Technocrats Plasma Systems IPO is an SME IPO raising ₹61 Cr at ₹125 – ₹132 a share. It listed on 21 Aug 2026 at ₹230, +74.2% against its issue price of ₹132, and trades at ₹396 today (+200.1% since issue). It was subscribed 189× in total.
189.2 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
Read from the 496-page prospectus. Indian prospectuses list hundreds of risk factors, most of them generic boilerplate. These are the 14 specific to this company; 42 generic ones were skipped. Every one is quoted verbatim with its page, so you can check it against the document.
The Statutory Auditor have further observed that the Company has not maintained proper records and reconciliation of inventory, including raw materials and semi-finished goods. In the absence of such records, the valuation and quantitative details of raw materials and semi-finished goods held by the Company as at March 31, 2023 have been taken based on representations made by the management.
Our net cash flows from operating activities were negative for the year ended March 31, 2026 and March 31, 2025.
Form GNL-1 was approved by the Registrar of Companies, Mumbai on January 03, 2026. Subsequently, the Company received a show cause notice dated July 14, 2026.
GS has not responded to our communications or provided any such information... SEBI, vide its letter no. HO/49/11/11(135) 2025 - CFD-RAC-DIL1/I/2454/2026 dated January 13, 2026, rejected our application for exemption
our top 10 suppliers contributed around 93.50%, 93.12% and 43.63% respectively of our purchases. Although we have long term relationship with our suppliers, we do not have a formal written agreement with any of them.
Substantial portion of our revenue from operations is from our top 10 customers (which accounted for 62.61%, 83.89% and 55.70% of our total revenue from operations for the Fiscal Year ended March 31, 2026, March 31, 2025 and March 31, 2024).
Our revenue from operations increased from ₹ 60,623 thousands in Fiscal 2024 to ₹ 4,93,568 thousands in Fiscal 2025, and ₹ 13,13,090 thousands in Fiscal 2026, representing a Compound Annual Growth Rate (CAGR) of approximately 365.40%
Capacity Utilization (%) 50.08 58.38 16.05
We derive a substantial portion of our revenue from customers located in two States, namely Maharashtra and Gujarat. For the Fiscals 2026, 2025 and 2024 accounted for 75.91%, 93.12% and 67.67% of our revenue from operations, respectively, was generated from customers situated in these States.
One of our Promoter Group Entities is engaged in business activities that are similar or related to our operations
Our Company intends to utilize a portion i.e. amount of ₹ 87,856 thousands out of the Net proceeds for the purchase of new machinery/equipment... we have not placed any firm orders with them
the facility shall be secured by a personal guarantee of our Promoters. In the event of default on the debt obligations, the personal guarantees may be invoked thereby adversely affecting our Promoters ability to manage the affairs of our Company
Claims Against the company not acknowledged as debt 52,171... 52,619... 52,619... Bank Guarantees 2,994
As at March 31, 2026, our total outstanding indebtedness aggregated to ₹ 1,47,301 thousands... Our financing agreements contain restrictive and financial covenants... Non-compliance with such covenants could result in an event of default
Extracted from the issuer’s own prospectus and ranked by how specific and material each risk is to this company. Severity is our assessment of the disclosure, not a prediction — and nothing here is a recommendation to apply to this issue.
The issuer’s own summary of outstanding legal proceedings — SEBI requires this table in every prospectus. Counts and amounts are as disclosed.
| Against | Criminal | Tax | Other material | Amount at stake |
|---|---|---|---|---|
| The company | 0 | 8 | 1 | ₹2.9 Cr |
| Promoters | 0 | 1 | 1 | ₹0.0 Cr |
Indirect Tax (VAT & CST) appeals by Company for FY 2010-11 — aggregate disputed tax, interest and penalty of ₹173.47 lakhs (~₹1.73 crore)
Maurer-Sanfield India Ltd. v. Technocrats Plasma Systems & Mr. Mahesh Jain — Commercial Suit No. 04/2026 before Commercial Court, Bhopal for recovery of ₹58,90,560 (~₹0.59 crore) for alleged non-commissioning of H-Beam Welding & Straightening System
TDS defaults linked to Company (PAN AAACT5491R) — 5 cases totaling ₹39.10 lakhs (~₹0.39 crore) including FY 2025-26 demand of ₹33.67 lakhs
Direct Tax (Income Tax) demands against Company — 2 cases totaling ₹14.16 lakhs (~₹0.14 crore), incl. ₹13.10 lakh for AY 2009-10 and ₹0.46 lakh for AY 2018-19
Vandana Sharma (Promoter) & others v. Housing Development & Infrastructure Ltd. (Suit (L) 168/2018) — Bombay HC civil suit over alleged illegal/arbitrary monetary demands by developer and disputed termination notices; financial impact not ascertainable
Amounts converted from lakhs to crore (1 crore = 100 lakh = 10 million). Tax count for Company = 2 Income Tax + 5 TDS + 1 Indirect Tax = 8 cases; aggregate ₹226.73 lakhs (₹2.2673 crore). Other count for Company = 1 (Maurer-Sanfield suit). Other count for Promoters/Directors = 1 (Vandana Sharma v. HDIL); amount not stated. Tax for Promoter/Director (Arun Kumar) = 1 case, ₹0.08 lakh. No subsidiaries or group companies exist per p364. Grand total not explicitly stated in the text.. Outstanding means unresolved — a listed case is an exposure, not a verdict.
What the issuer and the exchanges published. Everything else on this tab is read out of these.
