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Needs current assets and current liabilities.
TEMPSENS · Engineering - Industrial Equipments · INE1KZI01025
Analyst mean 0.00 · 0 analysts · 0% bullishThis company listed within the last twelve months, so its prospectus is still the primary source. The figures below were extracted from the DRHP and RHP before listing and scored then, and they are shown here as they stand in the IPO record rather than restated.
Each flag is a fact read in the filing, shown with the context that makes it meaningful.
Stated objects, as worded in the offer document. Deployment against them is tracked separately.
Claims made in the offer document, to be read against what the company has reported since.
Tempsens Instruments (India) Limited, incorporated in 1990 and headquartered in Udaipur, Rajasthan, is a global leader in providing advanced thermal engineering and cable solutions. The company designs, manufactures, and distributes a comprehensive portfolio of contact and non-contact temperature sensors (including thermocouples, RTDs, pyrometers, and thermal imagers), industrial electrical heaters, specialized low-voltage cables, calibration systems, and industrial furnaces. Serving over 3,800 customers, its diverse clientele spans critical end-user sectors such as metals, cement, chemicals, oil & gas, glass, power generation, pharmaceuticals, aerospace, and defense. Geographically, the company operates a robust international footprint. Along with its subsidiaries and joint ventures, it operates 15 state-of-the-art manufacturing units, of which ten are located in Udaipur, India, and five are located globally in Germany, Poland, the United Arab Emirates, South Korea, and Indonesia. These are complemented by a network of 28 distributors across more than 80 countries. Tempsens operates on a backward-integrated supply chain model for contact sensors and cables, reducing dependency on imports, ensuring faster turnaround, and maintaining strict quality control. In terms of scale, the company's revenue from operations grew at a CAGR of 27.23% from ₹274.81 crore in Fiscal 2024 to ₹444.88 crore in Fiscal 2026, while restated Profit After Tax (PAT) stood at ₹71.07 crore on a consolidated basis in Fiscal 2026.
Tempsens' competitive moat is built on its deep backward-integrated manufacturing facilities in Udaipur, India, which ensures tight quality control, lower import dependency, and faster turnaround times. This operational strength is reinforced by high entry barriers due to stringent global product certifications (such as ATEX, IECEx, and ASME U-Stamp) and extended customer qualification cycles for mission-critical applications. The company further protects its market position through a highly diversified base of over 3,800 customers across multiple sectors, with low client concentration (top 10 clients contributed only 18.59% of revenue in Fiscal 2026).
Tempsens Instruments (India) Limited is a leading Indian manufacturer of temperature sensors and a global provider of thermal and cable solutions. The company operates a fully integrated manufacturing network across India, Germany, Poland, UAE, and Indonesia, serving process-intensive industries such as metals, power generation, oil & gas, and glass.
Source: p. 113, 115, 120, 198, 199, 251
Where the revenue came from, as the document splits it.
| Name | Pct | Source |
|---|---|---|
| Temperature sensing solutions | 44.59 | p. 242-243, 292, 300 |
| Specialised cables | 34.71 | p. 242-243, 292, 300 |
| Electrical heating solutions | 20.7 | p. 242-243, 292, 300 |
The Indian temperature sensors and allied products market was valued at approximately ₹1,880.00 crore (INR 18.8 billion) in FY2026 and is projected to reach ₹2,880.00 crore (INR 28.8 billion) by FY2031, growing at a CAGR of 8.90%. Tempsens holds a dominant position as the largest manufacturer of contact and non-contact temperature sensors in India, with a 10.50% overall market share in FY2026. Furthermore, Tempsens is the only domestic manufacturer of non-contact temperature sensors (pyrometers and online thermal imagers) in India as of March 31, 2026, holding a 21.30% market share in this fast-growing, high-margin segment. The market is transitioning from import dependency toward localized manufacturing under Make-in-India policies, which strongly benefits backward-integrated players.
8.90% CAGR (FY2026 to FY2031E) for India Temperature Sensors and Allied Solutions Market; 8.10% CAGR (CY2025 to CY2030) for the global market.
