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InnerKore IPO
RHPLast filing 8 Sep 2026

Tempsens Instruments (India) Limited

CIN
Source documents

Tempsens Instruments (India) Limited (CIN U31402GJ1990PLC149769) has filed a Red Herring Prospectus with SEBI for an IPO comprising a fresh issue of ₹95 Cr and an offer for sale of 1.85 Cr shares. In FY26 it reported revenue of ₹445 Cr (+17.5% on FY25) and a net profit of ₹71 Cr. Promoters hold 46.1% before the IPO. Our fact-check of its claims found no medium or high concerns across 41 claims checked.

Read from public SEBI filings; last updated . Not investment advice.

Key signals

Read from the filing. Signals summarise it; they are not a recommendation or investment advice.

  • ValuationNot available
    Not yetThe price band isn't out, so P/E and price-to-book can't be worked out.
  • GrowthLooks fine
    27.2% a yearSales FY24 to FY26; latest year +17.5%.p.81
  • ProfitabilityLooks fine
    16% net marginFY26; operating margin steady.p.81
  • DebtLooks fine
    0.15x equity₹78 crore borrowed at the end of FY26.p.81
  • Profit into cashLook closer
    59% of profitOperations brought in ₹42 crore against ₹71.1 crore of profit in FY26.p.81
  • One-off incomeLook closer
    12% of profitOther and one-off income is 12% of pre-tax profit; management describes 1 one-off item.p.495
  • Not comparable yetFresh issue of ₹95 crore; offer for sale of 1.85 Cr shares. The two aren't in the same unit until the price band is out.p.134
  • Red flagsLooks fine
    None serious41 claims checked: 0 high, 0 medium concern.
How we rate these
  • Valuation: P/E at the top of the band: up to 25x good, up to 40x watch, above that concern.
  • Growth: Sales growth per year: 20% or more good, 8% or more watch, below that concern.
  • Profitability: Net profit margin: 10% or more good, 4% or more watch, below that concern. The trend note compares operating margin with the year before (1.5 points either way).
  • Debt: Borrowings / net worth: up to 0.5x good, up to 1.5x watch, above that concern.
  • Profit into cash: Cash from operations as a share of net profit: 80% or more good, 40% or more watch, below that (or negative) concern.
  • One-off income: Other and one-off income as a share of pre-tax profit: up to 10% good, up to 30% watch, above that concern. Any one-off item management itself describes moves "good" to "watch".
  • Where the money goes: Offer for sale as a share of the whole issue: under 40% good, under 75% watch, above that concern. In an offer for sale the money goes to the selling shareholders, not the company.
  • Red flags: Fact-check results: any high-concern finding is concern, any medium is watch, otherwise good.

Rules are rules of thumb, not a verdict: a fast-growing business can reasonably carry a higher P/E, and some sectors run on debt.

The IPO

What Tempsens Instruments (India) Limited is offering, at what price, and who owns it today. Read from the RHP; anything the company hasn't fixed yet shows as pending.

IPO dates announced

Bidding 20 Aug 2026 to 24 Aug 2026.

Fresh issue
₹95 Cr
New money for the company
Offer for sale
1.85 Cr shares
Amount set at the price band
Price band
To be announced
Not stated in this document
Shares today
8.07 Cr
Before the IPO
Face value
₹4
Listing on
BSE & NSEEQ
Bidding
20 Aug 2026 – 24 Aug 2026
Opens – closes
Lead managers
ICICI SecuritiesJM Financial
Registrar
KFin Technologies
Read from p.1p.77p.78p.79+2

Where the money goes

Earmarked for specific objects
₹73 Cr

of a ₹95 Cr fresh issue

Object₹ crore% of issue
Capex
Funding certain capital expenditure of our Company towards our (i) electrical heating solutions; and (ii) specialized cable solutions
18
19%
Debt repayment
Pre-payment or scheduled re-payment, in full or in part, of certain outstanding borrowings availed by our Company
55
58%
General corporate
General corporate purposes
Not fixed yet–

Amounts marked “not fixed yet” are left blank in the draft and are set once the price is decided. The offer-for-sale portion is not shown here: that money goes to the selling shareholders, not the company. Source: page 134

