AGM Deadline 2026: Is Your Company Ready Before 30 September?

Company Compliance Alert 2026

30 September Is Near: Is Your Company Ready for AGM?

A missed AGM or ROC filing deadline can lead to additional fees, penalties and avoidable compliance problems.

Important: For most existing companies whose financial year ended on 31 March 2026, the normal AGM deadline is 30 September 2026.

Many business owners believe that annual compliance is completed once the accounts are prepared. That is not correct.

The financial statements must be approved, the AGM must be properly conducted, and the applicable forms must be filed with the Registrar of Companies within the prescribed time.

Waiting until the last week may create problems with audit completion, signatures, DSC validity, meeting documents and MCA filing.

Three important dates to track

30 Sep 2026 Normal AGM deadline

30 Days Time for filing financial statements after AGM

60 Days Time for filing annual return after AGM

Which ROC forms are generally required?

Compliance	Applicable form	Normal timeline
Financial statements	AOC-4 or applicable variant	Within 30 days of AGM
Annual return of small company or OPC	MGT-7A	Within 60 days of AGM or applicable due date
Annual return of other companies	MGT-7	Within 60 days of AGM
Auditor appointment, where applicable	ADT-1	Within 15 days of appointment at AGM

If the AGM is held on 30 September 2026, the normal filing timelines generally result in AOC-4 becoming due around 30 October 2026 and MGT-7 or MGT-7A becoming due around 29 November 2026. The exact deadline should be checked based on the company’s facts.

What should be completed before the AGM?

📚

Finalise the accounts

Complete the books, reconciliations, schedules and financial statements.

🔍

Complete the audit

Provide the auditor with proper records, explanations and supporting documents.

📝

Prepare meeting papers

Keep the Board’s Report, AGM notice, attendance records and resolutions ready.

🔐

Check DSC and master data

Confirm that DSCs are active and the company’s MCA records are properly updated.

Quick AGM readiness checklist

Check these items today:

• ✓ Books of account are updated up to 31 March 2026
• ✓ Bank, GST, TDS and ledger reconciliations are completed
• ✓ Financial statements and schedules are finalised
• ✓ Statutory audit is completed or nearing completion
• ✓ Board’s Report and AGM notice are prepared
• ✓ Director and auditor documents are available
• ✓ Related-party transactions and loan disclosures are checked
• ✓ DSCs of authorised signatories are active

Are all companies covered by the same deadline?

No. The due date may be different for a newly incorporated company, a company holding its first AGM, an OPC, or a company that has obtained a valid extension.

Remember: An OPC is generally not required to hold an AGM. However, its financial statements and annual return must still be filed within the applicable statutory timelines.

Can the AGM deadline be extended?

The Registrar of Companies may grant an extension of up to three months for an AGM other than the first AGM.

The company must apply before the original due date. It should not assume that the extension will automatically be granted.

Why should your company start early?

Last-minute annual filing may expose errors in shareholding details, director records, related-party transactions, unsecured loans, statutory dues or financial statements.

An early compliance review gives the company sufficient time to correct its records before signing and filing.

Timely action also reduces the risk of additional filing fees, penalties and other legal consequences.

Need help with AGM and ROC annual filing?

We can assist with finalisation of accounts, statutory audit, AGM documentation, AOC-4 and MGT-7 or MGT-7A filing.

Call or WhatsApp: 7760252581

☎ Call Now WhatsApp Us

Disclaimer: This article provides general information as of 19 September 2026. The applicable due date and forms depend on the company’s incorporation date, constitution, AGM date and regulatory status. Professional review is recommended before filing.

F&O Taxation in India: Everything Every Trader Should Know

 

Are you trading in Futures & Options (F&O)?

Many traders are confused about:

• How F&O turnover is calculated

• Whether tax audit is applicable

• How F&O profit or loss is taxed

• How to report F&O transactions in ITR

• How to carry forward F&O losses

• Whether expenses like brokerage and other charges can be claimed

Let us simplify it.

