Technocrats Plasma SystemsShare price, financial results, shareholding and management
- Market cap
- ₹733 cr
- Stock P/E
- 48.9peers 30.3
- Book value
- ₹22.3
- Price to book
- 18.78
- EV / operating profit
- -
- Market cap to sales
- 5.59
- ROCE · FY26
- 65.8%
- ROE · FY26
- 55.6%
- ROE, 3-year average
- 68.8%
- Operating margin · FY26
- 20.0%peers 13.1%
- Sales growth, 3 years
- 219.9%
- Profit growth, 3 years
- 95.7%
- Debt to equity
- 0.38peers 0.25
- Borrowings
- ₹15 cr
- Interest cover
- 26.0×
- Cash from business / op. profit
- -46%
- Debtor days
- 58
- Pledged
- 0.00%
- Promoter holding
- 64.00%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 1,133
- 52-week high / low
- ₹455 / ₹219
- 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.
Technocrats Plasma Systems share price chart
Close on 6 Nov 2026 · +3.40% on the day · Vol 73,000
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
- -3.3%
- Traded a day, 20 days
- ₹1.53 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +167% | +88% |
| 3 years, a year | +220% | +96% |
About Technocrats Plasma Systems: business, products and customers
Technocrats Plasma Systems makes plasma cutting machines, welding machines and automated cutting and welding systems for metal fabricators, and also upgrades, installs and services such equipment at customers' sites. It is based in Vasai near Mumbai and its shares trade on BSE SME.
The company was set up in 1994 by Arun Kumar, a former scientific officer at the Bhabha Atomic Research Centre, to make plasma cutting machines. Its two small units in Vasai design and assemble manual plasma cutters, welding power sources, CNC plate and pipe cutting systems, fibre laser systems and welding automation stations, sold to fabrication shops, equipment makers and project sites through key accounts and a network of dealers. It has technology transfer agreements with Indian government research centres, including RRCAT at Indore for a fibre laser.
The business changed shape in FY26. Machines, which were most of sales a year earlier, fell to about a fifth, while customisation and retrofit work and other services, such as installing, commissioning and maintaining equipment on site, made up most of revenue. Much of that service work is executed by outside vendors under lump-sum turnkey contracts, so the company books the full contract as revenue and most of it as cost: manpower and service cost was about nine tenths of the cost of materials in FY26. That is why the cost of goods sold rose to about three quarters of sales and the profit margin fell even as profit rose. The project work also ties up cash in unfinished work, advances paid to suppliers and money owed by customers, so operating cash flow was negative in both FY25 and FY26.
Read more about the business
The prospectus names Ador Welding, ESAB India, Patil Automation and Jyoti CNC Automation as its listed industry peers: the first two make welding equipment, and the other two make automation systems and CNC machines, each far larger than this company.
What is new: the company listed on BSE SME on 21 August 2026 after raising ₹61.0 cr at ₹132 a share, and plans to spend the money on new machinery for its Vasai units and on working capital. Exchange filings of 13 October 2026 record that the board took note of the resignation of Prashant Lathi as Company Secretary and Compliance Officer and approved the appointment of a new Company Secretary; only the subject lines are among the documents read, and they do not give the new name in full.
From the prospectus (August 2026), the annual report for FY26, the investor presentation of August 2026 and the subject lines of the exchange filings of 13 October 2026.
Read the deeper study ↓In its favour
- Sales have grown very fast: 220% a year over three years.
- It earns a high return on the money it uses: ROCE 66% in FY26.
- The promoters own a large part of the company: 64.00%.
To watch
- Spending of ₹8.8 cr of issue money on machinery at Vasai in FY27 (Prospectus, p.134).
- Use of ₹40.0 cr of issue money for working capital by December 2027, and whether operating cash flow turns positive (Prospectus, p.134).
- Receivables older than six months, which rose to ₹7.5 cr at March 2026 (Annual Report FY26, p.78).
- Dependence on the largest supplier, which gave 38.31% of FY26 purchases (Prospectus, p.218).
- It paid no dividend in the past year.
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.
Technocrats Plasma Systems revenue and profit growth
Half-yearly results · Profit and lossSales have grown very fast. Last year profit grew more slowly than sales, so the profit kept from each rupee of sales slipped.
