Tempsens Instruments (India) IPO
Tempsens Instruments (India) IPO is a mainboard IPO raising ₹650 Cr at ₹285 – ₹300 a share. It listed on 28 Aug 2026 at ₹634, +111.3% against its issue price of ₹300, and trades at ₹581 today (+93.8% since issue). It was subscribed 184× in total.
184.1 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.
Tempsens is an Indian thermal engineering and specialised cable manufacturer that designs and makes customised temperature sensing solutions (thermocouples, RTDs, infrared pyrometers, fibre optic sensors, thermal imagers), electrical heating solutions (immersion, process, cartridge, band, tubular heaters and furnaces), and specialised cables (instrumentation, thermocouple/RTD, mineral-insulated, heat trace cables and nickel alloy conductors). Products are sold to industrial customers across power, steel, oil & gas, petrochemicals, defence, nuclear, aerospace, glass, plastics, cement, pharmaceuticals and food processing, with manufacturing based in Udaipur, India and overseas units in the UAE, South Korea, Indonesia, Germany and Poland.
How it earns
Revenue comes from make-to-order sale of customised thermal products to direct customers and a 28-distributor network, split between Project/OEM business (greenfield/brownfield installations and OEM equipment supply) and recurring MRO (maintenance, repair and operations) replacement orders; exports to 80+ countries contributed ~28.5% of revenue from operations in Fiscal 2026.
Who buys
More than 3,800 unique customers as of March 31, 2026 (up from ~2,600 in April 2024); served more than 1,000 new customers between April 1, 2023 and March 31, 2026. Top 10 customers contributed ₹827.29 million / 18.59% of revenue from operations in Fiscal 2026 (down from 23.68% in Fiscal 2025 and 24.74% in Fiscal 2024). One specifically named customer — a major Indian PSU in engineering and electrical equipment — accounted for ₹158.13 million / 3.55% of revenue from operations in Fiscal 2026 (relationship since 2004). End-user industry split in Fiscal 2026: Petrochemical 21.45%, Metal 19.68%, Power 12.27%, Manufacturer 9.42%, Trader 9.58%, Defence & Nuclear 6.95%, Glass 6.74%, Plastic 3.90%, Others 9.99%.
Scale
15 manufacturing units (10 in Udaipur, India and 5 overseas — UAE, South Korea, Indonesia, Germany, Poland); 28 distributors as of March 31, 2026; 83 dedicated R&D employees as of March 31, 2026; products exported to more than 80 countries between April 1, 2023 and March 31, 2026; revenue from operations grew from ₹2,748.10 million (≈₹274.81 crore) in Fiscal 2024 to ₹4,448.78 million (≈₹444.88 crore) in Fiscal 2026 (figures converted at 1 crore = 10 million).
What it says sets it apart
- Largest manufacturer of contact and non-contact temperature sensors in India by revenue (~10.5% market share of temperature sensors in Fiscal 2026) and the only Indian manufacturer of non-contact temperature sensors (~21.3% share in Fiscal 2026)
- Only Indian manufacturer of fibre optic temperature sensors and thermal profiling systems, and the only manufacturer of pyrometers and online thermal imagers in India in Fiscal 2026
- Backward-integrated manufacturing — one of very few companies globally with an integrated facility for thermocouples, cables and electrical heaters at Udaipur; in-house capabilities include alloy melting, hot-rolling, annealing, mineral-insulated cable manufacture, machining, assembly and calibration
- Among a very few Indian manufacturers holding ASME U-Stamp certification for pressure vessels, plus multiple product certifications (UL, CE, ATEX, IECEx, R-Stamp, PESO, ECAS, BIS, ETL) supporting global market access
- Diversified revenue base with low customer concentration (top 10 customers ≤18.59% across all three Fiscals) and cross-sale revenue at 59.97% of revenue from operations in Fiscal 2026, plus export footprint across 80+ countries
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs300 / stated EPS Rs8.33 (FY2026 diluted EPS (Restated Consolidated Financial Information), face value ₹4). 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 consolidated). 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 | ₹445 Cr+18% | ₹71 Cr+14% | 16.0% | ₹525 Cr | ₹78 Cr |
| FY2025 | ₹379 Cr+38% | ₹63 Cr+53% | 16.5% | ₹442 Cr | ₹72 Cr |
| FY2024 | ₹275 Cr | ₹41 Cr | 14.9% | ₹205 Cr | ₹30 Cr |
Where the money goes
The offer →85% of this issue is existing shareholders cashing out — only the fresh issue reaches the business.
How its cohort has done
63 mainboard 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 →
How the book finished
The category split is the number worth reading, not the total.
Non-institutional: 314× their allocation. Retail: 61×.
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 14risks & 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 ICICI Securities Limited — median +18.2% across the 111 of its issues we can price. All lead managers →
What happens when
Next: the UPI mandate expires on 5 Oct 2026.
What to watch
- 85% of the issue is offer for sale — only ₹95 Cr of new money reaches the company.
- The asking multiple is 36× earnings, and the issuer names no listed peers to compare it against.
- The register's top risk: Single-city manufacturing dependency in Udaipur (prospectus page 30).
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track TEMPSENS INST (INDIA) LTD
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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.