Teamtech Formwork Solutions Limited was originally established as a partnership firm in 2017 and incorporated as a private limited company in November 2018 in Telangana. The company transitioned into a public limited company in December 2025. It is managed by its Promoters, Eldo Varghese, Chaitanya Prakash Kotagiri, and Salinraj Kunnummal, who bring over 60 years of combined experience to the modular formwork industry. Teamtech utilizes an integrated business model that covers the entire lifecycle of formwork solutions, including design support and new panel production at its facility in Sangareddy District, Telangana. To support recurring revenue and asset reuse, the company offers a rental model and provides refurbishment services for both company-owned and customer-owned panels. The company has demonstrated significant financial growth, with revenue from operations rising from 30.30 Cr in FY 2024 to 53.66 Cr in FY 2026. Its future strategy involves deeper market penetration and expanding manufacturing capabilities. The IPO proceeds are intended to fund the establishment of a new manufacturing unit, meet working capital needs, and repay existing debt to support operational efficiency. As per financial performance, Teamtech Formwork Solutions Limited has posted total income / net profits of Rs 30.30 / Rs 7.69 Cr (FY24), Rs 32.97 Cr / 7.83 Cr (FY25) and Rs 54.23 Cr / 11.58 Cr (FY26). So as per previous financials data, company has shown good growth, but trade receivables to total sales ratio is around 25.29%, 22.52% and 55.48% for FY24, FY25 and FY26, also trade receivable days spiked to 200 days in FY 2026 compared to 81 days in FY 2025. Company has an average EPS of Rs 4.40 and average RoNW of 38.82% for last three fiscals. Issue is priced at a P/BV of 4.17 as per NAV of Rs 15.09/- as on 31.03.26 If we attribute latest earnings of FY24, FY25 and FY26 on equity post issue, then asking price is at a P/E of around 24.54, 24.09 and 16.29 respectively. As per RHP, there are no listed peers in the Indian market. On BRLM's front, Getfive Advisors Private Limited is associated with this IPOs, and has handled 3 IPOs in last three fiscal years. From last 3 IPOs, one opened below issue price and remaining all above issue price or at par, on the day of listing. As of now, from last 3 IPOs, one is trading below issue price and remaining all are trading above issue price or at par. (as on 13.05.26) As per financials, Teamtech Formwork Solutions Limited has shown good growth, RoNW is 34.89% and P/E is 24.54, 24.09 and 16.29 respectively as per FY24, FY25 and FY26 earnings. So, issue looks fully priced. But sudden rise in trade receivables and a promoter group entity (Teamtech Formwork Solutions F.Z.C.) contributed 21.50% of total revenue in FY 2026 raises doubts. Company operates under a business-to-business (B2B) model, specializing in the manufacturing, refurbishing, and renting of modular T formwork systems used in the construction industry, which is growing business segment. BRLM is new and handled only 3 IPOs in last 3 fiscals. So, we give NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.
✍️ Post a Comment