💡 Overview & Qucik Summary
Tempsens Instruments (India) Limited IPO Summary: Tempsens Instruments (India) Limited is opening its Initial Public Offering (IPO) of ₹650.00 Crore (Fresh Issue: ₹95.00 Cr; OFS: ₹555.00 Cr for 1,85,00,000 equity shares by five selling shareholders) priced in a band of ₹285 to ₹300 per share, open from August 20 to August 24, 2026. The company is India's largest manufacturer of contact and non-contact temperature sensors by revenue, one of the largest electrical heater manufacturers by installed capacity, and the sole domestic producer of fibre optic temperature sensors, thermal profiling systems, pyrometers, and online thermal imagers as of FY26. Proceeds from the fresh issue are allocated toward capex (₹18.13 Cr) and debt prepayment (₹55.00 Cr). Sushil Finance maintains a Cautious stance as Net Working Capital Days have risen 38% from 152 days (FY24) to 210 days (FY26), RoNW has steadily declined to 13.55%, and an active contingent liability of ₹11.04 crore (~15.5% of FY26 PAT) exists against a subsidiary.
1. IPO Overview
Tempsens Instruments (India) Limited has announced its Initial Public Offering details. The issue opens for subscription on August 20, 2026, and closes on August 24, 2026. The price band has been stated at ₹285 to ₹300 Per Share with a face value of ₹4 per share. The total public offer comprises 2,16,66,666 equity shares aggregating up to ₹650.00 crore.
| Issue Parameter |
Details |
| Price Band |
₹285 to ₹300 Per Share |
| Issue Opens On |
Aug 20, 2026 |
| Issue Closes On |
Aug 24, 2026 |
| Lot Size / Bid Multiples |
50 Shares & in Multiples thereafter |
| Total Issue Size |
₹650.00 crores |
| No. of Shares |
2,16,66,666 |
| Face Value |
₹ 4/- |
| Listing Stock Exchanges |
BSE & NSE |
| Lead Managers |
ICICI Securities Ltd., JM Financial Ltd. |
| Registrar to the Issue |
Kfin Technologies Ltd |
2. Key IPO Details
The total public issue comprises a fresh issuance of shares and an Offer for Sale (OFS) by individual selling shareholders. The offer structure and category reservations across Qualified Institutional Buyers (QIB), Non-Institutional Investors / High Net-Worth Individuals (HNI), and Retail Individual Investors are outlined below:
Offer Structure
| Issuance |
₹ in Cr. |
| Fresh Issue |
95.00 |
| Offer for Sale (OFS) |
555.00 |
| Total |
650.00 |
Issue Breakup by Investor Category
| Reservation for |
% of Issue |
₹ in Cr. (at upper band) |
| QIB |
50% |
325.00 |
| HNI |
15% |
97.50 |
| RETAIL |
35% |
227.50 |
| TOTAL |
100% |
₹ 650.00 |
3. Company Overview
Tempsens Instruments (India) Limited is a thermal engineering and specialised cable manufacturer, engaged in the design and manufacture of customized temperature sensing solutions, electrical heating solutions, and specialised cables, tailored to each customer's technical requirements reliance on foreign suppliers.
Key operational and technical characteristics include:
- Advanced Conductor Solutions: Among the very few specialist manufacturers of advanced conductor solutions in India.
- Installed Capacity Leadership: One of the largest electrical heater manufacturers by installed capacity.
- Process Heaters & R&D: One of the few players capable of manufacturing low-voltage process heaters (with ongoing R&D on medium-voltage variants).
- Exclusive Manufacturing Portfolio: Notably, Tempsens is the only manufacturer in India of fibre optic temperature sensors, thermal profiling systems, pyrometers, and online thermal imagers as of FY26.
4. Objects of the Issue
The Offer comprises a fresh issue aggregating up to Rs.95 crore plus an offer for sale of up to 1,85,00,000 equity shares by five individual Selling Shareholders (Amit Talesara, Puneet Talesara, Chandra Prakash Talesara, Ankit Talesara, and Nirmal Kumar Pande) — OFS proceeds do not accrue to the Company.
The Fresh Issue net proceeds will be deployed as follows:
- Capital Expenditure: Rs.18.13 crore is earmarked for capital expenditure toward electrical heating solutions and specialized cable solutions.
- Debt Prepayment / Repayment: Rs.55 crore is allocated for prepayment/repayment of outstanding borrowings.
- General Corporate Purposes: The balance (capped at 25% of gross proceeds) will be utilized for general corporate purposes.
This is a mixed-use issue, split between modest capacity expansion and meaningful deleveraging, supporting continued organic investment while reducing balance-sheet leverage.
5. Key Investment Highlights
- Market Leadership & Indigenisation: Largest manufacturer of contact and non-contact temperature sensors in India by revenue, and one of the largest electrical heater manufacturers, with a focus on indigenisation creating high entry barriers.
- Diversified Business Model: Diversified business model with a broad product portfolio, wide industry coverage, and a balanced mix of project-based and MRO (maintenance, repair, overhaul) revenue.
- In-House R&D: Established in-house R&D capabilities enabling customized, critical solutions and continuous innovation.
