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Other Electrical Equipments
Tempsens Instruments (India) Limited IPO
₹650 Cr · Fresh Issue & OFS · Other Electrical Equipments
Price Band
₹285 – ₹300
Lot: 150 shares (₹45,000)
GMP (Grey Market)
—
No GMP data yet
Issue Size
₹650 Cr
Fresh Issue & OFS
Market Cap
₹2514.98 Cr
At upper band
P/E Ratio
35.4x
P/S: 5.7x
Listing Date
28 Aug 2026
BSE & NSE
IPO Timeline
✓
Opens
20 Aug 2026
✓
Closes
24 Aug 2026
✓
Allotment
25 Aug 2026
✓
Refund
26 Aug 2026
✓
Listing
28 Aug 2026
IPO India Hub: Subscribe
Conviction
8/10
The company trades at 1.54× sector midpoint with 15.6% net margins and 31.8% PAT CAGR, meeting Subscribe criteria under the 1.5× threshold for profitable businesses with >15% NPM. Strong debt position (0.15× D/E), robust ROCE of 21.61%, and 65.67% promoter retention post-issue support conviction, though the 85.4% OFS component is a material structural concern.
Listing Performance
Issue Price
₹300
Allotment price
Listing Price
₹631.2
+110.4% on listing day
Current Price (CMP)
₹584.6
+94.9% vs issue
Listed On
28 Aug 2026
BSE & NSE
Our Analysis — Key Points
✓ Strength
Exceptional profit growth trajectory
Net profit has grown from ₹40.9 Cr (FY-2) to ₹71.1 Cr (FY0) at a 31.8% CAGR, outpacing revenue CAGR of 28%, indicating operational leverage and margin expansion. This demonstrates the company's ability to convert topline growth into bottom-line gains.
✓ Strength
Conservative balance sheet and capital efficiency
Debt-to-equity ratio of 0.15× is well below the 1.5× comfort threshold, and ROCE of 21.61% indicates efficient capital deployment. The company plans to use ₹55 Cr of proceeds for debt repayment, further strengthening the balance sheet.
⚠ Risk
Dominant OFS dilutes fresh capital benefit
85.4% of the ₹650 Cr issue is offer-for-sale (promoter/shareholder exit), meaning only ~₹95 Cr flows to the company for capex and debt reduction. This limits the company's ability to fund growth initiatives and reduces the IPO's strategic value to the business.
⚠ Risk
Niche sector with limited visibility
The company operates in electrical heating and specialized cable solutions—a narrow, unlisted sector with limited analyst coverage and comparable peers. Demand cyclicality, customer concentration, and competitive intensity in this space are not fully transparent from available data.
₹ Valuation
Fair valuation at sector midpoint threshold
At 35.4× P/E, the company trades at 1.54× the niche sector midpoint of 23×, which is within the Subscribe range (≤1.5× for NPM >15%). The 5.7× P/S and 24.83% EBITDA margin are reasonable for a capital-light, high-margin business with consistent growth.
👁 Watch
Monitor capex execution and margin sustainability
Track whether the ₹18.13 Cr capex deployment in electrical heating and cable solutions drives incremental revenue and maintains the 24.83% EBITDA margin. Any margin compression or capex delays would signal operational headwinds.
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 "Tempsens Instruments (India) Limited" to find the specific review. IPO India Hub does not represent the accuracy of third-party ratings.
Company Snapshot
Revenue
₹444.88 Cr
Net Profit
₹71.07 Cr
Industry
Other Electrical Equipments
Issue Type
Fresh Issue & OFS
Promoters
VIRENDRA PRAKASH RATHI, VINAY RATHI AND PRATAP SINGH TALESARA
Lead Managers
ICICI Securities and JM Financial
Quick Actions
Frequently Asked Questions
Subscribe. The company trades at 1.54× sector midpoint with 15.6% net margins and 31.8% PAT CAGR, meeting Subscribe criteria under the 1.5× threshold for profitable businesses with >15% NPM. Strong debt position (0.15× D/E), robust ROCE of 21.61%, and 65.67% promoter retention post-issue support conviction, though the 85.4% OFS component is a material structural concern.
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 150 shares. At the upper band price of ₹300, the minimum investment per retail application is ₹45,000. You can apply for up to 13 lots (₹585,000) under the retail category (up to ₹2 lakh).
The IPO opens on 20 Aug 2026. It closes on 24 Aug 2026. Allotment is expected on 25 Aug 2026. Refunds initiate on 26 Aug 2026. Listing on BSE and NSE is on 28 Aug 2026.
The lead managers for the IPO are ICICI Securities and JM Financial. Check the SEBI filing for the registrar details.
The IPO listed on 28 Aug 2026 at ₹631.2 against an issue price of ₹300 (+110.4% on listing day). The current market price (CMP) is approximately ₹584.6 (+94.9% vs issue).
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 24 Aug 2026. The minimum investment is ₹45,000 for one lot (150 shares). The company trades at 1.54× sector midpoint with 15.6% net margins and 31.8% PAT CAGR, meeting Subscribe criteria under the 1.5× threshold for profitable businesses with >15% NPM. Strong debt position (0.15× D/E), robust ROCE of 21.61%, and 65.67% promoter retention post-issue support conviction, though the 85.4% OFS component is a material structural concern.
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 24 Aug 2026. The IPO is priced at a P/E of 35.4x. Market cap at issue price is ₹2514.98 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 150 shares at ₹300 each, costing ₹45,000 per application. The issue closes on 24 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 'Tempsens Instruments (India) Limited'. Step 3: Enter the number of lots and UPI ID. Step 4: Accept the mandate on your UPI app.
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