Who owns it

Promoters hold before the IPO
46.1%
Promoters 46.1%Promoter group 34.4%Investors 19.5%
HolderShares% before IPO
Vinay RathiPromoter2.42 Cr30.0%
Virendra Prakash RathiPromoter1.25 Cr15.5%
Rathi Family TrustPromoter group76.63 lakh9.5%
Amit TalesaraPromoter group68.53 lakh8.5%
Chandra Prakash TalesaraPromoter group68.51 lakh8.5%
Ankit TalesraInvestor68.51 lakh8.5%
Nirmal Kumar PandeInvestor68.51 lakh8.5%
Puneet TalesaraPromoter group63.69 lakh7.9%
Capital India Opportunities FundInvestor20.17 lakh2.5%
Pratap Singh TalesaraPromoter5.08 lakh0.6%

Valuation

Valuation comes with the price band. P/E, price-to-book and price-to-sales need an offer price, and draft filings leave it blank. We'll compute them here as soon as the RHP announces the band.

Who is selling

The offer for sale, seller by seller, as the filing itself lists them.

Selling shareholderMax shares offeredCost of acquisition
Amit TalesaraPromoter48.16 lakh₹0.05
Puneet TalesaraPromoter12.94 lakh₹0.05
Chandra Prakash TalesaraPromoter37.88 lakh₹0.04
Nirmal Kumar PandeOther48.15 lakh₹0.06

Cost of acquisition is the weighted average price the seller originally paid per share, as stated in the filing.

Financials

What Tempsens Instruments (India) Limited earned and how, read straight from its RHP.

Sales FY26
₹445 Cr
+17.5% vs FY25
Net profit FY26
₹71 Cr
16.0% net margin
Net worth
₹525 Cr
Debt / equity 0.15x
Operating cash flow FY26
₹42 Cr
Cash generated by the business
₹ crore · Consolidated · FY = year ended 31 MarchSource p.80p.81p.82
MetricFY24FY25FY26
Profit & loss
Sales275379445
Sales growth–37.7%17.5%
Operating profit5590100
Operating margin19.9%23.9%22.5%
Other income3.23.911
Interest1.62.15.2
Depreciation5.41214
Profit before tax548394
Profit before tax excl. other & one-off income517983
Other & one-off income as % of PBT6.0%4.7%11.7%
Tax rate24.5%24.8%24.5%
Net profit416371
Net margin14.9%16.5%16.0%
EPS (₹)8.067.518.35
Balance sheet
Net worth205442525
Borrowings307278
Total assets27155161
Debt / equity0.15x0.16x0.15x
Return on equity20.0%14.2%13.5%
Cash flow
Cash from operations375442
Cash from investing-27-93-26
Cash from financing2.136-6.3

Non-recurring items

One-off items management describes in its own discussion of the results. They are real, but they do not come from day-to-day operations and may not repeat, so an analyst would set them aside when judging the recurring business.

  • Other

    Gain on sale of property, plant and equipment (net) was ₹50.70 Lakh in Fiscal 2026 compared to nil in Fiscal 2025.

    p.495

Full statements

As printed in the filing's summary financial information, converted to ₹ crore.

₹ crore (per-share figures in ₹), as restated in the filing. Click + to see what a line is made of.Source p.81
Line itemFY24FY25FY26
Revenue from operations275379445
Other income3.23.911
278382456
Finance costs1.62.15.2
Depreciation and amortisation expense5.41214
227302364
Profit before share of net profits of investments accounted for using equity method and tax (C=A-B)518092
Restated Profit Before Tax (E=C+D)548394
Deferred tax expenses0.444.02.0
132123
Profit for the Year (G=E-F)416371
486272
Profit for the Year attributable to: Owners of the parent416167
486069
Earnings Per Equity Share of Face value of ₹4 each (in ₹ per share) (i) Basic EPS8.067.518.35
8.067.518.33
₹ crore (per-share figures in ₹), as restated in the filing. Click + to see what a line is made of.Source p.80
Line itemFY24FY25FY26
Property, plant and equipment75106114
Goodwill0.00106108
Investments401313
150315371
Inventories5786112
Investments0.004.326
Trade receivables466486
Cash and cash equivalents141328
121237290
Total assets 627155161
Equity share capital1.92.932
Other equity203427465
205442525
Borrowings9.35.57.6
191319
Borrowings216670
4.52.87.1
4797117
Total equity and liabilities271551661
₹ crore (per-share figures in ₹), as restated in the filing. Click + to see what a line is made of.Source p.82
Line itemFY24FY25FY26
Profit before tax548394
Loss on disposal of interest in subsidiary0.000.000.02
Operating Profit Before Working Capital changes5792104
375442
-27-93-26
2.136-6.3
Net (Decrease)/ Increase in Cash and Cash Equivalents (A+B+C)12-3.29.5
Cash and cash equivalents at the beginning of the year1.41413
Cash and cash equivalents on account of scheme of amalgamation0.002.40.00
Cash and cash equivalents on account of acquisition during the year0.000.005.9
Exchange differences on cash and cash equivalents0.050.080.02
Cash and cash equivalents at the end of the year141328
141328

Discounted cash flow

What Tempsens Instruments (India) Limited's cash flow would be worth today. Change the rate, time period or growth to see how sensitive the answer is.