1. Is F&O Trading a Business?

Yes. For income-tax purposes, F&O trading on a recognised stock exchange is generally treated as business income, not capital gains.

Therefore, proper calculation and reporting are important.

2. How is F&O Turnover Calculated?

F&O turnover is not simply the total value of your trades.

Generally, turnover is calculated based on:

• Total of favourable and unfavourable differences

• Profit and loss from squared-up transactions

• Premium received on options, subject to applicable rules

• Reverse trades, as applicable

The turnover figure is important because it can determine whether tax audit provisions apply.

3. When is Tax Audit Applicable?

Tax audit applicability depends on your business turnover, profit/loss and other conditions prescribed under the Income-tax Act.

A trader should not decide audit applicability merely by looking at the total contract value shown by the broker.

The correct approach is to first calculate the tax turnover, determine the applicable provisions and then decide whether an audit is required.

4. What if I Have an F&O Loss?

F&O loss should be properly reported in the Income Tax Return.

Subject to the applicable conditions, a properly disclosed business loss can generally be carried forward and set off against eligible future business income.

Therefore, simply ignoring an F&O loss may not be advisable.

5. Can F&O Expenses Be Claimed?

Eligible expenses incurred wholly and exclusively for the business may be considered, subject to the provisions of the Income-tax Act.

These may include, where applicable:

• Brokerage

• Exchange charges

• Data/subscription expenses

• Internet expenses

• Professional charges

• Other eligible business expenses

Proper supporting records should be maintained.

6. Which ITR Should an F&O Trader File?

The appropriate ITR depends on the nature of transactions, income and other facts of the taxpayer.

F&O trading is generally reported as business income, and the return should be prepared after correctly determining turnover, profit/loss and applicable audit requirements.

7. Why Professional Tax Computation Matters

F&O taxation can become complicated when you have:

Multiple brokers + F&O profit/loss + intraday trading + delivery investments + other income + carried-forward losses

A small mistake in turnover calculation can potentially affect the tax audit requirement and return filing.

Need Help With Your F&O Tax Filing?

We can help you with:

✓ F&O turnover calculation
✓ Tax audit applicability
✓ Profit/loss computation
✓ Eligible expense identification
✓ Loss carry-forward calculation
✓ ITR preparation and filing
✓ Tax planning for traders

Don't wait until the ITR filing deadline. Get your F&O transactions reviewed properly.

📞 Call / WhatsApp: 7760252581

For professional assistance with F&O taxation, audit and ITR filing, contact us today.

WHEN RERA IS APPLICABLE IN KARNATAKA

Karnataka Real Estate Guide

Who Needs RERA Registration in Karnataka?

Planning to construct apartments, villas or develop land into plots? Check whether your project needs Karnataka RERA registration before you advertise or sell.

Quick Answer

RERA registration may be required before you start marketing or selling the project.

Builders, developers and certain landowners developing property for sale should first check whether the project falls under RERA.

🏗️ Who needs RERA Registration?

RERA registration generally applies to a promoter developing a real estate project for sale.

🏢

Builders & Developers

🏠

Apartment & Villa Projects

📐

Plot / Layout Developers

🤝

JDA / Landowner Projects

📊 When is RERA Registration required?

The key exemption under RERA is based mainly on land area and number of apartments.

Land Area

500 sq.m.

Threshold for the exemption

Apartments

8 Units

Threshold for the exemption

Important: The statutory exemption applies where the land area does not exceed 500 sq. metres OR the number of apartments does not exceed eight, subject to the applicable provisions.

🔎 Simple Examples

Land	Apartments	General Position
500 sq.m.	8	Generally Exempt
600 sq.m.	8	Generally Exempt
500 sq.m.	10	Generally Exempt
600 sq.m.	10	Registration Generally Required

🌳 What about Plot / Layout Projects?

RERA is not limited to apartment projects. Development of land into plots for sale can also fall within the RERA framework.