₹1,880.00 crore (INR 18.8 billion) for India Temperature Sensors and Allied Solutions Market in FY2026; global market size was valued at USD 4.30 billion in CY2025.
Sector slug: sensors-and-thermal-solutions
Source: p. 163, 171, 248, 251
As presented in the offer document. Post-listing figures are in the statements above.
Written before listing, answered from the document itself.
What are the primary objects funded by the Fresh Issue and how will they impact the P&L?
The Fresh Issue proceeds of ₹95.00 crore are primarily directed toward (i) ₹18.134 crore for capex to procure machinery for expanding electrical heating and specialized cable solutions in Udaipur; and (ii) ₹55.00 crore for pre-paying high-interest bank borrowings, which will directly reduce the company's interest burden (₹5.221 crore in FY26).
p. 128, 138, 160
How high is the customer and supplier concentration for Tempsens?
Customer concentration is exceptionally low, with the top 10 clients contributing only 18.59% of revenue in FY26. Sourcing concentration is moderate, with the top supplier accounting for 20.77% and the top 10 suppliers contributing 40.33% of raw material purchases in FY26.
p. 198, 717
What factors are driving EBITDA margin expansion and net profitability?
Consolidated EBITDA margins expanded to 24.83% in FY26 from 21.98% in FY24, and PAT reached ₹71.07 crore. This was driven by a favorable product mix shift toward higher-margin non-contact sensors, operational integration synergies from Marathon Heater, and economies of scale on raw material sourcing.
p. 237, 242
What off-balance sheet or footnote liabilities pose a risk to the business?
Footnote and legal risks include (i) a commercial arbitration claim of ₹11.041 crore against the Tempsens Measurement subsidiary; (ii) statutory audit trail features disabled at the database level; (iii) missing historical corporate filings (Form-32 and Form-2); and (iv) outstanding disputed GST demands under appeal of ₹0.821 crore.
p. 129, 223, 261, 747, 855
What the issue priced at, on the figures in the document.
| Date | Name | Shares | Price per share | Category | Source |
|---|---|---|---|---|---|
| 2025-03-20 | Virendra Prakash Rathi | 1231750 | 55.63 | Promoter | p. 119 |
| 2025-03-20 | Vinay Rathi | 1477975 | 55.63 | Promoter | p. 119 |
| 2025-04-30 | Share Sub-division (Face Value ₹100 to ₹4) | All Shareholders | p. 110, 119 | ||
| 2025-05-30 | Bonus Allotment (10:1) | All Shareholders | p. 119, 121 | ||
| 2025-12-26 | WhiteOak Capital India Opportunities Fund | 2016651 | 247.94 | Public | p. 119, 329 |
Ceo: Vinay Rathi (Managing Director)
Outstanding direct tax litigation against the Company involves 2 proceedings totaling ₹0.05 crore. Outstanding indirect tax litigation against the Company involves 4 proceedings totaling ₹1.09 crore under appeal. Other civil litigation against the Company includes 2 claim applications under the Motor Vehicles Act filed by Vardichand and Pushkar Puri Goswami for ₹0.012 crore and ₹0.083 crore respectively (totaling ₹0.095 crore). Outstanding criminal litigation against Promoters includes 1 petition filed by Durga Shankar Paliwal against Virendra Prakash Rathi and Vinay Rathi challenging a labour/disciplinary order. Outstanding criminal litigation against Directors includes 1 revision petition filed by Jindal Enterprises against Secure Meters Limited and independent director Bhagwat Singh Babel involving a demand of ₹0.112 crore. Outstanding material civil litigation against subsidiaries includes 1 commercial arbitration application filed by Theia New Consultancy LLP against Tempsens Measurement and Control Private Limited seeking interim relief of ₹11.041 crore.
Auditor name: M/s Walker Chandiok & Co LLP
Promoters collectively hold 46.13% (3,72,08,195 Equity Shares) of the pre-Offer paid-up Equity Share capital, with nil promoter shares pledged or encumbered.
Statutory auditors issued an unmodified opinion on the Restated Consolidated Financial Information. However, under Companies (Audit and Auditors) Rules, 2014 Rule 11(g), the auditors disclosed that the Holding Company and two subsidiaries did not enable the feature of recording audit trail (edit log) at the database level for their accounting software to log any direct data changes.
