Tipco Engineering India Limite

Manufactures integrated process equipment — customised engineered systems and machinery — for industrial customers in paint, inks, pharmaceuticals, cosmetics, food processing, agrochemicals and defence. FY26 revenue was ₹145.28 crore, with order book of ₹60-70 crore and exports contributing 7.1% of revenue. Defence is a newer vertical: DRDO/HEMRL approval has been secured and a trial machine has been sold; rocket-fuel nano-dispersion and solid-state battery R&D are in progress. A Pune mega facility is being set up with Germany's LexaMix, requiring about ₹40 crore of capex and targeting ₹180 crore-plus revenue in FY27. The Sonipat facility ran at 89% utilisation in H2 FY26, with additional land identified for expansion. Materials account for 65.2% of revenue, making raw materials the dominant cost, while employee cost is just 3.3% and capex intensity is low at 1.8% of revenue.