Paluck Technologies
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 59.11×
- Big non-institutionalbNII · above ₹10 lakh
- 251.90×
- Small non-institutionalsNII · ₹2–10 lakh
- 233.99×
- Retail individualRII · up to ₹2 lakh
- 315.80×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 12 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 04 Sept 2026 | ₹9 | +18.75% | ₹20,500 | ₹57 | ₹27,000 |
| 03 Sept 2026 | ₹9 | +18.75% | ₹20,500 | ₹57 | ₹27,000 |
| 02 Sept 2026 | ₹10 | +20.83% | ₹22,800 | ₹58 | ₹30,000 |
| 01 Sept 2026 | ₹20 | +41.67% | ₹45,600 | ₹68 | ₹60,000 |
| 31 Aug 2026 | ₹30 | +62.50% | ₹68,400 | ₹78 | ₹90,000 |
| 30 Aug 2026 | ₹25 | +52.08% | ₹57,000 | ₹73 | ₹75,000 |
| 29 Aug 2026 | ₹25 | +52.08% | ₹57,000 | ₹73 | ₹75,000 |
| 28 Aug 2026 | ₹25 | +52.08% | ₹57,000 | ₹73 | ₹75,000 |
| 27 Aug 2026 | ₹25 | +52.08% | ₹57,000 | ₹73 | ₹75,000 |
| 26 Aug 2026 | ₹25 | +52.08% | ₹57,000 | ₹73 | ₹75,000 |
| 25 Aug 2026 | ₹18 | +37.50% | ₹41,000 | ₹66 | ₹54,000 |
| 24 Aug 2026 | ₹10 | +20.83% | ₹22,800 | ₹58 | ₹30,000 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 28 Aug 2026 – 01 Sept 2026
- Listing date
- 04 Sept 2026
- Face value
- ₹10 per share
- Price band
- ₹46 – ₹48
- Lot size
- 3,000 shares
- Sale type
- Fresh capital
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹33 Cr
- Fresh issue
- ₹31.35 Cr 65,31,000 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹99.95 Cr
- Promoter holding
- 86.55% → 57.97% pre-issue → post-issue
- ISIN
- INE0LHB01010
- CIN
- U74110HR2010PLC040347
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Horizon Management Pvt.Ltd.
- Registered office
- 192/6, Nitin Vihar, Opp. Indian Oil Petrol Pump Near Hero Honda Chowk, Gurgaon - 122 001, Haryana, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 13,08,000 | 28.59% | 26.59% |
| Anchor investor · within QIB | 19,56,000 | — | 39.76% |
| NII (HNI) | 9,81,000 | 21.44% | 19.94% |
| bNII > ₹10L · within NII | 6,57,000 | — | 13.35% |
| sNII < ₹10L · within NII | 3,24,000 | — | 6.59% |
| Retail (RII) | 22,86,000 | 49.97% | 46.46% |
| Employee | 0 | — | 0.00% |
| Market maker | 3,45,000 | — | 7.01% |
| Total issue | 49,20,000 | — | 100.00% |
Net offer to the public of 45,75,000 shares, out of a total issue of 49,20,000. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 3,000 shares per lot, in multiples, at ₹48
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 3,000 | ₹1,44,000 |
| S-HNI (min) | 2 | 6,000 | ₹2,88,000 |
| S-HNI (max) | 6 | 18,000 | ₹8,64,000 |
| B-HNI (min) | 7 | 21,000 | ₹10,08,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹48 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 6.91 | 7.25 |
| P/E (×) | 6.95 | 6.62 |
| Price to book (×) | 0.46 | — |
| Market cap | — | ₹99.95 Cr |
Key performance indicators
Latest reported period, standalone
- Return on net worth
- 30.28%
- ROCE
- 37.09%
- Debt / equity
- 0.55
- PAT margin
- 9.37%
- EBITDA margin
- 18.48%
- NAV per share
- ₹104.07
- Price to book
- 0.46
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Standalone ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 105.09 | 102.9 | 101.74 |
| Revenue from operations | 105.02 | 102.81 | 100.74 |
| Other income | 0.08 | 0.09 | 1 |
| Total expenses | 86.61 | 90.05 | 96.81 |
| Operating profit | 18.48 | 12.85 | 4.93 |
| Operating margin | 17.58% | 12.49% | 4.85% |
| Profit before tax | 18.49 | 12.84 | 4.93 |
| Profit after tax | 13.84 | 9.63 | 3.43 |
| PAT margin | 13.17% | 9.36% | 3.37% |
| Balance sheet | |||
| Total assets | 69.62 | 66.98 | 53.53 |
| Current assets | 59.96 | 54.52 | 36.77 |
| Current liabilities | 19.17 | 28.12 | 20.43 |
| Total liabilities | 23.96 | 35.16 | 35.05 |
| Net worth | 45.66 | 31.82 | 18.48 |
| Current ratio | 3.13× | 1.94× | 1.80× |
| Return on equity | 30.31% | 30.26% | 18.56% |
| Cash flow | |||
| Operating cash flow | 6.9 | 10.85 | 11.9 |
| Investing cash flow | -0.01 | 0.02 | 0.87 |
| Financing cash flow | -7.01 | -10.73 | -12.8 |
| Net cash flow | -0.12 | 0.15 | -0.03 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Funding capital expenditure towards the purchase of new Ready-Mix Concrete (RMC) machinery and DG sets ₹10 Cr
The company proposes to purchase additional Ready-Mix Concrete machinery and DG sets to enhance execution capacity and optimize revenue streams. The equipment will primarily be deployed on a lease basis to clients, providing stable and recurring cash flows while ensuring compliance with prevailing environmental standards.
