1. IPO Snapshot
| Particular | Details |
|---|
| Company Name | Paluck Technologies Limited |
| IPO Type | 100% Book Built Issue; Fresh Issue |
| Fresh Issue | 68,76,000 Equity Shares |
| Total Issue Size | 68,76,000 shares; up to ₹33.00 crore |
| Face Value | ₹10 per share |
| Price Band | ₹46–₹48 per share |
| Lot Size | 3,000 shares |
| Minimum Application | 6,000 shares (2 lots) |
| Opening Date | August 28, 2026 |
| Closing Date | September 1, 2026 |
| Listing Exchange | BSE SME |
| Registrar | Bigshare Services Private Limited |
| Book Running Lead Manager | Horizon Management Private Limited |
2. IPO Details
| Particular | At Floor Price ₹46 | At Cap Price ₹48 |
|---|
| Fresh Issue Shares | 68,76,000 | 68,76,000 |
| Fresh Issue Amount | ₹3,162.96 lakh | ₹3,300.48 lakh |
| Market Maker Reservation | 3,45,000 shares | 3,45,000 shares |
| Market Maker Value | ₹158.70 lakh | ₹165.60 lakh |
| Net Offered to Public | 65,31,000 shares | 65,31,000 shares |
| Net Offered to Public Value | ₹3,004.26 lakh | ₹3,134.88 lakh |
| Total Issue Shares | 68,76,000 | 68,76,000 |
| Pre-Issue Shares | 1,39,46,282 | 1,39,46,282 |
| Post-Issue Shares | 2,08,22,282 | 2,08,22,282 |
| Post-Issue Market Capitalisation | ₹9,578.37 lakh | ₹9,994.69 lakh |
3. Issue Reservation
| Category | Shares | % of Net Issue | % of Total Issue |
|---|
| QIB | 32,64,000 | 49.98% | 47.47% |
| Anchor Investor | 19,56,000 | — | 28.45% |
| QIB (Excluding Anchor) | 13,08,000 | — | 19.02% |
| NII / HNI | 9,81,000 | 15.02% | 14.27% |
| bNII > ₹10 lakh | 6,57,000 | — | 9.55% |
| sNII < ₹10 lakh | 3,24,000 | — | 4.71% |
| Retail | 22,86,000 | 35.00% | 33.25% |
| Market Maker | 3,45,000 | — | 5.02% |
| Total | 68,76,000 | 100.00% | 100.00% |
4. IPO Lot Size
| Applicant | Lots | Shares | Amount at ₹46 | Amount at ₹48 |
|---|
| Individual Investor – Minimum | 2 | 6,000 | ₹2,76,000 | ₹2,88,000 |
| Individual Investor – Maximum | 2 | 6,000 | ₹2,76,000 | ₹2,88,000 |
| S-HNI – Minimum | 3 | 9,000 | ₹4,14,000 | ₹4,32,000 |
| S-HNI – Maximum | 6 | 18,000 | ₹8,28,000 | ₹8,64,000 |
| B-HNI – Minimum | 7 | 21,000 | ₹9,66,000 | ₹10,08,000 |
5. About Paluck Technologies Limited
Paluck Technologies Limited was incorporated on April 8, 2010, as Paluck Technologies Private Limited and converted into a public limited company in 2021. The company has evolved from diesel generator maintenance into a diversified engineering and infrastructure support platform covering telecom, automobile services, logistics, equipment rental and leasing.
Its business model is focused on service execution, equipment deployment and OEM relationships, rather than manufacturing. Accordingly, the RHP states that capacity utilisation is not applicable as the company does not have specified installed manufacturing capacity.
Telecom Engineering Services
Since 2011, Paluck has provided telecom engineering services, including network implementation, site integration, operations and maintenance, network strengthening, capacity enhancement and upgradation. It also undertakes BTS and OFC maintenance for a government-owned operator, with operations across several telecom circles in India.
Power Equipment and Authorised Service Centres
The company undertakes authorised distribution, dealership and servicing of OEM products across power equipment, commercial vehicles and two-wheelers. Its services include generator servicing, dual-fuel conversion, emission-control solutions and spare-parts distribution. It also operates commercial-vehicle and two-wheeler service centres offering maintenance, repairs, warranty services and spare parts.
Logistics and Equipment Rental
The company provides concrete transportation, equipment rental and RMC plant-related services. Its disclosed fleet includes 92 transit mixers, 13 concrete pumps and 23 logistics trucks, with operations across multiple states and regions. Overall, the company has more than 190 specialised vehicles, supported by ERP, SAP and GPS-based tracking systems.