% / yr
years
% / yr
Worth today (10 years of cash)
₹661 Cr
Per share
–
Needs the price band.
Top of the price band
–
0100200300Year 1: ₹50 Cr projected, ₹45 Cr in today's money1Year 2: ₹61 Cr projected, ₹49 Cr in today's money2Year 3: ₹73 Cr projected, ₹53 Cr in today's money3Year 4: ₹87 Cr projected, ₹57 Cr in today's money4Year 5: ₹105 Cr projected, ₹62 Cr in today's money5Year 6: ₹125 Cr projected, ₹67 Cr in today's money6Year 7: ₹151 Cr projected, ₹73 Cr in today's money7Year 8: ₹181 Cr projected, ₹78 Cr in today's money8Year 9: ₹217 Cr projected, ₹85 Cr in today's money9Year 10: ₹260 Cr projected, ₹92 Cr in today's money10
Projected cash flow (₹ Cr) Worth today at 11% a yearAlong the bottom: years from now

Starts from FY26 cash from operations of ₹42 Cr, grown 20% a year (based on revenue growth FY24–FY26, capped at 20%) and discounted at 11% a year, with no value counted beyond year 10. A simple illustration from the filing's numbers, not a forecast or investment advice; small changes to the rate or growth move the answer a lot.

The short version

Start here. The story in a few minutes, with every fact tied to the page it came from.

Investors, pay close attention: a critical red flag emerged in the TEMPSENS INSTRUMENTS IPO filings. Our investigation reveals a glaring omission—no current search results can corroborate or contradict the claim made in the DRHP regarding the promoters' interest in company-acquired property.

AI-written summary of Tempsens Instruments (India) Limited's filings. Verify against the source documents.

This offering is complex, involving provisions for a Fresh Issue, an Offer for Sale, and an Employee Reservation Portion, all concerning equity shares with a face value of ₹4 each.

  • The offer involves a Fresh Issue, Offer for Sale, and Employee Reservation Portion. p.77
  • Equity shares have a face value of ₹4 each. p.77

The Board approved the Offer based on resolutions from September 8, 2025, and Shareholders approved the Fresh Issue through a special resolution on the same day.

  • The Board approved the Offer pursuant to resolutions dated September 8, 2025, and September 29, 2025. p.77
  • Shareholders approved the Fresh Issue pursuant to a special resolution dated September 8, 2025. p.77

The total number of equity shares outstanding before this offer was 8,06,66,025, setting the scale for the issuance.

  • Equity Shares outstanding prior to the Offer were 8,06,66,025. p.80

A significant portion of the Anchor Investor allocation is reserved for domestic funds; specifically, 40% is reserved for Mutual Funds (33.33%), and 6.67% is reserved for Life Insurance Companies and Pension Funds.

  • 40% of the Anchor Investor Portion is reserved for domestic Mutual Funds (33.33%). p.78
  • 6.67% of the Anchor Investor Portion is reserved for Life Insurance Companies and Pension Funds. p.78

The rules mandate strict allocation for institutional investors, with 5% of the Net QIB Portion specifically available for allocation to Mutual Funds only.

  • 5% of the Net QIB Portion is available for allocation to Mutual Funds only. p.78

We start by looking at the authorized capital structure. The company has 87,500,000 equity shares authorized with a face value of ₹4 each, totaling ₹35.00 Crore. Before any offer, the issued, subscribed, and paid-up capital stood at 80,666,025 equity shares, aggregating ₹32.26 Crore.

  • Authorized share capital is 8,75,00,000 equity shares with a face value of ₹4 each, aggregating to ₹35,00,00,000. p.97
  • Issued, subscribed and paid-up capital before the offer was 8,06,66,025 equity shares with a face value of ₹4 each, aggregating to ₹32,26,64,100. p.97

A significant finding relates to promoter control. As of the Draft Red Herring Prospectus date, the Promoters held 3,72,08,195 equity shares, which represented 46.13% of the total issued, subscribed, and paid-up share capital.

