SpectraA Technology Solutions IPO
SpectraA Technology Solutions IPO is an SME IPO raising ₹43 Cr at ₹112 – ₹118 a share. It listed on 24 Sept 2026 at ₹224, +90.0% against its issue price of ₹118, and trades at ₹232 today (+96.3% since issue). It was subscribed 353× in total.
352.6 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.
SpectraA Technology Solutions Limited designs, fabricates, installs and commissions turnkey process plants and equipment for breweries (commercial and micro/craft), distilleries (copper pot stills for malt spirit), food and beverage processors, botanical extraction plants, and select FMCG/pharmaceutical clients. It handles both greenfield and brownfield projects end-to-end—from design through handover—and fabricates all equipment in-house at two factories in Bengaluru (Malur, Karnataka) and Jaipur (Chomu, Rajasthan).
How it earns
B2B turnkey design-build-commission project revenue: clients (commercial breweries, distilleries, food & beverage and extraction processors) place orders for customised process equipment and complete plants, with most revenue (around 87% in FY26) coming from turnkey projects and the balance from non-turnkey supplies and scrap sales.
Who buys
B2B customers are breweries, distilleries, food & beverage processors and extraction-plant operators. Customer base exceeds 50 clients across India plus select export markets; export revenue was 29.38% of FY26 revenue. Customer concentration is high: Top 1 customer = 15.01% of FY26 revenue (₹1,518.55 lakhs / ₹15.19 crore, matching the Germany export line), Top 3 = 35.18%, Top 5 = 46.75%, Top 10 = 65.60%. Repeat-order revenue was 50.07% of FY26 revenue (vs 30.68% in FY25 and 38.87% in FY24). No dealer/distributor network is used.
Scale
Two manufacturing facilities with combined built-up area of 33,214.75 sq ft (Bengaluru 13,789.77 sq ft, Jaipur 19,424.98 sq ft); 100 kWp rooftop solar (30 kW Malur + 50 kW Jaipur + 20 kW registered office); over 50 completed projects; order book of ₹8,129.61 lakhs (≈₹81.30 crore) as on August 25, 2026; FY26 revenue from operations ₹10,116.21 lakhs (≈₹101.16 crore). (Conversion: 1 crore = 100 lakh.)
What it says sets it apart
- Two manufacturing hubs—Bengaluru (13,789.77 sq ft) and Jaipur (19,424.98 sq ft, commissioned 2023)—provide geographic reach across south, west and north India, with proximity to NH 75/NH 52 highways, Bengaluru/Jaipur airports and Chennai/Mundra ports to support domestic and export dispatches.
- 100% in-house fabrication covering cutting, rolling, welding, passivation, pressure testing and Factory Acceptance Testing (FAT) before dispatch, allowing tight control over quality, schedule, cost and design confidentiality.
- 100% FAT success ratio and zero warranty claims during the period ended September 30, 2025 and across the last three financial years, under an ISO 9001:2015 quality system spanning raw-material intake to site handover.
- Diversified order book spread across six product verticals (commercial brewery, distillery, malt spirit, microbrewery, food & beverage, extraction) and across geographies—installations footprint covers 19 Indian states and 3 UTs domestically and 10 countries for exports (Bhutan, Nepal, UAE, South Africa, Germany, Cambodia, Myanmar, Tanzania, South Sudan, West Africa, New Zealand).
- Engineering-heavy workforce: technical staff made up 90% of total employees as on August 31, 2026, supporting in-house design, fabrication and project execution.
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs118 / stated EPS Rs11.45 (FY ended March 31, 2026, Basic and Diluted EPS post-bonus (Restated Consolidated Financial Statements)). 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.
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
185 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.
Led by Indcap Advisors Private Limited — median +96.3% across the 3 of its issues we can price. All lead managers →
What happens when
Next: the UPI mandate expires on 2 Nov 2026.
What to watch
- The asking multiple is 10.3× earnings, and the issuer names no listed peers to compare it against.
- Its cohort's record: median −2.7% since issue price, 51.9% 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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