Transline Technologies IPO
Transline Technologies Limited has filed a draft red herring prospectus (DRHP) with SEBI for a mainboard IPO, a offer for sale only. SEBI issued its observations on 22 January 2026, so the company can open the IPO any time up to 22 January 2027. The draft proposes an offer for sale only of up to 1,61,91,500 shares by promoters Amita Gupta and RKG Enterprises, the Arun Gupta HUF and one other shareholder. In FY25 the company made a profit of ₹48.33 crore on revenue of ₹371.08 crore. The price band, lot size and IPO dates are not announced yet.
- Status
- SEBI observations issued22 Jan 2026
- SEBI received draft
- 13 Aug 2025
- Type of issue
- Offer for sale only
- Lead manager
- Motilal Oswal Investment Advisors Limited
- Must open by
- 22 Jan 202712 months from observations
- Price band and dates
- Not announced
Where it stands
Transline Technologies IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI13 Aug 2025
- SEBI reviewDone
- SEBI observations22 Jan 2026
- RHP and price bandNot yet
- Bidding and listingNot yet
SEBI has issued its final observations, which in practice is the go-ahead. The company can now file a red herring prospectus and open the IPO within 12 months.
DRHP at a glance
Transline Technologies DRHP at a glance
Draft red herring prospectus, 7 Aug 2025What 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. 186) and Basis for Offer Price, KPIs (p. 118)Transline Technologies designs and installs security and surveillance systems, biometric authentication platforms and AI-based software. It earns from system integration projects, software subscriptions, hardware and software sales, and maintenance and support. Its own software includes StorePulse video analytics, CamStore video storage and CheckCam CCTV health monitoring.
Customers include government agencies, public sector undertakings, smart city authorities, schools and colleges and private companies. Government and PSU customers gave 66.03% of FY25 revenue. Its order book was ₹198.69 crore on 31 March 2025. The company was incorporated in 2001 and is based in New Delhi.
Revenue by line, FY25
- Solutions: 80.36%
- Services: 19.64%
The offer
DRHP cover page, The Offer (p. 70) and Risk Factors (p. 30)| Offer for sale | Up to 1,61,91,500 sharesRKG Enterprises 79,82,800 (average cost ₹2.49), Amita Gupta 55,00,000 (₹1.03), Arun Gupta HUF 26,58,700 (₹0.97) and Rahul Jain 50,000 (₹54.00) |
| Shares before the IPO | 8,96,75,000Face value ₹2. The offer for sale is about 18.1% of them (ours). No new shares are issued |
| Pre-IPO placement | None planned |
| Listing | BSE and NSEMainboard, under Regulation 6(1) |
| Lead manager | Motilal Oswal Investment Advisors Limited |
| Registrar | Bigshare Services Private Limited |
| Promoters | Arun Gupta, Amita Gupta, Drishti Gupta and RKG Enterprises Private Limited |
Financials
DRHP, Summary Financial Information (p. 73 to 75) and Basis for Offer Price, KPIs (p. 115 to 118), ₹ crore| ₹ crore | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue from operations | 113.97 | 225.89 | 371.08 |
| EBITDA | 15.73 | 52.27 | 79.37 |
| EBITDA margin | 13.80% | 23.14% | 21.39% |
| Profit after tax | 9.88 | 35.47 | 48.33 |
| Diluted EPS (₹) | 1.30 | 4.51 | 5.44 |
| Net worth | 30.05 | 83.70 | 178.56 |
| Cash from operations | -0.78 | -37.59 | -81.07 |
| Return on equity | 39.35% | 62.36% | 36.86% |
| Debt to equity | 0.23 | 0.49 | 0.48 |
| Net working capital cycle (days) | 74 | 117 | 165 |
Restated standalone figures. Net worth is equity share capital plus other equity. Revenue grew 80.44% a year from FY23 to FY25 (DRHP, p. 118).
Listed peers named in the draft
DRHP, Basis for Offer Price (p. 116 to 117). Peer prices as of 4 Aug 2025 on NSE.The P/E for Transline is not given until the price band is set.
| Company | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|
| Transline Technologies (FY25) | 5.44 | Set with the price band | 36.86% |
| Nelco | 4.18 | 212.58x | 7.58% |
| Orient Technologies | 12.85 | 24.86x | 19.98% |
| Allied Digital Services | 4.91 | 31.27x | 5.44% |
Risks the draft lists first
DRHP, Risk Factors (p. 31 to 36)- Customer concentrationThe largest customer gave 25.53% of FY25 revenue and the top 10 gave 80.97%. (Risk factor 1, p. 31)
- Order bookThe ₹198.69 crore order book may be delayed, changed, cancelled or not paid. (Risk factor 2, p. 33)
- One main lineVideo surveillance, biometrics and IT infrastructure gave 80.36% of FY25 revenue. (Risk factor 3, p. 33)
- Working capitalThe business needs a lot of working capital and may need more financing. (Risk factor 4, p. 34)
- ReceivablesDelays or defaults in customer payments could hurt cash flow. (Risk factor 5, p. 35)
- Government contractsGovernment customers gave over 66% of FY25 revenue. (Risk factor 7, p. 36)
Documents
Transline Technologies 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
Transline Technologies IPO FAQs
When will the Transline Technologies IPO open?
The date is not announced. SEBI issued observations on 22 January 2026, and SEBI rules require the IPO to open within 12 months of that date, so by 22 January 2027 (our calculation). The company announces the dates in its red herring prospectus and price band notice.
Has SEBI approved the Transline Technologies IPO?
Yes. SEBI issued its final observations on 22 January 2026 (SEBI processing status archive, April 2025 to March 2026). SEBI does not "approve" an IPO as such; its observations let the company go ahead.
What is the Transline Technologies 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 Transline Technologies 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 Transline Technologies IPO?
Motilal Oswal Investment Advisors 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.
Does Transline Technologies get any money from the IPO?
No. According to the DRHP, the IPO is an offer for sale only, of up to 1,61,91,500 shares. The money goes to the selling shareholders, not the company, and no new shares are issued.
What does Transline Technologies do?
Transline Technologies designs and installs security and surveillance systems, biometric authentication platforms and AI-based software. It earns from system integration projects, software subscriptions, hardware and software sales, and maintenance and support. Its own software includes StorePulse video analytics, CamStore video storage and CheckCam CCTV health monitoring.
Where can I read the Transline Technologies DRHP?
On SEBI's website, where the draft red herring prospectus was published on 13 August 2025. The draft is dated 7 August 2025 and runs to 456 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 7 August 2025. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.