Teamtech Formwork Solutions IPO

Teamtech Formwork solution operates on business-to-business (B2B) model and is engaged in the manufacturing, refurbishing and renting of modular T formwork and customised formwork system used in the construction industry. Formwork systems serve as temporary moulds that support and shape concrete which is poured into it until it attains the desired structural form (It provides support until the concrete gains enough strength to sustain its own weight and any imposed loads), making them an essential component of modern construction activities.

The company provides modular T formwork systems, including customised design, and technical support for projects. In addition to manufacturing new formwork systems, the company also undertakes refurbishment and reconditioning of used formwork, activities enabling customers to extend product life. It also offers a rental model, allowing customers to access formwork solutions without capital expenditure. The product portfolio broadly comprises standard panels, customised panels, formwork accessories and supporting components.

These products collectively make a complete modular formwork system, enabling contractors and infrastructure developers to set up formwork assemblies suited to different structural requirements and project specifications. Total state-wise revenue rose from ₹30.30 crore in FY24 to ₹53.66 crore in FY26.

The business was completely domestic till FY24, but the company has established exports from FY26, mainly to the UAE, which contributed ₹13.4 crore in FY26, a 25.15% share of the total revenue. In the country, the company has a varied presence throughout India, with Karnataka made up of 17.26%, Telangana at 16.81%, and Odisha at 10.65% being the highest performing states in the latest fiscal year.

The company’s business model is mainly performing by its manufacturing capabilities, enhanced by a good rental division. The "Manufactured Goods" segment is the main segment of its operations, resulting in 75.7% of total segment revenue (₹40.6 crore) in FY26, a constant rise from its 68.1% share in FY25. The rental business delivers a secondary revenue flow, bringing in ₹12.18 crore (22.71%) in FY26.