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Techprecision vs INNOVATE: revenue, profit, margins and growth compared

Techprecision brought in $31.6M of revenue in fiscal 2026, INNOVATE $1.2B in fiscal 2025. Revenue changed by -7.0% at Techprecision and +12.5% at INNOVATE on the year before, so INNOVATE grew faster. Techprecision kept -5.3% of its revenue as net profit, INNOVATE -4.9%. Free cash flow was -$3.3M at Techprecision and $146.1M at INNOVATE.

Side by side, latest fiscal year

TPCSVATE
Fiscal year endedFY2026 (March 31, 2026)FY2025 (December 31, 2025)
Revenue$31.6M$1.2B
Revenue growth-7.0%+12.5%
Net income-$1.7M-$60.6M
Net margin-5.3%-4.9%
Free cash flow-$3.3M$146.1M
Free cash flow margin-10.3%11.7%
Earnings per share (diluted)-$0.17-$4.84
Cash$431K$108.2M
Debt$6.9M$80.3M
Price to earningsn/an/a
Market value$53.1M$106M
Dividend yieldn/an/a
Rank by revenue in sector#415 of 451 · Industrials#255 of 451 · Industrials

Over the years

Revenue
TPCS FY2019: $16.7MTPCS FY2020: $16MTPCS FY2021: $15.6MTPCS FY2022: $22.3MTPCS FY2023: $31.4MTPCS FY2024: $31.6MTPCS FY2025: $34MTPCS FY2026: $31.6MVATE FY2018: $2BVATE FY2019: $1.1BVATE FY2020: $716.9MVATE FY2021: $1.2BVATE FY2022: $1.6BVATE FY2023: $1.4BVATE FY2024: $1.1BVATE FY2025: $1.2BFY18FY19FY20FY21FY22FY23FY24FY25FY26
TPCS $31.6MVATE $1.2B
Net income
TPCS FY2019: $1.1MTPCS FY2020: -$341.6KTPCS FY2021: $320.6KTPCS FY2022: -$349.8KTPCS FY2023: -$979KTPCS FY2024: -$7MTPCS FY2025: -$2.7MTPCS FY2026: -$1.7MVATE FY2018: $162MVATE FY2019: -$31.5MVATE FY2020: -$92MVATE FY2021: -$227.5MVATE FY2022: -$35.9MVATE FY2023: -$35.2MVATE FY2024: -$34.6MVATE FY2025: -$60.6MFY18FY19FY20FY21FY22FY23FY24FY25FY26
TPCS -$1.7MVATE -$60.6M
Net margin
TPCS FY2019: 6.6%TPCS FY2020: -2.1%TPCS FY2021: 2.1%TPCS FY2022: -1.6%TPCS FY2023: -3.1%TPCS FY2024: -22.3%TPCS FY2025: -8.1%TPCS FY2026: -5.3%VATE FY2018: 8.2%VATE FY2019: -2.9%VATE FY2020: -12.8%VATE FY2021: -18.9%VATE FY2022: -2.2%VATE FY2023: -2.5%VATE FY2024: -3.1%VATE FY2025: -4.9%FY18FY19FY20FY21FY22FY23FY24FY25FY26
TPCS -5.3%VATE -4.9%
Revenue growth
TPCS FY2020: -4.2%TPCS FY2021: -2.6%TPCS FY2022: +42.9%TPCS FY2023: +41.1%TPCS FY2024: +0.5%TPCS FY2025: +7.7%TPCS FY2026: -7.0%VATE FY2019: -45.5%VATE FY2020: -33.4%VATE FY2021: +68.1%VATE FY2022: +35.9%VATE FY2023: -13.1%VATE FY2024: -22.2%VATE FY2025: +12.5%FY19FY20FY21FY22FY23FY24FY25FY26
TPCS -7.0%VATE +12.5%
Free cash flow
TPCS FY2019: $84.7KTPCS FY2020: $636.9KTPCS FY2021: $89KTPCS FY2022: -$681.2KTPCS FY2023: $812.5KTPCS FY2024: -$2.5MTPCS FY2025: -$4.7MTPCS FY2026: -$3.3MVATE FY2018: $301.7MVATE FY2019: $86MVATE FY2020: $23.3MVATE FY2021: $2.9MVATE FY2022: -$30.2MVATE FY2023: $8.1MVATE FY2024: -$9.9MVATE FY2025: $146.1MFY18FY19FY20FY21FY22FY23FY24FY25FY26
TPCS -$3.3MVATE $146.1M

Fiscal years as each company reports them; the two may end in different months.

Questions about Techprecision and INNOVATE

Which is bigger by revenue, Techprecision or INNOVATE?

INNOVATE is bigger by revenue: $1.2B in fiscal 2025, against $31.6M for Techprecision in fiscal 2026.

Which keeps more of its revenue as profit, Techprecision or INNOVATE?

Techprecision had a net margin of -5.3% in fiscal 2026; INNOVATE had -4.9% in fiscal 2025.

Which grew revenue faster, Techprecision or INNOVATE?

In their latest fiscal years revenue changed by -7.0% at Techprecision and +12.5% at INNOVATE.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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