Is Tankup Engineers Ltd IPO Halal or Haram? If you’re looking for a detailed Shariah compliance analysis, you’re in the right place! In this article, we break down whether Tankup Engineers Ltd IPO meets Shariah Screening guidelines or not.
Is Tankup Engineers Ltd IPO Halal or Not?
The Tankup Engineers Ltd IPO is considered Not Halal and Non-Shariah Compliant because the company fails the “Interest-Bearing Debt to Total Assets” criterion, with an interest-bearing debt ratio of 38.64%, surpassing the allowable 33% limit under Shariah guidelines.
Refer to Tankup Engineers IPO RHP for detailed information.
Shariah Compliance Screening of Tankup Engineers Ltd IPO
For an IPO or Stocks to be considered Halal, it must pass all the Shariah screening criteria, which include:
| Criteria | Value | Status |
| Business Activity | Engineering | ✅ PASS |
| Impermissible Income to Total Revenue | 0.13% | ✅ PASS |
| Interest-Bearing Debt to Total Assets | 38.64% | ❌ FAIL |
| Illiquid Assets to Total Assets Ratio | 63.11% | ✅ PASS |
| Net Liquid Assets vs Market Capitalization | Compliant as per Shariah principles | ✅ PASS |
| Non-Compliant Investments to Total Assets | Less than 33% (Compliant) | ✅ PASS |
Tankup Engineers Ltd IPO Timeline
| IPO Opening Date | Wed, Apr 23, 2025 |
| IPO Closing Date | Fri, Apr 25, 2025 |
| Expected Allotment Date | Mon, Apr 28, 2025 |
| Refund Initiation | Tue, Apr 29, 2025 |
| Shares Credited to Demat | Tue, Apr 29, 2025 |
| Expected Listing Date | Wed, Apr 30, 2025 |
| UPI Mandate Confirmation Deadline | 5 PM on April 25, 2025 |
Tankup Engineers Ltd IPO Price Details
| IPO Date | April 23, 2025 to April 25, 2025 |
| Expected Listing Date | Wed, Apr 30, 2025 |
| Face Value | ₹10 per share |
| Issue Price | ₹140 per share |
| Lot Size | 1,000 Shares |
| Total Issue Size | 13,95,000 shares(aggregating up to ₹19.53 Cr) |
| Fresh Issue | 13,95,000 shares(aggregating up to ₹19.53 Cr) |
| Issue Type | Book-Built IPO |
| Listing At | NSE SME |
| Pre-Issue Shareholding | 39,00,000 shares |
| Post-Issue Shareholding | 52,95,000 shares |
| Market Maker Portion | 70,000 shares |
Business Overview – Tankup Engineers Ltd
Founded in 2020, Tankup Engineers Limited is a specialized manufacturer of vehicle superstructures and customized mobility solutions. The company designs and produces a diverse range of products including self-bunded fuel tanks, mobile diesel bowsers, aircraft refuelers, fire tenders, and ground support equipment, serving critical sectors like agriculture, mining, construction, logistics, aviation, defense, and infrastructure.
Tankup Engineers is known for its expertise in crafting tailor-made tanks and superstructures for the safe transport and storage of liquids, gases, and solids. Each product is built to precise client specifications in terms of size, material, capacity, and operational features. Its manufacturing facility, spread across 2,665 sq. mtrs. in Lucknow, is ISO-certified, PESO-approved, and MSME ZED-certified for Zero Defect Zero Effect manufacturing standards.
The company’s product range includes IoT-enabled mobile refuellers, water sprinklers for industrial applications, and mobile service vans designed for safe, on-site equipment servicing. Backed by a qualified team of around 45 employees as of March 31, 2024, Tankup Engineers maintains a sustainable order book, strict quality control processes, and in-house fabrication capabilities, positioning it as a reliable and innovative partner across multiple industries.
Tankup Engineers Ltd Financial Information (Restated)
| Category | 30 Nov 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
| Assets | ₹17.67 Cr | ₹10.35 Cr | ₹8.68 Cr | ₹2.32 Cr |
| Revenue | ₹12.48 Cr | ₹19.54 Cr | ₹11.85 Cr | ₹1.4 Cr |
| Profit After Tax | ₹0.95 Cr | ₹2.57 Cr | ₹0.79 Cr | ₹0.05 Cr |
| Net Worth | ₹6.17 Cr | ₹3.68 Cr | ₹1.11 Cr | ₹0.2 Cr |
| Reserves & Surplus | ₹2.27 Cr | ₹3.43 Cr | ₹0.86 Cr | ₹0.05 Cr |
| Total Borrowing | ₹7.59 Cr | ₹3.69 Cr | ₹2.57 Cr | ₹1.42 Cr |
Conclusion
The Tankup Engineers Ltd IPO is Considered Not Halal and Non-Shariah compliant due to its high reliance on interest-based debt. However, investors should conduct their own due diligence and review the company’s financials periodically for any changes in compliance.
Disclaimer: The information on Halalfinance.co.in is for educational and informational purposes only and not financial advice. We are not liable for any investment decisions you make; always consult a financial advisor before investing.
Hasan is the founder of HalalFinance.co.in, created after personally struggling to find reliable answers about halal investing in stocks. With a finance background and a passion for helping the Muslim community, He now shares well-researched, transparent, and authentic content to empower Muslims on their path to halal wealth-building.
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