Auditor changed last 3y: Yes
Source: p. 31, 129, 254, 261, 264, 267, 275, 355, 358, 425, 508, 702, 747, 869
A change between the two filings is a disclosure in itself.
Numbered markers are corporate actions and, once the filings are read, capital and governance events. Prices are split-adjusted so the series is continuous.
What the numbers mean when read together — computed from the filings, not a score.
Operating cash is 59% of trailing profit — a modest gap worth keeping an eye on.
Why this reading: Noted with caution: a mild gap that is commonly benign (working-capital timing) but worth tracking across years.
Operating cash ₹42 cr vs trailing profit ₹71 cr. Gaps in the 0.5–0.9 range are usually timing, occasionally a early tell.
Net margin has narrowed from 16.6% to 13.4% year-on-year — profitability per rupee of sales is shrinking.
Why this reading: Noted with caution — worth watching, but not yet conclusive on its own. Business has ups and downs; one soft reading is not a verdict.
Quarter net margin 13.4% vs 16.6% four quarters earlier. Sustained compression signals pricing pressure, cost inflation, or mix deterioration.
Borrowings rose 160% over two years while the company also carries ₹40 cr in investments. Why borrow at interest while parking money elsewhere is a fair question.
Why this reading: Noted with caution — worth watching, but not yet conclusive on its own. Business has ups and downs; one soft reading is not a verdict.
Borrowings moved to ₹78 cr from ₹30 cr. Simultaneous large investments can be legitimate treasury management, or a sign that reported cash is not freely available.
Debt rose over 3 years, and most of it (419%) has turned into fixed assets and projects under construction — the borrowing is building the business.
Why this reading: A positive signal: leverage taken on is visibly becoming productive capacity, not disappearing.
New borrowing ₹52 cr largely matched by an asset build of ₹218 cr. Debt that funds capacity is a different thing from debt that funds nothing.
Free cash flow is positive and consistent — the business funds itself after capex.
Why this reading: A positive signal in the numbers, shown for balance alongside the concerns.
Latest free cash flow ₹30 cr. Negative in only 0 of 5 years. A self-funding business needs less external capital and dilutes less.
Every score below is calculated here from the reported numbers — none of it is asserted. Open the notebook at the foot of the section to see each formula with this company's figures in it.
Needs current assets and current liabilities.
Piotroski F-Score — fundamental momentum — Joseph Piotroski, University of Chicago, 2000, in a study of whether accounting signals could improve returns among cheap stocks.
Nine yes-or-no tests across profitability, leverage and operating efficiency. Each pass scores one. It asks a narrow question: is this business getting better or worse on its own terms, year over year?
How to read it7 or more suggests improving fundamentals; 3 or fewer suggests deterioration. It measures direction, not quality — a weak company improving can score higher than a strong one holding steady.
Where it failsA single year of comparison, so one unusual year distorts it. Says nothing about valuation, competitive position or management. Piotroski designed it to rank already-cheap stocks, not to judge a company in isolation.
Needs trade receivables, current assets, other expenses.
Accruals are 4.8% of assets. Free cash flow negative in 0 of 5 years.
DuPont decomposition — Devised inside the DuPont Corporation in the 1920s and still the standard way to read a return on equity.
Splits return on equity into its three sources, so the same headline number can be traced to very different businesses.
How to read itA 20% ROE built on margin and turnover is a different proposition from a 20% ROE built on 3× leverage. The first survives a downturn; the second amplifies it.
Where it failsA single year. Negative equity makes it meaningless. Leverage is structural for lenders, so the third term carries no signal there.
