Tipco Engineering India Limited is engaged in the manufacturing and supply of industrial machinery used in paint, chemical, printing, packaging, metal, and infrastructure industries. The company mainly manufactures equipment such as bead mills, dispersers, homogenizers and mixing machines. These machines are used in industrial production processes for mixing, grinding and dispersing materials. The company generates most of its revenue from the sale of manufactured machinery products, which contributed 92.27% of total revenue from operations.

For FY2025, the company reported revenue of ₹13,313.78 lakhs, growing from ₹10,122.60 lakhs in FY2024 and ₹3,597.41 lakhs in FY2023, reflecting strong growth in the machinery manufacturing business.

Key Clients and Major Manufacturing Facilities

The company supplies industrial machinery to various customers in industries such as paints & coatings, chemicals, printing, packaging, construction and metal processing. Its top 10 customers contributed 75.80% of revenue during the period ended December 31, 2025, indicating strong relationships with key industrial clients.

Tipco Engineering operates its manufacturing facilities at Rai Industrial Estate, Sonipat, Haryana, across two units covering approximately 1,012.50 square meters each. The facilities are equipped with CNC machines, laser cutting machines, welding machines and fabrication equipment, enabling in-house manufacturing and quality control.

Product Portfolio, Order Book and Execution

The company offers machinery across three main product series – Mill Series, Disperser Series and Homogenizer Series. These machines are used by manufacturing companies for grinding, mixing, homogenizing and dispersing materials during industrial production processes.

These products play an important role in the production lifecycle of clients, particularly in industries such as paints and chemicals where precise mixing and dispersion processes are required. As on December 31, 2025, the company had an order book of ₹7,640.95 lakhs, representing future revenue visibility and indicating strong demand for its machinery.

Future Plans, Expansion and Capex

The company plans to utilise IPO proceeds mainly for working capital requirements and general corporate purposes to support business expansion.

With improved liquidity, the company aims to increase production capacity, maintain higher inventory levels and meet growing customer demand more efficiently. This will help improve operational efficiency and unlock sales growth opportunities. The company is also focusing on export market expansion and product development through new collaborations to strengthen its global presence.

Employees and Banker to the Company

As of Dec 31, 2025, the company had 144 full time employees. The Banker to the Company is Indian Bank.

Management and Growth Vision

Tipco Engineering India Limited is promoted by Mr. Ritesh Sharma and Ms. Sonia Sharma, who have approximately 18 years and 7 years of industry experience respectively in machinery manufacturing and industrial equipment businesses.

Mr. Ritesh Sharma primarily manages production and manufacturing operations, ensuring efficient plant operations and product quality. Ms. Sonia Sharma oversees human resources, administration and overall management functions within the company.

The management strategy focuses on strengthening the company’s position in the industrial machinery manufacturing sector by expanding product offerings, improving manufacturing capabilities and increasing export opportunities.

The company plans to achieve growth through:

1. Expansion in export markets to diversify revenue sources and increase global presence.
2. Development of new machinery products through collaborations and technology improvements.
3. Strengthening dealer and distribution networks to improve market reach.
4. Enhancing production efficiency through better manufacturing processes and quality control systems.

For funding expansion and growth plans, the company relies on internal accruals, bank borrowings and IPO proceeds, which will primarily be used to strengthen working capital and support increasing production demand.

The management aims to build a scalable manufacturing business with improved operational efficiency and stronger relationships with industrial customers.

Industry Overview

Tipco Engineering operates in the industrial machinery and capital goods manufacturing industry, which supplies equipment used in manufacturing, construction, infrastructure, automotive and chemical industries.

This sector is an important part of India’s manufacturing ecosystem and plays a key role in industrial development.

Industry Size and Growth

India’s engineering research and development sector is expected to grow significantly, reaching US$63 billion by 2025, driven by increased industrial investment and technology adoption.

The construction equipment market in India is estimated at ₹69,046 crore in 2025 and is expected to grow to ₹1,02,827 crore by 2030, representing a CAGR of around 8.3%.

India’s electrical equipment market is also projected to grow with incremental expansion of ₹6,44,533 crore at a CAGR of 14.3% from FY24 to FY28.

Global Industry Trends

Globally, demand for industrial machinery is increasing due to:

• Industrial automation
• Infrastructure development
• Growth in manufacturing sector
• Expansion of chemical and processing industries

Technological innovations such as AI, robotics and Industry 4.0 technologies are transforming manufacturing processes and increasing demand for advanced industrial machinery.

Major global players in industrial machinery include companies such as Siemens, ABB, Mitsubishi Heavy Industries and Caterpillar, while India has many mid-sized engineering companies supplying specialized machinery.

Overall, the industry outlook remains positive due to government infrastructure investment, Make in India initiatives and increasing industrial production.

Key Risk Factors

1. High Dependence on Key Customers

The company depends significantly on a limited number of customers. The top 10 customers contributed around 75.80% of revenue for the period ended December 31, 2025. Loss of these customers could adversely impact revenue growth.

2. Manufacturing Facility Concentration Risk

The company operates primarily from a single manufacturing location in Haryana. Any disruption such as machinery breakdown, power shortage, natural disaster or regulatory issue at this facility could affect production and financial performance.

3. Working Capital Intensive Business

The machinery manufacturing business requires significant working capital for inventory, raw materials and receivables management. If the company fails to arrange adequate working capital, it could affect operations and profitability.

4. Competitive Industry

The plant and machinery manufacturing sector is highly competitive with many domestic and international players. Larger competitors with stronger financial resources and longer operating history may create pressure on pricing and margins.

5. Limited Operating History

The company was incorporated in 2021, which means it has a relatively short operating history. Limited experience may create challenges in managing large-scale projects and expanding operations efficiently.

6. Project Execution Risks

Manufacturing and installation of industrial machinery involve complex engineering and project execution. Delays in production, supply chain disruptions or unexpected site conditions may lead to cost overruns and impact profitability.

Key Strengths and Opportunities

1. Wide Range of Industrial Machinery Products

The company offers a diverse product portfolio including mills, dispersers, homogenizers and mixing equipment, allowing it to serve multiple industries such as paints, chemicals and printing. This diversification reduces dependence on a single product category.

2. Strong Order Book

As on December 31, 2025, the company had an order book of ₹7,640.95 lakhs, indicating strong demand and providing visibility for future revenue growth.

3. Integrated Manufacturing Facility

The company operates an integrated manufacturing setup with in-house design, fabrication and testing capabilities, allowing better control over quality, cost and production timelines.

4. Experienced Promoters and Management

The promoters bring significant experience in machinery manufacturing, helping the company develop industry relationships, improve operational efficiency and implement strategic growth initiatives.

5. Growing Export Opportunities

The company is actively focusing on expanding export business, which currently contributes a small portion of revenue but has strong growth potential in international markets.

6. Industry Growth and Government Support

Government initiatives such as Make in India, infrastructure development and manufacturing incentives are expected to drive demand for industrial machinery and engineering equipment in the coming years.