Teja Engineering Industries Limited

Teja Engineering Industries Limited was incorporated in 2023 and operates a service-led asset-light business model providing Operations & Maintenance, Erection & Commissioning, instrument calibration, overhauling, terminal hook-up, and decommissioning services across Oil & Gas, Power, and Energy sectors.

The promoters are Srinivasarao Vakalapudi and Suryakumari Vakalapudi. The company manages O&M services for 550+ units across 15 states including Gujarat, Maharashtra, Telangana, Tamil Nadu, and West Bengal, and is an authorised service provider for a globally reputed manufacturer of safety relief valves. As of May 31, 2026, the company had a workforce of 2,927 employees. The company holds ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018 certifications.

The issue is a 100% fresh issue of 16,98,000 equity shares at a fixed price of ₹220 per share, aggregating to ₹37.36 Cr, implying a pre-IPO market cap of ₹141.18 Cr. There is no OFS component. The issue will list on NSE SME Emerge on July 7, 2026.

Proceeds will fund capital expenditure of ₹18.06 Cr for equipment and machinery, and working capital of ₹9.26 Cr. At the issue price, the IPO is valued at a post-issue P/E of 35.16x based on annualised 9M FY26 earnings, and a pre-issue P/E of 25.85x on FY25 earnings. Key strengths include asset-light recurring contract model, 95%+ revenue growth from FY24 to FY25, strong RONW of 31–33%, and pan-India presence. Key risks include the company being incorporated only in 2023 (very young), high promoter dilution from 91.33% to 67.17%, debt-to-equity of ~1x, and no listed direct peers available for comparison.