Paluck Technologies IPO

Paluck Technologies Limitedpalucktechno.com

ListedSMEIndustrialsBSE SME

Price band: ₹46 – ₹48
Issue size: ₹33.00 Cr
Lot size: 3000 sh
Bidding: 28 Aug – 1 Sep
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

Paluck Technologies rents concrete-handling and construction equipment, runs a commercial vehicle fleet and builds and maintains telecom network sites from Gurugram; the record splits its Rs 105.02 Cr of revenue in the eleven months to 28 February 2026 between Automobile and Engineering Services at Rs 53.56 Cr (51.00%) and Logistics and Equipment Rental at Rs 51.46 Cr (49.00%). Revenue was Rs 92.26 Cr in FY23, Rs 100.74 Cr in FY24 and Rs 102.81 Cr in FY25, rises of 9.19% and then 2.05%, while profit after tax was Rs 2.18 Cr, Rs 3.43 Cr and Rs 9.63 Cr over the same three years. The eleven-month stub to 28 February 2026, which the record labels as not a full year, already shows revenue of Rs 105.02 Cr and PAT of Rs 13.84 Cr, both above the full FY25 figures of Rs 102.81 Cr and Rs 9.63 Cr. The Rs 33 Cr issue, all fresh with an offer for sale of Rs 0 Cr, was subscribed 271.75 times overall on its third day; it listed on BSE SME at Rs 46.80 against a Rs 48 band top and last traded at Rs 32.77 on 23 October 2026.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

69Strong

IPOVista score

Broadly well-balanced

63% of the scoring model was backed by disclosed data for Paluck Technologies, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

Read this before the number

SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 2009 · Gurugram, Haryana, India · 192 employees

Paluck Technologies rents concrete-handling and construction equipment, runs a commercial vehicle fleet, and builds and maintains telecom network sites. Its equipment base is 92 transit mixers, 13 concrete pumps and 23 logistics trucks, within a fleet of over 190 specialised vehicles tracked through ERP, SAP and GPS systems. It sells to infrastructure developers, EPC contractors and cement manufacturers across Delhi NCR, Rajasthan, Haryana, Madhya Pradesh, Gujarat, Odisha and Jammu & Kashmir, and executes network expansion and maintenance contracts awarded by telecom operators and OEMs. The company also runs authorised service centres and dealerships in Haryana, servicing diesel and gas generators, fitting dual-fuel conversion kits and retrofit emission control devices, and distributing commercial vehicle and two-wheeler spares. It employed 192 people at 28 February 2026.

Revenue divides almost evenly between two reported segments: Automobile and Engineering Services at ₹53.56 Cr (51.00%) and Logistics and Equipment Rental at ₹51.46 Cr (49.00%) of ₹105.02 Cr revenue in the eleven months to 28 February 2026. Earnings come from rental day-rates, service contracts and parts sales, against a cost base led by materials consumed of ₹45.30 Cr and direct and manufacturing expenses of ₹27.87 Cr in that period. The constraint is capital: vehicles must be bought and financed before they earn, and borrowings were ₹13.17 Cr at 28 February 2026 against ₹17.49 Cr a year earlier. Customer concentration is the other exposure, with the top ten customers at 44.73% of revenue.

The company on paper

Legal name: Paluck Technologies Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 8 Apr 2010
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U74110HR2010PLC040347
Sector: Industrials · Construction equipment rental, logistics fleet operations and telecom network field services
Employees: 192
Registered office: Gurugram, Haryana, India
Promoters: Navin Katiyar, Praveen Kumar, Sarika Katiyar, Sumit Kumar Bajaj
Promoter holding, pre-issue: 86.5%
Promoter holding, post-issue: 58.0%
Website: palucktechno.com

The numbers

Financial performance

Revenue has compounded at 5.6% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

100% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹33.00 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹0
Total issue size: ₹33.00 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —
Market maker portionSME issues require a market maker to provide two-way quotes: 3,45,000

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 28.6% of the company.