  • Promoters held 3,72,08,195 Equity Shares, constituting 46.13% of the issued, subscribed and paid-up share capital. p.110

We also note the history of share allotments, including a rights issue on March 31, 2023, and a subsequent allotment on March 20, 2025, under a Marathon Amalgamation Scheme, which involved consideration other than cash.

  • An allotment occurred on March 31, 2023, with a consideration of Rights issue. p.103
  • An allotment occurred on March 20, 2025, pursuant to the Marathon Amalgamation Scheme, with consideration other than cash. p.104

The company faces severe risks due to its reliance on a concentrated supplier base. This dependency increases the likelihood that production disruptions could occur if a key supplier fails to perform as expected.

  • Reliance on a concentrated supplier base increases the risk that production disruptions could result if a supplier does not perform as expected. p.29

These supply chain issues have already translated into financial penalties. We've seen tangible impacts, with certain supply disruptions resulting in late delivery charges or incremental freight costs across Fiscal Years 2026, 2025, and 2024.

  • Certain supply disruptions have resulted in late delivery charges or incremental freight costs during Fiscals 2026, 2025, and 2024. p.29

The physical location of manufacturing is a major vulnerability. A significant concentration of manufacturing units in Udaipur, Rajasthan, India, exposes the business to risks from single-site disruptions.

  • Significant concentration of manufacturing units at Udaipur, Rajasthan, India and operating risks at both domestic and international manufacturing units could result in disruptions that adversely affect the business, financial condition, results of operations, and cash flows. p.30

Furthermore, operating across multiple countries introduces international risks. This includes navigating complex regulatory frameworks, cross-border transport and logistics challenges, and operational disruptions from country-specific incidents.

  • Operating across multiple countries exposes the company to international risks, including navigating complex regulatory frameworks, cross-border transport and logistics challenges, adverse changes in foreign exchange rates, and operational disruptions arising from country-specific incidents. p.31

We look at the core personnel involved in the offering, identifying key roles such as the Company Secretary and various Book Running Lead Managers. Vishal Jain is officially listed as the Company Secretary and Compliance Officer for the company, as detailed on page 89.

  • Vishal Jain is the Company Secretary and Compliance Officer of the Company. p.89

The offering process involved significant coordination with major financial intermediaries. Both ICICI Securities Limited and JM Financial Limited were listed as Book Running Lead Managers for the issue, as noted on page 91.

  • ICICI Securities Limited is listed as a Book Running Lead Manager (BRLM). p.91
  • JM Financial Limited is listed as a Book Running Lead Manager (BRLM). p.91

The structure of the offering required numerous parties to provide written consents or reports for inclusion in the prospectus under various regulatory sections. This highlights the extensive documentation required for the filing process.

  • Numerous parties require written consents or reports for inclusion in the prospectus under various sections of the Companies Act and SEBI ICDR Regulations. p.90

Bottom line

In summary, the IPO of TEMPSENS INSTRUMENTS revealed a complex structure involving various allocations for institutional investors and a significant promoter holding of over 46% of the issued shares. The company's operations are marked by vulnerabilities, including a fragile supply chain dependent on key suppliers and risks associated with its concentrated manufacturing location. Navigating the offering also highlighted the extensive documentation required and the involvement of key financial intermediaries in the process.

Red flags & fact-checks

We looked up selected claims from the filing (promoters, court cases, subsidiaries) on the open web. Here is what we found.

  • ClearPromoter background

    Tempsens Instruments (India) Limited

    100% confidence
    What the filing says

    The Promoters have not had any interest in property acquired by the Company in the three years preceding the date of the Red Herring Prospectus, except as disclosed in related party transaction notes.

    What we found

    No current web search results were found to corroborate, contradict, update, or provide any new information regarding the claim made in the DRHP regarding the promoters' interest in company-acquired property.

  • ClearPromoter background

    Tempsens Instruments (India) Limited

    100% confidence
    What the filing says

    Pratap Singh Talesara is not involved in any other venture other than as disclosed in the promoter group and management sections.

    What we found

    No web search results were found to corroborate, contradict, update, or provide any information regarding the claim that Pratap Singh Talesara is not involved in any other venture other than those disclosed in the promoter group and management sections.

