Tempsens Instruments (India) IPO — GMP, Subscription, Review & Score

Tempsens Instruments (India)

MAINBOARD IPO · NSE, BSE · ✅ LISTED

FINMINUTES IPO SCORE 68/100 provisional · components pending

₹285–300

Price Band

Issue ₹650 cr · Lot 50

FinMinutes Deep Business Model & Edge

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.

What this company actually does — full breakdown ▾

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.

Temperature sensing solutions — Comprises contact sensors (thermocouples, RTDs, gauges), non-contact sensors (infrared pyrometers, thermal imagers), protectives (thermowells), calibration tools, and data loggers, contributing 44.59% (₹196.66 crore) of operation revenue in FY2026.
Specialised cables — Focuses on low-voltage instrumentation, control, and signal cables, thermocouple cables, and mineral insulated metal-sheathed cables for industrial automation and precise signal fidelity, contributing 34.71% (₹153.11 crore) of operation revenue in FY2026.
Electrical heating solutions — Includes industrial electric heaters (cartridge, tubular, immersion heaters), customized laboratory/process furnaces, and heating conductors/elements, contributing 20.70% (₹91.33 crore) of operation revenue in FY2026.

Moat / Edge

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).

The Offer

Open – Close2026-08-20 – 2026-08-24

Price Band₹285–300

Lot Size50

Min Investment—

Issue Size₹650 cr

Fresh Issue₹95 cr

Offer for Sale—

ListingNSE, BSE

Follow the Money — Use of Proceeds

Funding certain capital expenditure of our Company towards our (i) electrical heating solutions; and (ii) specialized cable solutions — ₹18.13 cr
Pre-payment or scheduled re-payment, in full or in part, of certain outstanding borrowings availed by our Company — ₹55.00 cr
General corporate purposes

Valuation at the Offer Price

P/E at ₹300 upper band36.0xour arithmetic, on latest restated EPS

RoNW14.3%

NAV / share₹61.7

The filing does not print a single headline multiple, so this one is ours: the upper band divided by the latest restated earnings per share — the same arithmetic the “Basis for the Offer Price” section performs. It is struck on pre-issue earnings; where the issue creates new shares, the post-issue multiple is computed in the workings below. This filing names no comparable listed peer, so there is no peer table and no relative multiple on this page. We would rather say that than assemble a peer set the issuer did not stand behind.

FinMinutes IPO Score — How It's Built

Transparent, deterministic, computed from the filing — not an opinion. Open any component below to see exactly what it measures and what it is worth. Components with no disclosed input are dropped from the weighting entirely rather than held at an invented neutral, because a constant inside a weighted average is not neutral — it quietly drags every score toward the middle. Weighted across 4 live components.

Score coverage 70%

70% of the designed weighting had real data behind it on this issue. Not yet scored here: Anchor Quality, Valuation Vs Peers. A lower coverage figure does not mean a worse company — it means we are standing behind less of the picture, and you should read the findings below rather than the headline number.

Issue Structure 70/100

How this is measured12%

Whether fresh capital actually enters the business. A predominantly offer-for-sale issue is marked down ONLY when the financials are weak. A profitable, cash-rich company selling down is treated as neutral, not penalised, because it does not need the money.

Financial Quality 65/100

How this is measured32%

Driven by the models battery run on the filing's own restated numbers: the Piotroski fundamental tests (scored out of those we could actually run), the Altman Z-double-prime solvency zone, and the direction of profit across the disclosed period. It is not a single yes/no on last year's profit.

Underwriter Quality 60/100

How this is measured6%

A proxy for syndicate strength, based today only on how many lead managers are on the issue: 75 where three or more banks are involved, 60 otherwise. We have not built a bank-by-bank track record, so treat this as a rough signal. When the filing does not disclose the syndicate, this component is dropped from the weighting rather than guessed.

Governance Forensics 76/100

How this is measured28%

Starts at 100 and loses points for every material finding: 12 for a flagged finding, 4 for a noted one. Two kinds feed it. DERIVED findings are computed from the filed numbers against stated thresholds — operating cash negative while profit is positive, related-party revenue above 15% of total, revenue rising while profit falls, goodwill above 30% of net worth, receivables growing more than 1.3x faster than sales, cash below half of short-term debt. Those are reproducible: the same filing gives the same answer every time, and the rule is printed beside the finding. READ findings come from the forensic sweep of the notes. Contingent liabilities, related-party intensity, customer concentration, litigation, auditor qualifications, statutory dues, promoter funding. Findings that record the ABSENCE of a problem — no litigation pending, an unmodified audit opinion — deduct nothing. This is the component our forensic read drives directly, and it moves most between companies.