Promoters
Everyone else

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription271.75×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Outcome

How it actually listed

Issue price: ₹48.00
Listed at: ₹46.80
Listing gain: down 2.5%
Since listing: down 10.8%
Against the issue price: down 13.0%

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 6,000
At cut-off price: ₹48.00
Amount blocked: ₹2,88,000

One lot is 3000 shares at ₹1,44,000. This issue requires a minimum of 2 lots, so the smallest application is ₹2,88,000. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~0.3%

chance of one lot, per application

Retail subscription: 372.67×
Applicants per share available: 372.7× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹46.80

listed at, −2.5% against the issue price

Issue price: ₹48.00
Premium said: —
If allotted 3000 shares: −₹3,600

Listing-day figures are as reported by the exchanges.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

Borrowings fell at every period end the record carries: Rs 40.01 Cr at FY23, Rs 30.05 Cr at FY24, Rs 17.49 Cr at FY25 and Rs 13.17 Cr at 28 February 2026, the last of these 67.08% below the FY23 level.
Net worth was higher at each of those four period ends in turn, at Rs 15.05 Cr, Rs 18.48 Cr, Rs 31.82 Cr and Rs 45.66 Cr, and borrowings measured against net worth were 2.66x, 1.63x, 0.55x and 0.29x respectively.
PAT margin was 2.36% in FY23 (Rs 2.18 Cr on Rs 92.26 Cr) and higher at every later period on record: 3.40% in FY24 (Rs 3.43 Cr on Rs 100.74 Cr), 9.37% in FY25 (Rs 9.63 Cr on Rs 102.81 Cr) and 13.18% in the eleven months to 28 February 2026 (Rs 13.84 Cr on Rs 105.02 Cr).
On the one subscription day the record carries, 1 September 2026, the book stood at 372.67 times in retail, 287.09 times in NII and 83.89 times in QIB, for 271.75 times overall, against an issue of Rs 33 Cr.

What to weigh against it

Revenue growth across the two annual steps on record was 9.19% in FY24 (Rs 92.26 Cr to Rs 100.74 Cr) and 2.05% in FY25 (Rs 100.74 Cr to Rs 102.81 Cr). The eleven-month stub is not a like-for-like fourth point: annualising its Rs 105.02 Cr at twelve-elevenths, which is my arithmetic and not a figure the record carries, would give Rs 114.57 Cr, 11.44% above FY25.
EBITDA margin fell before it rose across the periods on record: 16.06% in FY23 (Rs 14.82 Cr on Rs 92.26 Cr), 13.17% in FY24 (Rs 13.27 Cr on Rs 100.74 Cr), 18.47% in FY25 (Rs 18.99 Cr on Rs 102.81 Cr) and 22.79% in the eleven months to 28 February 2026 (Rs 23.93 Cr on Rs 105.02 Cr).
The record puts the top ten customers at 44.73% of revenue, and names no individual customers. In the same eleven months, materials consumed of Rs 45.30 Cr and direct and manufacturing expenses of Rs 27.87 Cr together came to Rs 73.17 Cr, or 69.67% of the Rs 105.02 Cr revenue.
The share was Rs 32.77 on 23 October 2026: 31.73% below the Rs 48 band top, 29.98% below the Rs 46.80 listing price and 33.31% below the Rs 49.14 first-day close, which was itself 5.00% above the listing price.

Easy to miss in the prospectus

The latest figures on record are an eleven-month stub to 28 February 2026 that the record itself labels as not a full year; no audited twelve-month FY26 figures appear in it.
The record's own subscription row gives 271.75 times overall for 1 September 2026, while the label of one cited source quotes 189.34 times for the same issue. The record does not reconcile the two.
Expenses, total assets and operating cash flow are null for all four periods, and the record carries no valuation multiples, no allocation split, no offer objects and no peer set, so none of the ratios those would support can be computed from it.

Straight from the filing

Read it yourself

Every figure on this page comes out of these. Go and check them.

Paluck Technologies — Red Herring Prospectus dated 2026-08-2323 Aug 2026The document the issue was bid on. Carries the price band and the dates.Opens on palucktechno.com

Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.

The paperwork

Who is running the issue

Lead managers: Horizon Management Private Limited
RegistrarAllotment status is checked on the registrar's own site: Bigshare Services Private Limited

How these figures were checked

Reconciled to Paluck Technologies's own prospectus and to exchange disclosures, then cross-checked against 6 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.

Paluck Technologies Limited — Red Herring Prospectus dated 23 August 2026 (company website, 349pp) · read 16 Oct 2026
BSE cash-market bhavcopy, 4 September 2026 (listing day) — ISIN, series MT, market lot, OHLC · read 16 Oct 2026
BSE corporate filing — Paluck Technologies board outcome, 7 September 2026 (scrip code 544897, ISIN INE0LHB01010) · read 16 Oct 2026

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: SME platform
Opens: 28 Aug 2026
Closes: 1 Sep 2026
Allotment: 2 Sep 2026
Lists: 4 Sep 2026
Revenue (FY25): ₹103 Cr
Profit (FY25): ₹9.63 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.