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.

Ardee Industries IPO Review 2026: GMP Today, Fundamentals, Price, Analysis & Should You Apply?

 

IPO Spotlight · Metals & Recycling

Ardee Industries IPO:
Turning Scrap Into Circuits

A three-decade-old lead recycler is going public — melting down old batteries into the raw material EVs, telecom towers, and every automobile on the road still depend on. Here's what the business, the grey market, and the numbers are actually saying.

The circular economy loop Ardee sits inside

Founded 1993 P/E 19.7x GMP ~24.5% Sector Lead Recycling

01 What Does Ardee Actually Do?

Ardee Industries recycles used lead-acid batteries and non-ferrous scrap, then refines that waste into pure lead and specialised lead alloys. In plain terms: it takes metal that would otherwise sit in a scrapyard and puts it back to work — a genuine circular-economy business built on turning old inputs into new supply.

🔋Automotive batteries

⚡Energy storage systems

🚗Electric vehicles

🏭Industrial applications

02 Company Snapshot

At a Glance

Incorporated16 Sep 1993

Original nameArdee Industries Pvt Ltd

Converted to public co.2025

Business typeLead recycling

Key Management

Name	Role
Sandeep Aggarwal	Chairman & MD
Nikunj Aggarwal	Whole-time Director
Esha Gupta	Whole-time Director
Arun Kumar Mallik	CFO
Puneet Verma	Company Secretary

03 Grey Market Premium — Today's Read

Current GMP₹13

Low · ₹5High · ₹13

⚠️ GMP is an unofficial, informal indicator that shifts daily. It should never be the sole reason to apply for an IPO.

04 Fundamentals: The Good & The Watch-outs

✅ Positives

📈 Strong, consistent revenue growth

💰 Profit has climbed steadily over 3 years

♻️ Tailwind from booming battery demand

⚖️ Reasonably priced against earnings

⚠️ Risks

🪙 A commodity business — margins can swing

📦 Scrap and lead prices affect profitability

🌱 Stringent environmental regulation

🔁 Earnings tied to recycling spreads

05 How It Stacks Up Against Peers

Company	P/E	P/B
Ardee Industries (IPO)	19.7x	21.5x
Gravita India	~40–45x	~8–10x
Pondy Oxides & Chemicals	~25–30x	~4–6x

Peer multiples move with the market daily — treat this as a snapshot, not a fixed benchmark.

06 The Verdict

Long-Term Investing

Good growth, profitable operations, and durable long-term demand — but still a cyclical commodity business. Better suited to gradual accumulation post-listing than a large day-one bet.

Listing Gains

APPLY

Positive GMP, a reasonable ~20x P/E, and strong recent growth support the case — though allotment is by lottery and gains are never guaranteed.

07 Scorecard At a Glance

Business

4/5

Management

4/5

Financial growth

4/5

Valuation

4/5

Listing gain odds

4/5

Long-term hold

4/5

Bottom line: Apply if you're after listing-day gains. For the long haul, Ardee looks like a fairly priced growth story worth watching closely once it's trading, given the sector's cyclical, commodity-driven nature.

This is general commentary, not investment advice. IPO allotment is by lottery, GMP is unofficial, and listing gains are never guaranteed — do your own research before applying.

Gold Prices Crash: Should You Invest Now or Wait?

Gold has fallen sharply — marking its worst weekly decline in 6 years.
This has created confusion among investors:

👉 Is this a buying opportunity or a warning sign?

Let’s break it down in a simple and practical way.

---

🟡 What Happened to Gold Prices?

Gold prices dropped by more than 7% in just one week.

Key Reasons:

• Rising Middle East conflict

• Increase in crude oil & fuel prices

• Higher inflation concerns globally

• Reduced chances of interest rate cuts

👉 When interest rates remain high, gold becomes less attractive because it does not generate income.

---

🔴 Why Gold is Falling Despite Crisis?

Normally, gold rises during uncertainty. But this time:

• Investors moved money to US Dollar & bonds

• Gold ETFs saw heavy outflows

• Traders sold gold to cover stock market losses

👉 Result: Short-term pressure on gold prices

---

🟢 Should You Invest in Gold Now?

✅ You CAN consider investing if:

• You are a long-term investor

• You want portfolio diversification

• Your gold allocation is below 10–15%

---

❌ You should AVOID if:

• You expect quick profits

• You are reacting to market news

• You already hold high gold exposure

---

🟡 Expert Insight 

👉 Gold is not for wealth creation
👉 Gold is for protection (hedge)

Think of gold as:
✔ Insurance for your portfolio
❌ Not a growth engine like stocks

---

🔵 Gold vs Other Investments (Smart Allocation)

Asset Type	Purpose
🟡 Gold	Safety & hedge
📈 Equities	Wealth creation
💰 Debt	Stability & income

👉 Best strategy: Mix all 3 — don’t depend only on gold

---

Gold may remain volatile in the short term, but still plays an important role in your portfolio.