3-Year Financial & Growth Trend

Metric	FY26	FY25	FY24
Revenue (₹ Cr)	444.878	378.526	274.81
Net Profit (₹ Cr)	71.067	62.555	40.919
PAT Margin	15.97%	16.53%	14.89%

Revenue Breakdown

Temperature sensing solutions: 44.59%
Specialised cables: 34.71%
Electrical heating solutions: 20.7%

Market Context

NOT part of the FinMinutes Score

The Score above is what the filing says. Everything in this box is what the crowd says. We keep them apart on purpose — every other site blends the two and calls the result a rating. Demand is real information, but it is information about the market, not about the company, and it changes by the hour while the company does not.

Momentum100/100from live subscription

Total213.92xsubscribed

QIB—xbids land late

Retail—x

The book and the filing agree.

Demand is strong and our read of the filing supports it. Agreement is not proof, but a disagreement would have been worth explaining, and there is not one.

Subscription is low early in a book and high at the end, because most bids arrive in the final hours. A number read on day one says more about the clock than the company — which is precisely why it is not in the Score. GMP is unofficial, unregulated, and easily moved. Neither is a recommendation.

Applying, and Who Handles the Allotment

Cut-off price₹300.00

Minimum retail application₹15,000

Check allotment status on the registrar’s own portal → We link the registrar directly rather than mirroring the form.

Deep Financials

Revenue, EBITDA and profit are what every listing site prints. Below are the full restated statements as disclosed, the ratios we compute from them, and a DuPont decomposition of the return on equity. A prospectus carries three years, not ten — that is the document’s ceiling, and within it we go as deep as it allows.

Income StatementThe profit and loss as filed, then what we derive from it — kept apart.

Statutory order, exactly as restated in the filing. Finance cost and depreciation sit inside Total Expenses under Ind AS, which is why they are listed among the expense lines here rather than below the total. The expense rows sum to the total. Rows the filing does not disclose separately are omitted rather than left blank.

Income Statement — as filed (₹ Cr)	FY26	FY25	FY24
Revenue from Operations	444.88	378.53	274.81
Other Income	10.98	3.94	3.23
Total Income	455.86	382.47	278.04
Cost of Materials Consumed	248.43	198.51	171.71
Employee Benefit Expense	63.83	49.86	30.00
Finance Cost	5.22	2.08	1.60
Depreciation & Amortisation	13.83	12.08	5.35
Other Expenses	41.06	37.41	22.96
Total Expenses	364.04	302.30	227.12
Profit Before Tax	94.13	83.16	54.18
Tax Expense	23.06	20.61	13.27
Profit After Tax	71.07	62.56	40.92
EPS - Basic	8.35	7.51	8.06
EPS - Diluted	8.33	7.51	8.06

Below this line the figures are ours, not the filing's. Ind AS has no EBITDA or EBIT line. We reconstruct them from disclosed items — EBIT as profit before tax plus finance cost, less any exceptional item and share of associate profit sitting below the operating line; EBITDA as EBIT plus depreciation. The working is in the Formula Notebook.

Derived by us (₹ Cr)	FY26	FY25	FY24
EBITDA	113.17	97.32	61.13
EBIT	99.35	85.25	55.78

Balance SheetWhat the company owns, owes, and is worth on paper.

Balance Sheet (₹ Cr)	FY26	FY25	FY24
Share Capital	32.27	2.93	1.85
Reserves & Surplus	465.16	427.25	202.98
Net Worth	497.42	430.18	204.83
Long-term Borrowings	7.60	5.53	9.30
Short-term Borrowings	70.35	66.30	20.83
Total Borrowings	77.95	71.83	30.13
Trade Payables	20.01	14.41	15.65
Current Liabilities	116.92	96.53	47.38
Total Liabilities	135.58	109.60	66.34
Property, Plant & Equipment	113.50	105.53	74.55
Capital Work in Progress	0.61	0.13	2.10
Intangible Assets	46.41	45.37	0.11
Investments	13.38	12.69	40.34
Inventories	111.94	86.42	57.07
Trade Receivables	85.74	64.24	45.56
Cash & Equivalents	28.48	13.02	13.70
Current Assets	289.83	236.55	121.11
Total Assets	661.05	551.28	271.14

Cash FlowWhere the cash actually went. Often the most honest statement of the three.

Cash Flow (₹ Cr)	FY26	FY25	FY24
Net Cash from Operating Activities	42.02	54.15	37.09
Capital Expenditure	13.98	27.68	14.90
Net Cash from Investing Activities	-26.25	-93.46	-26.86
Net Cash from Financing Activities	-6.25	36.16	2.08
Net Change in Cash	9.52	-3.15	12.31

Ratio AnalysisProfitability, leverage, liquidity, efficiency and earnings quality — computed by us.

Every ratio below is computed by us from the line items the company disclosed — not copied from anywhere. The arithmetic is standard; the point is that somebody actually did it. Blank cells mean the filing did not disclose the inputs, and we would rather show a gap than invent a number.