Technocrats Plasma Systems profit and loss
Full years to March, FY23 to FY26 · ₹ crore, consolidated where reported
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Sales | 4 | 6 | 49 | 131 |
| Expenses | 4 | 5 | 41 | 105 |
| Operating profit | 1 | 1 | 9 | 26 |
| OPM | 18.0% | 22.0% | 18.0% | 20.0% |
| Other income | 0 | 0 | 0 | 0 |
| Interest | 1 | 1 | 1 | 1 |
| Depreciation | 0 | 0 | 0 | 0 |
| Exceptional and other items | · | 1 | · | · |
| Profit before tax | 0 | 1 | 8 | 25 |
| Tax rate | -1567.0% | -100.0% | 0.0% | 40.0% |
| Net profit | 2 | 2 | 8 | 15 |
| EPS ₹ | 98.18 | 143.69 | 495.12 | 11.60 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% |
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
A tax rate above 60% or below zero (FY23, FY24) comes from tax charged on a small or negative profit, as reported.
Earnings per share before FY26 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Technocrats Plasma Systems 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 high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Operating margin | 18.0% | 22.0% | 18.0% | 20.0% |
| Tax rate | -1567.0% | -100.0% | 0.0% | 40.0% |
| ROCE | · | 20.0% | 50.0% | 65.8% |
| ROE | · | 66.7% | 84.2% | 55.6% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% |
Technocrats Plasma Systems debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. Its loans are smaller 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 pay faster than they did in FY24, which frees up the company's money.
Bars below the line are cash going out.
Technocrats Plasma Systems balance sheet
At each 31 March · ₹ crore
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Equity capital | 2 | 2 | 2 | 13 |
| Reserves | 0 | 2 | 13 | 26 |
| Net worth | 2 | 4 | 15 | 39 |
| Borrowings | 7 | 7 | 10 | 15 |
| Other liabilities | 3 | 3 | 12 | 18 |
| Total liabilities | 12 | 14 | 37 | 72 |
| Fixed assets | 2 | 1 | 1 | 2 |
| Capital work in progress | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 |
| Other assets | 10 | 13 | 36 | 70 |
Technocrats Plasma Systems cash flow
₹ crore
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Cash from operations | -1 | 2 | -5 | -12 |
| Cash from investing | 0 | 0 | 0 | -1 |
| Cash from financing | 1 | -2 | 5 | 13 |
| Net cash flow | 0 | 0 | 0 | 0 |
Working capital
Days
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Debtor days | 281 | 197 | 110 | 58 |
| Inventory days | 1,173 | 986 | 153 | 123 |
| Days payable | 274 | 198 | 92 | 42 |
| Cash conversion cycle | 1,180 | 985 | 172 | 140 |
| Working capital days | 204 | 119 | 121 | 122 |
Technocrats Plasma Systems peers and competitors
Listed SME companies in the same industryBy sales, Technocrats Plasma Systems is number 69 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 |
|---|---|---|---|---|---|---|
| Amic Forging | 2,378 | 84.9 | 141 | 28 | 33.0% | 0.03 |
| Sahasra Electronic Solutions | 1,176 | 97.0 | 139 | 12.1 | 13.1% | 0.28 |
| ALUWIND INFRA-TECH | 117 | 11.1 | 139 | 10.5 | 11.8% | 0.59 |
| Monolithisch India | 2,616 | 113.7 | 135 | 23 | 24.0% | 0.05 |
| Technocrats Plasma Systems | 733 | 48.9 | 131 | 15 | 20.0% | 0.38 |
| Bhadora Industries | 279 | 27.9 | 125 | 10 | 13.0% | 0.22 |
| Ameenji Rubber | 296 | 49.3 | 123 | 6 | 16.0% | 1.02 |
| Rex Pipes And Cables Industries | 152 | 32.7 | 121 | 4.7 | 7.0% | 0.72 |
| Paramount Speciality Forgings | 65 | 15.3 | 120 | 4.3 | 6.2% | 0.50 |
| Barflex Polyfilms | 126 | 26.4 | 119 | 4.8 | 5.4% | 0.21 |
| Royal Arc Electrodes | 167 | 16.6 | 116 | 10.1 | 13.3% | 0.00 |
| Median of the 10 others | 223 | 30.3 | 124 | 10 | 13.1% | 0.25 |
Technocrats Plasma Systems 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 is about the same.
