Tankup EngineersShare price, financial results, shareholding and management
- Market cap
- ₹951 cr
- Stock P/E
- 198.9peers 14.9
- Book value
- ₹56.1
- Price to book
- 32.00
- EV / operating profit
- 135.6
- Market cap to sales
- 16.60
- ROCE · FY26
- 19.0%
- ROE · FY26
- 26.3%
- ROE, 3-year average
- 53.8%
- Operating margin · FY26
- 12.6%peers 16.1%
- Sales growth, 3 years
- 69.2%
- Profit growth, 3 years
- 82.2%
- Debt to equity
- 1.21peers 0.61
- Borrowings
- ₹36.1 cr
- Interest cover
- 4.1×
- Cash from business / op. profit
- -476%
- Debtor days
- 246
- Pledged
- 0.00%
- Promoter holding
- 73.65%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 286
- 52-week high / low
- ₹1,827 / ₹390
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Tankup Engineers share price chart
Close on 6 Nov 2026 · +3.18% on the day · Vol 875
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -1.5%
- 3 months
- +44.8%
- 6 months
- +184.5%
- 1 year
- +219.2%
- Since IPO
- +1182.3%
- Traded a day, 20 days
- ₹0.78 cr
- Taken for delivery
- 95%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +182% | +214% |
| 3 years, a year | +69% | +82% |
| Latest half, H2 FY26 | +163% | +174% |
About Tankup Engineers: business, products and customers
Tankup Engineers builds special bodies on truck chassis, such as fuel refuellers, water sprinklers, service vans and tankers, for mining, construction, oil, defence and aviation customers. It has also taken over an aircraft refuelling equipment maker, and its shares trade on NSE Emerge.
Tankup Engineers designs and fabricates the superstructure that sits on a truck chassis: mobile fuel refuellers with fuel monitoring, water sprinklers, mobile service vans, explosive vans and tank trucks. Refuellers brought in more than half of revenue in the eight months to November 2024.
All of this is made at one plant in Chinhat, Lucknow, Uttar Pradesh, on about 2,665 square metres of land. Buyers include infrastructure, mining, petroleum and government customers, and some orders come through tenders on the GeM and other e-procurement portals.
Read more about the business
What is new: the company agreed in August 2025 to take over Titan Asia, a maker of aircraft refuelling equipment for defence and civil aviation, won an ₹8.0 cr diesel bowser order from the Indian Air Force in January 2026, and in September 2026 signed an agreement to take over Hitech Hydraulics, a Hyderabad firm that makes ground systems for missile and space programmes.
From the offer document, the November 2025 press release and the company's announcements of August 2025, January 2026 and September 2026.
Read the deeper study ↓In its favour
- Sales have grown very fast: 69% a year over three years.
- The promoters own a large part of the company: 73.65%.
To watch
- Delivery of the ₹8.0 cr Indian Air Force diesel bowser order, due within 12 months (Order announcement, January 2026, p.2).
- Completion of the Hitech Hydraulics purchase, expected within 12 months of September 2026, subject to due diligence (Acquisition announcement, September 2026, p.6).
- The next order book figure after ₹42.67 cr at September 2025 (Press release, November 2025, p.2).
- Use of the ₹10.0 cr of issue money set aside for working capital in FY26 and FY27 (Offer document, p.84).
- Customers take longer to pay than before: 246 days in FY26, against 63 in FY22.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Tankup Engineers revenue and profit growth
Half-yearly results · Profit and lossSales have grown very fast. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew faster than sales.
