Hy-Tech Engineers IPO is a ₹135.73 crore book-built issue comprising a fresh issue of 1.13 crore shares worth ₹60 crore and an offer for sale of 1.43 crore shares amounting to ₹75.73 crore.
The IPO opened for subscription on August 24, 2026, and will remain open until August 27, 2026. The allotment is expected on August 28, while the shares are scheduled to debut on NSE and BSE on September 1, 2026, subject to the applicable timelines.
The company has fixed the IPO price band at ₹50 to ₹53 per share. Investors can bid for a minimum of 283 shares, requiring ₹14,999 at the upper price band. New Berry Capitals Pvt. Ltd. is the book-running lead manager, while Bigshare Services Pvt. Ltd. is the registrar. Investors can refer to the company’s RHP for detailed information.
Company Overview
Hy-Tech Engineers Ltd is an engineering company focused on designing, manufacturing and supplying hydraulic fittings for a broad range of industrial applications. With more than four decades of experience, the company offers over 11,000 stock keeping units (SKUs), including DIN-metric, JIC, O-Ring Face Seal (ORFS), conversion and customised fittings. Its products cater to industries such as construction equipment, automotive, agricultural machinery, injection moulding and hydraulic systems. The company holds certifications relevant to certain applications and customer requirements, including those in sectors such as railways and defence.
The company follows a business-to-business (B2B) model across domestic and international markets. It supplies products directly to OEMs and industrial customers while also using authorised distributors and distribution partners to expand its market reach. As of March 31, 2026, its international presence covered markets including the USA, Belgium, Poland, Brazil, Italy, Saudi Arabia, UAE, Thailand and Germany.
Hy-Tech Engineers operates six manufacturing facilities, with four in Maharashtra and two in Madhya Pradesh. Its Nashik facility supports backward integration by supplying forged components to other manufacturing units. The company is led by its Promoter and Managing Director, Hemant Tukaram Mondkar, who has over four decades of industry experience.
IPO Details
| Particulars | Details |
|---|---|
| IPO Date | 24 to 27 Aug, 2026 |
| Allotment | Friday, Aug 28, 2026 |
| Listing Date | Tuesday, Sep 1, 2026 |
| Face Value | ₹5 per share |
| Price Band | ₹50 to ₹53 |
| Lot Size | 283 Shares |
| Issue Type | Bookbuilding IPO |
| Sale Type | Fresh capital cum OFS |
| Total Issue Size | 2,56,10,204 shares (agg. up to ₹136 Cr) |
| Fresh Issue | 1,13,20,754 shares (agg. up to ₹60 Cr) |
| Offer for Sale | 1,42,89,450 shares (agg. up to ₹76 Cr) |
| Shareholding Pre-Issue | 8,35,31,840 shares |
| Shareholding Post-Issue | 9,48,52,594 shares |
| Listing Exchange | BSE, NSE |
(Compiled from RHP and market updates)
Industry Context
- India’s hydraulic fittings market expanded at a 10% CAGR between CY21 and CY25 and is projected to grow at an 11% CAGR during CY26-CY31.
- Demand is supported by increasing use of hydraulic systems across agriculture, construction, material handling, automotive, aerospace and industrial machinery, alongside rising infrastructure investments globally.
- India’s engineering manufacturing ecosystem supports exports of hydraulic fittings to international markets. The USA accounted for 35% of India’s fittings exports in FY26.
- Skilled workforce, established engineering capabilities and comparatively lower production costs support India’s competitiveness in manufacturing hydraulic fittings and other precision-engineered fluid power components.
- Growing compliance with international standards such as ISO, SAE, DIN, BSP and customer-specific requirements is helping Indian manufacturers address global OEM and aftermarket demand.
Business Strengths
- Hy-Tech Engineers Ltd. has a broad product portfolio of more than 11,000 SKUs, covering standard and application-specific hydraulic fittings, with over 4,700 new SKUs developed across Fiscal 2024 to Fiscal 2026. Its in-house product development capabilities support customised solutions for varied customer requirements.
- The Company has an integrated manufacturing setup covering forging, heat treatment, machining, plating, inspection and testing. Its Nashik facility provides backward integration through captive forging, with an installed forging capacity of 3,120 metric tonnes per annum, while its other facilities have a combined hydraulic fittings capacity of 483 lakh pieces per annum as of March 31, 2026.
- Hy-Tech Engineers Ltd. serves a diversified customer base through a combination of direct sales and distributor-led distribution. It served 170 direct customers in Fiscal 2026, up from 144 in Fiscal 2024, while its distributor and distribution partner network increased from five to seven during the same period, supporting reach across different customer segments.