⏱️ When should registration be obtained?

1

RERA Registration
Complete the registration before project launch activities.

2

Then Advertise
Marketing and promotional activities should follow registration.

3

Then Book / Sell
Proceed with bookings and sales in accordance with RERA.

✅ When may RERA Registration not be required?

Completed Projects

Certain projects completed before the commencement of RERA and having the required completion certificate are outside the registration requirement.

Repair / Renovation

Certain repair, renovation or redevelopment activities without new marketing, selling or allotment may be exempt.

🏗️ What about ongoing projects?

Projects that were ongoing when RERA came into force on 1 May 2017 and had not obtained the required completion certificate could also come under RERA, subject to the Karnataka RERA Rules.

📋 RERA does not end with registration

After registration, promoters may have continuing compliance requirements relating to:

📑 Project disclosures

🏦 Project bank account

📈 Quarterly updates

👨‍💼 Professional certificates

🤝 Buyer agreements

🏁 Project completion

📞

Planning a Real Estate Project?

Get your project checked for RERA applicability before advertising, booking or selling.

📞 Call 7760252581

Disclaimer: This article is for general information only. Applicability of RERA depends on the facts and structure of the project. Professional advice should be obtained before commencing marketing or sale.

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RERA REGISTRATION ALL YOU NEED TO KNOW

Who Needs RERA Registration?

Planning to develop, sell or advertise a real estate project?
Before starting your project, check whether RERA Registration is required.

Many builders and landowners are not clear about when RERA registration is compulsory. This simple guide will help you understand Who needs RERA registration, When it is required and Why it is important.

🏗️ Who Needs RERA Registration?

Generally, RERA registration is required for a real estate project when a promoter intends to:

• Develop a residential project
• Develop a commercial project
• Construct apartments or flats for sale
• Develop villas or plots for sale
• Advertise, market or sell units in a project

👉 Simple rule:
If you are developing a real estate project and selling units to buyers, you should first check whether the project requires RERA registration.

📅 When Should RERA Registration Be Taken?

RERA registration should be obtained before advertising, marketing, booking or selling the project, wherever registration is applicable.

⚠️ Do not start marketing first and think about RERA later.
Starting advertisements, accepting bookings or entering into sales without the required registration can create compliance issues and penalties.

❓ Why Is RERA Registration Required?

RERA was introduced to bring more transparency and accountability into the real estate sector.

Registration helps buyers get important information about the project, including:

• Project details
• Promoter details
• Approved plans and permissions
• Project completion details
• Details of apartments / plots being sold
• Other information required under RERA

✅ For builders: Proper RERA compliance helps avoid unnecessary notices, penalties and delays in the project.

🚨 What If RERA Registration Is Required But Not Taken?

If a project requires registration and the promoter proceeds without obtaining it, the promoter may face penalties and other regulatory consequences.

Therefore, it is better to determine the applicability before starting marketing or sales activities.

🏠 Are All Projects Covered Under RERA?

No. Certain projects may fall under exemptions depending on factors such as:

• Size of the land
• Number of apartments
• Nature of the project
• Whether the project is only for renovation or redevelopment
• Other conditions prescribed under the applicable RERA law

Important: RERA rules and exemptions can vary based on the applicable State RERA authority. So, do not rely only on a general rule before starting your project.

📋 What Should a Builder Do Before Starting?

Before advertising or accepting bookings, check these points:

• ✓ Is RERA applicable to the project?
• ✓ Is the promoter eligible to register?
• ✓ Are the required approvals and documents ready?
• ✓ Is the project information correctly prepared?
• ✓ Are the RERA disclosures and compliances properly planned?

💼 Need Help With RERA Registration?

Planning a new apartment, villa, commercial or plotted development?

Don't wait until the project is advertised or bookings start. Get the RERA applicability checked first.

We can assist with RERA registration, documentation, compliance and related advisory for real estate projects.

