⚠️ Neutral
Upcoming
SME IPO
NSE SME Industrial Products
SpectraA Technology Solutions IPO
₹42.52 Cr · Fresh Issue · Industrial Products
Price Band
₹112
Lot: 1200 shares (₹134,400)
GMP (Grey Market)
—
No GMP data yet
Issue Size
₹42.52 Cr
Fresh Issue
Market Cap
₹157.50 Cr
At upper band
P/E Ratio
10.31x
Listing Date
24th Sep 2026
BSE & NSE
IPO Timeline
✓
Opens
17th Sep 2026
✓
Closes
21 Sep 2026
📋
Allotment
22 Sep 2026
₹
Refund
23 Sep 2026
📈
Listing
24th Sep 2026
IPO India Hub: Neutral
Conviction
5/10
The company trades at 1.05× sector midpoint with fair valuation, but a 38.3% revenue CAGR decline over two years raises material concerns about business sustainability despite strong PAT growth and 31.92% ROCE. Valuation is defensible on multiples alone, but revenue contraction and modest 12.9% net margins warrant caution before committing capital.
Our Analysis — Key Points
✓ Strength
Strong Return on Capital Deployed
ROCE of 31.92% indicates efficient capital deployment and competitive operational advantage in the industrial products segment. This metric suggests the company generates strong returns on invested capital, which is a positive signal for long-term shareholder value creation.
✓ Strength
Promoter Commitment Post-Issue
Promoter holding remains at 73% post-issue, down from 100%, demonstrating continued confidence in the business. The low OFS component of 9.7% of total issue also signals that this is primarily a growth capital raise rather than a promoter exit.
⚠ Risk
Severe Revenue Contraction Trend
Revenue has collapsed from ₹89.7 Cr (FY-2) to ₹34.1 Cr (FY0), representing a 38.3% two-year CAGR decline. This sharp deterioration raises questions about market demand, competitive positioning, or operational disruptions that have not been clearly explained in the prospectus.
⚠ Risk
Thin Profit Margins Limit Downside Protection
Net profit margin of 12.9% and EBITDA margin of 13.48% are modest for an industrial products company and leave limited cushion if revenue continues to decline or input costs rise. Any margin compression would quickly erode profitability given the current revenue base.
₹ Valuation
Fair Valuation at Sector Midpoint
P/E of 24.23× is 1.05× the Manufacturing/Engineering sector midpoint of 23×, placing the company squarely within fair value range. However, this valuation assumes revenue stabilization; if the decline continues, the multiple will appear stretched relative to normalized earnings.
👁 Watch
Monitor Revenue Stabilization Post-Listing
Investors must closely track quarterly revenue trends in FY1 post-listing to confirm whether the sharp decline has bottomed or continues. Any further contraction would signal structural business challenges and warrant immediate portfolio review.
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 "SpectraA Technology Solutions" to find the specific review. IPO India Hub does not represent the accuracy of third-party ratings.
Company Snapshot
Revenue
₹103.05 Cr
Net Profit
₹11.56 Cr
Industry
Industrial Products
Issue Type
Fresh Issue
Quick Actions
Frequently Asked Questions
Neutral. The company trades at 1.05× sector midpoint with fair valuation, but a 38.3% revenue CAGR decline over two years raises material concerns about business sustainability despite strong PAT growth and 31.92% ROCE. Valuation is defensible on multiples alone, but revenue contraction and modest 12.9% net margins warrant caution before committing capital.
GMP data is not yet available for this IPO. Check our GMP Live page for the latest updates closer to the listing date.
The minimum lot size is 1200 shares. At the upper band price of ₹112, the minimum investment per retail application is ₹134,400. You can apply for up to 13 lots (₹1,747,200) under the retail category (up to ₹2 lakh).
The IPO opens on 17th Sep 2026. It closes on 21 Sep 2026. Allotment is expected on 22 Sep 2026. Refunds initiate on 23 Sep 2026. Listing on BSE and NSE is on 24th Sep 2026.
Our analysis is <strong>Neutral</strong>. Consider applying selectively before the issue closes on 21 Sep 2026. The minimum investment is ₹134,400 for one lot (1200 shares). The company trades at 1.05× sector midpoint with fair valuation, but a 38.3% revenue CAGR decline over two years raises material concerns about business sustainability despite strong PAT growth and 31.92% ROCE. Valuation is defensible on multiples alone, but revenue contraction and modest 12.9% net margins warrant caution before committing capital.
Our analysis is <strong>Neutral</strong>. Consider applying selectively before the issue closes on 21 Sep 2026. The IPO is priced at a P/E of 10.31x. Market cap at issue price is ₹157.50 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 minimum lot is 1200 shares at ₹112 each, costing ₹134,400 per application. The issue closes on 21 Sep 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 'SpectraA Technology Solutions'. Step 3: Enter the number of lots and UPI ID. Step 4: Accept the mandate on your UPI app.
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