Tipco Engineering India Ltd

BSE: 544740

₹ 275.15-1.98%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 571 crWebsite: tipcoengineering.com/Updated: 27 Oct 2026

About

Tipco Engineering India Ltd is an integrated process-equipment manufacturer that designs, fabricates, assembles and supplies industrial machinery for mixing, milling, dispersion and homogenisation. It reported FY26 revenue of 145.28 Cr. It serves clients across 26 States and Union Territories, with paints and coatings as its largest end market, and says it prices at about 60% of European rivals such as NETZSCH, Bühler and WAB Group.^[1][2]

Products and end markets

Makes industrial machinery for mixing, milling, dispersion and homogenisation, covering design, fabrication, assembly and supply.^[1]
Paints and coatings is the largest end market. It made up about 60% of revenue in FY26 and has historically accounted for 58-88% of revenue.^[3][1]
Execution takes 30-45 days for standard equipment and 3-6 months for larger turnkey projects (FY26 annual report).^[1]
Under a technology collaboration with Germany's LexaMix, Tipco makes and installs equipment under the LexaMix brand in India. It also holds exclusive distribution rights for markets including the Middle East, Europe and South America.^[1]

Operations and capacity

Sonipat installed capacity rose from 520 to 560 machines, and utilisation was 89% in FY26 vs about 83% in prior years.^[3]
Capacity utilisation has stayed above 82% even as installed capacity nearly doubled since FY23 (FY26 annual report).^[1]
About 100% of raw materials are sourced domestically (FY26 annual report).^[1]

Key operating numbers

The order book stood at ₹60-70 Cr in Q4 FY26.^[3]
Debtor days were 169 in FY26.^[3]

Customers and exports

Customers include Asian Paints, Berger Paints, Kansai Nerolac, JK Cement, Sirca Paints and MBT/BASF.^[1][3]
The top 10 customers' share of revenue fell from 96.81% in FY23 to 67.24% in FY26.^[1]
Exports rose from 3.05% to 7.10% of revenue, the latter in FY26. Markets include Austria, Nepal, the UAE, Uganda and Russia.^[1][3]
Handed over a CE-certified turnkey project to Normet (IMST Austria) in line with European regulations.^[1]
Won an international design and consultancy order for a 90 million integrated chemicals plant in Guinea, West Africa.^[1]

Defence and R&D

DRDO's High Energy Materials Research Laboratory (HEMRL) gave Tipco vendor approval after trials on nano-dispersion of nitrocellulose for rocket fuel.^[1]
Received a first defence pilot order worth Rs 45 lakh.^[1]
Partnered with ARCI on technology development and is working with DRDO on lithium-ion and solid-state battery applications.^[1]

Expansion and capex

Plans ₹60 Cr of total capex: ₹40 Cr for a greenfield facility in Pune and ₹20 Cr for Sonipat upgrades, targeted by FY28. 75% is to be funded by bank term loans.^[3]
The Pune facility will target cosmetics, adhesives and personal care with LexaMix. It is planned to reach 25% of capacity in FY27, about 75% in FY28 and 100% within two years.^[3]
An additional 4-5 acres of land near the existing Sonipat factory is being developed for expansion (Q4 FY26 call).^[3]
Management targets revenue of ₹180 Cr+ in FY27.^[3]

Recent developments

On the Q4 FY26 call, management said it plans to move to an SAP ERP system and to switch its statutory auditor to a top-6 firm in the coming months.^[3]

Market Cap

₹571 Cr

High / Low

₹337 / 77

Stock P/E

22.8

Price / Book

0.0

Book Value

₹65

EPS

₹12.2

No. of Shares

1.54 Cr

ROCE

27.2%

ROE

25.2%

OPM

26.2%

Debt / Equity

0.41

Sales

₹145 Cr

Net Profit

₹25 Cr

Promoter holding

57.8%

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