6. Restated Financial Statement
| Particulars (₹ lakh) | Feb 28, 2026* | FY2025 | FY2024 | FY2023 |
|---|
| Revenue from Operations | 10,501.58 | 10,281.00 | 10,073.54 | 9,225.57 |
| Other Income | 7.88 | 8.61 | 100.23 | 4.88 |
| Total Income | 10,509.46 | 10,289.61 | 10,173.76 | 9,230.45 |
| Cost of Materials Consumed | 4,530.41 | 7,827.89 | 7,061.61 | 6,347.67 |
| Direct & Manufacturing Expenses | 2,786.86 | 413.60 | 485.86 | 402.85 |
| Employee Benefit Expenses | 491.84 | 511.12 | 537.44 | 746.26 |
| Finance Costs | 269.01 | 187.05 | 284.35 | 396.26 |
| Depreciation & Amortisation | 283.24 | 436.59 | 649.32 | 802.49 |
| Other Expenses | 418.77 | 777.36 | 645.79 | 587.34 |
| Total Expenses | 8,660.86 | 9,005.17 | 9,680.62 | 8,942.77 |
| Profit Before Tax | 1,848.60 | 1,284.45 | 493.15 | 287.68 |
| Profit After Tax | 1,383.70 | 963.38 | 343.33 | 217.83 |
| Basic EPS (₹) | 9.92 | 31.51 | 11.73 | 7.44 |
| Diluted EPS (₹) | 9.92 | 31.51 | 11.73 | 7.44 |
| Property, Plant & Equipment + Intangibles | 920.17 | 1,200.03 | 1,630.92 | 2,292.86 |
| Other Non-current Assets | 45.06 | 45.06 | 45.05 | 40.76 |
| Inventories | 2,999.03 | 2,879.75 | 1,731.31 | 1,747.56 |
| Trade Receivables | 2,752.90 | 2,248.80 | 1,579.71 | 1,455.43 |
| Cash & Cash Equivalents | 100.63 | 112.55 | 97.63 | 100.29 |
| Other Current Assets | 143.85 | 196.55 | 268.53 | 331.49 |
| Total Assets | 6,961.64 | 6,697.52 | 5,353.16 | 5,968.39 |
| Short-term Borrowings | 930.22 | 1,129.47 | 1,632.32 | 1,642.51 |
| Trade Payables | 231.14 | 1,255.86 | 82.20 | 256.20 |
| Short-term Provisions | 719.06 | 389.21 | 184.19 | 147.08 |
| Total Current Liabilities | 1,917.49 | 2,811.92 | 2,042.73 | 2,022.84 |
** Eleven-month period ended February 28, 2026; not annualised.*
7. Key Performance Indicators
| KPI | Feb 28, 2026* | FY2025 | FY2024 | FY2023 |
|---|
| Revenue from Operations (₹ lakh) | 10,501.58 | 10,281.00 | 10,073.54 | 9,225.57 |
| EBITDA (₹ lakh) | 2,392.98 | 1,899.48 | 1,326.59 | 1,481.55 |
| EBITDA Margin | 22.79% | 18.48% | 13.17% | 16.06% |
| PAT (₹ lakh) | 1,383.71 | 963.38 | 343.33 | 217.83 |
| PAT Margin | 13.18% | 9.37% | 3.41% | 2.36% |
| RoE | 30.31% | 38.31% | 20.48% | 15.61% |
| Debt/Equity | 0.29 | 0.55 | 1.63 | 2.66 |
| Interest Coverage | 8.90 | 10.15 | 4.67 | 3.74 |
| RoCE | 27.43% | 37.09% | 21.97% | 13.24% |
| Current Ratio | 3.13 | 1.94 | 1.80 | 1.80 |
| Net Capital Turnover | 3.13 | 4.81 | 6.21 | 5.18 |
8. IPO Valuation
| Valuation Metric | Value |
|---|
| FY2025 EPS | ₹31.51 |
| Weighted-average EPS | ₹20.90 |
| Feb 28, 2026 EPS | ₹9.92 |
| FY2025 RoNW | 30.28% |
| Weighted-average RoNW | 23.74% |
| NAV – Mar 31, 2025 | ₹104.07 |
| NAV – Feb 28, 2026 | ₹32.74 |
| P/E at Offer Price | 6.95x pre-IPO / 6.62x post-IPO |
| Market Cap at Offer Price | ₹99.95 crore at upper price |
9. Shareholding & Capital Structure
| Category | Pre-Issue Shares | Pre-Issue % | Post-Issue % |
|---|
| Promoter & Promoter Group | 1,20,69,776 | 86.55% | 57.97% |
| Public | 18,76,506 | 13.45% | 42.03% |
| Total | 1,39,46,282 | 100.00% | 100.00% |
10. Objects of the Issue
| Object of Issue | RHP Amount (₹ lakh) |
|---|
| Purchase of new RMC machinery and DG sets | Up to 1,000.00 |
| Repayment / pre-payment of certain borrowings | Up to 310.00 |
| Working Capital | Up to 1,000.00 |
| General Corporate Purposes | To be finalised |
| Total Specified Objects | Up to 2,310.00 + GCP |
11. Key Risks Highlighted in the RHP
| Risk Category | RHP Disclosure in Simple Language |
|---|
| Business / Customer Concentration | Top 10 customers contributed 44.73% of operating revenue in the eleven-month period ended February 28, 2026, compared with 59.59% in FY2025, 61.41% in FY2024 and 65.56% in FY2023. Losing major customers or changes in commercial terms could affect revenue and profitability. |
| Supplier Concentration | Top 10 suppliers accounted for 81.34% of purchases during the eleven-month period ended February 28, 2026. Changes in supplier relationships or terms could impact costs and operations. |
| Working Capital | The business requires upfront spending on fuel, consumables, manpower and fleet maintenance, while collections may come later. Delayed receivables or funding constraints could affect liquidity. |
