Taurian MPS Makes Impressive Debut with 22.8% Premium, Hits Upper Circuit Following Strong Subscription

Taurian MPS Limited, the crushing and screening equipment manufacturer, made a strong debut on NSE SME on September 16, 2025. After closing its IPO bidding between September 9-11, 2025, the company commenced trading with a 22.8% premium at ₹210, significantly exceeding the issue price of ₹171 and extending gains to hit the 5% upper circuit at ₹220.50, reflecting robust investor confidence in the mining equipment sector.

Taurian MPS Listing Details

Taurian MPS Limited launched its IPO at ₹171 per share with a minimum investment of 1,600 shares costing ₹2,73,600. The IPO received a solid response with a subscription of 11.69 times - retail investors at 6.86 times, NII at 17.37 times, and QIB at 15.89 times, indicating strong investor interest across categories with particularly robust institutional and HNI confidence in the mining equipment manufacturing business.

First-Day Trading Performance Outlook

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• Listing Price: Taurian MPS share price opened at ₹210 on NSE SME, representing a premium of 22.8% from the issue price of ₹171, delivering substantial gains for investors and continuing to surge to hit the 5% upper circuit at ₹220.50 within minutes of debut.

Growth Drivers and Challenges

Growth Drivers:

• Mining Equipment Leadership: Comprehensive product portfolio including jaw crushers, cone crushers, VSI crushers, vibrating screens, and complete crushing plants under the "Taurian" brand, supporting the Make in India initiative with wide geographical presence across 19 states.
• Strong Financial Recovery: Revenue surged 67% to ₹73.70 crore in FY25 despite PAT declining 16% to ₹9.50 crore, demonstrating strong top-line growth and operational scaling in the mining equipment sector.
• Exceptional Profitability Metrics: Outstanding ROE of 35.44%, strong ROCE of 31.64%, healthy PAT margin of 12.92%, and robust EBITDA margin of 20.51% indicating superior capital efficiency and pricing power in mining equipment manufacturing.
• Manufacturing Excellence: 64,773 sq. ft. manufacturing facility near Haridwar with advanced processing capabilities, stringent quality control through FMEA and APQP methodologies, ensuring superior product reliability and performance standards.

Challenges:

• Lower Debt Profile: Modest debt-to-equity ratio of 0.27, indicating conservative financial management but smaller-scale operations requiring significant capital investment for expansion and competitive positioning.
• Mining Industry Cyclicality: The Mining equipment business is susceptible to commodity price cycles, infrastructure spending patterns, and economic downturns affecting equipment demand and replacement cycles.
• PAT Decline Concerns: Despite strong revenue growth, PAT declined 16% in FY25, raising questions about margin sustainability, cost management, and operational efficiency under rapid business expansion.
• SME Platform Constraints: Smaller issue size of ₹42.53 crore and limited post-IPO float may result in high volatility and restricted institutional participation, limiting liquidity and price discovery.

Utilisation of IPO Proceeds

• Machinery Acquisition: ₹6.07 crore for the acquisition of machinery and equipment at the existing production facility, enhancing manufacturing capabilities and operational efficiency.
• R&D Enhancement: ₹1.95 crore for equipment acquisition to improve Research and Development facilities, promoting innovation and product development in mining equipment technology.
• Working Capital: ₹22.60 crore for operational requirements supporting business growth, inventory management, and order fulfilment in the expanding mining equipment market.

Financial Performance of Taurian MPS

• Revenue: ₹73.70 crore for FY25, showing exceptional growth of 67% from ₹44.17 crore in FY24, reflecting strong demand recovery and market penetration in the mining equipment sector.
• Net Profit: ₹9.50 crore in FY25, representing a decline of 16% from ₹11.32 crore in FY24, indicating margin pressure despite strong revenue growth and requiring operational efficiency improvements.
• Financial Metrics: Outstanding ROE of 35.44%, strong ROCE of 31.64%, conservative debt-to-equity ratio of 0.27, healthy PAT margin of 12.92%, robust EBITDA margin of 20.51%, and estimated market capitalisation of ₹151.90 crore.