👉 Don’t chase price movements
👉 Focus on long-term financial planning

⚠️ Disclaimer

This content is for educational purposes only and does not constitute investment advice. Investment decisions should be based on your individual financial goals, risk profile, and consultation with a qualified financial advisor. Market investments are subject to risks, and past performance does not guarantee future returns.

---

SBI MUTUAL FUND IPO

Markets · IPO Watch

SBI Mutual Fund Files for IPO: A Complete Guide to the OFS

March 20, 2026 Equity & Investments 5 min read

India's largest asset manager by AUM is heading for Dalal Street. SBI Funds Management Limited has filed its DRHP with SEBI — here is everything you need to understand before the IPO opens.

20.37 Cr Shares Offered

~10% Stake on Offer

6.3% SBI's Divestment

3.7% Amundi's Divestment

What Happened?

On March 19, 2026, State Bank of India confirmed in an exchange filing that its asset management arm, SBI Funds Management Limited (SBIFML), has submitted its Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI). This marks a significant milestone in what is expected to be one of the largest AMC listings in Indian capital markets.

It's Entirely an OFS — What Does That Mean?

The IPO is structured as a pure Offer for Sale (OFS), with no fresh issue component whatsoever. In practical terms, this means:

• No new shares are being created by the company.
• SBIFML will not receive a single rupee from the proceeds.
• All funds raised will flow directly to the selling shareholders — SBI and Amundi India Holding.
• This is essentially an exit or partial monetisation by the promoters.

Who Is Selling, and How Much?

Seller	Shares Offered	Stake Being Sold
State Bank of India	Up to 12.83 crore shares	6.3%
Amundi India Holding	Up to 7.53 crore shares	3.7%
Total	Up to 20.37 crore shares	~10%

It is worth noting that the share count offered by SBI has grown substantially — from an earlier estimate of 3.2 crore shares to 12.83 crore shares now. This revision reflects the increased equity base of SBIFML following bonus share issuances and ESOP exercises by eligible employees. The percentage stake being sold (6.3007%) remains unchanged.

The Book-Building Process

The IPO will be conducted via the book-building route, in compliance with SEBI's Issue of Capital and Disclosure Requirements (ICDR) Regulations. The price band and final offer price have not been determined yet and will be announced closer to the issue date based on prevailing market conditions and regulatory approvals.

"The Price Band and Offer Price shall be decided in accordance with provisions of the SEBI ICDR Regulations and other applicable law."

— SBI Exchange Filing, March 19, 2026

Key Things Still Pending

Investors should note that several critical details remain undisclosed at this stage:

Parameter	Current Status
Price Band	Not yet determined
IPO Open/Close Dates	Not disclosed
Listing Date	Not disclosed
SEBI Approval	Awaited
Fresh Issue	None — pure OFS

---

How Did SBI Stock React?

Markets welcomed the DRHP announcement. SBI shares surged to an intraday high of ₹1,085 in early trade — a gain of roughly 2.55% from the day's open. As of 1:30 PM, the stock was trading at ₹1,066.70, up about 1.69% from the previous close.

SBI Share — Snapshot (March 20, 2026)

CMP (1:30 PM)

₹1,066.70

Intraday High

₹1,085.00

52-Week High

₹1,234.80

52-Week Low

₹730.95

YTD Return

+8.30%

1-Month Return

−12.31%

Why This IPO Matters

SBI Funds Management is India's largest mutual fund by assets under management. A listing of this scale could be a defining event for the Indian AMC sector in 2026. The OFS structure, while meaning no capital goes to the company itself, offers retail and institutional investors a rare chance to own a direct stake in the country's most trusted mutual fund brand.

Given that SEBI approval and market conditions still need to align, investors are advised to monitor further announcements before making any allocation decisions.

⚠ Disclaimer The information contained in this blog post is for general informational and educational purposes only. It is based on publicly available reports and exchange filings as of March 20, 2026, and should not be construed as financial, investment, legal, or tax advice. The author is not a registered investment advisor, broker, or financial planner. Investing in IPOs and equity markets involves significant risk, including the possible loss of principal. Past stock performance is not indicative of future results. Readers are strongly advised to consult a SEBI-registered financial advisor before making any investment decisions. This post does not constitute a solicitation or recommendation to buy or sell any security.

📈Why Tejas Networks Share Went Up Today

Market Watch · February 26, 2026

Tejas Networks Surges on 5G Massive MIMO Deal with NEC

▲ +16.18%

Intraday high ₹381.35 · NSE: TEJASNET

TEJASNET ₹378.00 +16.18% NEC Partnership Announced 5G Massive MIMO Radios PLI Incentive ₹69.97 Cr Received Atmanirbhar Bharat Push 4-Day Losing Streak Snapped TEJASNET ₹378.00 +16.18% NEC Partnership Announced 5G Massive MIMO Radios PLI Incentive ₹69.97 Cr Received Atmanirbhar Bharat Push 4-Day Losing Streak Snapped

On February 26, 2026, shares of Tejas Networks Ltd rocketed as much as 16% in a single session — snapping a four-day losing streak — after the Tata Group-owned telecom equipment maker announced a landmark strategic partnership with Japan's NEC Corporation to manufacture and supply carrier-grade 5G Massive MIMO radios for global markets.

