Advanced Sys-Tek IPO
Advanced Sys-Tek Limited has filed a draft red herring prospectus (DRHP) with SEBI for a mainboard IPO, a fresh issue and offer for sale. As of SEBI's report dated 30 October 2026, SEBI has asked the lead manager for clarifications. The draft proposes a fresh issue of up to ₹98.00 crore and an offer for sale of up to 26,00,000 shares by two promoter selling shareholders and two other selling shareholders. In FY26 the company made a profit of ₹36.73 crore on revenue of ₹302.25 crore. The price band, lot size and IPO dates are not announced yet.
- Status
- SEBI has asked questionsSEBI report, 30 Oct 2026
- SEBI received draft
- 5 Aug 2026
- Type of issue
- Fresh issue and offer for sale
- Lead manager
- Inga Ventures Private Limited
- Last SEBI contact
- 30 Oct 2026
- Price band and dates
- Not announced
Where it stands
Advanced Sys-Tek IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI5 Aug 2026
- SEBI reviewSEBI has asked questions
- SEBI observations
- RHP and price bandNot yet
- Bidding and listingNot yet
SEBI has sought clarifications and is waiting for the lead manager to reply.
SEBI received the draft on 5 August 2026, 93 days ago, and its last communication on the draft was on 30 October 2026 (day count is our calculation).
DRHP at a glance
Advanced Sys-Tek DRHP at a glance
Draft red herring prospectus, 23 Jul 2026What the company's draft offer document says. Figures can change in the red herring prospectus, and nothing here is a review or a recommendation.
The business
DRHP, Our Business (p. 241 to 242) and Basis for the Offer Price, KPIs (p. 160)Advanced Sys-Tek supplies industrial automation solutions, chiefly terminal automation for large and complex petroleum, oil and lubricants and petrochemical storage and distribution terminals, including fuel farms. Its terminal automation systems integrate field instrumentation and process controls for storage, distribution and movement of liquids and gases, covering load authorisation, blending, loading and unloading, measurement of flow, level, pressure, temperature and density, product reconciliation and documentation, overseen by its Smart Terminal Manager software. It also builds liquid and gas fiscal metering skids, automation for liquefied petroleum gas bottling plants, and anti-icing additive injection systems for aircraft jet fuel, and provides installation, commissioning and maintenance.
The company was incorporated in 1988 and has over 30 years of experience in measurement, control and automation. The CARE report commissioned for the draft calls it one of the established Indian players in petroleum, oil, gas and petrochemical terminal automation. As of 31 May 2026 it had completed installations at more than 200 sites in India and overseas. Its registered and corporate office is at GIDC Makarpura, Vadodara, Gujarat, which is also where the draft proposes to build a fabrication facility and a new building. Through a subsidiary it also manufactures diesel exhaust fluid. The order book was ₹193.48 crore at 31 March 2026 and order intake ₹296.39 crore in FY26.
The offer
DRHP cover pages, The Offer (p. 71) and Capital Structure (p. 94)| Fresh issue | Up to ₹98.00 croreMoney goes to the company |
| Offer for sale | Up to 26,00,000 sharesBy promoter selling shareholders Mukesh R Kapadia, up to 12,94,000 shares, and Umed Amarchand Fifadra, up to 12,94,000 shares, both at nil weighted average cost; and other selling shareholders Grishma Mihir Ghelani, up to 6,000 shares, and Maurya Mihir Ghelani, up to 6,000 shares, both at ₹208.00 a share |
| Shares before the IPO | 1,92,28,068Face value ₹10 each. The offer for sale is about 13.5% of them (ours) |
| Listing | BSE and NSEMainboard, under Regulation 6(1) |
| Lead managers | Inga Ventures Private Limited and Sowilo Capital Advisors LLP |
| Registrar | MUFG Intime India Private Limited |
| Promoters | Mukesh R Kapadia, Umed Amarchand Fifadra, Shobha Mukesh Kapadia and Usha Umed Fifadra |
What the company plans to do with the money
DRHP, Objects of the Offer (p. 128 to 130)| Object | ₹ crore | Share of fresh issue |
|---|---|---|
| Capital expenditure at the registered and corporate office in Vadodara, Gujarat | 15.96 | 16.3% |
| Long term working capital | 50.00 | 51.0% |
| General corporate purposes (set later) |
The total shown is the fresh issue size of ₹98.00 crore. Offer expenses are deducted before these amounts. The capital expenditure covers civil construction of a shed for a fabrication facility (₹8.93 crore), solar roof tops (₹0.47 crore), equipment and machinery (₹0.34 crore) and a new building with interiors, heating, ventilation and air conditioning, electrical, fire safety and plumbing (₹6.23 crore). The offer for sale money goes to the selling shareholders, not the company.
