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Listed
Industrial Manufacturing
Hy-Tech Engineers Limited IPO
₹136 Cr · Fresh Issue & OFS · Industrial Manufacturing
Price Band
₹50 – ₹53
GMP (Grey Market)
—
No GMP data yet
Issue Size
₹136 Cr
Fresh Issue & OFS
Market Cap
₹502.72 Cr
At upper band
P/E Ratio
22.3x
P/S: 2.7x
Listing Date
01 Sep 2026
BSE & NSE
IPO Timeline
✓
Opens
24 Aug 2026
✓
Closes
27 Aug 2026
✓
Allotment
28 Aug 2026
✓
Refund
31 Aug 2026
✓
Listing
01 Sep 2026
IPO India Hub: Subscribe
Conviction
8/10
The company trades at 0.97× sector midpoint with strong PAT growth of 39.5% CAGR and healthy 20.46% ROCE, indicating efficient capital deployment. Key risk is high OFS (55.8% of issue) which dilutes fresh capital for growth, though promoter retention at 71.23% post-issue remains supportive.
Listing Performance
Issue Price
₹53
Allotment price
Listing Price
₹72
+35.85% on listing day
Current Price (CMP)
₹85.6
+61.5% vs issue
Listed On
01 Sep 2026
BSE & NSE
Our Analysis — Key Points
✓ Strength
Strong profit growth trajectory
Net profit grew 39.5% over two years (₹11.6 Cr to ₹22.6 Cr) while revenue grew 17.1%, demonstrating margin expansion and operational leverage. EBITDA margin of 22.18% is healthy for industrial manufacturing, showing pricing power or cost control.
✓ Strength
Attractive valuation vs peers
P/E of 22.3× is 0.97× the sector midpoint of 23×, placing the company at fair value despite strong fundamentals. ROCE of 20.46% justifies the valuation and signals the company generates returns above cost of capital.
⚠ Risk
High OFS reduces capex benefit
55.8% of the ₹136 Cr issue is OFS (secondary sale), meaning only ~₹60 Cr flows to the company for capex and debt repayment. This limits the growth acceleration investors might expect from fresh capital, particularly for the stated expansion at three manufacturing units.
⚠ Risk
Modest net margin below 12%
NPM of 11.9% is below the 15% threshold typically needed to justify premium valuations in manufacturing. Any margin compression from raw material inflation or competitive pressure could quickly erode returns.
₹ Valuation
Fair valuation at sector midpoint
P/E of 22.3× equals the sector midpoint for manufacturing/engineering (18–28× range), and P/S of 2.7× is reasonable for a profitable, growing industrial company. Valuation is neither cheap nor expensive, reflecting the company's mid-tier growth and profitability profile.
👁 Watch
Monitor capex execution and debt paydown
Track whether the company deploys the limited fresh capital (post-OFS) effectively across the three expansion units and whether debt reduction improves leverage ratios. Execution delays or margin slippage would validate the OFS risk.
Top Analyst Reviews
| Analyst / Firm | Rating | Known For | Review |
|---|---|---|---|
| IPO India Hub Our independent review |
Original analysis based on DRHP & public financials | This page | |
| Dilip Davda Chittorgarh.com |
India's most followed independent IPO analyst | Search on Chittorgarh → | |
| Capital Market (CM Rating) CapitalMarket.com |
Widely-cited "New Issue Monitor" reports | Search on CapitalMarket → | |
| ICICI Securities ICICIdirect Research |
SEBI-registered broker research desk | Visit ICICIdirect → | |
| IPO Guru Analyst Leaderboard ipoguru.in |
Ranks 49 analysts by real IPO outcome accuracy | View leaderboard → |
External links go to each platform's IPO section — search for "Hy-Tech Engineers Limited" to find the specific review. IPO India Hub does not represent the accuracy of third-party ratings.
Company Snapshot
Revenue
₹189.40 Cr
Net Profit
₹22.59 Cr
Industry
Industrial Manufacturing
Issue Type
Fresh Issue & OFS
Promoters
HEMANT TUKARAM MONDKAR, SUREKHA HEMANT MONDKAR AND ASHWIN HEMANT MONDKAR
Lead Managers
New Berry Capitals
Quick Actions
Frequently Asked Questions
Subscribe. The company trades at 0.97× sector midpoint with strong PAT growth of 39.5% CAGR and healthy 20.46% ROCE, indicating efficient capital deployment. Key risk is high OFS (55.8% of issue) which dilutes fresh capital for growth, though promoter retention at 71.23% post-issue remains supportive.
GMP data is not yet available for this IPO. Check our GMP Live page for the latest updates closer to the listing date.
Lot size details will be updated when the DRHP is filed. The price band is ₹50 – ₹53.
The IPO opens on 24 Aug 2026. It closes on 27 Aug 2026. Allotment is expected on 28 Aug 2026. Refunds initiate on 31 Aug 2026. Listing on BSE and NSE is on 01 Sep 2026.
The lead managers for the IPO are New Berry Capitals. Check the SEBI filing for the registrar details.
The IPO listed on 01 Sep 2026 at ₹72 against an issue price of ₹53 (+35.85% on listing day). The current market price (CMP) is approximately ₹85.6 (+61.5% vs issue).
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 27 Aug 2026. The company trades at 0.97× sector midpoint with strong PAT growth of 39.5% CAGR and healthy 20.46% ROCE, indicating efficient capital deployment. Key risk is high OFS (55.8% of issue) which dilutes fresh capital for growth, though promoter retention at 71.23% post-issue remains supportive.
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 27 Aug 2026. The IPO is priced at a P/E of 22.3x. Market cap at issue price is ₹502.72 Cr. As with all IPOs, please read the DRHP and assess your own risk tolerance before investing.
You can apply via UPI through your broker's trading app (Zerodha, Upstox, Fyers, etc.) or via ASBA through your net banking portal. The issue closes on 27 Aug 2026, so apply before that date. Step 1: Log in to your broker or bank app. Step 2: Go to IPO section and search for 'Hy-Tech Engineers Limited'. Step 3: Enter the number of lots and UPI ID. Step 4: Accept the mandate on your UPI app.
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