| Fleet / Operational Risk | Vehicle and equipment availability, maintenance and utilisation are critical. Breakdowns, accidents, downtime or under-utilisation could affect performance. |
| Competition | The company faces competition across telecom, logistics, equipment rental and dealership services. Competition could put pressure on pricing and margins. |
| Geographic Concentration | The company has significant exposure to North India, with limited geographical diversification. |
| Project Execution | Projects may face delays, cost overruns or cancellations due to approvals, labour, weather and other external factors. |
| Issue Object Execution | Orders for equipment proposed to be funded through the issue had not yet been placed, creating uncertainty around execution and cost timing. |
| Employee Statutory Compliance | The company disclosed past delays in EPF, ESIC and other employee-related filings. It states that pending filings and contributions have been regularised, with no material penalties imposed. |
| Management Dependence | Future performance depends significantly on the experience and continued services of the promoters, directors and KMPs. |
| Promoter Control | Promoters and promoter group are expected to hold 57.97% post-issue, giving them significant influence over shareholder matters. |
| Legal / Litigation | The RHP discloses criminal complaints against the company and a direct-tax proceeding, as detailed in its litigation section. |
| Cash-flow Risk | Operating cash flow has been positive in the reported periods, while financing cash flows have been negative recently due to borrowing repayments and finance costs. Working-capital movements can also affect liquidity. |
| Dividend | The company has no formal dividend policy and did not declare dividends during the eleven-month period ended February 28, 2026 or the preceding three financial years. |
12. Litigation & Contingent Liabilities
| Matter | Disclosure | Status / Amount |
|---|
| Tata Capital Limited – Criminal Complaint | Complaint under Sections 138, 141 and 142 of the Negotiable Instruments Act relating to dishonour of a ₹523.43 lakh cheque dated May 27, 2025. | Matter pending; RHP states outstanding dues were fully repaid. Next hearing: October 31, 2026. |
| Soni Tyre Service – Two Complaints | Two Section 138 complaints relating to cheques issued against an outstanding tyre-supply amount of ₹24.00 lakh. | Pending; next dates: August 26, 2026 and September 17, 2026. |
| Tax Proceedings – Company | One direct-tax case disclosed. | ₹181.08 lakh involved; indirect tax: NIL. |
| Contingent Liabilities | Bank guarantees / LCs issued by banks on behalf of the company. | ₹11.65 lakh as of Feb 28, 2026; ₹11.65 lakh in FY2025; ₹11.65 lakh in FY2024; ₹2.00 lakh in FY2023. |
| Material Creditors | No material creditors under the stated policy; one other creditor and other non-material creditors disclosed. | Total outstanding dues of ₹231.14 lakh as of Feb 28, 2026. |
13. Registrar and Lead Manager
| Intermediary | Details |
|---|
| Book Running Lead Manager | Horizon Management Private Limited; 19 R N Mukherjee Road, Main Building, 2nd Floor, Kolkata – 700001; SEBI Reg. No. INM000012926; Contact: Narendra Bajaj |
| Registrar to the Issue | Bigshare Services Private Limited; S6-2, 6th Floor, Pinnacle Business Park, Mahakali Caves Road, Andheri East, Mumbai – 400093; SEBI Reg. No. INR000001385; Contact: Ganesh Shinde |
| Legal Advisor | T&S Law, Noida |
| Statutory / Peer Review Auditor | D Chawla & Associates, Hisar; FRN 017217N |
14. Company Contact Details
| Particular | Details |
|---|
| Registered Office | 192/6, Nitin Vihar, Opposite Indian Oil Petrol Pump, Near Hero Honda Chowk, Gurgaon – 122001, Haryana |
| Corporate Office | Unit No. 261, JMD Mega Polish, Sohna Road, Sector-48, Gurgaon – 122018, Haryana |
| Telephone | +91 95400 57554 |
| Email | cs@palucktechno.com |
| Investor Grievance Email | investors@palucktechno.com |
| Website | www.palucktechno.com |
| CIN | U74110HR2010PLC040347 |