📞 Let's Check Your Project

Not sure whether your project requires RERA registration?
Share your project details with us. We will help you understand the registration requirement and next steps.

📞 CALL NOW 💬 WHATSAPP US

Quick consultation • RERA Registration • Documentation • Compliance

RERA Registration Real Estate Builder Compliance RERA Consultant

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LLP vs Private Limited Company

LLP vs Private Limited Company: The Real 2026 Comparison for Indian Founders

Tax rates, audit rules, GST, profit withdrawal, and how each structure holds up when you're ready to raise money or hire your first ten people.

Updated for the Income-tax Act, 2025 (effective 1 April 2026) · 12 min read

Every founder in India reaches this fork in the road: register a Limited Liability Partnership, or incorporate a Private Limited Company? Both give you limited liability. Both are separate legal entities. The similarity ends there. What actually differs is how much tax you pay, who has to sign off on your books, how money moves from the business into your pocket, and whether an investor will ever write you a cheque. This guide walks through each of those, with real numbers.

🤝 LLP

Best for services businesses, consultants, and partner-run firms that plan to keep profits and split them among the owners, not raise outside capital.

VS

🏢 Private Limited Company

Best for anything that intends to raise funding, issue ESOPs, or scale into a business bigger than its founders.

1. What each structure actually is

An LLP is governed by the LLP Act, 2008. It needs a minimum of two partners with no upper limit, and it's run directly by those partners under an LLP agreement — there's no separation between who owns it and who manages it.

A Private Limited Company is governed by the Companies Act, 2013. It needs 2 to 200 shareholders, and ownership is separated from management: shareholders own the company, directors run it. That separation is exactly what makes it possible to bring in outside shareholders later.

2. Incorporation: cost, time, and paperwork

Setting up: LLP vs Private Limited Company

Factor	LLP	Private Limited Company
Governing law	LLP Act, 2008	Companies Act, 2013
Minimum owners	2 partners	2 shareholders, 2 directors
Registration cost	Lower — no share capital formalities	Higher — MOA, AOA, stamp duty on capital
Typical incorporation time	7–10 working days	7–12 working days
Ongoing running cost	Lower	Higher (audit, board processes, ROC filings)

3. Taxation: where the real gap is

This is the section most founders get wrong, because the headline numbers don't tell the whole story. Under the Income-tax Act, 2025, an LLP pays a flat 30% on its total income with no concessional option. A Private Limited Company can opt into the concessional regime (the successor to the old Section 115BAA) at a flat 22%, giving up certain deductions in exchange.

🤝 LLP — effective tax rate31.2%–34.9%

30% base + surcharge + cess

🏢 Pvt Ltd (concessional regime) — effective tax rate25.17%

22% base + surcharge + cess

Effective rate includes surcharge and 4% health & education cess. LLP surcharge is 12% above ₹1 crore income; company surcharge under the concessional regime is a flat 10% of tax. New manufacturing companies can access a further concessional 15% rate.

The detail everyone misses

A company's lower rate only tells half the story, because company profits face tax at two levels: once when the company earns them, and again when they're paid out as dividends, taxed at the shareholder's slab rate. An LLP's profit share is taxed once, at the LLP level, and then partners can withdraw it tax-free. An LLP can also deduct partner remuneration and interest on partner capital before arriving at taxable profit, within limits.

Worked example: ₹50 lakh annual profit, fully withdrawn

🤝 LLP path

Tax ≈ ₹15.6L (31.2%)

Partners receive ≈ ₹34.4L — no further tax

🏢 Private Limited Company path

Tax ≈ ₹12.6L (25.17%)

Dividend tax at shareholder slab ≈ ₹11L

Shareholder receives ≈ ₹26.4L

Illustrative, assuming a shareholder in the 30% slab and full distribution. Figures are rounded and don't account for cess on the dividend tax leg — always run your actual numbers with a CA.

So which wins on tax?