Ratio	FY26	FY25	FY24
Profitability
EBITDA Margin (%)	24.8	25.4	22
EBIT Margin (%)	21.8	22.3	20.1
PAT Margin (%)	16	16.5	14.9
Return on Equity (%)	14.3	14.5	20
Return on Capital Employed (%)	17.3	17	23.7
Return on Assets (%)	10.8	11.3	15.1
Leverage
Debt / Equity (x)	0.16	0.17	0.15
Net Debt / EBITDA (x)	0.44	0.6	0.27
Interest Coverage (x)	19.03	40.9	34.97
Liquidity
Current Ratio (x)	2.48	2.45	2.56
Quick Ratio (x)	1.52	1.56	1.35
Efficiency
Asset Turnover (x)	0.67	0.69	1.01
Receivable Days	70	62	61
Inventory Days	164	159	121
Payable Days	29	27	33
Cash Conversion Cycle (days)	205	194	149
Quality of Earnings
Operating Cash Flow / PAT (x)	0.59	0.87	0.91
Accruals Ratio (%)	4.4	1.5	1.4
Capex / Depreciation (x)	1.01	2.29	2.79
Inventory and payable days are measured against cost of goods (materials consumed + purchases of stock-in-trade + change in inventories). Receivable days against revenue.

DuPont DecompositionWhy the return on equity is what it is: margin, efficiency, or leverage.

A headline return on equity tells you what. The DuPont decomposition tells you why — whether the return is earned through margin, through asset efficiency, or simply through leverage. Two companies can post an identical ROE for opposite reasons, and only one of them is safe.

Component	FY26	FY25	FY24
Net Margin (PAT / Revenue)	16%	16.5%	14.9%
Asset Turnover (Revenue / Assets)	0.67x	0.69x	1.01x
Equity Multiplier (Assets / Net Worth)	1.33x	1.28x	1.32x
= Return on Equity	14.3%	14.5%	20%
Tax Burden (PAT / PBT)	0.76x	0.75x	0.76x
Interest Burden (PBT / EBIT)	0.95x	0.98x	0.97x
Operating Margin (EBIT / Revenue)	22.3%	22.5%	20.3%

Computed from the disclosed statements. Where the filing omits an input, the row is left blank rather than estimated.

Quality of EarningsWhat the statements say when you read them against each other.

What the statements say once you read them against each other. These are observations, not verdicts — every one is arithmetic on the numbers the company itself disclosed, and each is stated so you can go and check it in the filing.

Interest coverage was 19.03x in FY26. Debt servicing is comfortably covered by operating profit.

Forensic ModelsBeneish, Altman, Piotroski and the Montier C-score — plus our own final-year check.

Beneish M-Score

M = -1.96

An eight-variable model built to detect earnings manipulation, and built to run on exactly two consecutive years — which is what a prospectus gives us. It belongs here more than anywhere: a company about to list has the maximum possible incentive to have dressed up the very years it is about to show you. A score above −1.78 is the threshold at which the model says the accounts merit a closer look. It is a screening signal, not an accusation, and it was calibrated on listed companies elsewhere. Read the eight components, not just the total.

Component	Value	What it captures
DSRI Days Sales in Receivables Index `(Receivables_t / Sales_t) / (Receivables_t-1 / Sales_t-1)`	1.136	Above 1 means receivables grew faster than sales. Revenue may be being recognised ahead of collection.
GMI Gross Margin Index `GrossMargin_t-1 / GrossMargin_t`	1.077	Above 1 means margins deteriorated. A firm with worsening prospects has more incentive to manipulate.
AQI Asset Quality Index `AQ_t / AQ_t-1, where AQ = 1 - (CurrentAssets + PPE) / TotalAssets`	1.027	Above 1 means a rising share of assets is soft (neither current nor fixed) — capitalised costs can hide here.
SGI Sales Growth Index `Sales_t / Sales_t-1`	1.175	Growth is not manipulation. But high-growth firms face more pressure to keep the streak going.
DEPI Depreciation Index `DepRate_t-1 / DepRate_t, where DepRate = Dep / (Dep + PPE)`	0.946	Above 1 means assets are being depreciated more slowly — a quiet way to lift reported profit.
SGAI SG&A Index `(SGA_t / Sales_t) / (SGA_t-1 / Sales_t-1), SGA proxied as employee cost + other expenses`	1.023	A proxy, because filings rarely break out SG&A cleanly. Read it as a direction, not a precise figure.
LVGI Leverage Index `Leverage_t / Leverage_t-1, where Leverage = (CurrentLiab + LongTermDebt) / TotalAssets`	1.018	Above 1 means leverage rose. Debt covenants create pressure to hit numbers.
TATA Total Accruals to Total Assets `(PAT - CashFromOperations) / TotalAssets`	0.0439	The gap between reported profit and cash generated. The single heaviest term in the model — and the one that catches profit that never became cash.

