Tempsens Instruments' ₹650 crore IPO in August 2026 was subscribed 184.21 times. The stock listed on BSE at ₹631.20, a 110.4% premium to its ₹300 issue price.
Founded as a Udaipur partnership in 1984 and incorporated in 1990, Tempsens is India's largest maker of contact and non-contact temperature sensors by revenue. It holds 10.5% of the Indian sensor market and 21.3% in non-contact.
Tempsens operates fifteen manufacturing facilities across India, Germany, Indonesia, UAE, Poland and South Korea. It exports to more than eighty nations and serves aerospace, nuclear, petrochemical, steel, glass and semiconductor industries.
Backward integration is the core moat. The Udaipur complex houses vacuum induction furnaces, wire-drawing, laser cutting, CNC turning and MgO filling towers. Tempsens controls the chain from alloy melting and wire drawing through sensor fabrication and calibration.
Temperature sensing is 44.59% of FY26 revenue, specialised cables 34.71%, and electrical heating 20.70% — up sharply from 3.90% in FY24. Cross-sales reached nearly 60% of total revenue.
The August 2026 offer combined a ₹95 crore fresh issue with a ₹555 crore OFS. QIBs subscribed 302.88x, NIIs 314.43x, retail 60.97x. The BSE listing at ₹631.20 was a 110.4% premium to the ₹300 issue price.
Consolidated revenue rose from ₹274.81 crore in FY24 to ₹378.53 crore in FY25 and ₹444.88 crore in FY26, a three-year revenue CAGR of 27.23%. This scale has come with widening profitability.
EBITDA expanded at a 36.07% CAGR from ₹61.13 crore in FY24 to ₹113.17 crore in FY26. EBITDA margin ended at 24.83%, PAT margin at 15.59%, and debt-to-equity remained a conservative 0.15x.
Inventory days rose from 76 in FY24 to 92 in FY26; receivables from 61 to 70; net working capital days from 151 to 193. Ten of fifteen plants sit in Udaipur, and petrochemicals plus steel contribute over 41% of revenue.
Tempsens is a rare pure-play in precision thermal engineering, tied to industrial electrification and Industry 4.0. The open question is execution: managing stretched working capital and integrating new subsidiaries. Read the full deep dive for the complete picture.
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