If you plan to withdraw most of what you earn every year, the LLP usually comes out ahead despite its higher headline rate. If you plan to reinvest and retain profits inside the business for growth, the company's 25.17% effective rate — with no second layer of tax until you actually take a dividend — usually wins.

4. Audit requirements

Who needs their books audited, and when

Audit type	LLP	Private Limited Company
Statutory audit	Only if turnover > ₹40 lakh or capital contribution > ₹25 lakh	Mandatory every year, regardless of turnover or size
Tax audit (Income-tax Act)	Applies if turnover > ₹1 crore (₹10 crore with mostly digital transactions)	Same threshold — this rule doesn't care about entity type
Number of board/partner meetings needed	No mandated minimum	Minimum four board meetings a year

A small LLP with modest turnover can legally skip an audit altogether for years. A Private Limited Company never gets that option — even a company with zero revenue still needs its accounts audited annually.

5. GST: the myth that they're treated differently

GST doesn't care about your entity type

Registration thresholds are identical for an LLP and a company: ₹40 lakh turnover for goods, ₹20 lakh for services, in most states (lower in a handful of special-category states). Input tax credit, return filing, and e-invoicing rules are all the same regardless of which structure you chose. If someone tells you a company has a "GST advantage" over an LLP, they're mixing it up with income tax.

6. Getting money out: profit withdrawal

Moving money from the business to the owners

Route	LLP	Private Limited Company
Profit share to owner	Tax-free in the partner's hands	Taxed again as dividend income at slab rate
Salary/remuneration to owner-operator	Deductible for the LLP within Section 40(b) limits	Deductible for the company, taxed as salary for the director
Interest on capital contributed	Deductible, within limits	Not applicable — shareholders don't get this route
Buyback / capital reduction	Simpler, governed by the LLP agreement	Possible but more procedurally involved under the Companies Act

7. Expanding, raising funds, and bringing in investors

This is usually the deciding factor

Institutional investors — angels, VCs, family offices — invest by subscribing to equity shares. Equity shares exist only in a company. An LLP has no share capital, no cap table in the conventional sense, and no ESOP mechanism that Indian investors recognise. If you plan to raise a funding round in the next couple of years, this alone settles the decision in favour of a Private Limited Company.

Growth levers available to each structure

Growth lever	LLP	Private Limited Company
Equity fundraising from VCs/angels	Not possible	Standard route
ESOPs for employees	Not available	Well-established mechanism
Foreign direct investment (FDI)	Allowed only in sectors with 100% FDI under the automatic route and no performance conditions — a narrow list	Broadly available under automatic and approval routes
Bringing in a new partner/shareholder	Requires amending the LLP agreement	Simple share transfer or fresh allotment
Multiple classes of ownership (e.g. preference shares)	Not possible	Yes
Converting structure later	Can convert into a company as you scale	Conversion into an LLP is rarely done once funded

8. Annual compliance calendar, side by side

🤝 LLP — key annual filings

Form 11 (Annual Return)

Due by 30 May

Form 8 (Statement of Accounts & Solvency)

Due by 30 October

Income tax return

31 July or 31 October, depending on audit applicability

Audit (if applicable)

Only above the turnover/contribution thresholds

🏢 Pvt Ltd — key annual filings

AOC-4 (Financial Statements)

Within 30 days of AGM

MGT-7 (Annual Return)

Within 60 days of AGM

DIR-3 KYC for every director

Annually, by 30 September

Statutory audit

Every year, no exemption

Minimum 4 board meetings

Spread through the year

9. A simple decision framework

Will you raise money from angels, VCs, or a family office within the next 18–24 months?

Yes → go with a Private Limited CompanyNo → keep reading

↓

Do you plan to give employees equity (ESOPs) as they join?

Yes → Private Limited CompanyNo → keep reading

↓

Will most of the profit be withdrawn by the founders each year, rather than reinvested?

Yes → LLP usually wins on taxNo, we'll reinvest most of it → Private Limited Company usually wins on tax

↓

Is minimising annual compliance and audit cost the top priority right now?