M = -1.96, below the −1.78 threshold. The model does not flag these accounts.

Altman Z″-Score (emerging markets)

Z″ = 12.12 · Safe

A distress-prediction model. We use the Z″ variant deliberately: the original Z was calibrated on American manufacturers and misleads badly on Indian services companies. Above 2.6 is the safe zone, 1.1 to 2.6 is grey, below 1.1 is the distress zone. Like every model of its kind it is a screen, not a prophecy.

X1 — Working Capital / Total Assets	0.262
X2 — Reserves / Total Assets	0.704
X3 — EBIT / Total Assets	0.15
X4 — Net Worth / Total Liabilities	3.669
Z″ = 3.25 + 6.56·X1 + 3.26·X2 + 6.72·X3 + 1.05·X4	12.12

X2 is meant to read retained earnings. The filing reports Other Equity, which also holds securities premium paid in by investors, so X2 here runs on reserves and reads higher than true retained earnings would. The more premium the company has raised before listing, the more Z″ is flattered.

Piotroski F-Score (adapted)

3 / 8

Nine yes-or-no tests of fundamental strength — except we run eight. One of the original nine asks whether the company issued new shares, which is plainly absurd to ask of a company whose entire purpose at this moment is to issue shares. We drop that test, and we would rather tell you that than quietly fudge it.

✓Positive return on assets
✓Positive operating cash flow
✗Return on assets improving
✗Cash flow exceeds profit (quality of earnings)
✗Long-term leverage decreasing
✓Current ratio improving
✗Gross margin improving
✗Asset turnover improving

Montier C-Score

4 of 6 signs

Six yes-or-no signs that reported profit may be running ahead of the business, from James Montier’s 2008 screen, read here for FY26 against FY25. Each is a direction in the statements, not a judgement. Several together are a reason to read the accounting policies and notes closely; none on its own means anything is wrong, and growing companies trip some of them honestly.

●Gap between profit and operating cash flow widening · PAT − CFO: ₹8.4 cr in FY25, ₹29.0 cr in FY26
●Receivable days rising · 62 days in FY25, 70 days in FY26
●Inventory days rising · 159 days in FY25, 164 days in FY26 (on cost of goods)
○Other current assets rising against revenue · 19.3% of revenue in FY25, 14.3% in FY26 (current assets less cash, receivables and inventory)
○Depreciation falling against fixed assets · 11.4% of net block in FY25, 12.2% in FY26
●Total assets growing more than 10% a year · 19.9% in FY26

Ratios Nobody Prints

Contingent liabilities / Net worth: 0.3%
Contingent liabilities of 1.74 cr against a net worth of 497.42 cr — 0.3% of what the company is worth on paper. These are obligations that sit off the balance sheet but could land on it. What they consist of matters as much as the size: a corporate guarantee to a subsidiary is a different animal from a disputed tax demand, and the filing says which.
Related-party revenue / Total revenue: 3.1%
3.1% of revenue in FY26 came from entities connected to the promoters. Revenue you sell to yourself is not the same as revenue you won in the market.
Cash / Short-term borrowings: 0.4x
Short-term borrowings of 70.35 cr against cash of 28.48 cr. Debt that must be refinanced within a year is only comfortable while lenders stay comfortable.
Promoter remuneration / PAT: 3.7%
Managerial remuneration to the promoter group was 2.64 cr against a profit of 71.07 cr. This is a legitimate cost — but it is also a route by which value leaves a company before it ever reaches a minority shareholder.

What the Price RequiresThe profit the offer price needs, at three hurdle rates. A restatement of the price, not a view on it.

At the upper band of ₹300.00, the market value is ₹2,559 cr. A buyer who wants a given return each year from a business that never grows needs annual profit of market value × that return. The three rates are round hurdle rates, not this company’s cost of capital, so pick the one that is yours. The years columns assume profit compounds from the FY26 figure and the price stands still. None of this is a forecast, a fair value or a target.

Hurdle rate	Profit the price needs	× FY26 profit	Years at 15% growth	Years at 25% growth
10% a year	₹256 cr	3.6x	9.2	5.7
12% a year	₹307 cr	4.3x	10.5	6.6
14% a year	₹358 cr	5.0x	11.6	7.3

Earnings yield at the upper band: 2.78% (FY26 profit ÷ market value).
Free cash flow yield: 1.10% (operating cash flow less capital expenditure, ₹28.0 cr, ÷ market value).

The Formula NotebookEvery number above, with the working shown. Check us.

Every number we publish, with the working shown. The formula, the same formula with this company’s actual figures put into it, the answer, and what it is for. Check us. That is the point.

Profitability

Return on Equity (ROE)14.3%

FormulaPAT ÷ Net Worth

Worked71.07 ÷ 497.42

What the company earned on the money shareholders have in it. The headline measure of return — and the one the DuPont section takes apart.

