IPO closes on 24 Aug'26
Tempsens Instruments (India) Limited
Minimum Investment
₹ 15,000 / 50 shares
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- Tempsens Instruments is India's largest manufacturer of contact and non-contact temperature sensors by revenue, and the only Indian maker of fibre optic temperature sensors and thermal profiling systems; revenue grew from ₹236.94 crore (FY23) to ₹378.53 crore (FY25), and PAT grew from ₹33.23 crore to ₹62.56 crore over the same period.
- Projects/OEM business makes up 69.16% of FY25 revenue (up from 63.47% in FY23), and total borrowings have risen from ₹26.45 crore to ₹71.83 crore over the same period — growth has come with both concentration and leverage increasing.
- Price Band ₹285–₹300; Issue of ₹650 crore (₹95 crore Fresh Issue + ₹555 crore Offer for Sale); Lot Size 50 shares. Opens Aug 20, Closes Aug 24, Allotment Aug 25, tentative Listing Aug 28, 2026 on BSE/NSE. GMP ~₹175 (~58%) as of Aug 19 — one of the hottest premiums in this entire IPO series.
- The overwhelming majority of the issue (₹555 crore of ₹650 crore) is Offer for Sale by the promoter group and other selling shareholders, with only ₹95 crore as Fresh Issue — most proceeds go to existing shareholders rather than the Company's own growth.
- Genuine category leadership, unique technical capabilities (fibre optic sensors), and consistent growth support the fundamentals, but the extremely hot GMP (~58%) suggests the market may already be pricing in a lot of good news, and the heavy OFS weighting plus rising Projects/OEM concentration and borrowings are worth weighing against the excitement before assuming the grey-market premium will fully hold through listing.
About the company
Founded in
14 Sep'90
Managing director
Vinay Rathi
- Tempsens Instruments is a thermal engineering and specialised cable manufacturer, designing and manufacturing customised temperature sensing solutions, electrical heating solutions and specialised cables for industrial applications, following a make-to-order model with significant in-house, backward-integrated manufacturing and calibration capabilities.
- Per the F&S Report, Tempsens is the largest manufacturer of contact and non-contact temperature sensors in India by revenue (FY26), and the only Indian manufacturer of fibre optic temperature sensors and thermal profiling systems.
- Operations span 11 manufacturing units (8 in India, 3 overseas), supported by subsidiaries Pyrosens and Tempsens Gulf LLC, step-down subsidiary Accurate Opto, and joint ventures PT. Tempsens Asia Jaya (Indonesia) and Tempsens Korea Co. Ltd.
- § Promoters: Virendra Prakash Rathi (Chairman & Executive Director), Vinay Rathi (Managing Director) and Pratap Singh Talesara; promoter/promoter group holding is expected to reduce from 80.51% pre-Offer to 65.67% post-Offer.
STRENGTHS
- Market Leadership in Temperature Sensing: The largest manufacturer of contact and non-contact temperature sensors in India by revenue (FY26, per F&S Report), and the only manufacturer of fibre optic temperature sensors and thermal profiling systems in India.
- Backward-Integrated Manufacturing: Backward-integrated manufacturing capabilities for contact temperature sensors, one of few companies in India with this capability, supporting supply chain control and quality assurance.
- Revenue and Profit Growth: Revenue from operations grew from ₹236.94 crore (FY23) to ₹378.53 crore (FY25); PAT grew from ₹33.23 crore to ₹62.56 crore over the same period.
- § Diversified, Global Manufacturing Footprint: Operates 11 manufacturing units across India and overseas, supported by subsidiaries and joint ventures in Indonesia and South Korea.
- Diversified Revenue Mix: Serves both Projects/OEM demand and recurring MRO (maintenance, repair and overhaul) demand, providing a mix of project-based and repeat revenue streams.
RISK FACTORS
- Projects/OEM Revenue Concentration: Projects/OEM business contributed 69.16% of FY25 revenue from operations (up from 63.47% in FY23), with the remainder from MRO business; adverse changes in either category could materially affect the business.
- Rising Borrowings: Total borrowings increased from ₹26.45 crore (FY23) to ₹71.83 crore (FY25).
- Make-to-Order, Customised Manufacturing Model: Products are largely custom-engineered and made to order, exposing the Company to order-timing variability and execution risk on complex, technically demanding specifications.
- Litigation and Regulatory Matters: The Company and its Promoters are party to certain criminal, tax, statutory/regulatory and civil proceedings, including an aggregate of ~₹6.4 crore in monetary claims against the Company.
- International and Multi-Entity Operations: The Company operates through 11 manufacturing units (8 in India, 3 overseas) plus subsidiaries and joint ventures across multiple geographies, exposing it to currency, regulatory and cross-border execution risk.
Financials
All Values are in Cr.
Issue details
Issue type
Mainboard
Issue size
₹ ₹650 crore
Fresh Issue
₹ ₹95 crore
OFS
₹ ₹555 crore
Price range
₹ 285 - 300
Lot size
50 shares
Issue Objective
- Net Proceeds from the Fresh Issue (₹95 crore) are proposed to be used for: (i) capital expenditure towards electrical heating solutions and specialised cable solutions (~₹18.13 crore); (ii) repayment/prepayment of certain outstanding borrowings; and (iii) general corporate purposes (balance amount, capped at 25% of Gross Proceeds).
Dates
Bidding open
20 Aug'26
Bidding close
24 Aug'26
Allotment date
25 Aug'26
Refund date
27 Aug'26
Listing
28 Aug'26
IPO Reservations
Qualified institutional buyers
<50%
Non-institutional investors
>15%
Retail individual investors
>35%
Read the Offer Document (PDF)
© 2026 by Liquide Solutions Private Limited, SEBI Registered Research Analyst (Registration number - INH000009816)
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