BSE: 544740
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Paint process equipment, Inks process equipment, Pharmaceutical process equipment, Cosmetics process equipment, Food processing equipment, Agrochemicals process equipment, Defence equipment, Exports. Customised process-equipment manufacturer serving multiple industrial verticals; capex-light at 1.8% of revenue; growing defence and export mix.
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY26 |
|---|---|
| Revenue | 145 |
| EBITDA (ex other income) | — |
| margin % | — |
| Owners' profit | — |
| EPS, as reported (₹) | 16.44 |
| ROE % · ROCE % | — · 36.0 |
| Debt / equity (x) | — |
| Cash from operations | 3 |
| Capex | (3) |
Exhibit 2: Quarterly performance, last 1 quarters
| ₹ crore | Q4 FY26 |
|---|---|
| Revenue | 95 |
| Profit before tax | 21 |
| Net profit | — |
| EPS (₹) | 10.66 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ADITYA INFOTECH LIMITED | 46,786 | 97.2 | 24.93 | 80.7 | 19.6 | 24.5 | — | 14.8 |
| SYRMA SGS TECHNOLOGY LTD | 29,194 | 78.7 | 9.52 | 50.8 | 11.3 | 13.4 | — | 11.1 |
| HONEYWELL AUTOMATION IND | 27,680 | 50.5 | 6.20 | — | 11.8 | 15.5 | — | 18.2 |
| KAYNES TECHNOLOGY IND LTD | 22,459 | 64.9 | 4.72 | 31.9 | 7.6 | 9.8 | — | 17.1 |
| JYOTI CNC AUTOMATION LTD | 21,078 | 65.5 | 10.53 | 37.3 | 16.8 | 19.2 | — | 22.2 |
| LMW LIMITED | 17,356 | 99.3 | 6.05 | 56.2 | 4.6 | 5.9 | 13.2 | 11.9 |
| TEGA INDUSTRIES LIMITED | 13,374 | 469.7 | 3.93 | 40.0 | 4.2 | 5.4 | — | 4.2 |
| LLOYDS ENGG WORK LIMITED | 12,314 | 48.4 | 7.32 | 50.2 | 11.7 | 11.5 | — | 15.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 26.1 | 26.5 | 64 of 130 | 51% |
| ROCE | 30.6 | 11.3 | 10 of 142 | 94% |
| Market cap | 577 | 279 | 54 of 141 | 62% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 10 Oct 2026 · CFO Ramesh Goel resigns from Tipco Engineering citing health reasons | management changes | high | — | — |
| 10 Oct 2026 · CFO Ramesh Goel resigns from Tipco Engineering on health grounds | management changes | high | — | — |
| 7 Oct 2026 · RTA Compliance Certificate Under SEBI Regulation 74(5) for Sep 2026 Quarter | compliance | minimal | — | — |
| 28 Sept 2026 · Trading Window Closure from October 1, 2026 for H2 FY26 Results | compliance | minimal | — | — |
| 25 Sept 2026 · Outcome of Investor Meet | investor communications | low | — | — |
| 22 Sept 2026 · AGM Results: All 6 Resolutions Passed Unanimously | board shareholder meetings | low | — | — |
| 22 Sept 2026 · Tipco Engineering 5th AGM: Director pay hike, auditor appointment passed | board shareholder meetings | medium | — | — |
| 18 Sept 2026 · EGM Results: All 5 Resolutions Passed Including Preferential Share and Warrant Issuance | board shareholder meetings | low | — | — |
| 17 Sept 2026 · EGM approves about Rs 117 crore capital raise via preferential issue | board shareholder meetings | medium | — | — |
| 17 Sept 2026 · Tipco Engineering sets up defence and robotics subsidiary | strategic transactions | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.