Paluck Technologies Ltd. IPO

Paluck Technologies Limited is an engineering services and infrastructure support company operating across Automobile & Engineering Services, Construction Equipment Rental, Logistics & Fleet Management and Telecom Engineering Services. The company was incorporated on 8 April 2010 as Paluck Technologies Private Limited and was subsequently converted into a public limited company in 2021.

The company has developed from a business focused on diesel generator services into a diversified engineering and infrastructure support company. Its current activities cover multiple areas connected with infrastructure development, construction, logistics, equipment rental, automobile engineering and telecom infrastructure.

In its Construction Equipment Rental and Logistics business, Paluck Technologies provides concrete transportation, equipment rental, RMC plant setup and infrastructure logistics services. Its fleet includes transit mixers, concrete pumps, logistics vehicles and other equipment used for infrastructure and construction activities.

The company's services support infrastructure developers, EPC contractors, cement manufacturers and other customers requiring construction equipment, concrete transportation and logistics support. Its operating presence covers markets including Delhi NCR, Haryana, Rajasthan, Gujarat, Madhya Pradesh, Odisha and Jammu & Kashmir.

Paluck Technologies also provides Automobile & Engineering Services. The company undertakes engineering and servicing activities related to diesel and gas generator sets and other equipment used by industrial and infrastructure customers.

The Telecom Engineering Services business provides network implementation, installation, maintenance and upgradation services. These activities give the company exposure to the ongoing requirements of telecom infrastructure and network deployment.

The company has built its operations around equipment-intensive infrastructure services. Its business model therefore combines engineering services with equipment deployment, rental, logistics and maintenance activities.

The company's website identifies Navin Katiyar as Managing Director, Praveen Kumar as Director, Sumit Kumar Bajaj as Director and CEO, and Sarika Katiyar as Promoter. The company also has independent directors and key managerial personnel covering finance, compliance and other functions.

Paluck Technologies has a substantial fleet and equipment base supporting its construction and logistics activities. The business includes concrete transportation and RMC-related services, which are linked to infrastructure and construction activity.

The company has reported growth in profitability during the periods covered by its restated financial information. Total income increased from ₹101.74 Cr in FY2024 to ₹102.90 Cr in FY2025 and ₹105.09 Cr for the eleven-month period ended 28 February 2026.

Profit After Tax increased from ₹3.43 Cr in FY2024 to ₹9.63 Cr in FY2025 and ₹13.84 Cr for the eleven-month period ended 28 February 2026. This represents a significant improvement in profitability over the reported periods.

EBITDA increased from ₹13.27 Cr in FY2024 to ₹18.99 Cr in FY2025 and ₹23.93 Cr for the eleven-month period ended 28 February 2026. Net worth increased from ₹18.48 Cr in FY2024 to ₹31.82 Cr in FY2025 and ₹45.66 Cr as of 28 February 2026.

Total borrowings declined from ₹30.05 Cr in FY2024 to ₹17.49 Cr in FY2025 and ₹13.17 Cr as of 28 February 2026. The decline in borrowings was accompanied by an increase in net worth during the same period.

The IPO is entirely a Fresh Issue. The company is issuing 68,76,000 equity shares and intends to use the proceeds for capital expenditure, repayment or prepayment of selected borrowings, working-capital requirements and general corporate purposes.

The company proposes to spend ₹10.00 Cr on purchasing new Ready-Mix Concrete machinery and DG sets. This proposed capital expenditure is intended to strengthen its equipment base and support its operating activities.

A further ₹3.10 Cr is proposed to be used for pre-payment or repayment, in part or full, of certain outstanding borrowings availed by the company.

Another ₹10.00 Cr is proposed for funding the company's working-capital requirements. The remaining net proceeds after the specifically identified objects and applicable issue-related expenses are proposed for general corporate purposes.

The company has therefore structured the IPO proceeds around three principal operating purposes: expansion of its RMC and equipment capacity, reduction of selected debt obligations and strengthening of working capital.

Paluck Technologies' financial performance shows a strong increase in PAT between FY2024 and the eleven-month period ended February 2026. However, the February 2026 figures cover eleven months and should not be directly treated as a full-year FY2026 figure without considering the reporting period.

The company reported ROE of 30.31%, ROCE of 27.43%, RoNW of 30.31%, PAT margin of 13.18%, EBITDA margin of 22.79% and debt-to-equity of 0.29x for the eleven-month period ended 28 February 2026.

At the upper issue price of ₹48, the reported pre-IPO EPS is ₹6.91 and the post-IPO EPS is ₹7.25. The corresponding pre-IPO P/E is 6.95x and post-IPO P/E is 6.62x.

