# Teamtech Formwork Solutions Limited: IPO analysis > Teamtech Formwork Solutions Limited (CIN U29190TG2018PLC128233) has filed a Red Herring Prospectus with SEBI for an IPO comprising a fresh issue of 79,60,000 shares. In FY26 it reported revenue of ₹54 Cr (+64.1% on FY25) and a net profit of ₹12 Cr. Promoters hold 81.3% before the IPO. Our fact-check of its claims found no medium or high concerns across 40 claims checked. - Page: https://ipo.innerkore.com/company/U29190TG2018PLC128233/teamtech-formwork-solutions-limited/ - CIN: U29190TG2018PLC128233 - Last updated: 10 Jun 2026 ## Key facts - **Company:** Teamtech Formwork Solutions Limited - **CIN:** U29190TG2018PLC128233 - **Filing stage:** RHP - **Latest SEBI filing:** 10 Jun 2026 - **Listing on:** NSE - **Revenue FY26:** ₹54 Cr - **Revenue growth:** +64.1% - **Net profit FY26:** ₹12 Cr - **Revenue CAGR FY24 to FY26:** 33.1% - **Promoter holding (pre-IPO):** 81.3% - **Lead managers:** Getfive Advisors Private Limited - **Registrar:** Kfin Technologies Limited - **Fact-check flags:** 0 high, 0 medium, 0 low ## Key signals (read from the filing; not investment advice) - **Growth** (looks fine): 33.1% a year. Sales FY24 to FY26; latest year +64.1%. - **Profitability** (looks fine): 21.6% net margin. FY26. - **Debt** (looks fine): 0.18x equity. ₹16.7 crore borrowed at the end of FY26. - **Profit into cash** (concern): 24% of profit. Operations brought in ₹2.8 crore against ₹11.6 crore of profit in FY26. - **One-off income** (looks fine): 4% of profit. Other and one-off income is 4% of pre-tax profit. - **Where the money goes** (looks fine): All new money. 100% is new shares issued by the company. 38% of the new money repays debt. - **Red flags** (looks fine): None serious. 40 claims checked: 0 high, 0 medium concern. ## Financial snapshot (₹ crore unless stated; consolidated) | | FY24 | FY25 | FY26 | |---|---:|---:|---:| | Sales | 30 | 33 | 54 | | Sales growth | – | 8.0% | 64.1% | | Net profit | 7.7 | 7.8 | 12 | | Net margin | 25.4% | 24.0% | 21.6% | | Net worth | 34 | 61 | 94 | | Borrowings | 3.6 | 11 | 17 | | Return on equity | 22.7% | 13.0% | 12.4% | ## Use of proceeds (fresh issue) - Funding of Capital Expenditure towards purchase of Plant and Machineries for new manufacturing unit: ₹12 crore - 2 Repayment/prepayment of all or certain of our borrowing availed by your company.: ₹16 crore - 3 To meet the working capital requirements: ₹14 crore - 4 General Corporate Purpose*: amount not fixed yet ## Fact-checked claims - **NONE** (SubsidiaryPerformance): The Board of Directors has approved the incorporation of a wholly owned subsidiary in United Arab Emirates.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that the Board of Directors approved the incorporation of a wholly owned subsidiary in the United Arab Emirates. - **NONE** (SubsidiaryPerformance): The Company does not have any subsidiary or holding as of the date of filing.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that the company does not have any subsidiary or holding as of the date of filing. - **NONE** (SubsidiaryPerformance): The Company has not undertaken any significant acquisitions, mergers, amalgamations, asset revaluations, or divestments of businesses or undertakings in the past ten years.. No current web search results were found to corroborate, contradict, update, or provide any new information regarding the claim that the company has not undertaken significant corporate transactions in the past ten years. - **NONE** (LitigationStatus): The trade payables of the Company as on 31.03.2026 were Rs. 1,006.26 lakhs.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim about the trade payables of Teamtech Formwork Solutions Limited as on 31.03.2026. - **NONE** (LitigationStatus): Tax Proceedings involving the Company include 4 cases relating to TDS defaults prior to 2025-26, totaling 1.64 Lakhs.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim about tax proceedings involving Teamtech Formwork Solutions Limited. - **NONE** (PromoterBackground): The Company paid remuneration amounting to Rs. 0.91 Lakhs for the financial year 2025-26 for Mithilesh Sharma.. No current web search results were found to corroborate, contradict, or provide any information regarding the claim that the company paid Rs. 0.91 Lakhs to Mithilesh Sharma for the financial year 2025-26. - **NONE** (PromoterBackground): The Company paid remuneration amounting to Rs. 4.59 Lakhs for the financial year 2025-26 for Binu George.. No current web search results were found to corroborate, contradict, or provide any information regarding the claim that the company paid Rs. 4.59 Lakhs to Binu George for the financial year 2025-26. - **NONE** (PromoterBackground): Mithilesh Sharma has been appointed as Company Secretary & Compliance Officer of the Company with effect from 05.01.2026.