Hy-Tech Engineers IPO

Hy-Tech Engineers is an engineering company with over four decades of experience in the hydraulics industry. The company is involved in the design, manufacture and supply of hydraulic fittings for various industrial applications.

The company operates in domestic and international markets, on a business-to-business (B2B) basis, serving original equipment manufacturers (OEMs) and other industrial customers through direct sales and through a network of authorised distributors and distribution partners. The company’s product portfolio, by FY26, includes more than 11,000 SKUs of hydraulic fittings, including standard DIN-metric fittings, JIC flared and flareless fittings, O-Ring Face Seal (ORFS) fittings and conversion fittings, as well as fittings customised to customer specifications.

Hy-Tech Engineers operates six manufacturing facilities, comprising four facilities in Maharashtra at Thane, Shirwal, Kavathe and Nashik and two facilities in Madhya Pradesh at Pithampur Unit-I and Pithampur Unit-II, with a combined built-up area of approximately 32,886.86 sq. mtrs. The Nashik Unit is dedicated to forging and is part of the company's backward integration strategy, supplying forged components to its other manufacturing facilities.

As of March 31, 2026, the company had a total installed capacity of 483.00 lakh pieces per annum of hydraulic fittings across its manufacturing facilities and the Nashik facility had an installed capacity of 3,120 metric tonnes per annum for forged metal parts. The Shirwal Unit had a capacity of 144 lakh pieces with capacity utilisation of 70.81%, the Kavathe Unit had a capacity of 192 lakh pieces with capacity utilisation of 60.4%, and Pithampur Unit-I had a capacity of 52 lakh pieces with capacity utilisation of 84.6%. Actual production increased to 32,700,000 pieces per annum in FY26 from 28,800,000 pieces in FY25 and 24,800,000 pieces in FY24, supported by scaling of production across its manufacturing facilities. Capacity utilization increased to 70.55% in FY26 from 66.86% in FY25.

During FY26, direct sales contributed 88.4% of total revenue, comprising domestic sales of ₹118.57 crore or 62.6% and overseas sales of ₹48.91 crore or 25.8% while the distributor channel contributed 11.58% of total revenue, comprising domestic sales of ₹15.22 crore and overseas sales of ₹6.71 crore. The Company has an international presence across markets including the USA, Belgium, Poland, Russia, Brazil, Italy, Saudi Arabia, Hungary, UAE, Thailand and Germany. During FY26, the USA was the largest international market, contributing ₹40.58 crore or 21.4% of revenue, followed by Belgium at ₹11.63 crore or 6.14%. Domestic revenue stood at ₹133.78 crore, representing 70.63% of revenue, while overseas revenue contributed ₹55.62 crore or 29.37% in FY26.

The company's revenue is diversified across multiple end-use industries, with construction machinery contributing 22.94% of revenue in FY26, followed by farming machinery at 22.83%, automotive at 9.05%. During FY26, the Company supplied products to 170 direct customers, including OEMs, compared to 144 in FY24. The top 10 customers have been associated with the Company for an average of more than 3 years. The top 3 customers contributed 22.89% of total revenue, while the top 10 customers contributed 45.32% in FY26. The Company also had 114 repeat customers in FY26, which generated revenue of ₹180.08 crore, representing 95.10% of consolidated revenue from operations.

The hydraulic fittings market in India grew at a CAGR of 10% between CY21 and CY25 and is expected to grow at a higher CAGR of 11% between CY26 and CY31. Globally, Asia is expected to record a CAGR of 9.2% between CY26 and CY31, followed by Europe at 8.6%, USA at 8.2% and Middle East at 10.1%. Increasing adoption of automation, rising investments in renewable energy projects, growing demand for durable and corrosion-resistant hydraulic components, increasing local manufacturing, availability of cost-effective solutions and technological advancements including integration of IoT and smart sensors drives the growth of the hydraulic fittings market. The hydraulic fittings market in the USA grew at a CAGR of 7.5% between CY21 and CY25 and is expected to grow at 8.2% between CY26 and CY31, while the European market grew at 7.8% and is expected to grow at 8.6% during the respective periods.

The company intends to increase manufacturing capacity at the Shirwal Unit by 45%, Kavathe Unit by 41.25% and Pithampur Unit-I by 83.08% through installation of high-precision machinery, including CNC Turning center, thread rolling machine and CNC vertical machining center. According to the CARE Report, the Indian hydraulic fittings industry is largely dominated by small and medium enterprises (SMEs), with only a few large players. The presence of several unorganized players, representing more than 90% of the industry, contributes to high competitive intensity. The company’s experience in manufacturing precision components, established manufacturing processes and long-standing relationships with customers and suppliers provide it with competitive strength in the market.

Now, Hy-Tech Engineers is launching its initial public offering (IPO), which consists of a fresh issue of ₹60 crore and an offer for sale of ₹75.73 crore. The total issue size of the IPO is ₹135.73 crore. Its shares will be listed on the NSE and BSE.

If you are interested in this investment opportunity but unsure how to apply for Hy-Tech Engineers IPO, here are the steps that you need to follow.

When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for Hy-Tech Engineers IPO on Upstox: