajkot with a single machine. Two decades later, that entrepreneurial bet has culminated in Rajkot-based Omnitech Engineering Ltd filing for a ₹583-crore initial public offering (IPO), marking a significant milestone in its journey from a small job shop to a global supplier of high precision engineered components and assemblies. The IPO proceeds are largely earmarked for capacity expansion and balance sheet strengthening. Of the total issue size, about ₹213.68 crore will be deployed towards setting up two new manufacturing units (Facility 1 & 2) in Chhapara, Rajkot, while ₹140 crore will go towards repayment or prepayment of borrowings. An additional ₹15.7 crore will be invested as capital expenditure at its existing facility. The IPO also has an offer for sale of up to ₹165 crore. Post-IPO, the promoter shareholding is expected to reduce to around 74 per cent from the current 94 per cent, ensuring continued promoter control while bringing in public investors to fund the next leg of growth. “I initially worked in the applications department of Jyoti CNC where I learnt all the technicalities of machines. My role was to provide complete solutions to the end customer. After gaining experience for six years, we started (our own enterprise) after buying one machine with less than ₹ 1 lakh as equity investment. The rest we took a loan,” said Udaykumar Parekh who was in Ahmedabad on Saturday to promote his company’s IPO. The company currently employs around 1,800 people and clocked a revenue of ₹ 343 crore in FY25, a significant portion of which is earned from exports. Omnitech is also commissioning a new manufacturing unit at Padavala in Rajkot, Gujarat. The upcoming facility is designed with an annualised machining capacity of 267,696 machine hours and a fabrication capacity of 7,200 tonnes per annum (mtpa) . In addition, the company has acquired three land parcels in Chhapara—Proposed Facility 1 and Proposed Facility 2—together offering a potential built-up area of 44,450.99 square metres. A key strategic shift underway is Omnitech’s push towards deeper integration and higher value addition. As part of the upcoming Padavala facility, the company is setting up a dedicated fabrication line that will enable it to supply fully assembled components rather than only machined parts. It is also targeting new-age and high-entry-barrier sectors such as defence, space, semiconductors, aerospace and railways, while strengthening its presence in safety-critical automotive and industrial applications. To back this ambition, Omnitech has secured a suite of global certifications. Its existing facilities hold ISO 9001, ISO 14001 and ISO 45001 certifications. It has also obtained AS9100:2016 certification for aviation, space and defence applications, IATF 16949:2016 for automotive, and multiple API certifications for oil and gas components. Omnitech positions itself as one of India’s fastest-growing manufacturers of high precision engineered components and assemblies among its peer set. As per an industry report cited in its draft papers, the company clocked a 92.45 per cent increase in revenue from operations between FY24 and FY25, translating into a CAGR of 39.06 per cent between FY23 and FY25. During FY25 alone, it catered to over 220 customers across 22 countries, including the US, UAE, Germany, Sweden, Bulgaria and Canada. Its products serve diverse end-use sectors such as energy, motion control and automation, industrial equipment systems and metal forming. Application areas range from drilling, exploration and refining equipment to actuator systems, robotic and conveying systems, mining components, hydraulic and pneumatic systems, and valve components for gas and steam equipment. Beyond capacity, the company is also investing in sustainability and employee infrastructure. Part of the IPO proceeds will be used to install rooftop solar panels and purchase additional equipment at Existing Facility 2. It also plans to procure seven new buses to support employee transportation, taking its total fleet to 19 buses Published on February 21, 2026