Tankup Engineers half-yearly results
SME companies report every six months · ₹ crore
| H2FY24 | H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|---|
| Sales | 11.45 | 6.75 | 13.55 | 21.66 | 35.60 |
| Expenses | 9.43 | 5.89 | 11.91 | 19.04 | 30.99 |
| Operating profit | 2.02 | 0.86 | 1.63 | 2.61 | 4.61 |
| OPM | 17.6% | 12.7% | 12.1% | 12.1% | 12.9% |
| Interest | 0.20 | 0.22 | 0.37 | 0.56 | 1.32 |
| Depreciation | 0.08 | 0.10 | 0.11 | 0.10 | 0.12 |
| Profit before tax | 1.83 | 0.63 | 1.23 | 2.48 | 3.41 |
| Net profit | 1.52 | 0.52 | 1 | 2.04 | 2.74 |
Tankup Engineers profit and loss
Full years to March, FY22 to FY26 · ₹ crore, consolidated where reported
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Sales | 1.40 | 11.81 | 19.42 | 20.30 | 57.25 |
| Expenses | 1.31 | 10.52 | 16.01 | 17.80 | 50.03 |
| Operating profit | 0.09 | 1.29 | 3.41 | 2.50 | 7.22 |
| OPM | 6.4% | 10.9% | 17.6% | 12.3% | 12.6% |
| Other income | 0 | 0.04 | 0.12 | 0.17 | 0.76 |
| Interest | 0.02 | 0.19 | 0.35 | 0.59 | 1.88 |
| Depreciation | 0.02 | 0.20 | 0.16 | 0.21 | 0.22 |
| Profit before tax | 0.05 | 0.94 | 3.02 | 1.87 | 5.88 |
| Tax rate | 20.0% | 16.0% | 17.9% | 18.7% | 18.7% |
| Net profit | 0.05 | 0.79 | 2.48 | 1.52 | 4.78 |
| EPS ₹ | 3.33 | 31.60 | 99.20 | 4.40 | 9.22 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Earnings per share before FY23 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Tankup Engineers profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a moderate return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Operating margin | 6.4% | 10.9% | 17.6% | 12.3% | 12.6% |
| Tax rate | 20.0% | 16.0% | 17.9% | 18.7% | 18.7% |
| ROCE | · | 42.6% | 61.4% | 21.0% | 19.0% |
| ROE | · | 120.6% | 105.5% | 29.7% | 26.3% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Tankup Engineers debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It borrowed much more last year. Its loans are now larger than its own money. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
Tankup Engineers balance sheet
At each 31 March · ₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Equity capital | 0.15 | 0.25 | 0.25 | 3.90 | 5.29 |
| Reserves | 0.05 | 0.86 | 3.34 | 2.76 | 24.39 |
| Net worth | 0.20 | 1.11 | 3.59 | 6.66 | 29.69 |
| Borrowings | 1.42 | 2.57 | 3.70 | 9.47 | 36.05 |
| Other liabilities | 0.70 | 4.99 | 3.14 | 5.40 | 6.80 |
| Total liabilities | 2.32 | 8.67 | 10.43 | 21.53 | 72.54 |
| Fixed assets | 0.73 | 0.78 | 0.67 | 0.84 | 2.70 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0.24 |
| Investments | 0 | 0 | 0 | 0 | 0 |
| Other assets | 1.59 | 7.89 | 9.76 | 20.69 | 69.60 |
| Receivables | · | · | · | 6.12 | 38.56 |
| Inventory | · | · | · | 10.35 | 16.56 |
| Cash | · | · | · | 0.17 | 7.38 |
| Trade payables | · | · | · | 3.85 | 4.02 |
Tankup Engineers cash flow
₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Cash from operations | -0.60 | -0.66 | -0.80 | -5.80 | -34.36 |
| Cash from investing | -0.54 | -0.30 | -0.05 | -0.91 | -1.39 |
| Cash from financing | 1.22 | 1.10 | 0.70 | 6.73 | 36.46 |
| Net cash flow | 0.08 | 0.14 | -0.15 | 0.02 | 0.71 |
| Capital spending | · | · | · | 0.38 | 2.32 |
Working capital
Days
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Debtor days | 63 | 99 | 59 | 110 | 246 |
| Inventory days | 342 | 152 | 171 | 351 | 164 |
| Days payable | 228 | 135 | 51 | 130 | 40 |
| Cash conversion cycle | 177 | 116 | 179 | 330 | 370 |
| Working capital days | 21 | 27 | 60 | 91 | 124 |
Tankup Engineers peers and competitors
Listed SME companies in the same industryBy sales, Tankup Engineers is number 115 of the 156 listed SME companies in industrial products.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| 3B Films | 36 | 19.4 | 60 | 1.8 | 18.5% | 1.89 |
| Pattech Fitwell Tube Components | 103 | 54.6 | 59.8 | 1.9 | 6.7% | 0.89 |
| Envirotech Systems | 131 | 10.9 | 57.6 | 12.1 | 32.7% | 0.18 |
| Tankup Engineers | 951 | 198.9 | 57.3 | 4.8 | 12.6% | 1.21 |
| Refractory Shapes | 70 | 15.5 | 57 | 4.5 | 14.0% | 0.39 |
| Phychem Technologies | 47 | 11.5 | 56.5 | 4.1 | 10.8% | 0.43 |
| Anand Seamless | 82 | 14.9 | 56 | 5.5 | 18.3% | 1.44 |
| Maks Energy Solutions India | 10 | 14.9 | 54.1 | 0.7 | 5.5% | 1.02 |
| Jiwanram Sheoduttrai Industries | 10 | 9.6 | 53.9 | 1 | -0.9% | 0.68 |
| Rappid Valves (India) | 171 | 26.4 | 53.2 | 6.5 | 19.4% | 0.35 |
| Manas Polymers and Energies | 55 | 6.4 | 53 | 8.5 | 24.1% | 0.54 |
| Median of the 10 others | 63 | 14.9 | 56.2 | 4.3 | 16.1% | 0.61 |
Tankup Engineers shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Foreign and Indian funds own a noticeable share. The number of shareholders has come down.