  • ClearPromoter background

    Tempsens Instruments (India) Limited

    100% confidence
    What the filing says

    Vinay Rathi is not involved in any other venture other than as disclosed in the promoter group and management sections.

    What we found

    No web search results were found to corroborate, contradict, update, or provide any information regarding the claim that Vinay Rathi is not involved in any other venture besides those disclosed in the promoter group and management sections.

  • ClearPromoter background

    Tempsens Instruments (India) Limited

    100% confidence
    What the filing says

    Virendra Prakash Rathi is not involved in any other venture other than as disclosed in the promoter group and management sections.

    What we found

    No web search results were found to corroborate, contradict, update, or provide any information regarding the claim that Virendra Prakash Rathi is not involved in any other venture besides those disclosed in the promoter group and management sections.

  • ClearPromoter background

    Tempsens Instruments (India) Limited

    100% confidence
    What the filing says

    Pratap Singh Talesara is one of the Non-Executive Directors of the Company.

    What we found

    No current web search results were found to corroborate or contradict the claim that Pratap Singh Talesara is a Non-Executive Director of Tempsens Instruments (India) Limited.

  • ClearPromoter background

    Tempsens Instruments (India) Limited

    100% confidence
    What the filing says

    Vinay Rathi is the Managing Director of the Company.

    What we found

    No current web search results were found to corroborate or contradict the claim that Vinay Rathi is the Managing Director of Tempsens Instruments (India) Limited.

Inside the filing

Section-by-section summaries of the Red Herring Prospectus. Turn on Detailed view at the top to expand everything.

What the company does and how it got here

Business & industry

What the company actually does, its customers, competition and the industry it sells into.

pp. 168–316

This section provides an overview of the industry context, drawing from a report commissioned by the company. It discusses the global and Indian economic outlook, noting recent growth trends, inflation projections, and the impact of trade tensions. The Indian government's budget highlights a focus on infrastructure, manufacturing, and technology to boost domestic production. These policies aim to strengthen India's industrial ecosystem across various sectors.

Key points (421, showing 60)

  • The information used in this section is derived from an Industry Report on Sensors, Specialty Cables and Heating Solutions in India and Globally, prepared by Forst & Sullivan (India) Private Limited. p.168
  • Global real GDP grew by 3.4% in CY2024 and CY2025. p.168
  • Indian economy grew by 7.6% in calendar year CY2025, following 7.1% growth in CY2024. p.168
  • Global inflation eased to 4.1% in CY2025, driven by tighter monetary policies and lower international commodity prices. p.169
  • India's total capital expenditure in the Union Budget FY2027 targets INR 12.22 lakh crore, focusing on infrastructure-led growth and fiscal consolidation. p.170

History & corporate structure

How the company came to be: key milestones, subsidiaries, acquisitions and restructurings.

pp. 317–341

The company was incorporated as a private limited company on September 14, 1990, and later converted to a public limited company on August 6, 2025, resulting in a name change. The registered office has undergone several changes, including one for administrative efficiency and another for business expansion in Gujarat. The company's Memorandum of Association has seen numerous amendments over the last ten years, including changes to the main object clause, authorized share capital increases, and changes in the registered office state. The company has a significant history of manufacturing, acquiring businesses, and receiving various awards and certifications for quality and export excellence.

Key points (73, showing 60)

  • The company was incorporated as ‘Tempsens Instruments (India) Private Limited’ as a private limited company under the Companies Act, 1956 on September 14, 1990. p.317
  • The company was converted into a public limited company pursuant to a Board resolution dated August 6, 2025, and a Shareholders’ resolution dated August 7, 2025, leading to a name change. p.317
  • The name of the company was changed to ‘Tempsens Instruments (India) Limited’ following the conversion. p.317
  • The company commenced manufacturing of thermocouple cables in 2009. p.317
  • The company entered into a memorandum of understanding with Tan Willy Sianto and Felix Nurdin in 2017 to incorporate a joint venture company, PT. Tempsens Asia Jaya. p.317

The IPO terms and where the money goes

Cover & definitions

Headline offer terms and the glossary the rest of the document relies on.

pp. 6–24

This section primarily provides definitions and abbreviations used throughout the Draft Red Herring Prospectus. It defines various terms related to the company, including its legal name, corporate office, key personnel, and various aspects of the offering process. It also details terms related to the offer, such as different types of bidders, allotment procedures, and timelines for bid/offer activities.