Technocrats Plasma Systems 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.
| Jun 26 | Aug 26 | |
|---|---|---|
| Promoters | 64.00% | 64.00% |
| Foreign investors (FIIs) | - | 2.53% |
| Indian institutions (DIIs) | - | 11.86% |
| Number of shareholders | 1,133 | 1,133 |
Technocrats Plasma Systems study: the business from its own documents
Read from 5 of the company's own documentsTechnocrats Plasma Systems key facts from the filings
Each figure with the document it comes from
- Revenue
- ₹131.3 cr
- Revenue from operations in FY26, up from ₹49.4 cr in FY25 and ₹6.1 cr in FY24.Prospectus, p.202
- Services share
- 78.1%
- Share of FY26 revenue from customisation, retrofit and other services; machines gave 21.9%, against 73.2% a year earlier.Prospectus, p.201
- Cost of goods sold
- 76.09%
- Of FY26 revenue, up from 39.78% in FY24, as bought-in project work replaced machine sales.Prospectus, p.202
- Manpower and service cost
- ₹101.3 cr
- Within ₹112.7 cr of materials consumed in FY26, mostly payments to vendors under turnkey contracts.Annual Report FY26, p.79
- Top ten customers
- 62.61%
- Of FY26 revenue, down from 83.89% in FY25; the largest single customer gave 11.24%.Prospectus, p.219
Show 5 more facts
- Top supplier
- 38.31%
- Of FY26 purchases from one supplier; the top ten suppliers gave 93.50%.Prospectus, p.218
- Capacity use
- 50.1%
- Use of the machine-making capacity in FY26, down from 58.4% in FY25, while revenue nearly tripled.Prospectus, p.218
- Operating cash flow
- -₹11.7 cr
- Cash used by operations in FY26, as unfinished work, supplier advances and receivables grew.Investor presentation, Aug 2026, p.30
- Advances to suppliers
- ₹13.3 cr
- At March 2026, up from ₹0.9 cr a year earlier.Annual Report FY26, p.78
- IPO
- ₹61.0 cr
- Raised at ₹132 a share; trading began on BSE SME on 21 August 2026.Annual Report FY26, p.26
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 has not given sales or profit guidance or an order book figure. Its dated plan, set out in the prospectus, is to spend ₹8.8 cr of the issue money on plant and machinery at its existing Vasai units in FY27 and ₹40.0 cr on working capital, half in FY27 and half by December 2027. The investor presentation says it intends to add higher-end automated and laser products, more dealers in smaller industrial towns, exports to South Asia, Africa and the Middle East, and more maintenance contracts.
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.
The company has long made its own cutting and welding machines, but most of its recent sales come from project and service work that it largely hands to outside vendors.
Its weak spots are the thin spread on that bought-in work, heavy reliance on one supplier, and a fast build-up of cash tied up in projects.
WatchCan it set its own prices?On its own machines it has some room, but most revenue now comes from turnkey work where most of the price is passed to vendors, leaving a narrow spread.
AverageHow strong is it against rivals?It has three decades in plasma cutting and links with government research centres, but its listed peers are far larger welding and machine makers.
AverageWho are its customers?Fabricators and industrial companies in heavy engineering, infrastructure, shipbuilding and defence; concentration has eased but the ten largest still give most of sales.
WatchDoes it need a lot of money?Yes. Factories cost little, but unfinished project work, advances to suppliers and receivables have soaked up cash, which is why most of the issue money goes to working capital.
AverageCan it keep finding new work?Sales grew fast on new customers and a widening dealer network, but the company discloses no order book, and most FY26 revenue came from customers new that year.
WatchDo good and bad years swing a lot?Yes. Revenue and margins have moved sharply as the mix shifted between machines and project work, and a few large jobs can move a whole year.
Who runs Technocrats Plasma Systems?
Promoters, directors and officers; tap a name for the background
AKArun KumarPromoter, Chairman and Managing Director
Bachelor of Science (Engineering) in electrical engineering from the Regional Institute of Technology, Jamshedpur, and a diploma in systems management from Bombay University, with training in plasma and laser technology from Lambda Physik, Germany. Worked six years as a scientific officer at the Bhabha Atomic Research Centre before founding the company in 1994; more than three decades in plasma technology and a co-holder of a patent on plasma activated water. The prospectus records Arun Kumar as the spouse of Vandana Sharma and the father of Amrisha Arun Kumar Sharma and Apeksha Sharma.
Prospectus, p.255 and p.257VSVandana SharmaPromoter and Chief Financial Officer
Postgraduate diploma in social service (personnel management and industrial relations) and Bachelor of Science (Zoology Honours) from St. Xavier's College, Ranchi; over 28 years in human resources, finance and accounts, earlier with BHEL in Mumbai. A director from 2004, chief financial officer since July 2025.
Prospectus, p.269 and p.278AAAmrisha Arun Kumar SharmaExecutive Director and Chief Executive Officer
B.Tech in electronics engineering from Bharati Vidyapeeth, Pune; with the company since June 2015, running operations, production and project execution; chief executive officer since July 2025.