Tankup Engineers shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Apr 25 | Sep 25 | Mar 26 | |
|---|---|---|---|
| Promoters | 73.65% | 73.65% | 73.65% |
| Foreign investors (FIIs) | 1.72% | 0.21% | 0.19% |
| Indian institutions (DIIs) | 10.61% | 7.59% | 7.29% |
| HNIs (over ₹2 lakh each) | 0.00% | 4.63% | 4.75% |
| Small holders (up to ₹2 lakh) | 10.88% | 8.67% | 8.91% |
| Companies and others | 3.14% | 5.25% | 5.21% |
| Number of shareholders | 687 | 215 | 286 |
The named holders are at 31 March 2026, beside 30 Sept 2025, each under the group the pattern files them in.
Tankup Engineers study: the business from its own documents
Read from 5 of the company's own documentsTankup Engineers so far
From the company's own record
- 30 April 2025Listed on NSE Emerge at ₹140
- 31 March 2026Promoters at 73.65%
- 7 Oct 2026Highest close since listing, ₹1,823.45
Tankup Engineers key facts from the filings
Each figure with the document it comes from
- Order book
- ₹42.7 cr
- Orders in hand at 30 September 2025, about twice the revenue of the first half of FY26.Press release, November 2025, p.2
- First half growth
- ₹21.7 cr
- Revenue from operations for April to September 2025, against ₹6.8 cr a year earlier.Press release, November 2025, p.2
- Indian Air Force order
- ₹8.0 cr
- An order for three compartment diesel bowsers, received in January 2026, to be carried out within 12 months.Order announcement, January 2026, p.1 to 2
- Titan Asia
- ₹39.6 cr
- Revenue in FY24 of the aircraft refuelling equipment maker the company agreed to take over in August 2025, which had an order book of ₹39.4 cr.Acquisition announcement, August 2025, p.2 to 3
- Hitech Hydraulics
- AS9100
- Quality standard held by the Hyderabad maker of missile ground systems and propellant transfer systems that the company agreed to take over in September 2026.Acquisition announcement, September 2026, p.2 and p.5
Show 5 more facts
- Top ten customers
- 67.7%
- Share of revenue from the ten largest customers in the eight months to November 2024; sales to group companies were 13.1%.Offer document, p.33
- Refuellers
- 54.7%
- Share of revenue from refuellers in the eight months to November 2024, the company's main product.Offer document, p.34
- Capacity used
- 38.7%
- Share of the plant's yearly capacity of 360 tonnes of superstructures used in the eight months to November 2024; it was 54.3% in FY24.Offer document, p.125
- Raw materials
- 72.0%
- Share of total expenses spent on materials such as chassis, pumps and steel in the eight months to November 2024.Offer document, p.36 and p.126
- IPO money for working capital
- ₹10.0 cr
- Amount of the issue set aside for working capital in FY26 and FY27, with ₹3.5 cr for repaying bank borrowings.Offer document, p.82 and p.84
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company reported an order book of ₹42.67 cr at 30 September 2025. The Indian Air Force order of January 2026 is to be carried out within 12 months. The company says the Hitech Hydraulics purchase, agreed in September 2026 for cash, is expected to be completed within 12 months, subject to due diligence and closing.
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Tankup Engineers earns its money building fuel refuellers, water sprinklers and other special truck bodies to order, and is adding defence and aviation work through companies it is taking over.
Its weak spots are a small set of large customers, prices that are often set by tenders, and the cash it needs to fund stock and unpaid bills.
WatchCan it set its own prices?Price is often what decides an order, and some work comes through government tenders, so the company has little room to set prices.
AverageHow strong is it against rivals?Many large and small makers offer similar truck bodies; the company is trying to stand apart through defence and aviation work it is taking over.
WatchWho are its customers?A few large buyers bring in most of the sales, some of them group companies, and there are no long term contracts.
WatchDoes it need a lot of money?Yes. Building bodies to order ties up money in chassis, parts and unpaid bills, and the company raised share capital partly to fund this.
AverageCan it keep finding new work?The order book covered more than a year of past sales and a defence order followed, but most work is one off orders rather than repeat business.
WatchDo good and bad years swing a lot?Sales depend on when large orders are won and delivered, so they can move a lot from one half or year to the next.
Who runs Tankup Engineers?
Promoters, directors and officers; tap a name for the background
GLGaurav LathPromoter and Managing Director · holds 21.73%
On the board since the company was formed in 2020, with a postgraduate diploma in business management and about 17 years of work in manufacturing for railways, oil companies, rubber and metal products. Attended an Oxford leadership programme for young global leaders in 2017 and a Harvard professional development programme in 2018, and is also the promoter and managing director of the listed group company Concord Control Systems. Looks after production, supply chain and business development. The offer document states that Gaurav Lath is the son of Govind Prasad Lath and the husband of Pankhuri Lath.
