Tankup Engineers Limited IPO

IPO Snapshot

• IPO Dates: April 23–25, 2025
• Listing At: NSE SME
• Face Value: ₹10 per share
• Price Band: ₹133–140 per share
• Issue Size: 13.95L shares (₹19.53Cr)
• Lot Size: 1,000 shares (Min: ₹1.4L)

Key Dates

• Tentative Allotment: Mon, Apr 28, 2025
• Refunds Initiation: Tue, Apr 29, 2025
• Demat Credit: Tue, Apr 29, 2025
• Tentative Listing Date: Wed, Apr 30, 2025

Business Overview

Tankup Engineers Private Limited specializes in manufacturing vehicle superstructures for complex mobility and storage solutions. Their core products include:

• Mobile Refuellers
• Water Sprinklers
• Mobile Service Vans
• Explosive Vans
• Tank Trucks (Top/Bottom Loading)
• Blasting Shelters
• Ground Support Equipment (Airport Baggage Trolleys)

Their main facility is in Lucknow, UP, and they are expanding into a second unit under the UP-Defence Corridor.

Key Strengths

• Diverse Product Portfolio
• Government Approvals & Certifications:

ISO 9001, 14001, 45001 certified.

PESO-approved fabricator.

ZED certified (Zero Defect Zero Effect)

• Sustainable Order Book

As of March 2025, orders worth ₹2,210.99 lakhs across defence, infrastructure, and aviation

 

• Expansion Potential:

Entry into aviation & defence

Allotted land under Defence Industrial Corridor indicates growth commitment

 

• Strong Revenue Growth
• From ₹139.78 L in FY22 to ₹1,941.85 L in FY24 (over 13x growth in 2 years).

 

• Net Worth Expansion

Net Worth jumped from ₹19.63 L in FY22 to ₹617.07 L by Nov 2024—indicates retained earnings and potential reinvestment.

Risks Involved

• High Customer Concentration

Revenue heavily depends on top 10 customers (67–99% over recent years)

 

• Geographical Concentration

Uttar Pradesh contributes major share of revenue

 

• Labour Dependency

34 out of 95 employees (36%) are contract workers—can impact consistency and skill retention.

 

• Overdependence on Few Clients

Revenue from top 10 customers constitutes over 60–99% across years, risking client concentration.

Financial Highlights (₹Cr)

Period	Nov-24	Mar-24	Mar-23
Revenue	12.48	19.54	11.85
PAT	0.95	2.57	0.79
Net Worth	6.17	3.68	1.11
Debt	7.59	3.69	2.57

 

 

 

 

 

IPO Objectives

1. Repayment in full or in part, of certain of the outstanding borrowings – ₹35 Million debt
2. Funding to meet working capital requirements – 100 million
3. General corporate purposes

Final Verdict

Listing Gains

• Current IPO Market: Mixed SME listings recently
• Tankup Engineers’ defense sector work and strong revenue growth could both help drive listing gains.
• GMP Critical: Check premium 48hrs before listing

Long-Term

• Tankup Engineers Limited has good revenue growth in its financials, with profits also rising significantly. The company is well-positioned for future growth, supported by its expansion into the defense sector, which could further boost its business prospects

• Investing in Tankup Engineers for the long term could be both risky and rewarding. While the company shows promising growth potential, waiting for a few more quarters to assess its financial performance and execution strategy may provide better clarity before making an investment decision

Disclaimer: This analysis is for informational purposes only. Consult your financial advisor before investing.

                                                                                                                                                               Chandan Pathak
                                                                                                                                                             Research Analyst