Key points (21)

  • The company's full legal name is Tempsens Instruments (India). p.6
  • The registered office address for the company is TF-304, Florence Classic, 10, Ashapuri Society, Akota, Vadodara - 390 020 Gujarat, India. p.6
  • The corporate office is situated at B-188, B-189, B-169 (Part), B-188A & F-188(E), Road No. 5, Industrial Area Madri, Udaipur 313 003, Rajasthan, India. p.6
  • The Lead Managers/Book Running Lead Managers mentioned are ICICI Securities Limited and JM Financial Limited. p.10
  • The Offer involves the process of Book Building. p.10

The offer

How many shares are being sold, by whom, and on what terms.

pp. 77–83

The introduction details the structure of the offer, which includes provisions for Fresh Issue, Offer for Sale, and various portions categorized as QIB, Non-Institutional, and Retail. The offer involves equity shares with a face value of ₹4 each. The document outlines specific rules for allocating these shares to different investor categories, including reservations for domestic Mutual Funds and Life Insurance Companies and Pension Funds within the Anchor Investor Portion. Furthermore, it specifies allocation rules for Non-Institutional and Retail Bidders, including minimum application sizes and the possibility of spill-over allocations.

Key points (18)

  • The offer involves equity shares with a face value of ₹4 each. p.77
  • The Offer includes a Fresh Issue, Offer for Sale, and Employee Reservation Portion. p.77
  • The Board approved the Offer pursuant to resolutions dated September 8, 2025 and September 29, 2025, and Shareholders approved the Fresh Issue pursuant to a special resolution dated September 8, 2025. p.77
  • Selling Shareholders were authorized to participate in the Offer for Sale pursuant to resolutions dated August 6, 2026. p.77
  • The Offer for Sale includes allocations to various Selling Shareholders, such as Amit Talesara, Puneet Talesara, Chandra Prakash Talesara, Ankit Talesara, and Nirmal Kumar Pande, with corresponding numbers of equity shares offered. p.77

Capital structure

Who owns what today, past share issues and what the shareholding looks like after the IPO.

pp. 97–132

This section details the authorized and issued share capital of the company as of the date of the Draft Red Herring Prospectus. It outlines the authorized share capital, the issued and paid-up capital before the offer, and various components related to the current offer, including fresh issues and offers for sale. Furthermore, it specifies provisions regarding employee reservations, which are capped at 5% of the post-offer paid-up equity share capital.

Key points (61, showing 60)

  • The authorized share capital is 8,75,00,000 equity shares with a face value of ₹4 each, aggregating to ₹35,00,00,000. p.97
  • The issued, subscribed and paid-up capital before the offer was 8,06,66,025 equity shares with a face value of ₹4 each, aggregating to ₹32,26,64,100. p.97
  • The offer includes a fresh issue of up to [●] equity shares aggregating up to ₹95.00 Crore. p.97
  • The offer includes an offer for sale of up to 1,85,00,000 equity shares with a face value of ₹4 each, aggregating up to [●] million. p.97
  • The employee reservation portion shall not exceed 5% of the post-Offer paid-up Equity Share capital. p.97

Use of proceeds

What the money raised will be spent on: growth, debt repayment or promoters cashing out.

pp. 133–167

The Offer involves a fresh issue of equity shares and an offer for the sale of equity shares. The net proceeds from the fresh issue are intended for various purposes, including funding capital expenditure for electrical heating solutions and specialized cable solutions, pre-payment of outstanding borrowings, and general corporate purposes. The company expects to benefit from the listing of its equity shares, which is anticipated to enhance visibility and create a public market for its shares. The utilization of these funds is subject to various factors and potential changes in deployment schedules.

Key points (59)

  • The Offer comprises a fresh issue of up to [●] Equity Shares of face value of ₹4 each aggregating up to ₹95.00 Crore and an offer for sale of up to 1,85,00,000 Equity Shares of face value of ₹4 each aggregating up to [●] million. p.133
  • The net proceeds of the Fresh Issue are proposed to be utilized towards funding certain capital expenditure of the Company towards electrical heating solutions and specialized cable solutions. p.134
  • The net proceeds are proposed to be utilized for the pre-payment or scheduled re-payment, in full or in part, of certain outstanding borrowings availed by the Company. p.134
  • The net proceeds are proposed to be utilized for general corporate purposes, with the amount not exceeding 25% of the Gross Proceeds. p.134
  • The company intends to utilize ₹18.13 Crore from the Net Proceeds for capital expenditure to procure new machinery and equipment for electrical heating solutions and specialized cable solutions. p.137

The numbers behind the story

Financial information

Revenue, profit, debt, cash flow and the auditors' notes behind them.

pp. 368–508

This section details the independent auditor's examination of the Restated Consolidated Financial Information of Tempsens Instruments (India) Limited for various periods. The examination covered financial statements for the years ended March 31, 2026, 2025, and 2024, including Profit and Loss statements, Balance Sheets, Changes in Equity, and Cash Flow Statements. The examination relied on audited financial statements from different periods and auditors, and confirmed that the financial information was prepared in accordance with applicable accounting standards and regulations.

