Technocrats Plasma Systems IPO

Incorporated in November 1994, Technocrats Plasma Systems Limited (TPSL) is an engineering-led manufacturer of plasma cutting machines, welding equipment and customised automation systems, with its manufacturing base in Vasai, Maharashtra.

The company has moved beyond standalone plasma and welding equipment into CNC-based cutting, welding automation, customised machines, retrofits and, more recently, laser cutting and laser welding solutions. Its business is operated on B2B, with products and engineered systems used across heavy fabrication and engineering, infrastructure and construction equipment, shipbuilding and marine, defence, automotive, steel service centres and other industrial applications.

The portfolio is divided into machines without automation, machines with automation, customisation and retrofit, and lifecycle services. Standalone products include manual plasma cutters and welding machines based on MMA/ARC, MIG/MAG, TIG and SAW technologies. On the automated side, the Company manufactures CNC plate and pipe profile cutting systems using plasma/oxyfuel, laser cutting systems, laser welding systems and welding automation solutions. Its systems are used for applications ranging from general fabrication and structural work to complex pipe cutting, shipbuilding, pressure vessels, heavy engineering and automated production lines.

The company had more than 2,500 clients across India and overseas, although the number of customers actually served during FY26 was 180, compared with 273 in FY25. In FY26, revenue from new customers was ₹106.48 crore, or 81.1% of total revenue, while repeat orders contributed ₹24.83 crore.

Infrastructure and construction equipment was the largest identified industry in FY26, contributing ₹38.33 crore or 29.1% of revenue, followed by heavy fabrication & engineering at ₹24.63 crore or 18.7%, and Defence at ₹15.07 crore or 11.4%. The top customer accounted for 11.2% of FY26 revenue compared with 25.7% in FY25, while the top ten for 62.6% of FY26 revenue. Cameroon and Uganda as existing export markets accounted for 0.55% of revenue in FY25. Maharashtra had the largest network with five dealers and three service locations, followed by Delhi with three dealers and two service locations. For FY26, the average installed capacity was assessed at 70.88 units on the company's standardised basis, against average production of 35.50 units, resulting in capacity utilisation of 50.08%.