Tempsens Instruments (India) IPO Financials, Risk Factors, Peers & Objects of Issue
An investor-focused breakdown of the Tempsens Instruments (India) IPO offer document: restated financial performance, key ratios, valuation across the price band, competitive strengths, risk factors, listed peers, objects of the issue and the business model, all drawn from the company's RHP disclosures.
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Tempsens Instruments (India) IPO Financial Performance (Restated)
On a restated consolidated basis, the company revenue increased by 19% and profit after tax (PAT) rose by 14% between the financial year ending with March 31, 2026, a useful one-line read on operating momentum heading into the listing.
Here is how the books have moved over the last three financial years:
31 Mar 2026 to 31 Mar 2024₹ Crore
All figures in ₹ Crore unless stated otherwise. Source: restated financials disclosed in the offer documents.
Profits have scaled from ₹40.92 Cr to ₹71.07 Cr over two years; the borrowings-to-net-worth ratio has eased to about 0.16. For investors, the trend matters more than any single year, steady compounding with contained leverage is what institutional bidders typically reward, while a late spike in borrowings deserves scrutiny against the stated objects of the issue.
Tempsens Instruments (India) IPO Key Performance Indicators (KPI)
ROE13.54%
RoCE21.61%
Return on Net Worth13.55%
Debt / Equity0.15
NAV per share61.66
Price to Book4.87
Reading these numbers. RoE and RoCE measure how efficiently the business turns shareholder capital into profit; anything in double digits is respectable, mid-twenties plus is strong. A debt-to-equity ratio well below 1 signals a balance sheet that does not depend on lenders. NAV per share anchors the book value of your bid, while price-to-book tells you how many rupees the issue is charging for each rupee of that book, compare it with listed peers in the same sector before deciding whether the premium is justified.
Tempsens Instruments (India) IPO Valuation, Pre IPO vs Post IPO
The issue price converts into a different earnings multiple once the fresh shares hit the books. Here is the dilution-adjusted picture:
EPS (₹)8.81→ 8.48 post-IPO
P/E (x)34.05→ 35.38 post-IPO
Market Cap at offer₹2,420Cr→ ₹4,918.04 Cr post-IPO
Pre-IPO figures are computed on the pre-issue share count; post-IPO figures assume full subscription at the upper band.
Tempsens Instruments (India) IPO Competitive Strengths (as disclosed in the RHP)
Key strengths
- Largest manufacturer of contact and non-contact temperature sensors in India by revenue with ~10.5% market share in temperature sensor segment and ~21.3% in non-contact temperature sensors (Fiscal 2026); only Indian manufacturer of non-contact temperature sensors as of March 31, 2026 (Source: F&S Report)
- One of the largest manufacturers of electrical heaters in India (Source: F&S Report); one of the few cable manufacturers that also produce thermocouples as of March 2026 (Source: F&S Report)
- PSU customer relationship since 2004 with cross-selling across sensors (2004), cables (2012), infrared pyrometers (2018), furnace monitoring camera (2022), generating ₹158.13 million (3.55% of revenue) in Fiscal 2026
- Product portfolio expanded from 7 categories (Fiscal 2020) to 13 categories in three verticals (Fiscal 2026); exports to 80+ countries between April 2023 and March 2026
- Top 20 customers average 10 years of association (range 1-23 years); top 30 customers average 8 years; sales and technical personnel average 8.65 years association as of March 31, 2026
- Indigenisation of previously imported critical materials (thermocouple and heating conductors) now manufactured in-house, aligned with Make in India initiative
- Diversified Business Model with Broad Product Portfolio, Wide Industry Coverage, and Balanced Mix of Projects
- Established Research and Development Capabilities Enabling Customized, Critical Solutions and Innovation.
