Skytech Infinite Platform IPO
Skytech Infinite Platform IPO is an SME IPO raising ₹23 Cr at ₹73 – ₹77 a share. It listed on 21 Aug 2026 at ₹74, −3.9% against its issue price of ₹77, and trades at ₹29 today (−61.9% since issue). It was subscribed 3.10× in total.
3.1 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
Skytech Infinite Platform Limited is a Bangalore-based company that designs, manufactures, supplies, installs, commissions and maintains industrial automation control panels (PCC, MCC, PLC, VFD, APFC, FLP, PDB and Control Desk panels). It serves customers across power, water, energy, machine tools, infrastructure, food & beverages, HVAC, chemicals & pharmaceuticals, automotive and process industries - largely in India, with a small export footprint in Bhutan, Thailand, China, Singapore, USA and Bangladesh.
How it earns
Primarily through EPC (engineering, procurement & construction) turnkey contracts where the company supplies and commissions panels, with smaller contributions from trading in automation components and recurring annual maintenance contracts (AMCs).
Who buys
No single customer named as a key buyer is disclosed; top-1 customer contributed 10.17% of revenue, top-3 20.43%, top-5 29.06% and top-10 47.23% in FY26. 268 customers in FY26, of which 210 were existing (83.91% of revenue) and 58 new (16.09%). Government tender-based revenue (IREPS, GEM, ISRO, KPCL platforms) was Rs. 262.72 lakh in FY26 (down from Rs. 964.67 lakh in FY25), with a 100% tender-win rate over the past three FYs (54 tenders participated, 54 awarded).
Scale
10,000 sq. ft. in-house manufacturing facility in Bangalore; 15+ years of operating history; 268 customers served in FY26; product registered/exported to up to 6 countries (Bhutan, Thailand, China, Singapore, USA, Bangladesh) though exports were just 0.09% of revenue in FY26. FY26 revenue from operations: Rs. 5,164.50 lakh (~Rs. 51.65 crore; 1 lakh = 0.01 crore).
What it says sets it apart
- Proprietary 'Techno Modular Design' panel architecture built on a 200 mm modular grid, allowing U/L/back-to-back configurations and cable/busbar flexibility - positioned as a differentiator from traditional welded panels.
- Multiple OEM authorizations that competitors may not have: Mitsubishi Electric (FA & LVS channel partner), Endress+Hauser (authorised distributor), Exor (authorised system integrator for South India), Euroteck (solution provider for Sprintex Air Blowers in Bangalore).
- End-to-end turnkey capability covering design, engineering, supply, installation & commissioning plus AMC/maintenance, with ISO 9001:2015 certification.
- 100% government-tender win rate over FY24-FY26 (54 of 54 tenders participated).
- High revenue stickiness: ~84% of FY26 revenue from existing customers (210 of 268), reflecting strong repeat business.
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs77 / stated EPS Rs6.12 (FY2026 (year ended March 31, 2026) Basic & Diluted EPS, with retrospective effect of bonus (post-bonus adjusted)). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
The last few years in numbers
From the prospectus’s own summary financial table (restated standalone). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| FY2026 | ₹52 Cr+14% | ₹4 Cr+13% | 8.1% | ₹19 Cr | ₹9 Cr |
| FY2025 | ₹45 Cr+2% | ₹4 Cr+175% | 8.2% | ₹15 Cr | ₹5 Cr |
| FY2024 | ₹44 Cr | ₹1 Cr | 3.1% | ₹11 Cr | ₹4 Cr |
Where the money goes
The offer →Most of this issue is new shares — the money raised goes to the company, not to exiting shareholders.
How its cohort has done
131 SME issues listed in 2026 that we can price today. This is the group this issue belongs to.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
What could go wrong
All 13risks & documents →From the register read out of the issuer’s own prospectus — each item is quoted verbatim with its page on the risks tab.
Led by Finshore Management Services Limited — median −49.3% across the 9 of its issues we can price. All lead managers →
What happens when
Next: the UPI mandate expires on 29 Sept 2026.
What to watch
- The asking multiple is 12.6× earnings, and the issuer names no listed peers to compare it against.
- The register's top risk: 75% sales concentrated in Karnataka (prospectus page 27).
- Its cohort's record: median +8.4% since issue price, 46.6% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
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Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.