Admach Systems IPO overview

Admach Systems IPO is a SME issue of a customised special‑purpose machines and automation solutions company, opening on December 23, 2025 and closing on December 26, 2025, with listing scheduled on December 31, 2025. The company has shown strong revenue and earnings growth with healthy margins and return ratios, but ticket size and SME risks make it more suitable for investors with higher risk appetite and a long‑term horizon.

Admach Systems IPO overview

• Business: Admach Systems (founded 2008) designs, manufactures, exports and supplies customised special‑purpose machines, robotic material handling systems, automation and packaging equipment for industries such as steel, auto, food, tooling and other engineering sectors.
• Capacity: Manufacturing facility at Pune with a capacity of about 100 units annually, which reached full utilisation in FY 2024–25.
• Issue dates:
  • Open: December 23, 2025
  • Close: December 26, 2025
  • Basis of allotment: December 29, 2025
  • Refunds & credit to Demat: December 30, 2025
  • Listing: December 31, 2025.

Financials and valuation snapshot

Admach Systems Ltd.'s revenue increased by 170% and profit after tax (PAT) rose by 82% between the financial year ending with March 31, 2025 and March 31, 2024.

Period Ended	30 Jun 2025	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	60.22	55.90	35.78	19.79
Total Income	23.06	53.52	19.80	13.18
Profit After Tax	3.02	6.10	3.35	0.10
EBITDA	4.49	10.31	6.29	1.00
NET Worth	25.04	22.03	5.73	2.38
Reserves and Surplus	20.05	17.04	3.73	1.13
Total Borrowing	10.15	10.66	15.59	8.45
Amount in ₹ Crore

Key FY25 metrics:

• ROE: 43.94%
• ROCE: 44.00%
• EBITDA margin: 19.32%
• PAT margin: 11.43%
• Debt‑equity: 0.48
• EPS (basic): ₹12.57
• RoNW: 27.69%
• NAV: ₹44.14 per share.

Peer comparison includes Affordable Robotic & Automation Ltd and Bemco Hydraulics Ltd, where Admach’s RoNW and margins compare favourably relative to peer averages.

Objective of the issue

• Funding capex for purchase and installation of new machinery – ₹16.47 crore.
• Funding working capital requirements – ₹15.50 crore.
• General corporate purposes.

 

Issue structure and market lot

• Minimum market lot: 1,200 shares; application amount ₹2,86,800.
• Retail min & max: 1 lot (1,200 shares, ₹2,86,800).
• S‑HNI: 1,800–3,600 shares; B‑HNI: from 4,200 shares.

IPO Reservation:

• • Market maker: 5.02% (89,400 shares)
  • Anchor: 18.85% (3,36,000 shares)
  • QIB (ex‑anchor): 14.37% (2,56,200 shares)
  • NII: 21.34% (3,80,400 shares)
  • Retail: 40.42% (7,20,600 shares).

Promoters are Ajay Chamanlal Longani, Rajni Ajay Longani, Mahesh Chamanlal Longani and Sonal Mahesh Longani; promoter holding will move from 71.87% pre‑issue (49,90,200 shares) to 52.95% post‑issue (67,72,800 shares).

 

How To Apply for the IPO ?

• Login or Open demat account with JM Financial Services / JM PRO app: Open the JM PRO app or JM Financial Services website and log in with your credentials. 
• Locate the IPO Section: Navigate to the 'IPO' section on the platform. 
• Select IPO: Find and select the IPO from the list of open IPOs. 
• Enter the Lot Size: Specify the number of lots you want to bid for. 
• Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application. 
• Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN. 

How To Check the Allotment Status of IPO?

Steps to check IPO allotment status on JM Pro app: 

• Log in to the JM Pro app. 
• Go to the IPO Section and then to IPO Orders. 
• Select the individual IPO that you had applied for and check the allotment status. 

JM Financial Services will notify you of your IPO allotment status via push notification and email

Key strengths

• Established player in customised SPMs and automation since 2008.
• Diversified end‑user industries (steel, auto, food, tooling, engineering).
• Strong revenue growth from ₹13.18 crore (FY23) to ₹53.52 crore (FY25).
• Healthy profitability with FY25 EBITDA margin of 19.32% and PAT margin of 11.43%.
• Attractive return metrics (ROE 43.94%, ROCE 44.00%).
• Moderate leverage with debt‑equity of 0.48.
• IPO proceeds directly funding capacity expansion and working capital.
• Reasonable RoNW (27.69%) vs listed automation peers.

Key risks

• SME IPO with relatively small scale of operations and shorter track record at current size.
• Concentration risk in single manufacturing facility at Pune.
• Order‑book and project‑based revenue can be lumpy and cyclical.
• Client concentration risk from limited large customers in key sectors.
• Execution risk in scaling capacity beyond current 100‑unit level.
• Working capital–intensive business; dependence on timely collections.
• Higher minimum investment (₹2,86,800) raises ticket‑size risk for small investors.

 

FAQs – Admach Systems IPO

Q1. What does Admach Systems do?
Admach Systems designs, manufactures, exports and supplies customised special‑purpose machines, robotic material handling systems, automation, assembly and packaging machines for multiple industrial sectors.

Q2. What are the Admach Systems IPO dates?
The IPO opens on December 23, 2025 and closes on December 26, 2025; basis of allotment is on December 29, refunds and credit to Demat on December 30, and listing on December 31, 2025.

Q3. What is the market lot and minimum investment for retail investors?
The minimum and maximum retail application is 1 lot of 1,200 shares, requiring an investment of ₹2,86,800.

Q4. How is the issue reserved across investor categories?
Approximately 40.42% of the net issue is reserved for retail, 21.34% for NIIs, 14.37% for QIBs (ex‑anchor), 18.85% for anchor investors and 5.02% for the market maker.

Q5. Who are the promoters and what is their shareholding post‑issue?
Promoters are members of the Longani family; their combined holding reduces from 71.87% pre‑issue to 52.95% post‑issue, indicating continued significant skin in the game.

Q6. How have Admach’s financials trended in recent years?
Revenue has grown from ₹13.18 crore in FY23 to ₹53.52 crore in FY25, while PAT moved from ₹0.10 crore to ₹6.10 crore over the same period, with further ₹3.02 crore PAT in Q1 FY26.

Q7. How can an investor use JM Financial Services for this IPO?
Investors can use JM Financial’s broking platform to apply, and its research/advisory to assess valuation, risk–reward, portfolio fit and post‑listing strategy.