Hy-Tech Engineers

Hy-Tech Engineers Limited operates four manufacturing facilities at Thane, Shirwal, Kavathe (Maharashtra) and Pithampur (Madhya Pradesh), supported by a Nashik unit supplying forged components as part of its backward integration strategy, enabling end-to-end control over quality and supply chain.

The company's 11,000+ SKU product range includes DIN-metric fittings, JIC flared and flareless fittings, O-Ring Face Seal (ORFS) fittings and conversion fittings, with certifications for railway and defence applications expanding its addressable market. As of March 31, 2026, the company had an international presence in the USA, Belgium, Poland, Russia, Brazil, Italy, Saudi Arabia, Hungary, UAE, Thailand and Germany, reflecting a well-established export franchise built over four decades. It employs a decentralized cell-based manufacturing model for operational efficiency. As of March 31, 2026, the company had 468 permanent and 253 contractual employees. Promoters Hemant Tukaram Mondkar, Surekha Hemant Mondkar and Ashwin Hemant Mondkar hold 97.99% pre-issue stake.

The issue comprises a fresh issue of ₹60 Cr and OFS of ₹75.73 Cr at a price band of ₹50 to ₹53 per share with a lot size of 283 shares implying a post-issue market cap of ₹502.72 Cr, listing on BSE and NSE mainboard on September 1, 2026.

Fresh issue proceeds will fund machinery capex at three manufacturing units (₹29.97 Cr) and partial debt repayment (₹16 Cr) with ₹14 Cr for GCP. At the upper band the post-issue P/E of 22.27x FY26 earnings is broadly in line with recently listed industrial peers. Key strengths include 46 years of operational track record, diversified 11,000+ SKU product portfolio, backward integration, established global presence in 11+ countries, declining D/E from 0.50 to 0.24, consistent EBITDA margins of ~22% and revenue growing at ~17% CAGR over FY24-26; key risks include OFS-heavy structure (55.79% of total issue) with both promoters selling significantly, most recently listed metal/industrial sector peers listing at losses, relatively modest PAT growth of 15% in FY26, and the hydraulic fittings segment being highly competitive and fragmented.