Tipco Engineering India Limited is engaged in manufacturing and supplying a comprehensive range of machinery such as bead mill, batch type bead mill, lab bead mill, horizontal bead mill, vertical bead mill, Tungsten Carbide Pin-Type Bead Mill, Disc Type Horizontal Bead Mill, Dyno Mill, Lab Dyno Mill, Pug Mill, Attritor Mill, Lab Attritor Mill, Basket Mill, Combined Pin and Disc Type Bead Mill, Ceramic Bead Mill, Lab High-Speed Disperser, High-Speed Disperser, Twin-Shaft Disperser, Triple-Shaft Disperser, Vacuum High-Speed Disperser, Fixed Type Disperser, Platform Type Disperser, In-Line Homogenizer, In-Tank Homogenizers, High Shear In-Tank Homogenizer, Liquid Powder Mixing Machine, and Sigma Mixer. They are serving industries such as Paint and Coatings, Chemical, Printing and packaging, Metal industry, construction and infrastructure. They offer machineries mainly across three different series (categories) i.e., Mill Series, Disperser Series and Homogenizers Series. Company carries out its operations from its registered office and manufacturing unit situated at P. No. 1658, Phase I, Sector 38, Industrial Estate Rai Distt., Sonepat, Haryana, covering an approximate area of 1,012.50 Sq. Mtrs and Plot No. 1689, HSIIDC, Sec-38, Ph-I, Rai, Distt. Sonipat, Haryana covering an approximate area of 1,012.50 Sq. Meters. Majority of their operations are carried out in-house with a team of skilled workforce and engineers. In addition to the manufacturing activities, the Company is engaged in trading of ancillary products aligned with its core manufacturing operations, including procurement and supply of such items to clients. They also offer comprehensive Services which includes Construction, Erection and Dismantling Work, Installation & Commissioning Charges etc. As per financial performance, Tipco Engineering India Limited has posted total income / net profits of Rs 35.97 / 2.56 Cr (FY23), Rs 101.35 / Rs 8.44 Cr (FY24), Rs 133.37 Cr / 15.61 Cr (FY25) and Rs 86.24 Cr / 13.18 Cr (upto Q3 FY26). So as per previous financials data, company has shown good growth, but sudden rise in net-profit just before IPO raises doubts. As on December 31, 2025, the Order Book was Rs 76.41 Cr. Company has an average EPS of Rs 8.79 and average RoNW of 62.61% for last three fiscals. Issue is priced at a P/BV of 2.94 as per NAV of Rs 30.30/- as on 31.12.25. If we attribute latest earnings of FY24, FY25 and annualised FY26 on equity post issue, then asking price is at a P/E of around 21.89, 11.84 and 10.51 respectively. As per RHP, there are no listed peers in the Indian market. On BRLM's front, Smart Horizon Capital Advisors Private Limited is associated with this IPOs, and has handled 21 IPOs in last three fiscal years. From last 10 IPOs, three opened below issue price and remaining all above issue price or at par, on the day of listing. As of now, from last 10 IPOs, six are trading below issue price and remaining all are trading above issue price or at par. (as on 16.03.26 ) As per financials, Tipco Engineering India Limited has shown good growth, RoNW is 46.98% and P/E is 21.89, 11.84 and 10.51 respectively as per FY24, FY25 and annualised FY26 earnings. So issue looks fully priced. But, sudden rise in net-profit just before IPO raises doubts. Company is engaged in manufacturing and supplying a comprehensive range of machinery, which is highly competitive business segment. Performance of BRLM is poor post listing. So, we give NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.
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