Prospectus, p.255ASApeksha SharmaNon-Executive Director
BBA from Mahatma Gandhi University; with the company since September 2014 handling marketing and government tenders, exhibitions and digital marketing; on the board since July 2025.
Prospectus, p.255 and p.256ISIndu Shekhar JhaIndependent Director
B.Sc. Engineering (Electrical) from the Regional Institute of Technology, Jamshedpur; held leadership roles at Power Grid Corporation of India, including Chairman and Managing Director; also a director of Transrail Lighting and Power Exchange India.
Prospectus, p.255 and p.256VKVijoy KumarIndependent Director
Bachelor of Science (Engineering) in metallurgy from Ranchi University; earlier at Evonith Metallics, directing production, sales, finance and administration.
Prospectus, p.256Technocrats Plasma Systems latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- Shareholding, 31 Aug 2026: promoters unchanged at 64.00%.
Technocrats Plasma Systems announcements
9 on record, latest first; each opens the filing on the exchange
- Company UpdateAppointment of Company SecretaryPDF ↗
- Board Meeting1. Take note of and record the resignation of Mr. Prashant Lathi, Company Secretary and Compliance Officer of the Company. 2. Approval of appointment of Ms. KhPDF ↗
- Company UpdateCertificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018 for the quarter ended 30th September, 2026PDF ↗
- Board MeetingTechnocrats Plasma Systems Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 13/10/2026 ,inter alia, to consider andPDF ↗
- Company UpdateIntimation of Resignation of Company Secretary & Compliance OfficerPDF ↗
- Insider Trading / SASTTrading window closurePDF ↗
- AGM/EGMProceedings of AGMPDF ↗
- AGM/EGMOutcome of AGMPDF ↗
- Company UpdatePursuant to the relevant provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we would like to inform you that the officiPDF ↗
Technocrats Plasma Systems annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
- 31 Aug 2026 ↗read
- Credit ratings ↗read
Technocrats Plasma Systems 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 Technocrats Plasma Systems' 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.
- iThe shares traded on only 37 days in the past year, so the price, its range and the returns here rest on few trades.
- iNet profit is above profit before tax in FY24: a tax credit or a share of associates' profit, as reported.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,75,00,000 shares).
- !The FY26 results imply 1,30,00,000 shares at face value ₹10, which disagrees with the shareholding pattern; the pattern is used.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- !Earnings per share changes basis between FY25 (₹495.12) and FY26 (₹11.60) 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, FY23 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Technocrats Plasma Systems
What does Technocrats Plasma Systems do?
Technocrats Plasma Systems makes plasma cutting machines, welding machines and automated cutting and welding systems for metal fabricators, and also upgrades, installs and services such equipment at customers' sites. It is based in Vasai near Mumbai and its shares trade on BSE SME.
What is the share price of Technocrats Plasma Systems?
₹419 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Technocrats Plasma Systems?
₹733 cr at the close on 6 Nov 2026, on 1,75,00,000 shares.
What is the P/E of Technocrats Plasma Systems?
48.9 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Technocrats Plasma Systems' revenue and profit?
Revenue ₹131 cr and profit after tax ₹15 cr in FY26.
Who are the promoters of Technocrats Plasma Systems?
Arun Kumar, Vandana Sharma; promoters held 64.00% at 31 Aug 2026.
What is Technocrats Plasma Systems' website?
www.technocratplasma.com
More SME companies like Technocrats Plasma Systems
Other listed SME companies in industrial products, the closest in size first, each read from its own documents.
- Neetu YoshiNEETUYOSHI · BSE SME · Industrial ProductsMarket cap ₹791 cr
- Sunlite Recycling IndustriesSUNLITE · NSE Emerge · Industrial Products · listed 2024Market cap ₹827 cr
- Vilas TranscoreVILAS · NSE Emerge · Industrial Products · listed 2024Market cap ₹829 cr
- Cosmic CRFCOSMICCRF · BSE SME · Industrial ProductsMarket cap ₹835 cr
- Baheti Recycling IndustriesBAHETI · NSE Emerge · Industrial Products · listed 2022Market cap ₹855 cr
- Subam PapersSUBAM · BSE SME · Industrial ProductsMarket cap ₹583 cr
Built from 2 annual reports, 1 offer document, 1 investor presentation, 1 credit rating note, 9 exchange announcements, 2 shareholding patterns and 4 years of reported results. Every figure carries its source; where the documents are silent, the page says so.