- The Company has established an international presence, exporting hydraulic fittings to 11 countries across North America, Europe, the Middle East, Asia and South America during the last three Fiscals. Its overseas sales, excluding direct sales to Hy-Tech USA Inc., grew at a CAGR of 6.08% between Fiscal 2024 and Fiscal 2026.
- Its cell-based manufacturing approach, supported by in-house design, specialised machinery, quality testing and dedicated operational oversight, enables greater focus on production requirements and customer specifications. The Company is also pursuing capacity enhancement through high-precision machinery, automation and improved process integration to support future demand.
Business Risks
- Revenue concentration remains a key risk, with the top 10 customers accounting for 45.32%, 42.02% and 48.72% of revenue from operations in Fiscals 2026, 2025 and 2024, respectively. The absence of long-term customer arrangements also means that any loss or reduction in business from major customers could affect revenue visibility and financial performance.
- The Company has significant exposure to international markets, particularly the United States, which contributed 21.42% of total revenue in Fiscal 2026. Changes in exchange rates, tariffs, trade policies, regulations, geopolitical conditions, economic activity or competitive pressures in overseas markets could adversely affect its sales, costs and profitability.
- A substantial portion of the Company’s manufacturing operations is concentrated geographically, with four of its six facilities located in Maharashtra. Manufacturing facilities in Maharashtra contributed 77.64% of revenue from operations in Fiscal 2026, making the business vulnerable to disruptions arising from natural calamities, social or political disturbances and other events affecting these locations.
- The Company relies on a relatively concentrated supplier base, with its top 10 suppliers accounting for 65.61% of total purchases in Fiscal 2026. Supply disruptions, delays, shortages or increases in the prices of key raw materials such as carbon steel and stainless steel could increase production costs and adversely affect operating margins.
- The Company remains exposed to changes in demand across its key end-use industries and sales channels. Direct sales accounted for 88.42% of revenue from operations in Fiscal 2026, while construction machinery, farming and automotive together contributed 54.82%. A slowdown in these sectors or adverse changes affecting direct customer demand could negatively impact revenue, capacity utilisation and overall financial performance.
Financial Performance
Hy-Tech Engineers Ltd. – Financials (₹ in Million)
| Particulars | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
|---|---|---|---|
| Revenue from Operations | 1,894.04 | 1,613.82 | 1,377.08 |
| Total Income | 1,934.35 | 1,667.07 | 1,411.73 |
| EBITDA | 416.86 | 357.88 | 225.51 |
| Profit / (Loss) After Tax (PAT) | 225.92 | 196.19 | 115.96 |
| PAT Margin (%) | 11.68% | 11.77% | 8.21% |
| Return on Capital Employed (ROCE) (%) | 24.40% | 20.46% | 15.24% |
| Return on Equity (%) | 20.24% | 21.39% | 15.11% |
(Source: RHP)
Key Ratios & Metrics
| KPI | Mar 31, 2026 | Mar 31, 2025 |
|---|---|---|
| Return on Equity (ROE) | 20.24% | 21.39% |
| Return on Capital Employed (ROCE) | 24.40% | 20.46% |
| Return on Net Worth (RoNW) | 20.24% | 21.39% |
| PAT Margin | 11.68% | 11.77% |
| EBITDA Margin | 22.01% | 22.18% |
| Net Asset Value (NAV per share) | ₹14.61 | ₹12.12 |
(Source: RHP)
Objects of the Offer
- To meet the Company’s capital expenditure needs for acquiring plant, machinery and equipment to expand capacity at the Kavathe Unit, the Shirwal Unit and Pithampur Unit-I.
- To repay or prepay, whether wholly or in part, certain borrowings currently outstanding in the Company’s books.
- General corporate purposes
Conclusion
Hy-Tech Engineers Ltd.’s IPO provides investors with an opportunity to participate in an engineering company serving the hydraulic fittings market across domestic and international markets. The company has an established product portfolio, integrated manufacturing capabilities, customer relationships and presence across multiple end-use industries. Its financial performance has also shown growth in revenue and profit in recent years.
However, investors should consider customer and supplier concentration, dependence on key export markets, geographical concentration of manufacturing facilities and exposure to industry demand cycles. The IPO also involves an offer for sale component. Investors should carefully review the RHP, financials, risk factors, valuation and proposed use of proceeds before making an investment decision.
Disclaimer: Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. This content is purely for informational purposes only and should not be considered as investment advice or a recommendation. Securities quoted are for illustration purposes only and not recommendatory. Investors are requested to do their own due diligence before investing.
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