Hy-Tech Engineers Limited (originally incorporated as "Hy-Tech Engineers Private Limited" on December 18, 1978, in Maharashtra, and converted to a public limited company on March 23, 2022) is an established engineering enterprise headquartered in Thane, Maharashtra. The company is engaged in the design, manufacture, and supply of high-precision hydraulic fittings and fluid conveyance solutions catering to diverse industrial customers and distributors in both domestic and international markets. The company's core value proposition lies in its extensive product catalog of over 11,000 Stock Keeping Units (SKUs) designed to meet stringent technical specifications, pressure ratings, and international standards such as ISO, SAE/JIC, DIN, and BSP. Operating on a decentralized cell-based manufacturing model, the company organizes its manufacturing operations into smaller, self-contained cells with dedicated oversight for production, quality, and design. This underlying business model fosters operational agility, cost discipline, and customer-centric customization.
The company serves a highly diversified B2B customer base across several process-intensive sectors, including Construction Machinery, Farming, Automotive, Injection Moulding Machines, Hydraulic Systems, Material Handling, Parking Systems, and IPE & Railways. In Fiscal 2026, Construction Machinery and Farming represented its largest segments, contributing 22.94% and 22.83% of revenues respectively. Sells are conducted via a dual-channel approach consisting of direct sales to original equipment manufacturers (OEMs) and sales through a wide distributor network covering four domestic states and key global hubs. Geographically, domestic sales accounted for 70.63% of Fiscal 2026 revenue, with the balance 29.37% derived from overseas markets. Its international footprint spans eleven countries, including the USA, Belgium, Poland, Russia, Brazil, Italy, Saudi Arabia, Hungary, UAE, Thailand, and Germany, backed by an exclusive distribution agreement with promoter group entity Hy-Tech USA Inc. for North America, Canada, and Brazil.
Hy-Tech's manufacturing infrastructure is composed of six strategically located facilities, with four in Maharashtra and two in Madhya Pradesh:
1. Thane Unit (Maharashtra): 1,326.86 sq. meters (leased). Installed capacity: 35.00 lakh pieces p.a.; FY26 actual production: 24.00 lakh pieces; Capacity utilization: 68.57%.
2. Shirwal Unit (Maharashtra): 12,350.00 sq. meters (owned). Installed capacity: 144.00 lakh pieces p.a.; FY26 actual production: 102.00 lakh pieces; Capacity utilization: 70.83%.
3. Kavathe Unit (Maharashtra): 12,799.00 sq. meters (owned). Installed capacity: 192.00 lakh pieces p.a.; FY26 actual production: 116.00 lakh pieces; Capacity utilization: 60.42%.
4. Pithampur Unit-I (Madhya Pradesh): 4,217.00 sq. meters (leased). Installed capacity: 52.00 lakh pieces p.a.; FY26 actual production: 44.00 lakh pieces; Capacity utilization: 84.62%.
5. Pithampur Unit-II (Madhya Pradesh): 1,394.00 sq. meters (leased). Installed capacity: 60.00 lakh pieces p.a.; FY26 actual production: 41.00 lakh pieces; Capacity utilization: 68.33%.
6. Nashik Unit (Maharashtra): 800.00 sq. meters (leased). This unit manufactures forged metal parts mainly utilized for captive consumption. Installed capacity: 3,120 metric tons p.a.; FY26 actual production: 2,107 metric tons; Capacity utilization: 67.53%. The company's overall average capacity utilization across all units (excluding Nashik) stood at 70.55% in Fiscal 2026, compared to 66.86% in Fiscal 2025 and 73.42% in Fiscal 2024.
Operational excellence is underpinned by a state-of-the-art testing laboratory and a well-equipped research and testing facility. The company’s plants hold prestigious certifications: Shirwal, Nashik, Thane, and Kavathe units are ISO 9001:2015 certified; the Shirwal Unit is additionally certified under ISO 14001:2015 and ISO 45001:2018; and Shirwal, Pithampur Unit-I, and Pithampur Unit-II are certified under IATF 16949 for automotive standards. Backward integration in forging was established in 2014 via the acquisition of Sagar Forge Private Limited, significantly reducing outside supplier dependence. The company holds accolades including the 2023 CII Kaizen Silver Award and a "Two Star Export House" recognition from the DGFT. Moving forward, the company plans to utilize Rs 29.97 Cr of its fresh IPO proceeds to fund capital expenditures for capacity expansions at Shirwal, Kavathe, and Pithampur Unit-I by installing advanced automated machinery.
As per financial performance, Hy-Tech Engineers Limited has posted total income / net profits of Rs 141.17 Cr / Rs 11.60 Cr (FY24), Rs 166.71 Cr / Rs 19.62 Cr (FY25) and Rs 193.44 Cr / Rs 22.59 Cr (FY26). So as per previous financials data, the company has shown highly robust operational growth, with total income expanding at a CAGR of 17.11% and net profits compound-expanding at a spectacular CAGR of 39.59%, while its total outstanding borrowings significantly reduced from Rs 43.53 Cr in FY25 to Rs 29.76 Cr in FY26 due to disciplined working capital and borrowings repayment. Company has an average EPS of Rs 2.37 (weighted average, or Rs 2.15 simple average) and average RoNW of 19.77% (weighted average, or 18.91% simple average) for the last three fiscals. Based on the pre-issue book value, the issue is priced at a Pre-Issue P/BV of 3.63 as per NAV of Rs 14.61 as on 31.03.26. Factoring in the fresh issue proceeds, the Post-Issue P/BV stands at 2.76 (based on post-issue expanded NAV of Rs 19.19 per share) [calc]. If we attribute the latest earnings of FY24, FY25, and FY26 to the expanded equity base post-issue (~9.49 Cr shares), then the asking price is at a Post-Issue P/E of around 43.35, 25.62, and 22.25 respectively [calc]. As per RHP, a comparison between listed peers shows closest listed competitors Aeroflex Industries Limited trading at a trailing P/E of 107.04, Dynamatic Technologies Limited at 230.32, and Yuken India Limited at 69.32, representing a listed peer average P/E of 135.56, which demonstrates that Hy-Tech's post-issue trailing FY26 P/E of 22.25 is priced at a highly attractive and steep discount relative to its peer group.
On BRLM's front, New Berry Capitals Private Limited is associated with this IPO, and Lead BRLM New Berry Capitals Private Limited has handled 1 IPO in the last three fiscal years (being Tejas Cargo India Limited listed on February 24, 2025). (As on 19.08.26).
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