The IPO has attracted strong demand during the subscription period. As of 31 August 2026, the total subscription stood at 67.54 times, although the issue remained open until 1 September 2026 and the final subscription figure could change.

The company operates in industries linked to construction, infrastructure, logistics and telecom deployment. Demand for its services can therefore be influenced by infrastructure spending, construction activity, equipment utilisation and telecom network expansion.

At the same time, the business is equipment-intensive and requires capital for machinery, fleet maintenance and working capital. The IPO's proposed use of funds reflects these requirements.

Paluck Technologies operates in a combination of engineering services, construction equipment rental, logistics, fleet management and telecom engineering. This diversified operating profile provides exposure to multiple infrastructure-related activities rather than a single service line.

The company's construction and logistics activities are supported by equipment and fleet assets used for concrete transportation, RMC plant setup, equipment rental and infrastructure logistics. This makes asset utilisation and operational efficiency important factors in its business model.

Its telecom engineering business adds another revenue stream through network implementation, installation, maintenance and upgradation services. This provides exposure to telecom infrastructure requirements in addition to construction and logistics.

The company's financial performance has improved materially. PAT increased from ₹3.43 Cr in FY2024 to ₹9.63 Cr in FY2025 and ₹13.84 Cr for the eleven-month period ended 28 February 2026.

EBITDA increased from ₹13.27 Cr in FY2024 to ₹18.99 Cr in FY2025 and ₹23.93 Cr for the eleven-month period ended February 2026. This indicates an improvement in operating profitability over the reported periods.

Net worth also increased from ₹18.48 Cr in FY2024 to ₹31.82 Cr in FY2025 and ₹45.66 Cr as of 28 February 2026. At the same time, borrowings declined from ₹30.05 Cr to ₹17.49 Cr and then ₹13.17 Cr.

The IPO valuation at the upper price band of ₹48 implies a pre-IPO P/E of 6.95x and a post-IPO P/E of 6.62x based on the reported EPS calculations.

The issue proceeds have a clear operating purpose. ₹10.00 Cr is earmarked for new RMC machinery and DG sets, ₹10.00 Cr for working capital and ₹3.10 Cr for repayment or prepayment of selected borrowings.

The proposed capital expenditure can strengthen the company's equipment capacity, while the working-capital allocation can support day-to-day operations. Debt repayment can also reduce the company's outstanding borrowing burden.

The company's reported debt-to-equity ratio of 0.29x as of 28 February 2026 is lower than the 0.55x reported for 31 March 2025, reflecting the decline in borrowings relative to net worth.

The main risks relate to the capital-intensive nature of the business, equipment utilisation, customer and project dependencies, infrastructure-sector cycles and working-capital requirements. The company also remains exposed to operating costs associated with fleet and machinery.

The IPO is entirely a Fresh Issue, meaning the company will receive the gross proceeds from the new shares, subject to issue expenses and the stated utilisation of proceeds. There is no OFS component in the issue.

The company has also received strong investor interest during the subscription period. As of 31 August 2026, the issue was subscribed 67.54 times overall. Since the bidding period closes on 1 September 2026, this is not the final subscription figure.

Overall, Paluck Technologies offers exposure to engineering services and infrastructure support with a diversified service portfolio, improving profitability and declining borrowings. The proposed IPO funding for RMC machinery, working capital and debt repayment is aligned with the company's operating requirements. Investors should nevertheless evaluate the company's asset-intensive business model, infrastructure-sector dependence, working-capital needs and SME-listing liquidity risks before making an investment decision.

Listing Performance

Paluck Technologies IPO had not yet listed as of 1 September 2026. The tentative listing date is 4 September 2026 on the BSE SME platform. Therefore, the actual listing price and listing gain/loss are not available yet.

Paluck Technologies IPO applications can be made through the ASBA facility or through eligible UPI-enabled IPO application facilities offered by participating banks and SEBI-registered intermediaries. The retail minimum application is 6,000 shares, or 2 lots, at the upper price band of ₹48.

Through UPI

1. Log in to your stockbroker app or website.
2. Go to the IPO section.
3. Select Paluck Technologies IPO.
4. Enter the required number of lots.
5. Enter your valid UPI ID.
6. Submit the IPO application.
7. Approve the UPI mandate received in your UPI application.
8. Confirm the mandate using your UPI PIN.
9. The application amount remains blocked in your bank account until the allotment process.
10. If shares are allotted, the applicable amount is debited; otherwise, the blocked amount is released according to the IPO process.