Key points (284, showing 60)

  • The Board of Directors prepared the Restated Consolidated Financial Information for the purpose of inclusion in the RHP and Prospectus. p.369
  • The financial information was compiled from Audited Consolidated Ind AS financial statements for the year ended 31 March 2026. p.370
  • The Restated Consolidated Financial Information was prepared in accordance with Indian Accounting Standards (Ind AS) as prescribed under Section 133 of the Act read with Companies (Indian Accounting Standards) Rules 2015, as amended. p.371
  • The Restated Prior Period Consolidated Financial Information was prepared after incorporating adjustments for changes in accounting policies, material errors, and regrouping/reclassifications retrospectively. p.371
  • The Holding Company and its subsidiaries used accounting software with an audit trail feature, except that the audit trail feature was not enabled at the database level for logging direct data changes. p.373

What could go wrong, per the company

Risk factors

The risks the company is legally required to disclose, in its own words.

pp. 25–76

Investors should be aware that the company's business is heavily reliant on a few projects/OEM contracts, which account for the majority of its revenue. The MRO business, while providing recurring revenue, faces a risk due to the smaller and more frequent nature of its orders potentially limiting growth. Furthermore, the company's performance is sensitive to demand trends in key end-user industries like metal, petrochemical, and defence & nuclear sectors. There is also a risk concerning the volatility and availability of primary raw materials, which can impact production and margins, especially for custom orders. Finally, the reliance on a limited group of suppliers for key materials introduces supply disruption risks.

Key points (88, showing 60)

  • Revenue remains exposed to demand fluctuations within key sectors such as metal, petrochemical, defence & nuclear, power, glass, and plastics. p.27
  • A significant economic slowdown, regulatory changes, technological shifts, or reduced capital expenditure in key industries could lower demand for products and services. p.27
  • Short-term fluctuations in availability or pricing of key raw materials can impact margins on large or scheduled orders. p.28
  • For small or urgent orders, procurement cost increases may not be fully recoverable through pricing adjustments, leaving the company exposed to raw material price risk. p.28
  • Production disruptions could arise if a supplier experiences operational or capacity-related difficulties, such as delays or late delivery charges. p.29

Who runs and controls the company

Related-party transactions

Business done between the company and people or firms connected to its owners.

pp. 84–96

This section details various related party transactions categorized by the nature of the transaction, including revenue from the sale of products and services, purchases of raw materials, purchases of property, plant, and equipment, legal and professional fees, job work charges, rental income, and managerial remuneration. The data is presented across three fiscal years, showing the percentage of revenue from operations for each year, and the corresponding monetary amounts in Indian Rupees (in million).

Key points (53)

  • Revenue from sale of products from PT. Tempsens Asia Jaya Indonesia was 65.61% of the revenue for the year ended March 31, 2026, and ₹14.70 Lakh for the same period. p.84
  • Revenue from sale of products from Pyrotech Electronics Private Limited was 15.44% of the revenue for the year ended March 31, 2026, and ₹3.50 Lakh for the same period. p.84
  • Revenue from sale of services from Tempsens Instruments GmbH was 5.24% of the revenue for the year ended March 31, 2026, and ₹1.20 Lakh for the same period. p.84
  • Revenue from sale of services from Pyrosens Technologies India Private Limited was 1.00% of the revenue for the year ended March 31, 2026, and ₹0.40 Lakh for the same period. p.84
  • Purchase of raw materials for Pyrotech Electronics Private Limited was 41.36% of the revenue for the year ended March 31, 2026, and ₹9.30 Lakh for the same period. p.84

Management & board

Directors and senior management: who they are, their background and pay.

pp. 342–362

The company's Board of Directors comprises eight members, including two Executive Directors, two Non-Executive Directors, and four Independent Directors. The key personnel include Virendra Prakash Rathi as Chairman and Executive Director, and Vinay Rathi as Managing Director. The document details the directorship history, qualifications, and other board memberships for each director. It also clarifies that no directors have been appointed or selected as senior management personnel under any arrangement with major shareholders, and no service contracts exist for directors regarding retirement or termination.