Offer document, p.142 to 143 and p.146PLPankhuri LathPromoter and Whole Time Director
With the company since November 2020, with about 10 years in accounts and finance and a Master of Commerce from Chhatrapati Shahu Ji Maharaj University, Kanpur. Was also Chief Financial Officer until resigning from that post in February 2026, citing professional reasons.
Offer document, p.143; Board meeting outcome, February 2026, p.1 and p.4GPGovind Prasad LathPromoter, Chairman and Non-Executive Director
About 20 years in manufacturing, petroleum and fabrication, and looks after administration. Joined the board in April 2024 and became Chairman in August 2024.
Offer document, p.143 and p.145TPTank-Up Petro Ventures LLPPromoter · holds 51.92%
A limited liability partnership in Lucknow dealing in petroleum products and fuelling solutions, whose designated partners are Gaurav Lath and Govind Prasad Lath.
Offer document, p.155SDSubodh DakwaleNon-Executive Director
A Bachelor of Engineering with about 37 years in the petroleum industry, covering retail outlet construction, marketing, supply chain and government coordination, including heading the overseas arm of Indian Oil in Sri Lanka. Works on business development for the company.
Offer document, p.143BKBrajesh Kumar SinghIndependent Director
A chemical engineering graduate of BIT Sindri with an MBA from Patna University and about 41 years in the petroleum industry across marketing, operations, logistics and contracts. Chairs the audit committee.
Offer document, p.143 and p.146RGRakesh GuptaIndependent Director
About 21 years of experience in automobiles, real estate and manufacturing. Chairs the nomination and remuneration committee.
Offer document, p.143 and p.148LGLalit GuptaChief Financial Officer
An MBA in finance with experience in accounts, audit and tax across industries. Was General Manager (Finance) before being appointed Chief Financial Officer in February 2026.
Board meeting outcome, February 2026, p.3Tankup Engineers latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹35.6 cr (+163%), net profit ₹2.7 cr (+174%) on H2 FY25.
- Shareholding, 31 March 2026: promoters unchanged at 73.65%.
Tankup Engineers announcements
49 on record, latest first; each opens the filing on the exchange
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- Shareholders meetingScrutinizers report of Annual General Meeting held on September 29, 2026. Further, the company has informed the Exchange regarding voting resultsPDF ↗
- Shareholders meetingProceedings of Annual General Meeting held on September 29, 2026PDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- AcquisitionAgreement for Acquisition of 100% Partnership Interest in M/s Hitech HydraulicsPDF ↗
- Updatesdispatch of physical communication to shareholders who have not registered their email addressPDF ↗
- Copy of Newspaper PublicationOf AGM NoticePDF ↗
- Shareholders meetingNotice of Annual General Meeting to be held on September 29, 2026PDF ↗
- Outcome of Board MeetingHeld on September 05, 2026PDF ↗
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- Reply to Clarification- Financial resultsThe Exchange had sought clarification from Tankup Engineers Limited for the quarter ended 31-Mar-2026 with respect to Regulation 33 of the SEBI (Listing ObligatPDF ↗
- Clarification - Financial ResultsThe Exchange has sought clarification from Tankup Engineers Limited for the quarter ended 31-Mar-2026 with respect to Regulation 33 of the SEBI (Listing ObligatPDF ↗
Tankup Engineers annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
Tankup Engineers share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Tankup Engineers' data · 9
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (52,95,000 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- !Earnings per share changes basis between FY24 (₹99.20) and FY25 (₹4.40) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY22 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Tankup Engineers
What does Tankup Engineers do?
Tankup Engineers builds special bodies on truck chassis, such as fuel refuellers, water sprinklers, service vans and tankers, for mining, construction, oil, defence and aviation customers. It has also taken over an aircraft refuelling equipment maker, and its shares trade on NSE Emerge.
What is the share price of Tankup Engineers?
₹1,795 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Tankup Engineers?
₹951 cr at the close on 6 Nov 2026, on 52,95,000 shares.
What is the P/E of Tankup Engineers?
198.9 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Tankup Engineers' revenue and profit?
Revenue ₹57 cr and profit after tax ₹5 cr in FY26.
Who are the promoters of Tankup Engineers?
Gaurav Lath, Pankhuri Lath, Govind Prasad Lath, Tank-Up Petro Ventures LLP; promoters held 73.65% at 31 March 2026.
What was the IPO price of Tankup Engineers?
₹140 a share; it listed on 30 April 2025.
What is Tankup Engineers' website?
www.tankup.co.in
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Built from 2 annual reports, 1 offer document, 1 result filing, 1 press release, 49 exchange announcements, 3 shareholding patterns and 5 years of reported results. Every figure carries its source; where the documents are silent, the page says so.