- Global Footprint: Global presence through strategic alliances, a diverse customer base, export sales, and long-standing customer relationships.
- Integrated Operations: Integrated global operations featuring backward integration, digital traceability, and stringent quality control.
6. Brief Financial Performance & Metrics
** Not Annualized):
| Particulars |
2026 (in crores) |
2025 (in crores) |
2024 (in crores) |
| Total Income |
278.04 |
382.47 |
455.86 |
| Total Expenditure |
364.04 |
302.30 |
227.10 |
| EBITDA |
61.13 |
97.32 |
113.17 |
| Profit Before Tax (PBT) |
54.18 |
83.16 |
94.13 |
| Profit After Tax (PAT) |
40.92 |
62.56 |
71.07 |
| E.P.S. (Diluted) (Rs.) |
8.35 |
7.51 |
8.06 |
| RONW (%) |
13.55% |
14.06% |
22.7% |
7. IPO Timeline & Payment Charts
Indicative Time Table
| Tentative Events |
Indicative Dates |
| Finalisation of Basis of Allotment with the Designated Stock Exchange |
25/8/2026 |
| Initiation of refunds/unblocking ASBA Fund |
27/8/2026 |
| Credit of Equity Shares to demat accounts of Allottees |
27/8/2026 |
| Commencement of trading of the Equity Shares on the Stock Exchanges |
28/8/2026 |
PRICE CHART (@300) (Retail Category)
| LOT SIZE |
Amount (Rs.) |
| 50 | 15,000 |
| 100 | 30,000 |
| 150 | 45,000 |
| 200 | 60,000 |
| 250 | 75,000 |
| 300 | 90,000 |
| 350 | 1,05,000 |
| 400 | 1,20,000 |
| 450 | 1,35,000 |
| 500 | 1,50,000 |
| 550 | 1,65,000 |
| 600 | 1,80,000 |
| 650 | 1,95,000 |
HNI Payment Chart
| Category |
No. of Shares |
Minimum Bid Lot Amount (Rs.) |
| Small HNI |
700 |
2,10,000 |
| Big HNI |
3,350 |
10,05,000 |
8. Our View / Recommendation
Analyst Recommendation: CAUTIOUS
Sushil Finance Research Stance & Risk Factors
Net Working Capital Days have risen steadily from 152 days (FY24) to 193 days (FY25) to 210 days (FY26), a 38% increase in just two years. This means an increasing amount of cash is getting tied up in receivables and inventory relative to payables, which typically pressures free cash flow and can eventually force reliance on external borrowing even as the P&L shows growth.
One of the Company's subsidiaries faces a material civil proceeding involving Rs.11.04 crore — a sum equivalent to roughly 15.5% of FY26 PAT (Rs.71.07 crore). An adverse outcome, while not guaranteed, represents a tangible contingent liability that isn't reflected in the reported profitability.
RoNW has declined every year from 22.70% (FY24) to 14.06% (FY25) to 13.55% (FY26) — a consistent downward trend, not a one-off dip, suggesting capital efficiency is genuinely softening.
Cautious stance is reasonable; investors should wait for clearer, comparable post-integration financials.
9. Frequently Asked Questions (FAQs)
Q1. What is the core business of Tempsens Instruments (India) Limited?
Tempsens Instruments is a thermal engineering and specialised cable manufacturer specializing in customized temperature sensing solutions, electrical heating solutions, and specialised cables, and is India's largest manufacturer of contact and non-contact temperature sensors by revenue.
Q2. What is the total issue size and fresh issue component of Tempsens Instruments IPO?
The total issue size is ₹650.00 crore (2,16,66,666 shares), comprising a Fresh Issue of ₹95.00 crore and an Offer for Sale (OFS) of ₹555.00 crore (up to 1,85,00,000 shares) by five individual selling shareholders.
Q3. How will the Fresh Issue proceeds be used?
₹18.13 crore is earmarked for capex in electrical heating and specialized cable solutions, ₹55.00 crore for prepayment/repayment of outstanding borrowings, and the balance for general corporate purposes.
Q4. What is the price band and lot size for the IPO?
The price band is stated at ₹285 to ₹300 per share with a minimum lot size of 50 shares (₹15,000 at ₹300).
Q5. Why does Sushil Finance recommend a 'Cautious' stance on Tempsens Instruments?
Sushil Finance maintains a Cautious view because working capital days expanded 38% to 210 days in FY26, RoNW declined steadily from 22.70% (FY24) to 13.55% (FY26), and a subsidiary faces a material civil proceeding of ₹11.04 crore (~15.5% of FY26 PAT).
10. Red Herring Prospectus (RHP) Reference
11. Disclaimer
The content provided in this blog is for informational and educational purposes only and should not be construed as investment, legal, or tax advice. While Sushil Finance makes reasonable efforts to ensure accuracy and reliability of the information, we do not guarantee its completeness or timeliness. Readers are advised to consult with their financial advisor before making any investment decisions. Sushil Finance shall not be held responsible for any direct or indirect loss arising from use of this content. Investments in securities are subject to market risks. Read all scheme-related documents carefully before investing.