Key points (36)

  • Virendra Prakash Rathi is the Chairman and Executive Director. p.342
  • Vinay Rathi is the Managing Director. p.342
  • Ankit Talesara is a Non-Executive Director. p.343
  • Pratap Singh Talesara is a Non-Executive Director. p.343
  • Deepak Kabra is an Independent Director. p.343

Promoters

The people or entities controlling the company, and what else they own.

pp. 363–367

The company's promoters are Virendra Prakash Rathi, Vinay Rathi, and Pratap Singh Talesara. The shareholding breakdown shows Virendra Prakash Rathi holding 15.50%, Vinay Rathi holding 30.00%, and Pratap Singh Talesara holding 0.63% of the pre-offer equity share capital. Virendra Prakash Rathi is the Chairman and Executive Director, while Vinay Rathi is the Managing Director. The document details various aspects concerning the promoters' interests, related party transactions, and dividend policies.

Key points (11)

  • Virendra Prakash Rathi is the Chairman and Executive Director of the Company. p.363
  • Vinay Rathi is the Managing Director of the Company. p.363
  • Virendra Prakash Rathi is not involved in any other venture other than as disclosed in the promoter group and management sections. p.363
  • Pratap Singh Talesara is one of the Non-Executive Directors of the Company. p.364
  • Pratap Singh Talesara is not involved in any other venture other than as disclosed in the promoter group and management sections. p.364

Updates since the first filing

Addenda, corrigenda and the abridged prospectus, newest first.

  1. DAPAbridged prospectus (DAP)· 16 pagesOpen document

    An earlier full draft. The main analysis above reflects the latest version; open the document to compare.

Tempsens Instruments (India) Limited IPO: common questions

Short answers drawn from the filings above.

How big is the Tempsens Instruments (India) Limited IPO?

Tempsens Instruments (India) Limited's IPO comprises a fresh issue of ₹95 Cr and an offer for sale of 1.85 Cr shares, according to its Red Herring Prospectus. The price band is not stated in that document.

What are Tempsens Instruments (India) Limited's revenue and profit?

Tempsens Instruments (India) Limited reported revenue from operations of ₹445 Cr in FY26, +17.5% versus FY25. Net profit was ₹71 Cr (FY25: ₹63 Cr). Revenue grew at a compound rate of 27.2% a year from FY24 to FY26. Figures are read from the RHP, as printed there.

How much do promoters own in Tempsens Instruments (India) Limited?

Promoters hold 46.1% of Tempsens Instruments (India) Limited before the IPO. Largest holders listed: Vinay Rathi (30.0%); Virendra Prakash Rathi (15.5%); Rathi Family Trust (9.5%).

How will Tempsens Instruments (India) Limited use the IPO money?

The fresh-issue proceeds are earmarked for: Funding certain capital expenditure of our Company towards our (i) electrical heating solutions; and (ii) specialized cable solutions (₹18 Cr); Pre-payment or scheduled re-payment, in full or in part, of certain outstanding borrowings availed by our Company (₹55 Cr); General corporate purposes (amount not fixed yet). The offer-for-sale portion goes to the selling shareholders, not the company.

What are the red flags in Tempsens Instruments (India) Limited's RHP?

We fact-checked 41 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 Tempsens Instruments (India) Limited do?

Investors, pay close attention: a critical red flag emerged in the TEMPSENS INSTRUMENTS IPO filings. Our investigation reveals a glaring omission—no current search results can corroborate or contradict the claim made in the DRHP regarding the promoters' interest in company-acquired property.

Who manages the Tempsens Instruments (India) Limited IPO?

Book running lead managers: ICICI Securities Limited, JM Financial Limited. Registrar to the offer: KFin Technologies Limited. Shares are proposed to list on BSE and NSE.

Where can I read the original Tempsens Instruments (India) Limited IPO documents?

All 2 filings for Tempsens Instruments (India) Limited (RHP, DAP) 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

Every page reference on this site links to the original SEBI PDF.

DocumentSource
RHPRed Herring Prospectus
Tempsens Instruments (India) Limited - RHP · 8 Sep 2026
PDF
DAPAbridged prospectus (DAP)
Tempsens Instruments (India) Limited - RHP · 8 Sep 2026
PDF
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