Yes → LLPNo, we're building for scale → Private Limited Company

The one-line version

If you're a bootstrapped services business — consultants, agencies, professional partnerships — that wants to keep compliance light and pull out what you earn, the LLP almost always wins.

If there's any realistic chance you'll raise capital, issue ESOPs, or eventually sell the business to a larger acquirer, incorporate as a Private Limited Company from day one — converting later is possible, but it resets your compliance history and costs real time and money.

Frequently asked questions

Is LLP or Private Limited Company better for a startup in India?

It depends entirely on whether you plan to raise external funding. If yes, choose a Private Limited Company — no serious investor will fund an LLP. If you're bootstrapping a services business with no funding plans, an LLP is cheaper to run and more tax-efficient on withdrawn profits.

Can an LLP be converted into a Private Limited Company later?

Yes, India's company law allows an LLP to convert into a Private Limited Company as the business grows. Many founders deliberately start as an LLP to keep early compliance light, then convert once they're ready to raise funding.

Does a Private Limited Company always pay less tax than an LLP?

Not always — only on profit that stays inside the business. A company's effective rate under the concessional regime (25.17%) is lower than an LLP's (31.2%–34.9%), but company profits are taxed a second time when paid out as dividends. An LLP's profit share is tax-free once withdrawn. For profits you plan to take out every year, the LLP is often the more tax-efficient choice overall.

Is GST registration different for an LLP versus a company?

No. GST thresholds and rules are identical regardless of entity type: ₹40 lakh turnover for goods and ₹20 lakh for services in most states, with lower limits in a few special-category states.

Does an LLP need its accounts audited every year?

Only if its annual turnover exceeds ₹40 lakh or its partners' capital contribution exceeds ₹25 lakh. Below those thresholds, an LLP can skip a statutory audit entirely. A Private Limited Company has no such exemption — it needs an audit every year no matter how small it is.

This article explains general rules under the LLP Act 2008, the Companies Act 2013, and the Income-tax Act 2025 as they stood at the time of writing, and is meant to help you ask the right questions — it isn't tax or legal advice for your specific situation. Rates, thresholds, and forms change with each Finance Act and MCA notification, so confirm current figures with a practising Chartered Accountant or Company Secretary before you incorporate.

Tempsens Instruments IPO check

Live Read · 25 Aug 2026

Tempsens Instruments IPO
the heat check

A niche 35-year-old temperature-sensing business, an IPO that's already closed, and a grey market premium that's been on fire. Here's the full picture — visually, and honestly.

GMP Temperature Gauge

+107%

Issue price₹300

Latest GMP₹322

Implied listing~₹622

🟢 Business: Solid niche 🟢 Balance sheet: Strong 🟡 Valuation: Expensive 🟢 Listing gains: Likely 🟡 Chasing post-listing: Caution

Where things stand

The IPO is already closed — here's the clock

Opened

20 Aug

Closed

24 Aug

Allotment

25 Aug (Today)

Listing

28 Aug

ℹ️

You can't apply anymore. This review now serves one purpose: understanding whether it was worth applying, and what to do if you were allotted shares.

---

The 10-second version

Quick verdict snapshot

🏭

Business

Very good niche

📈

Financials

Good

🏦

Balance sheet

Good

💰

Valuation

Expensive

🌡️

GMP

Extremely strong

⏳

Long term

Good, but price matters

🚀

Listing gains

Strong YES

---

01 · The business

A company that measures heat for a living

Tempsens builds instruments that help factories measure and control extreme temperatures — the kind of specialised, technical, B2B work that isn't glamorous but is hard to displace once a customer qualifies your product.