Capital is going in far faster than revenue is coming out. For a business mid-build that is expected — the test is whether it converts.
cumulative operating cash flow ÷ cumulative net profit
₹169 cr ÷ ₹238 cr, over 5 years
0.71×
Below 1.0 and persistent means profit is being recognised before the cash arrives.(net profit − operating cash flow) ÷ average total assets
(₹71 − ₹42) cr ÷ average assets
4.8%
The share of profit that is accounting entries rather than cash. Above ~10% is where accruals start to dominate.net margin × asset turnover × leverage
16.0% × 0.67 × 1.33
14.3%
Splits ROE into whether returns come from operations or from borrowing.EBIT ÷ finance cost
₹100 cr ÷ ₹6 cr
16.67×
How many times operating profit covers the interest bill.borrowings ÷ net worth
₹78 cr ÷ ₹497 cr
0.16×
Read against the sector — infrastructure carries more than software.growth in fixed assets + CWIP, against growth in revenue
capital +266% vs revenue +85%, FY2023 to FY2026
180pp gap
Money going in far faster than revenue coming out. For an incubator this is expected — the test is whether it eventually converts.Needs more balance-sheet detail (only 3 of 6 flags testable).
NOPAT over equity plus debt less cash, at a notional 25% tax. Incremental ROIC is the return on money put in since then — the number that decides whether growth creates value or consumes it.
Return on invested capital, and incremental ROIC — Standard in corporate finance; the incremental form was popularised by Michael Mauboussin as the test of whether growth creates value.
ROIC measures what the business earns on all the capital it employs — equity plus debt, less cash. Incremental ROIC asks a sharper question: what has it earned on the money put in since a chosen year?
How to read itROIC comfortably above the cost of capital — call it 11–13% in India — means growth compounds. Below it, growth consumes. Incremental below headline means recent investment is earning less than the legacy business.
Where it failsDistorted in the year of a large acquisition. Understated for companies mid-build, where capital is deployed but capacity has not yet been commissioned — an incubator will look poor until it does not.
Read downward. Cash can cover EBITDA and still not survive capex — the third rung is where a capital-hungry business shows itself.
The earnings quality ladder — Not a named model — the standard sequence an analyst walks when testing whether reported profit is real.
Three ratios read in order, each stricter than the last.
How to read itRead downward. Each rung failing where the one above passed tells you exactly where the cash is going.
Where it failsA single year of heavy capex depresses the third rung legitimately. Judge it across a cycle.
The growth rate that makes today's market value equal the discounted cash flows, at a 11.5% discount rate and 4.0% terminal growth. Not a forecast — the arithmetic of what is already in the price. Compare it with what the business has actually delivered.
Reverse DCF — the growth already in the price — A standard inversion of discounted cash flow, used to avoid the forecasting problem entirely.
Instead of forecasting cash flows and deriving a value, it takes today's market value as given and solves for the growth rate that would justify it. The output is not a view — it is the arithmetic of what the market is currently assuming.
How to read itCompare it with what the business has actually delivered. A price implying 30% a year against a decade of 15% is a demanding assumption; the reverse is a modest one.
Where it failsUseless when free cash flow is negative or unusually depressed, which is common mid-capex. Highly sensitive to the discount rate — a point either way moves the answer materially.
Against a policy rate near 6%, most sound Indian corporates borrow between 7% and 10%.
Cost of debt — Interest expense over average borrowings — the effective rate the company actually pays.
What the lenders charge, which is a market verdict on credit quality that no rating agency delay affects.
How to read itAgainst a policy rate near 6%, most sound Indian corporates borrow between 7% and 10%. Read the direction over years as much as the level.
Where it failsUnderstated where a large share of interest is capitalised into projects under construction. Not meaningful for lenders, where interest is cost of goods.
Models that need these lines are withheld rather than estimated: net worth, current assets, current liabilities, trade receivables, inventory, net block. Nothing on this page is back-solved from a figure the company did not publish.
Each framework below is a set of stated, mechanical criteria from published work, run against this company's own filed numbers. Passing or failing a screen is not a verdict — different frameworks disagree by design, and that disagreement is itself informative.
Benjamin Graham's stated criteria for a defensive stock, applied to the filed numbers. A company failing several is not disqualified — Graham designed these to be deliberately strict.
Two ratios only: what the business earns on its capital, and what you pay for those earnings. Designed to be ranked across a universe rather than read in isolation.
The fundamental half of William O'Neil's framework. The market and leadership components are judgement calls and are not scored here.