Intraday Surge

+16.18%

High: ₹381.35 on NSE

Market Cap

₹6,690 Cr

As of Feb 26, 2026

PLI Received

₹69.97 Cr

FY 2024–25 incentive

52-Week Range

₹294 – ₹914

Still far from peak

What is Tejas Networks?

📡

5G Signal

Tejas Networks is a Bengaluru-based telecom equipment company, part of the Tata Group, that designs and manufactures networking products like optical networking gear, broadband access equipment, and now 5G radio access network (RAN) hardware. It is publicly listed on Indian stock exchanges and has been one of India's key bets in the global 5G supply chain race.

The company operates under India's Production Linked Incentive (PLI) scheme for telecom products — a government initiative that rewards domestic manufacturers with cash incentives to reduce India's dependence on foreign telecom gear, particularly from Chinese vendors.

The NEC Deal: Why It Matters

The headline catalyst on February 26 was the announcement of a strategic agreement with NEC Corporation, one of Japan's largest technology conglomerates with deep roots in global telecom infrastructure. Under this deal, Tejas will manufacture carrier-grade 5G Massive MIMO radios for NEC, which will then deploy them through its global telecom network relationships.

Massive MIMO (Multiple Input, Multiple Output) is the backbone of 5G performance — arrays of dozens to hundreds of antennas that dramatically boost network capacity, speed, and efficiency. Making these at scale, in India, is a significant industrial milestone.

— 5G Technology Context

The partnership is designed to be long-term and collaborative — both companies plan to co-create next-generation 5G and 5G-Advanced solutions, positioning Tejas not just as a manufacturer but as a genuine technology partner in the global Open RAN ecosystem.

Quarterly Financials at a Glance

Despite the share price surge, Tejas Networks' recent financials tell a challenging story — making this rally a forward-looking bet, not a reflection of current earnings.

Rev

₹627Cr

Profit

+ve

Q3 FY25

→

Rev

₹74Cr

Loss

-₹197Cr

Q3 FY26

Revenue collapsed roughly ~88% YoY in Q3 FY26, and the company posted a net loss of ₹196.55 crore. The NEC deal is viewed by analysts as a potential turning point for recovery.

Revenue Profit Net Loss

4 Key Catalysts Behind the Surge

🤝

NEC Strategic Partnership

Tejas Networks signed an agreement with Japan's NEC Corporation to manufacture and supply carrier-grade 5G Massive MIMO radios. The deal positions Tejas as a globally credible 5G hardware supplier and opens doors to NEC's worldwide telecom customers.

🌏

Global Supply Chain Diversification

Western and Asian telecom operators are actively seeking alternatives to dominant Chinese vendors (Huawei, ZTE). Tejas, leveraging India's "Atmanirbhar Bharat" manufacturing push, is emerging as a credible alternative, tapping into a multi-billion dollar market shift.

💰

PLI Incentive of ₹69.97 Crore

On February 18, 2026, Tejas received ₹69.97 crore as the balance incentive for FY 2024–25 under the government's PLI scheme for telecom products, providing a near-term financial cushion ahead of the NEC announcement.

📈

Market Sentiment Rebound

The stock had been on a four-day losing streak before this announcement. The news acted as a powerful sentiment catalyst, with Tejas significantly outperforming both the broader Sensex index and the telecom sector on the day.

🏭

India's PLI Scheme: Fueling Domestic 5G Manufacturing

The Production Linked Incentive (PLI) scheme for telecom products was launched to help Indian manufacturers compete globally. Tejas is one of the primary beneficiaries, receiving incentives for hitting domestic production targets — creating a virtuous cycle of investment and output.

₹69.97 Crore received · Feb 18, 2026

The Other Side: Risks to Watch

⚠️ Financial Headwinds Remain Significant

Despite the excitement, investors should be clear-eyed: Tejas Networks reported a consolidated net loss of ₹196.55 crore for Q3 FY26 (October–December 2025), with revenue falling approximately 88% year-on-year. The stock is still down roughly 16% since January 1, 2026, and sits far below its 52-week high of ₹914.40. The NEC deal is a positive signal, but revenue materialisation from manufacturing partnerships can take several quarters. Investors should treat this as a high-conviction, high-risk play on India's 5G future — not a near-term earnings recovery story.

The Bottom Line

Tejas Networks' 16%+ surge on February 26, 2026 is a story about future potential, not present profits. The NEC partnership represents exactly the kind of anchor relationship the company needs to commercialise its 5G manufacturing capabilities and begin generating meaningful revenue. With PLI cash in hand, Tata Group backing, and global appetite for supply chain diversification at an all-time high, Tejas is strategically well-placed — even if the financial results need to catch up.

The real test will be in the coming quarters: Can Tejas convert the NEC partnership into production volumes, shipments, and eventually — profits?

📊 This blog is for informational purposes only and does not constitute investment advice.

Data sources: NSE, Moneycontrol, Angel One, Univest · Published February 26, 2026

Tejas Networks Ltd (NSE: TEJASNET) · Tata Group Company · Bengaluru, India