Financials
DRHP, Summary of Financial Information (p. 75 to 79) and Basis for the Offer Price, KPIs (p. 157 to 160), ₹ crore| ₹ crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 188.23 | 252.79 | 302.25 |
| EBITDA | 23.55 | 33.56 | 43.39 |
| EBITDA margin | 12.51% | 13.28% | 14.36% |
| Profit after tax | 19.22 | 27.59 | 36.73 |
| Profit after tax margin | 10.21% | 10.92% | 12.15% |
| Diluted EPS (₹) | 10.20 | 14.35 | 19.10 |
| Net worth | 187.10 | 213.30 | 250.18 |
| Cash from operations | 14.75 | -7.81 | -35.15 |
| Return on net worth | 10.27% | 12.94% | 14.68% |
| Return on equity | 12.23% | 13.78% | 15.85% |
| Return on capital employed | 17.43% | 19.45% | 21.69% |
| Current ratio | 3.12 | 2.95 | 2.69 |
| Working capital (days) | 183 | 182 | 218 |
| Order book | 137.41 | 199.34 | 193.48 |
| Order intake | 209.52 | 314.72 | 296.39 |
Restated consolidated figures. Revenue, profit and margins rose across the three years, while cash from operations turned negative in FY25 and FY26 and working capital days lengthened to 218 in FY26. The order book was slightly lower at the end of FY26 than at the end of FY25. Net worth is total equity, which is equity share capital plus other equity. Basic and diluted earnings per share are the same in all three years as printed. Net asset value a share was ₹130.11 as of 31 March 2026.
Listed peers named in the draft
DRHP, Basis for the Offer Price (p. 158 to 159). Peer prices as of 30 June 2026 on NSE, and peer figures for the year ended 31 March 2026 on a consolidated basis.The document puts the peer group P/E high at 89.31 times for ABB India, the low at 66.92 times for Honeywell Automation India and the average at 78.12 times. The draft says neither peer is strictly comparable in size or in product offerings. The P/E for Advanced Sys-Tek is not given until the offer price is set.
| Company | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|
| Advanced Sys-Tek (FY26) | 19.10 | Set with the offer price | 14.68% |
| Honeywell Automation India | 593.81 | 66.92x | 11.76% |
| ABB India | 78.73 | 89.31x | 21.29% |
Risks the draft lists first
DRHP, Risk Factors (p. 21 to 31)- Key customersThe top ten customers, mainly large oil and gas public sector undertakings, gave 94.91% of FY26 revenue from operations. (Risk factor 1, p. 21)
- Government tendersPublic sector undertakings and other government related entities, which award contracts by tender, gave 91.39% of FY26 revenue from operations. (Risk factor 2, p. 22)
- SuppliersThe top ten suppliers accounted for 57.88% of total material cost in FY26, and there are no long term contracts with them. (Risk factor 3, p. 24)
- Oil and gasThe petroleum, oil and gas industry gave 93.55% of FY26 revenue from operations, so a downturn there would affect the business. (Risk factor 4, p. 25)
- Retention moneyPublic sector undertaking customers held back retention money of ₹102.64 crore in FY26, against ₹59.31 crore in FY24, which may not be released on time. (Risk factor 7, p. 29)
- Working capitalNet working capital requirement was ₹198.98 crore in FY26, against ₹94.75 crore in FY24, and operations depend on raising enough working capital. (Risk factor 10, p. 31)
Documents
Advanced Sys-Tek DRHP and documents
SEBI filings- Draft red herring prospectus, dated 23 Jul 2026, on SEBI since 10 Feb 2025
- Draft red herring prospectus, dated 23 Jul 2026, on SEBI since 5 Aug 2026
The DRHP has the issue size, use of the money, financials, promoters and risk factors. It can change before the final red herring prospectus.
Questions
Advanced Sys-Tek IPO FAQs
When will the Advanced Sys-Tek IPO open?
The date is not announced. The company first needs SEBI's observations on its draft, then files a red herring prospectus with the dates. SEBI received the draft 93 days ago (our calculation).
Has SEBI approved the Advanced Sys-Tek IPO?
SEBI has sought clarifications and is waiting for the lead manager to reply. Source: SEBI processing status as on 30 October 2026.
What is the Advanced Sys-Tek IPO price band and lot size?
Not announced. The price band is published at least two working days before the IPO opens, and the lot size is set with it. We add both here the day they are filed.
What is the Advanced Sys-Tek IPO GMP?
We do not publish a GMP. Grey market premium is unofficial: it is not regulated by SEBI and not published by any exchange. Before the price band is announced there is no issue price to compare it with.
Who is the lead manager of the Advanced Sys-Tek IPO?
Inga Ventures Private Limited is the coordinating book running lead manager named in SEBI's processing status report. The DRHP lists all the lead managers and the registrar.
What will Advanced Sys-Tek do with the IPO money?
According to the DRHP, the fresh issue money goes to capital expenditure at the registered and corporate office in Vadodara, Gujarat (₹15.96 crore), long term working capital (₹50.00 crore), and the rest to general corporate purposes. The offer for sale money goes to the selling shareholders, not the company.
What does Advanced Sys-Tek do?
Advanced Sys-Tek supplies industrial automation solutions, chiefly terminal automation for large and complex petroleum, oil and lubricants and petrochemical storage and distribution terminals, including fuel farms. Its terminal automation systems integrate field instrumentation and process controls for storage, distribution and movement of liquids and gases, covering load authorisation, blending, loading and unloading, measurement of flow, level, pressure, temperature and density, product reconciliation and documentation, overseen by its Smart Terminal Manager software. It also builds liquid and gas fiscal metering skids, automation for liquefied petroleum gas bottling plants, and anti-icing additive injection systems for aircraft jet fuel, and provides installation, commissioning and maintenance.
Where can I read the Advanced Sys-Tek DRHP?
On SEBI's website, where the draft red herring prospectus was published on 10 February 2025. The draft is dated 23 July 2026 and runs to 528 pages. It has the issue size, use of the money, financials and risk factors.
Sources: SEBI processing status of draft offer documents as on 30 October 2026, SEBI's yearly processing status archive and SEBI's list of draft offer documents, and the company's DRHP dated 23 July 2026. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.