Minerva Capital Research Solutions

Paluck Technologies

ListedListed 4 Sep 2026BSE SMENSE: PALUCKCheck allotment
Current price₹ 40.07−16.52% since issue
Listing day−2.5%
Issue price
₹ 48
Issue size
₹ 33 Cr.
Min. investment
₹ 1,44,000
Listing price
₹ 46.8
Subscribed
252.7x
Lot size
3,000 shares
P/E
6.62
RoNW
30.28%
RoCE
37.09%
PAT margin
9.37%
EPS
₹ 7.25
Promoter stake
57.97%

About

Paluck Technologies Limited was set up as a company in April 2010, having started in 2009 as a proprietorship firm doing diesel generator work. It has since grown into a diversified engineering services and infrastructure support company working across four areas, automobile and engineering services, construction equipment rental, logistics and fleet management, and telecom engineering services. In construction equipment rental and logistics it carries concrete, rents out infrastructure equipment and sets up ready mix concrete plants. It runs a fleet of more than 190 specialised vehicles, including transit mixers, logistics trucks and concrete pump units, serving infrastructure developers, EPC contractors and cement makers across Delhi NCR, Rajasthan, Haryana, Madhya Pradesh, Gujarat, Odisha and Jammu & Kashmir. The fleet is tracked through a digital monitoring system linked to ERP, SAP and GPS. In telecom engineering it works as an implementation and maintenance partner for major telecom operators and equipment makers, and has handled operations and maintenance across more than 7,500 telecom sites in India. It is also an authorised service centre and dealer for various OEMs, doing diesel and gas generator servicing, dual fuel conversion kits, RECD solutions, commercial vehicle and two wheeler servicing and spare parts distribution. As on 28 February 2026 it had 192 employees.

Timeline

  1. Opens
    28 Aug
    done
  2. Closes
    1 Sep
    done
  3. Allotment
    2 Sep
    done
  4. Refunds
    3 Sep
    done
  5. Demat credit
    3 Sep
    done
  6. Listing
    4 Sep
    done

Grey market premium (GMP)

GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Highest
₹ 30 on 31 Aug 2026
Lowest
₹ 9 on 3 Sep 2026
First quoted
₹ 10 on 24 Aug 2026

Subscription

How many times each investor group bid for its share, as of 04 Sep 2026, 06:30 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type
Retail (Min)13,000₹ 1,44,000
Retail (Max)13,000₹ 1,44,000
HNI (Min)26,000₹ 2,88,000

Company overview

Financials

Financials by year
Assets105.0966.9853.53
Total Income105.09102.9101.74
Profit After Tax13.849.633.43
EBITDA23.9318.9913.27
NET Worth45.6631.8218.48
Reserves and Surplus31.7128.7215.55
Total Borrowing13.1717.4930.05

Strengths

  • Profit has grown strongly, from Rs 3.43 crore in FY2024 to Rs 9.63 crore in FY2025 and Rs 13.84 crore for the period ended 28 February 2026.
  • EBITDA has improved steadily, from Rs 13.27 crore in FY2024 to Rs 18.99 crore in FY2025 and Rs 23.93 crore in the latest period.
  • The company has cut its debt sharply while growing, with borrowing down from Rs 30.05 crore in FY2024 to Rs 17.49 crore in FY2025 and Rs 13.17 crore in the latest period.
  • Net worth has grown from Rs 18.48 crore in FY2024 to Rs 45.66 crore in the latest period.
  • The business runs across four different segments, engineering services, equipment rental, logistics and telecom, so a slowdown in one does not stop everything.
  • It owns a large fleet of more than 190 specialised vehicles, including transit mixers and concrete pumps, which it describes as one of the largest construction equipment rental fleets in North India.
  • It has handled operations and maintenance across more than 7,500 telecom sites, which shows it can work at scale for large operators.
  • The fleet is monitored through a system linked to ERP, SAP and GPS, which helps utilisation and billing.
  • The whole issue is fresh capital, with Rs 10 crore for new ready mix concrete machinery and DG sets and Rs 10 crore for working capital.

Risks

  • Sales have been almost flat. Total income was Rs 101.74 crore in FY2024 and Rs 102.90 crore in FY2025, which is barely 1% growth, and the profit rise has come from margin rather than from selling more.
  • The financial data shows total assets and total income both as exactly Rs 105.09 crore for the period ended 28 February 2026. Two different items showing the same figure looks like an error and should be checked in the RHP.
  • The latest period is an eleven month stub ending 28 February 2026, not a full year, so it cannot be compared directly with the full years before it.
  • Equipment rental is a capital heavy business. A fleet of transit mixers and concrete pumps wears out and needs regular replacement, which keeps absorbing cash.
  • Rental demand depends on construction and infrastructure activity. If projects slow down, vehicles sit idle while the cost of owning them continues.
  • Telecom operations and maintenance work is contract based with a few large operators, who have strong bargaining power on rates at every renewal.
  • A part of the business is diesel generator servicing and dual fuel conversion. Emission and environmental rules in this area keep changing, which can help or hurt depending on how they move.
  • Promoter holding falls sharply from 86.55% to 57.97% after the issue.
  • This is an SME issue. One lot is 3,000 shares, which is Rs 1.44 lakh at the upper band of Rs 48, and SME shares usually trade in low volume after listing.

What the money is for

Objects of the issue
Funding capital expenditure towards the purchase of new Ready-Mix Concrete (RMC) machinery and DG sets10
Pre-payment/ re-payment, in part or full, of certain outstanding borrowings availed by the Company3.1
Funding the working capital requirements of the Company10
General corporate purposes—

Promoters

  • Navin Katiyar
  • Praveen Kumar
  • Sarika Katiyar
  • Sumit Kumar Bajaj
Promoter holding86.55%→57.97%before → after the issue · down 28.58 points

Registrar, lead managers and documents

Listing on
BSE SME
Face value
₹ 10 a share
Registrar
Bigshare Services Private Limited
Lead managers
Horizon Management Pvt. Ltd.
Basis of allotment
Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.