🔩 Thermocouples 📡 RTDs 🌡️ Temperature sensors 💡 Fibre-optic sensors 🔥 Industrial heaters 🧵 Specialised cables 🖥️ Measurement systems

~10.5%

Market share in India's temperature-sensor segment

1990

Year incorporated — 35+ years of operating history

---

02 · Who's running it

Management — 8/10

VR

Virendra P. Rathi

Chairman & Executive Director

VR

Vinay Rathi

Managing Director

PM

Priyanka Menaria

CFO

VJ

Vishal Jain

Company Secretary

---

03 · IPO structure

Where does the money actually go?

₹285–300

Price band

₹650 Cr

Issue size

50 shares

Lot size

₹15,000

Min. investment

OFS — ₹555 Cr (85%) — existing holders cashing out

Fresh issue — ₹95 Cr (15%) — actually funds the company

⚠️

Only 15% is fresh capital. The rest is promoters/investors selling existing shares. Not a dealbreaker, but worth knowing before you get swept up in GMP excitement.

---

04 · Grey Market Premium

The GMP has been on fire

135

17

172

18

220

19

270

20

290

21

321

22

313

23

322

24

🚨

Don't anchor on ₹622. GMP is an unofficial, unregulated indicator — not an exchange price or a guarantee. Anything above 100% premium is extraordinary territory and can compress fast between now and listing day.

---

05 · Fundamentals

Growth that actually backs up the story

Revenue (₹ Cr)278 → 382 → 456

PAT (₹ Cr)40.9 → 62.6 → 71.1

EBITDA (₹ Cr)61.1 → 97.3 → 113.2

FY24 FY25 FY26

24.8%

FY26 EBITDA margin

15.6%

FY26 PAT margin

---

06 · Balance sheet & valuation

Comfortable debt, demanding price

0.15x

Debt / equity (FY26)

35.4x

P/E at ₹300

~71x

P/E if it lists near ₹600

💡

₹55 Cr of IPO proceeds go straight to repaying borrowings — the balance sheet gets even lighter post-listing.

---

07 · Peer comparison

There's no clean twin to compare against

No listed Indian company matches Tempsens' exact product mix. Pyrotech Electronics, AIA Engineering, and global player Thermon are loose reference points at best — their margins and business models differ enough that leaning on their P/E to "justify" this valuation would be a stretch.

🧭

The real question isn't "how does this compare to peers" — it's can EPS grow from ₹8.5 to ₹12–15 quickly enough to make 35x feel reasonable in hindsight?

---

08 · Weighing it up

What I like vs. what gives me pause

🟢 Liked

• Specialised, hard-to-replicate niche
• ~25% EBITDA margins
• 35+ years of operating history
• ~29% revenue from exports
• Debt/equity of just 0.15x
• Meaningful market leadership

🔴 Cautious about

• 35x P/E — priced for continued growth
• 40%+ earnings tied to metal & petrochemical capex
• 85% of the issue is OFS, not fresh capital
• Recent acquisitions (GmbH, Polska) muddy YoY comparisons

---

09 · Scorecard

Final ratings

Business	★★★★☆
Management	★★★★☆
Financials	★★★★☆
Balance sheet	★★★★★
Growth	★★★★☆
Valuation at ₹300	★★★☆☆
GMP	★★★★★
Long-term potential	★★★★☆

---

10 · The actual decision

Applying vs. chasing it after listing

Applying for the IPO

Strong subscription (~184x overall), ₹300 issue price, and 100%+ GMP made this a textbook listing-gain setup.

Buying after a 100%+ pop

At ₹600, P/E jumps to ~71x — a completely different, much riskier proposition than buying at ₹300.

It's a genuinely good industrial business — but the IPO isn't cheap. GMP has rocketed from ₹135 to ₹322 in days, which means the excitement is real, but GMP itself has stopped being a useful proxy for long-term value.

Compiled 25 Aug 2026 · Allotment day · Listing expected 28 Aug 2026

This is general information for understanding the Tempsens Instruments IPO, not investment advice. GMP figures are unofficial grey-market indicators and can change quickly. Please do your own research or consult a licensed financial advisor before making investment decisions.