Return on Capital Employed (ROCE)17.3%

FormulaEBIT ÷ (Net Worth + Total Borrowings)

Worked99.35 ÷ (497.42 + 77.95) = 99.35 ÷ 575.37

Return on ALL the capital in the business, borrowed as well as owned. Unlike ROE, it cannot be flattered by taking on debt.

EBITDA Margin24.8%

FormulaEBITDA ÷ Revenue

Worked113.17 ÷ 444.88

Operating profitability before the effects of debt, tax and depreciation. What the business earns from the act of trading.

Leverage

Debt to Equity0.16x

FormulaTotal Borrowings ÷ Net Worth

Worked77.95 ÷ 497.42

How much the company has borrowed against what it owns. High is not automatically bad — ask whether the borrowing is being serviced comfortably.

Interest Coverage19.03x

FormulaEBIT ÷ Finance Cost

Worked99.35 ÷ 5.22

How many times over operating profit covers the interest bill. Below about 2x, a meaningful share of what the business earns is going to lenders rather than owners.

Efficiency

Receivable Days70 days

Formula(Trade Receivables ÷ Revenue) × 365

Worked(85.74 ÷ 444.88) × 365

How long the company waits to be paid. Rising receivable days mean revenue is being booked faster than it is collected — which is where a great many accounting problems begin.

Cash Conversion Cycle205 days

FormulaInventory Days + Receivable Days − Payable Days

Worked164 + 70 − 29

How long cash is tied up in the operating cycle before it comes back. The longer it is, the more working capital the business must fund.

Quality of Earnings

Operating Cash Flow to Profit0.59x

FormulaCash from Operations ÷ PAT

Worked42.02 ÷ 71.07

Did the profit turn into cash? Profit is an opinion; cash is a fact. When this sits well below 1x for long, the two are drifting apart, and the filing is where you find out why.

Accruals Ratio4.4%

Formula(PAT − Cash from Operations) ÷ Total Assets

Worked(71.07 − 42.02) ÷ 661.05 = 29.04 ÷ 661.05

The share of reported profit that exists on paper rather than in the bank. It is also the heaviest single term in the Beneish model, for good reason.

Valuation at the Offer Price

Market Capitalisation (at the top of the band)₹2,559.44 cr

FormulaPrice × Post-issue Shares

Worked₹300.00 × 85,314,526 shares

What the whole company is being valued at, if the issue prices at the top of the band.

Enterprise Value (EV)₹2,608.90 cr

FormulaMarket Cap + Total Borrowings − Cash

Worked2,559.44 + 77.95 − 28.48

What it would actually cost to buy the whole business: you take on its debt and you get its cash. This is the number a buyer cares about, and it is the reason a P/E on its own can mislead.

EV / EBITDA23.05x

FormulaEnterprise Value ÷ EBITDA

Worked2,608.90 ÷ 113.17

The multiple that includes debt. Two companies on the same P/E — one debt-free, one heavily borrowed — are not the same investment, and only this number tells you so.

Price / Earnings (P/E)36.01x

FormulaMarket Cap ÷ PAT

Worked2,559.44 ÷ 71.07

The familiar multiple. Useful, but blind to debt — read it alongside EV/EBITDA, never instead of it.

Return on Invested Capital (ROIC)13.7%

FormulaEBIT × (1 − tax rate) ÷ (Net Worth + Debt − Cash)

WorkedNOPAT ÷ Invested Capital

What the business earns on the capital actually at work in it. We do not compare this to a cost of capital: that would need a beta, an unlisted company has none, and inventing one would be theatre.

Earnings yield at the upper band2.78%

FormulaLatest full-year PAT ÷ market value

Worked₹71.07 cr ÷ ₹2,559.44 cr

The P/E turned upside down: what each rupee of market value earns today. Set it against what you could earn elsewhere; the gap is what growth has to make up.

Free cash flow yield at the upper band1.10%

Formula(Operating cash flow − capital expenditure) ÷ market value

Worked₹28.05 cr ÷ ₹2,559.44 cr

Cash left after the company pays for its own investment, against the price of the whole company. Profit can be shaped by accounting choices; this is harder to shape.

Trailing PEG — read the caveat2.65 (on 13.6% trailing growth)

FormulaP/E ÷ trailing PAT growth (%)

Worked36.01 ÷ 13.6%

PEG was designed for FORWARD growth. This one uses TRAILING growth, because that is all a prospectus gives us — and the final year before an IPO is very often the best year the company will have for a while. A low PEG here may say more about the timing of the filing than about the price. We show it because it was asked for; we show the growth denominator beside it so it cannot mislead you quietly.