2 Pre-payment/re-payment of certain outstanding borrowings ₹3.1 Cr
The company proposes to utilize proceeds towards full or partial repayment or pre-payment of certain borrowings availed from lenders. This will help reduce outstanding indebtedness, debt servicing costs, assist in maintaining a favorable debt to equity ratio and enable utilization of internal accruals for further business growth.
3 Funding the Working Capital requirement ₹10 Cr
The company proposes to utilize proceeds towards funding working capital requirements to support future growth. This includes strengthening presence across existing business segments, supporting outstanding order book execution, and capitalizing on growing demand from infrastructure development and telecom network expansion.
4 General Corporate Purpose —
The company intends to deploy the balance proceeds towards general corporate purposes including initial development costs for new products, meeting operating expenses, strengthening business development and marketing capabilities, and meeting exigencies. The amount shall not exceed fifteen percent of the Gross Proceeds or ten crores, whichever is lower.
1 of 4 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Paluck Technologies
Paluck Technologies Limited is a diversified engineering services and infrastructure support organization operating across three main segments: Automobile & Engineering Services, Logistics & Equipment Rental, and Telecom Engineering. The company operates one of the largest construction equipment rental fleets in North India with 92 transit mixers, 13 concrete pumps, and 23 logistics trucks, serving infrastructure developers and EPC contractors across Delhi NCR, Rajasthan, Haryana, Madhya Pradesh, Gujarat, Odisha, and Jammu & Kashmir. The company also provides telecom engineering services to major OEMs with a proven track record of managing over 7,500 telecom sites across India, and operates authorized dealerships and service centers for prominent OEMs in power equipment, commercial vehicles, and two-wheeler segments.
Management
Navin Katiyar
MD
Sumit Kumar Bajaj
CEO
Praveen Kumar
Director
Arun Kumar
Director
Strengths
As stated in the offer document
Deep Expertise of Environmental Product Solution (NGT Compliant DG Sets)
The company has specialized expertise in NGT compliant diesel generator sets and environmental product solutions, positioning it well for regulatory compliance requirements.
Telecom Contracts with big well known giants
The company has established contracts with major telecom OEMs and has managed over 7,500 telecom sites across India, demonstrating strong industry relationships.
One of the largest Fleet of Renting Construction Equipment's in North India
The company operates a substantial asset base comprising 92 transit mixers, 13 concrete pumps, and 23 Logistics Trucks, making it one of the largest construction equipment rental fleets in North India.
Custom grown IT SYSTEM for Robust Monitoring & Business Review
The company has developed integrated digital systems connected with ERP, SAP, and GPS tracking solutions for efficient fleet management and business operations.
Retention of Core Management Team since last 10 Years
The company has maintained stability in its leadership with core management team retention for over 10 years, ensuring operational continuity and expertise.
Strong Expertise of handling 10000+ Telecom Site's Operations & Maintenance
The company has proven track record of managing over 10,000 telecom sites operations and maintenance, demonstrating extensive technical capabilities and scale.
Risk factors
As stated in the offer document
Heavy Dependence on Limited Number of Customers
The company is heavily dependent on a limited number of customers, with top 10 customers accounting for 44.73% of revenue in February 2026 and 65.56% in Fiscal 2023. Any loss of business or deterioration in commercial terms with these customers could materially affect revenues, cash flows, and profitability.
Past Loan Repayment Delays and Credit Profile Impact
The company experienced delays in repayment of loans from Equitas Small Finance Bank Limited totaling ₹101.05 lakhs in 2025-2026. While regularized, such delays may adversely affect credit profile, restrict access to future financing, and impact investor confidence.
Project Execution Risks from External Factors
The company's projects are subject to delays, cost overruns, and cancellations from external factors such as land acquisition hurdles, statutory approvals, labor unrest, and adverse weather conditions. These risks could adversely affect revenue recognition, profitability, and customer confidence.
Cyclical Nature of Infrastructure and Construction Sectors
The company's revenues are closely tied to infrastructure and construction sectors which are cyclical in nature. Economic slowdowns, reduced government spending, or regulatory changes could lead to asset underutilization, reduced margins, and adverse financial impact.
Heavy Dependence on Fleet and Equipment Availability
The company is heavily dependent on continuous availability and optimal utilization of its fleet and equipment. Any prolonged downtime, breakdowns, accidents, or underutilization could significantly affect operational performance, profitability, and reputation.
Working Capital Intensive Business Model
The company's business model requires substantial upfront financing for fleet, manpower, and consumables with long payment cycles from customers. Any delays in receivables or constraints in obtaining external funding could strain liquidity and impact project delivery capabilities.
Dependence on Dealership and Service Agreements with OEMs
The company's reliance on dealership and service agreements with OEMs exposes it to renewal, compliance, and termination risks. Any non-renewal or suspension of these agreements could deprive the company of key revenue streams and market presence.