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the appointment of Mithilesh Sharma as Company Secretary & Compliance Officer of Teamtech Formwork Solutions Limited with effect from 05.01.2026. - **NONE** (PromoterBackground): Mithilesh Sharma is a Qualified Company Secretary and an Associate member of the Institute of Company Secretaries of India since November 2022.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that Mithilesh Sharma is a Qualified Company Secretary and an Associate member of the Institute of Company Secretaries of India since November 2022. - **NONE** (PromoterBackground): Binu George has been serving as the Chief Financial Officer of the Company since November 13, 2025, and is responsible for designing pricing strategies and controlling processing costs.. No current web search results were found to corroborate, contradict, or provide any information regarding Binu George's tenure as CFO or her responsibilities at Teamtech Formwork Solutions Limited. - **NONE** (PromoterBackground): Remuneration details for Fiscal 2026 show Eldo Varghese's remuneration as Rs. 79.24 lakhs and Chaitanya Prakash Kotagiri's as Rs. 21.89 lakhs.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the remuneration details mentioned in the claim from the Draft Red Herring Prospectus. - **NONE** (SubsidiaryPerformance): The Authorized Share Capital was increased from ₹ 260.00 Lakhs divided into 26,0 Equity Shares of ₹ 10/- each to ₹ 1,600.00 Lakhs divided into 3,20,0000 Equity Shares of ₹ 5/- each on 02.02.2026.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim made in the Draft Red Herring Prospectus for Teamtech Formwork Solutions Limited. ## Common questions ### How big is the Teamtech Formwork Solutions Limited IPO? Teamtech Formwork Solutions Limited's IPO comprises a fresh issue of 79,60,000 shares, according to its Red Herring Prospectus. The price band is not stated in that document. ### What are Teamtech Formwork Solutions Limited's revenue and profit? Teamtech Formwork Solutions Limited reported revenue from operations of ₹54 Cr in FY26, +64.1% versus FY25. Net profit was ₹12 Cr (FY25: ₹7.8 Cr). Revenue grew at a compound rate of 33.1% a year from FY24 to FY26. Figures are read from the RHP, as printed there. ### How much do promoters own in Teamtech Formwork Solutions Limited? Promoters and the promoter group hold 81.3% of Teamtech Formwork Solutions Limited before the IPO. ### How will Teamtech Formwork Solutions Limited use the IPO money? The fresh-issue proceeds are earmarked for: Funding of Capital Expenditure towards purchase of Plant and Machineries for new manufacturing unit (₹12 Cr); 2 Repayment/prepayment of all or certain of our borrowing availed by your company. (₹16 Cr); 3 To meet the working capital requirements (₹14 Cr); 4 General Corporate Purpose (amount not fixed yet). ### What are the red flags in Teamtech Formwork Solutions Limited's RHP? We fact-checked 40 claims from the filing against the open web: 0 raised a high concern, 0 medium and 0 low. This is an automated screen, not a verdict; each finding links to its sources. ### What does Teamtech Formwork Solutions Limited do? Forget the fanfare; the biggest red flag surrounding the Teamtech Formwork Solutions Limited IPO is this: there is absolutely no record to confirm the Board of Directors approved incorporating a wholly owned subsidiary in the United Arab Emirates. ### Who manages the Teamtech Formwork Solutions Limited IPO? Book running lead managers: Getfive Advisors Private Limited. Registrar to the offer: Kfin Technologies Limited. Shares are proposed to list on NSE. ### Where can I read the original Teamtech Formwork Solutions Limited IPO documents? All 1 filing for Teamtech Formwork Solutions Limited (RHP) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document. ## Source documents - [TEAMTECH FORMWORK SOLUTIONS LIMITED](https://www.sebi.gov.in/sebi_data/attachdocs/jun-2026/1781091011695_1276.pdf) (Red Herring Prospectus, filed 10 Jun 2026) --- Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.