FinMinutes IPO HubEvery live and upcoming issue, scored the same way, on one page.All IPOs →

Workspace

The post-issue share count is stated as “[•]” in this filing until final pricing, so we derive it: profit after tax divided by earnings per share gives the pre-issue count, and the fresh issue divided by the offer price gives the new shares. Everything below rests on that derivation. It is close, not exact.

The numbers are already loaded. Move the offer price and watch every multiple move with it. Set your own growth and margin and see what they imply two years out. These are your assumptions, not our forecast — we have no view on what this company will earn, and the moment we published one we would be doing something we are not registered to do. What we can do is put the arithmetic in front of you and get out of the way.

Price per share (₹)

Revenue growth, per year (%)

EBITDA margin held at (%)

Discount rate for the reverse DCF (%)

Price defaults to the top of the band. Margin defaults to what the company actually reported in FY26.

Market capitalisation—

Enterprise value—

P / E—

EV / EBITDA—

EV / Sales—

On your assumptions, two years out

Revenue—

EBITDA—

Implied forward EV / EBITDA—

What the price is assuming

Free-cash growth priced in, 10 yrs—

Years to earn back the market cap—

Projections are arithmetic on the inputs you typed. They are not a forecast, not a recommendation, and not a view on whether this offer is worth taking. Educational only.

Institutional Alpha: DRHP Deep Dive

Industry Overview (p. 163, 171, 248, 251)

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.

Market Size₹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. Growth8.90% CAGR (FY2026 to FY2031E) for India Temperature Sensors and Allied Solutions Market; 8.10% CAGR (CY2025 to CY2030) for the global market.

Future Planning & Capital Allocation

Tempsens is planning to deploy ₹18.134 crore of Net Proceeds to expand the manufacturing capacities of its electrical heating solutions (Unit VI) and specialized cables (Unit IV). It is also allocating ₹55.00 crore to prepay outstanding bank debt, which will reduce financing costs and improve its debt-to-equity ratios.

Source: p. 128, 138, 160

Competitive Position

Tempsens occupies a distinct premium position as the largest domestic player in India's temperature sensor market and the sole domestic manufacturer of pyrometers. Its highly backward-integrated structure and extensive global certifications act as strong barriers to entry against smaller local unorganized competitors.

Source: p. 163, 198, 248

Execution Track Record

Under the leadership of the Rathi family, the company has scaled revenues at a 27.23% CAGR to reach ₹444.88 crore in Fiscal 2026. This growth is backed by successful backward integration, a broad international footprint across five countries, and the successful integration of Marathon Heater.

Source: p. 237, 243

Shareholding, Syndicate & Leadership

Promoter Pre → Post46.13% → —%

Pledged Shares0%

Free Float—%

Anchor—

Merchant Bankers (BRLMs)ICICI Securities Limited, JM Financial Limited

RegistrarKFin Technologies Limited

Leadership & Skin in the Game

Leadership: Vinay Rathi (Managing Director)

Litigation: 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 / RPT Flags: 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.

🔍 Forensic Findings — What the Footnotes Say

Findings from across the filing — the notes, MD&A, related-party disclosures, contingent liabilities, CARO and litigation, alongside the risk section itself. Each carries where it was found, so you can see which were buried and which were disclosed. Findings marked derived are computed from the filed numbers against a stated rule, shown beside them.

Substantial Non-Solicitation Breach Claim against Subsidiary where: litigation flagged

Theia New Consultancy LLP filed a commercial arbitration application against subsidiary Tempsens Measurement and Control Private Limited before the High Court of Bombay seeking interim relief of ₹11.041 crore, alleging a breach of non-solicitation and confidentiality covenants by channeling business to director-controlled firms.

p. 261, 263

Database Level Audit Trail Feature Disabled where: footnotes flagged

Statutory auditors reported that the audit trail (edit log) feature was not enabled at the database level for the accounting software used by the Holding Company and two subsidiaries commencing April 1, 2025, which allows potential direct database modifications without logs.

p. 747, 869

Inability to Trace Historical Corporate Filings where: risk_section noted

The company is unable to trace critical historical corporate records, specifically the Form-32 for the initial appointment of Chairman Virendra Prakash Rathi in September 1990 and Form-2 for the bonus allotment of 30,765 equity shares in October 2004.

p. 31, 44, 114, 688

Criminal service-related complaint against Promoters where: litigation noted

Durga Shankar Paliwal filed a criminal petition against promoters Virendra Prakash Rathi and Vinay Rathi before the District and Sessions Judge, Udaipur on January 25, 2026, challenging a lower court order where cognizance was allegedly not taken regarding their failure to take disciplinary actions against employees.

p. 129, 267, 508, 894

Material Litigation where: litigation flagged

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.

p. 31, 129, 254, 261 and 10 more

Auditor / RPT Notes where: rpt noted

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.

p. 31, 129, 254, 261 and 10 more

Short-term debt exceeds cash on hand where: derived flagged

Short-term borrowings of ₹70.35 cr against cash of ₹28.48 cr. Debt that must be refinanced within a year is comfortable only while lenders stay comfortable.

rule: cash < 0.5x short-term debt

Company's Claims vs Reality

We stress-test each claim against the filing's own data.

