Hi-Tech Flow Solutions IPO
Hi-Tech Flow Solutions 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, the draft is under SEBI review. The draft proposes a fresh issue of up to ₹300 crore and an offer for sale by promoters Ajay Kumar Bansal (up to ₹75 crore) and Vipul Bansal (up to ₹25 crore) and investor India Inflection Opportunity Fund (up to 2,02,68,225 shares). In FY26 the company made a profit of ₹36.42 crore on revenue of ₹417.17 crore. The price band, lot size and IPO dates are not announced yet.
- Status
- Under SEBI reviewSEBI report, 30 Oct 2026
- SEBI received draft
- 22 Sep 2026
- Type of issue
- Fresh issue and offer for sale
- Lead manager
- InCred Capital Financial Services Limited
- Last SEBI contact
- 27 Oct 2026
- Price band and dates
- Not announced
Where it stands
Hi-Tech Flow Solutions IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI22 Sep 2026
- SEBI reviewUnder SEBI review
- SEBI observations
- RHP and price bandNot yet
- Bidding and listingNot yet
SEBI is examining the draft offer document. This is SEBI's own list of drafts under process.
SEBI received the draft on 22 September 2026, 45 days ago, and its last communication on the draft was on 27 October 2026 (day count is our calculation).
DRHP at a glance
Hi-Tech Flow Solutions DRHP at a glance
Draft red herring prospectus, 17 Sep 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. 261) and Basis for the Offer Price (p. 175 to 176)Hi-Tech Flow Solutions, formerly Hitech Saw, makes helical submerged arc welded (HSAW) steel pipes. It sells mainly to private EPC contractors building government-funded water transmission and urban infrastructure pipelines; EPC customers gave 72.14% of FY26 revenue. It is adding pipes for the oil and gas sector.
It has plants at Sanand in Gujarat and Nagpur in Maharashtra. Sanand ran at 81.14% of capacity in FY26 and Nagpur, which began production in January 2025, at 33.11%. It was incorporated in 1993 and is based in New Delhi.
The offer
DRHP cover page and The Offer (p. 93)| Fresh issue | Up to ₹300 croreMoney goes to the company |
| Offer for sale | ₹100 crore plus 2,02,68,225 sharesAjay Kumar Bansal ₹75 crore and Vipul Bansal ₹25 crore (average cost negligible); The Wealth Company Alternates Trust, India Inflection Opportunity Fund 2,02,68,225 shares (average cost ₹19.74) |
| Shares before the IPO | 13,81,61,025Face value ₹2. The investor's shares alone are about 14.7% of them (ours) |
| Pre-IPO placement | Up to ₹60 croreOptional; would reduce the fresh issue |
| Listing | BSE and NSEMainboard, under Regulation 6(1) |
| Lead managers | InCred Capital Financial Services Limited and Pantomath Capital Advisors Private Limited |
| Registrar | MUFG Intime India Private Limited |
| Promoters | Ajay Kumar Bansal, Vipul Bansal and Nikita Bansal |
What the company plans to do with the money
DRHP, Objects of the Offer (p. 147 to 148)| Object | ₹ crore | Share of fresh issue |
|---|---|---|
| API-grade HSAW pipe unit and coating unit at the Nagpur plant | 125.97 | 42.0% |
| Repaying or prepaying certain bank borrowings | 90.00 | 30.0% |
| General corporate purposes (set later, up to 25% of the fresh issue) |
Each object's share of the ₹300 crore fresh issue, shown in the table, is our calculation. Offer expenses are deducted before these amounts. The offer for sale money goes to the selling shareholders, not the company.
Financials
DRHP, Summary of Financial Information (p. 97 to 101) and Basis for the Offer Price, KPIs (p. 176 to 180), ₹ crore| ₹ crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 229.03 | 298.28 | 417.17 |
| EBITDA | 28.04 | 35.36 | 52.97 |
| EBITDA margin | 12.24% | 11.85% | 12.70% |
| Profit after tax | 18.32 | 24.26 | 36.42 |
| Diluted EPS (₹) | 1.51 | 1.76 | 2.64 |
| Net worth | 70.45 | 94.72 | 131.21 |
| Cash from operations | 28.59 | 5.94 | -14.81 |
| Return on equity | 42.29% | 29.37% | 32.24% |
| Debt to equity | 0.02 | 0.10 | 0.37 |
Restated figures. Net worth is total equity. Revenue grew about 35.0% a year from FY24 to FY26 (our calculation).
Listed peers named in the draft
DRHP, Basis for the Offer Price (p. 177 to 178). Peer prices as of 31 Aug 2026 on NSE.The DRHP shows basic EPS for peers. The P/E for Hi-Tech Flow is not given until the price band is set.
| Company | EPS (₹) | P/E | RoNW |
|---|---|---|---|
| Hi-Tech Flow Solutions (FY26) | 2.64 | Set with the price band | 32.24% |
| Ratnamani Metals & Tubes | 68.85 | 38.51x | 13.58% |
| Man Industries (India) | 23.65 | 32.37x | 9.23% |
| Welspun Corp | 61.23 | 39.07x | 18.91% |
| Jindal Saw | 15.27 | 20.33x | 7.96% |
Risks the draft lists first
DRHP, Risk Factors (p. 31 to 38)- EPC contractorsMost revenue comes from selling pipes to EPC contractors on government-funded water and urban projects. (Risk factor 1, p. 31)
- Regional focusPlants are in Gujarat and Maharashtra, and much revenue comes from Maharashtra, Gujarat and West Bengal. (Risk factor 2, p. 32)
- Few suppliersThe top five suppliers were 90.75% of FY26 purchases. (Risk factor 3, p. 33)
- Key customersThe top 10 customers gave 56.58% of FY26 revenue. (Risk factor 4, p. 35)
- Nagpur expansionThe new Nagpur unit funded by the IPO could be delayed or cost more than planned. (Risk factor 5, p. 37)
- No long-term contractsCustomers have no long-term contracts and can cancel or delay orders or payments. (Risk factor 6, p. 38)
Documents
Hi-Tech Flow Solutions DRHP and documents
SEBI filingsThe DRHP has the issue size, use of the money, financials, promoters and risk factors. It can change before the final red herring prospectus.
Questions
Hi-Tech Flow Solutions IPO FAQs
When will the Hi-Tech Flow Solutions 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 45 days ago (our calculation).
Has SEBI approved the Hi-Tech Flow Solutions IPO?
SEBI is examining the draft offer document. This is SEBI's own list of drafts under process. Source: SEBI processing status as on 30 October 2026.
What is the Hi-Tech Flow Solutions 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 Hi-Tech Flow Solutions 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 Hi-Tech Flow Solutions IPO?
InCred Capital Financial Services 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 Hi-Tech Flow Solutions do with the IPO money?
According to the DRHP, the fresh issue money goes to aPI-grade HSAW pipe unit and coating unit at the Nagpur plant (₹125.97 crore), repaying or prepaying certain bank borrowings (₹90.00 crore), and the rest to general corporate purposes. The offer for sale money goes to the selling shareholders, not the company.
What does Hi-Tech Flow Solutions do?
Hi-Tech Flow Solutions, formerly Hitech Saw, makes helical submerged arc welded (HSAW) steel pipes. It sells mainly to private EPC contractors building government-funded water transmission and urban infrastructure pipelines; EPC customers gave 72.14% of FY26 revenue. It is adding pipes for the oil and gas sector.
Where can I read the Hi-Tech Flow Solutions DRHP?
On SEBI's website, where the draft red herring prospectus was published on 22 September 2026. The draft is dated 17 September 2026 and runs to 543 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 17 September 2026. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.