Paluck Technologies IPO
Paluck Technologies IPO is an SME IPO raising ₹33 Cr at ₹46 – ₹48 a share. It listed on 4 Sept 2026 at ₹47, −2.5% against its issue price of ₹48, and trades at ₹45 today (−5.4% since issue). It was subscribed 253× in total.
252.7 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
Paluck Technologies Limited is a Gurgaon-based diversified engineering services and infrastructure support company with three operating verticals. It runs a construction equipment rental fleet (transit mixers, concrete pumps, trucks) that supplies concrete and equipment to infrastructure developers and cement companies across Delhi NCR, Rajasthan, Haryana, Madhya Pradesh, Gujarat, Odisha and J&K. It also acts as an authorized dealer and service centre for OEMs in diesel/gas generators (Kirloskar), commercial vehicles (Ashok Leyland) and two-wheelers (Suzuki), and installs dual-fuel conversion kits and Retro Emission Control Devices (RECDs) to comply with NGT norms in Delhi NCR. A third vertical provides telecom engineering services — site implementation, network upgradation, BTS and OFC maintenance — under annual contracts with telecom OEMs, covering 7,500+ sites across multiple Indian telecom circles.
How it earns
Revenue comes from renting out its owned construction-equipment fleet and supplying concrete, from authorized OEM dealership/service-centre work (gen-sets, commercial vehicles, two-wheelers) including spare-parts sales, from NGT-compliant DG-set retrofitting jobs, and from annual telecom engineering services contracts subcontracted by telecom OEMs.
Who buys
Customer names are not disclosed in the prospectus — top 10 are listed only as 'Customer 1' to 'Customer 10'. For the 11 months ended Feb 28, 2026, the top customer contributed 8.29% of revenue (₹870.84 lakh), top 5 contributed 26.98% (₹2,833.34 lakh) and top 10 contributed 44.73% (₹4,697.55 lakh). Concentration has eased from FY25 (top 10 at 59.59% / ₹6,126.74 lakh) and FY23 (65.56% / ₹6,047.89 lakh). Named counterparties mentioned elsewhere in the text include Kirloskar Oil Engines, Ashok Leyland, Suzuki Motorcycle India, ZTE, Huawei, Ericsson, Nokia, BSNL, Nuvoco, ACC, Bosch and Aditya Birla Retail. By geography, 100% of revenue is domestic, with Haryana alone contributing 54.46% in the 11M FY26 period, followed by Uttar Pradesh (9.42%), Delhi (6.73%), Tamil Nadu (5.48%) and Uttarakhand (5.02%).
Scale
Fleet of 190+ specialised vehicles (92 transit mixers, 13 concrete pumps, 23 logistics trucks); 192 employees as on Feb 28, 2026; service centres in Gurgaon, Faridabad, Rewari, Ghaziabad and Bilaspur; revenue from operations grew from ₹92.26 crore (FY23) to ₹102.81 crore (FY25), with 11M FY26 at ₹105.02 crore (1 lakh = 0.01 crore; 1 crore = 100 lakh = 10 million).
What it says sets it apart
- Deep expertise in NGT-compliant DG sets, dual-fuel conversion kits and Retrofit Emission Control Devices (RECDs) for Delhi NCR's 80,000+ DG-set market (₹4,000 crore opportunity cited).
- One of the largest construction-equipment rental fleets in North India — 92 transit mixers, 13 concrete pumps and 23 logistics trucks — backed by an order book of ₹20+ crore and plans to add 2–4 new RMC plants.
- Custom-built IT system integrating ERP, SAP and GPS tracking for fleet monitoring and business review across the owned fleet of 190+ specialised vehicles.
- Proven track record in telecom engineering — manages 7,500+ telecom sites and 10,000+ site O&M operations across 14+ telecom circles with major OEMs (ZTE, Huawei, Nokia, Ericsson).
- Long-standing multi-OEM authorised dealership footprint (Kirloskar power, Ashok Leyland commercial vehicles, Suzuki two-wheelers) with service centres on the Delhi–Jaipur Highway in Gurgaon, Faridabad, Rewari and Ghaziabad.
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs48 / stated EPS Rs31.51 (FY25 (year ended March 31, 2025) diluted EPS, restated; the Rs 9.92 figure for eleven months ended Feb 28, 2026 is not annualised). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
The last few years in numbers
From the prospectus’s own summary financial table (restated standalone). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| Period ended Feb 28, 2026 (11 months) | ₹105 Cr | ₹14 Cr | 13.2% | ₹46 Cr | ₹13 Cr |
| FY2025 | ₹103 Cr+2% | ₹10 Cr+181% | 9.4% | ₹32 Cr | ₹17 Cr |
| FY2024 | ₹101 Cr+9% | ₹3 Cr+58% | 3.4% | ₹18 Cr | ₹30 Cr |
| FY2023 | ₹92 Cr | ₹2 Cr | 2.4% | ₹15 Cr | ₹40 Cr |
Where the money goes
The offer →Most of this issue is new shares — the money raised goes to the company, not to exiting shareholders.
How its cohort has done
131 SME issues listed in 2026 that we can price today. This is the group this issue belongs to.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
How the book finished
The category split is the number worth reading, not the total.
Retail: 373× their allocation. QIB: 84×.
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
What could go wrong
All 14risks & documents →From the register read out of the issuer’s own prospectus — each item is quoted verbatim with its page on the risks tab.
What happens when
Next: the UPI mandate expires on 13 Oct 2026.
What to watch
- The asking multiple is 1.5× earnings, and the issuer names no listed peers to compare it against.
- The register's top risk: Active Section 138 NI Act criminal complaint from Tata Capital (prospectus page 29).
- Its cohort's record: median +8.4% since issue price, 46.6% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track Paluck Technologies Limited
Results, orders, board decisions and every other filing — summarised and sent to your WhatsApp the minute they are out.
Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.