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 segment. Supported

Does the F&S Industry Report confirm that Tempsens is the sole domestic producer of non-contact thermal sensors and does the product segment justify its margin structure?

p. 163, 171, 248, 251

Proprietary SWOT — Company-Specific

Strengths

Dominant market position in India as the largest manufacturer of contact and non-contact temperature sensors with an overall 10.50% market share in FY2026.
Highly backward-integrated manufacturing footprint consisting of 15 facilities (10 in Udaipur, 5 globally) ensuring strict quality controls and fast turnaround times.
Strong financial discipline and margins, with consolidated EBITDA margin expanding to 24.83% in FY26 and high ROCE of 21.61%.

Weaknesses

High capital intensity, requiring consistent cash flows and capex to maintain and upgrade specialized plants (₹28.019 crore in FY26 capex).
Commodity price risk on key raw material inputs such as platinum and copper used in thermocouples and cables.
Complicated multi-jurisdictional operational and tax compliance overheads across manufacturing facilities in Germany, Poland, UAE, South Korea, and Indonesia.

Opportunities

Favorable regulatory push toward 'Make in India' and import substitution of advanced thermal and sensing solutions.
Strong capex trends in domestic process-intensive industries (metals, cement, power, chemicals) accelerating demand for custom engineered heaters and cables.

Threats (material, not boilerplate)

Intense competition from established global sensor and calibration brands expanding their footprints in India.
Potential risk of technological obsolescence if process industries shift rapidly to alternate heating or sensing solutions.

Live Subscription Status

Total213.92x

Total subscription is fed live from the exchange data feed. The category split (QIB, NII, retail) is not carried by that feed and is added by hand where it is material — so it is shown only when we have actually verified it, rather than left as blanks.

Allotment Status

Bidding closed24 Aug 2026

Allotment27 Aug 2026

Refunds begin27 Aug 2026

Listing28 Aug 2026

Check your allotment on the registrar's portal → Registrar: KFin Technologies

Allotment is decided by the registrar, not by us and not by the exchange. In an oversubscribed retail book, allotment is by lottery, so a large application does not improve your odds beyond one lot. If money stays blocked after the refund date, the mandate expiry (05 Oct 2026) is the date to raise with your bank.

Analyst Q&A: Burning Questions

Facts from the filing. No recommendation — that layer arrives once our Research Analyst registration is live.

USE OF PROCEEDS

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

CONCENTRATION

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

PROFITABILITY

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

HIDDEN RISKS

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

GMP: — — unofficial grey-market chatter, shown for information only. Never part of the FinMinutes Score.

What Earlier Investors Paid

Early capital takes real risk and is fairly rewarded for it — a large multiple built over many years is normal. What deserves a closer look is a steep step-up in a short window: a round priced cheaply only months before the offer.

Shareholder	Priced at	When	vs IPO price
Virendra Prakash Rathi	₹55.63	2025-03-20	5.4x
Vinay Rathi	₹55.63	2025-03-20	5.4x
Share Sub-division (Face Value ₹100 to ₹4)	—	2025-04-30	—
Bonus Allotment (10:1)	—	2025-05-30	—
WhiteOak Capital India Opportunities Fund	₹247.94	2025-12-26	1.2x

Prices are as stated in the filing’s allotment history and are not adjusted for later bonus issues or share splits. Where a company has issued bonus shares, the multiples above understate the true return and can even read as losses. Adjusting for that is on our list; until it is done we would rather show the raw disclosure and tell you its limits than publish a confident number that is wrong.

Lock-in Expiry Calendar

Shares held before the IPO cannot be sold immediately; they unlock in tranches. When a tranche unlocks, more shares become eligible to trade. Retail investors are frequently caught unaware by these dates. The schedule below follows from the listing date; quantities are shown only where the filing discloses them.

28 Feb 2028
Minimum Promoters' Contribution18 months
28 Feb 2027
Promoters' shareholding in excess of 20%6 months
28 Feb 2027
Entire pre-Offer Equity Share capital of our Company (other than the Minimum Promoters' Contribution and secondary OFS shares)six months

An unlock means more shares may be sold — not that they will be, and not that the price will move. We state the dates; what you do with them is your call.

What Changed Between the DRHP and the RHP

Companies file a draft prospectus, then a final one. The changes in between are rarely reported, and they can be revealing.