The characteristics long-term holders commonly look for: cash-backed earnings, high returns on capital, and debt that never forces a decision.
Bars are revenue; the line is net margin. Revenue rising while the line falls is the shape worth noticing.
Operating cash first, then what the business spent and raised.
One year is a snapshot. These are the two lines that matter across a cycle.
Rising debtor or inventory days against flat sales is the earliest visible sign of stress.
Set your own assumptions and watch the numbers move. A scenario calculator — the outputs are the arithmetic of your inputs.
One canonical set of figures — the same numbers used everywhere else on this page and on the screener.
How the register has moved over recent quarters — the direction matters more than the level.
Promoter held steady from 65.67% to 65.67% across these quarters.
FII held steady from 3.27% to 3.27% across these quarters.
MF held steady from 4.92% to 4.92% across these quarters.
Other held steady from 26.14% to 26.14% across these quarters.
Where cash gets stuck. A rising inventory or debtor line against flat sales is the earliest sign of trouble in the numbers.
| Measure | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Debtor days
How long customers take to pay | 86 | 84 | 83 | 61 | 62 | 70 |
| Inventory days
How long stock sits before it sells | 106 | 100 | 107 | 125 | 157 | 170 |
| Payable days
How long the company takes to pay suppliers | 43 | 30 | 32 | 34 | 26 | 30 |
| Cash conversion cycle
Debtor + inventory − payable days | 148 | 153 | 158 | 151 | 193 | 210 |
| Working capital days | 88 | 95 | 103 | 80 | 62 | 92 |
| ROCE %
Return on capital employed | — | 36.0% | 29.0% | 26.0% | 23.0% | 18.0% |
The shape of the business over time (annual) — read the direction, not the single print.
| Line | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue from operations | 138 | 194 | 240 | 275 | 379 | 445 |
| Other income | 2 | 5 | 5 | 6 | 7 | 13 |
| Depreciation | 4 | 4 | 4 | 5 | 12 | 14 |
| Finance cost | 2 | 2 | 2 | 2 | 3 | 6 |
| Profit before tax | 24 | 41 | 42 | 54 | 83 | 94 |
| Net profit (owners) | 18 | 31 | 32 | 41 | 63 | 71 |
| EPS (₹) | 951.25 | 1,861.65 | 1,703.62 | 2,213.09 | 2,065.12 | 8.35 |
Exceptional items, total income and EBITDA are read from the filed statements.
| Metric | Jun 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|
| Revenue | 89 | 133 | 119 |
| Other Income | 2 | 4 | 3 |
| Expenses | 68 | 105 | 95 |
| Depreciation | 3 | 4 | 4 |
| Finance cost | 1 | 1 | 1 |
| Profit before tax | 18 | 28 | 21 |
| Net Profit | 14 | 21 | 16 |
| EPS | 1.65 | 2.45 | 1.88 |
| Item | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 2 | 2 | 2 | 2 | 3 | 32 |
| Reserves | 79 | 109 | 144 | 203 | 427 | 465 |
| Borrowings | 22 | 25 | 26 | 30 | 72 | 78 |
| Net block | 54 | 64 | 80 | 99 | 286 | 299 |
| CWIP | 1 | 0 | 2 | 2 | 0 | 1 |
| Investments | 3 | 4 | 9 | 40 | 17 | 40 |
| Total Assets | 129 | 165 | 210 | 271 | 551 | 661 |
| Line | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Cash from operations | 14 | 22 | 37 | 54 | 42 |
| Cash from investing | -12 | -21 | -27 | -91 | -20 |
| Cash from financing | 0 | -1 | 2 | 36 | -6 |
| Free cash flow | 0 | 0 | 10 | 24 | 30 |
| Net change in cash | 2 | -1 | 12 | -1 | 15 |
Cash from operations is the number profit has to answer to. Free cash flow is what remains after the business pays for its own growth.
These are coverage counts, not ratings. Each one asks a fixed set of questions of the filings and reports how many the company answered. A company that discloses nothing counts nothing here — that is a statement about the disclosure, not about the business.
The same read, applied to the companies this one competes with.