- Global Presence Through Strategic Alliances, Diverse Customer Base, Export Sales and Strong LongStanding Custo
Tempsens Instruments (India) IPO Risk Factors (per RHP)
- GST demand under litigation ₹3.98 million deposited under protest pursuant to proceedings under Section 74 of the Central Goods and Service Tax Act, 2017 as at 31 March 2026
- IPO expense recoverability contingent on offer completion ₹140.95 million IPO expenses carried as other financial assets as at 31 March 2026, recoverable from selling shareholders only in proportion to shares offered in the proposed IPO
- Restricted bank deposits on lien Total ₹38.53 million in bank deposits on lien (₹12.32 million current + ₹26.21 million non-current) as at 31 March 2026, not available for general use
- Declining joint venture performance Share of profit from Tempsens Korea Co., Ltd. fell from ₹32.63 million (FY24) to ₹23.11 million (FY26); investment value dropped from ₹8.50 million to ₹3.50 million over same period
- Inventory and trade receivables pledged as security Both inventory (Note 11) and trade receivables (Note 13) pledged as security per Note 40, indicating secured borrowings against current assets
- Sharp raw material inventory buildup Raw materials increased 123% from ₹314.73 million (Mar-24) to ₹702.16 million (Mar-26), including ₹19.91 million in-transit
- Aging trade receivables beyond one year ₹11.16 million in receivables outstanding over 1 year as at 31 March 2026 (₹7.55M in 1-2 years, ₹3.61M in 2-3 years)
- Significant reduction in short-term bank deposits Bank balances (3-12 month maturity) dropped from ₹583.57 million (Mar-25) to ₹57.59 million (Mar-26), a 90% decline
- Impairment provision on strategic investments ₹0.30 million impairment loss recognised on equity instruments designated at FVTOCI as at 31 March 2026
- Related party receivables not quantified in excerpt Trade receivables include amounts from related parties (refer Note 38), but specific amounts and counter-parties not disclosed in this excerpt
It is essential to read the complete risk factors in the offer document before investing; this list summarises the key disclosures only.
Tempsens Instruments (India) IPO Business Model
- Tempsens Instruments (India) Limited is a manufacturer of temperature measurement and control instruments, including industrial heaters and sensors.
Tempsens Instruments (India) IPO Industry Snapshot
- India's temperature sensors and allied products market was valued at approximately INR 18.8 billion in FY2026 and is projected to reach INR 28.8 billion by FY2031E, growing at a CAGR of 8.9%.
- Non-contact sensors, currently holding an 11.8% share, are projected to grow at a much faster CAGR of 11-12% from FY2026 to FY2031.
- Tempsens is the largest manufacturer of contact and non-contact temperature sensors in India as of March 31, 2026, holding around 10.5% market share in the Temperature sensor segment in FY26.
- Tempsens is the only Indian manufacturer of Non-contact temperature sensors as of March 31, 2026, holding 21.3% of the Non-contact temperature sensor market share in FY2026.
- Government-led programs such as the PAT scheme and India Cooling Action Plan promote energy-efficient sensors, while Make-in-India and Defence indigenization policies support domestic manufacturers.
- Over the past 5–7 years, the market share of global brands dropped from 75% in FY2018 to 59% in FY2026, while organized Indian players rose from 15% to 31%.
Tempsens Instruments (India) IPO Listed Peers (per RHP)
Tempsens Instruments (India) valuation versus listed peers in the same industry, from the RHP peer set. The highlighted This IPO column shows how the issue compares on P/E and return on net worth; green marks a cheaper multiple or a stronger ROE relative to the peer median.
Thermo Cables Limited
P/E (x)—
ROE (%)—
EPS (₹)—
Thermon India Pvt Ltd
P/E (x)—
ROE (%)—
EPS (₹)—
Wika Instruments India Pvt Ltd
P/E (x)—
ROE (%)—
EPS (₹)—
This IPO Tempsens Instruments (India)
P/E (x)35.38
ROE (%)13.5
EPS (₹)—
cheaper / strongerpricier P/Ebelow-median ROE
Tempsens Instruments (India) IPO Objects of the Issue
Funding certain capital expenditure of our Company towards our (i) electrical heating solutions; and (ii) specialized cable solutions181.34
Pre-payment or scheduled re-payment, in full or in part, of certain outstanding borrowings availed by our Company550.00
General corporate purposes[●]
Disclaimer: The financial data on this page is auto-extracted from the company's offer document (RHP/DRHP) and is provided for education only. DostIpo is not a SEBI-registered investment adviser; verify all figures against the official prospectus before making any investment decision. Investments in the securities market are subject to market risks.
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Last updated: 02 Sep 2026, 22:24 IST