Item	In the DRHP	In the RHP / Addendum
Reporting Period and Restated Financial Statements The reporting period was rolled forward by one full financial year, dropping Fiscal 2023 and adding Fiscal 2026.	Restated Consolidated Financial Information covering Fiscals 2025, 2024, and 2023	Restated Consolidated Financial Information covering Fiscals 2026, 2025, and 2024
Fresh Issue Fundraising Size The proposed Fresh Issue fundraising size was reduced by ₹23.00 crore between the draft and final prospectus.	Up to ₹118.00 crore	Up to ₹95.00 crore
Offer for Sale (OFS) Share Count The total number of shares offered by the Selling Shareholders under the OFS was increased by 0.0575 crore equity shares.	Up to 1.7925 crore Equity Shares	Up to 1.8500 crore Equity Shares
OFS Shareholder Contributions Individual shareholder contributions to the OFS were revised; Amit Talesara, Chandra Prakash Talesara, Ankit Talesara, and Nirmal Kumar Pande increased their offered portions, while Puneet Talesara reduced his portion by 0.2086 crore shares.	Amit Talesara: up to 0.3637 crore shares; Puneet Talesara: up to 0.3380 crore shares; Chandra Prakash Talesara: up to 0.3636 crore shares; Ankit Talesara: up to 0.3636 crore shares; Nirmal Kumar Pande: up to 0.3636 crore shares	Amit Talesara: up to 0.4816 crore shares; Puneet Talesara: up to 0.1294 crore shares; Chandra Prakash Talesara: up to 0.3788 crore shares; Ankit Talesara: up to 0.3788 crore shares; Nirmal Kumar Pande: up to 0.4815 crore shares
Employee Reservation Portion Allocation The reservation allocation for eligible employees was finalized at ₹1.50 crore in the RHP.	Unspecified / up to ₹ [●] crore	Up to ₹1.50 crore
Net Proceeds Allocation for Capital Expenditure (Capex) Planned Net Proceeds allocation for capital expenditure was reduced by ₹17.245 crore, dropping civil work and miscellaneous fixed asset funding entirely from the Objects of the Offer.	₹35.379 crore total (comprising ₹18.361 crore for machinery, ₹15.488 crore for civil work, and ₹1.530 crore for miscellaneous fixed assets)	₹18.134 crore total, allocated strictly for machinery and equipment
Pre-Offer Promoter Direct Shareholding Direct shareholding of the Promoters declined by 9.50% following the transfer of 0.7663 crore shares from Promoter Virendra Prakash Rathi to the Rathi Family Trust (classified under Promoter Group) on July 23, 2026.	55.63% (4.4871 crore Equity Shares)	46.13% (3.7208 crore Equity Shares)
Outstanding Material Civil Litigation against Subsidiaries A major civil dispute alleging breach of non-solicitation and confidentiality covenants was initiated against the newly acquired subsidiary, Tempsens Measurement, seeking an interim relief of ₹11.041 crore.	Nil	1 active commercial arbitration proceeding filed by Theia New Consultancy LLP against subsidiary Tempsens Measurement and Control Private Limited seeking interim relief of ₹11.041 crore
Outstanding Criminal Litigation against Promoters A new criminal petition filed on January 25, 2026, by a former employee was added to outstanding litigations against the Promoters.	Nil	1 active criminal petition filed by Durga Shankar Paliwal against Promoters Virendra Prakash Rathi and Vinay Rathi challenging a lower court order on labour/disciplinary actions
Auditor Disclosures on Accounting Software Compliance A newly reported internal control and statutory compliance flag regarding database-level edit logs was disclosed by statutory auditors at the RHP stage.	No material statutory non-compliance reported by statutory auditors	Statutory auditors disclosed under Companies (Audit and Auditors) Rules, 2014 Rule 11(g) that the Holding Company and two subsidiaries did not enable the feature of recording audit trail (edit log) at the database level

Educational, grounded entirely in the company's filings (DRHP/RHP). Not investment advice. FinMinutes does not provide buy/sell recommendations.

Written and verified by

Gaureesh Vats Shukla

Founder and Head of Research, FinMinutes

Gaureesh Vats Shukla reads Indian offer documents as an engineer. He has read several hundred of them alongside annual reports, most of them by hand before he built the structured extraction engine that now does the work at scale, and every figure on this page carries a citation back to the page of the filing it came from. To restated numbers he applies a standard forensic battery: Beneish M-score, Altman Z-double-prime, Piotroski F-score, DuPont decomposition and cash-conversion analysis. Coverage runs the full cap spectrum alongside macro, mutual funds and unlisted companies, with particular depth in the segment institutional research does not reach. The sectors closest to the work are defence and aerospace, semiconductors and electronics, technology, engineering and EPC, solar and capital goods. He holds a B.Tech in Aerospace Engineering and completed the Post Graduate Programme in Securities Markets at NISM with a research analysis specialisation.

The same research method is available as commissioned work: company diligence, industry and market-entry studies, and financial modelling. See what that covers →

Figures on this page were last recomputed from the filing on 2026-10-21.

Tempsens Instruments IPO GMP, Key Details and Forensic Analysis