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Paluck Technologies Ltd IPO
Paluck Technologies Ltd
₹2,76,000 /6000 sharesMinimum investment
IPO details
Minimum investment
₹2,76,000
Price range
₹46 - ₹48
Lot size
3,000
Issue size
33 Cr
Face value
10
IPO document
Subscription rate
Data will be available soon
Schedule
28 Aug 2026
IPO open date
1 Sep 2026
IPO close date
2 Sep 2026
Allotment date
2 Sep 2026
Funds unblock or debit
4 Sep 2026
Tentative listing date
About
Founded in
2010
MD/CEO
Mr Navin Katiyar
Parent organisation
Paluck Technologies Ltd
Paluck Technologies Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
The company claims to have deep expertise in environmental product solutions, including NGT-compliant DG sets.
The company claims to have telecom contracts with established and well-known industry players.
The company claims to operate one of the larger fleets of construction equipment available for rental in North India.
The company claims to have a customised IT system for robust operational monitoring and business review.
The company claims to have retained its core management team for more than 10 years, providing continuity in its management.
The company claims to have strong expertise in the operation and maintenance of more than 10,000 telecom sites.
It manages a fleet of over 190 specialised vehicles, including 92 transit mixers, 13 concrete pumps and 23 logistics trucks. In its telecom business, the company has managed more than 7,500 telecom sites across India. Its vehicle fleet is managed through ERP, SAP, and GPS tracking systems.
The company has seen a consistent increase in revenue from operations and PAT. Revenue from operations increased from Rs 92.25 crore in FY23 to Rs 100.73 crore in FY24 to Rs 102.81 crore in FY25, while PAT increased from Rs 2.18 crore in FY23 to Rs 3.43 crore in FY24 to Rs 9.63 crore in FY25.
The company is dependent on a limited number of customers. The top 5 customers contributed Rs 53.79 crore (52.32%), Rs 53.06 crore (52.68%), and Rs 49.28 crore (53.42%) in FY25, FY24, and FY23, respectively. Any loss of customers, reduction in orders or deterioration in commercial terms could adversely affect its revenues, cash flows, profitability, and growth prospects.
The company has experienced delays in repayment of loans in the past, which may adversely affect its credit profile and access to future financing. It had previously delayed repayment of a loan obtained from Equitas Small Finance Bank Limited due to temporary liquidity constraints and operational challenges. Although the overdue amount has been fully repaid and there are currently no outstanding delays, the earlier delay was reflected in the company’s CIBIL records, and a dispute has been raised for its rectification.
The company’s projects are exposed to delays, cost overruns and cancellations arising from factors such as land acquisition disputes, statutory or environmental approvals, labour strikes and adverse weather conditions. Such delays may defer revenue recognition, tie up capital in work-in-progress and result in contractual penalties, while increases in material and fuel costs may reduce margins, particularly under fixed-price contracts. Government or customer-driven cancellations could also result in loss of anticipated revenue, disputes, and reputational damage, potentially affecting repeat orders and new contracts.
The company is dependent on the continuous availability, maintenance and optimal utilisation of its fleet of trucks, transit mixers and concrete pumps. Prolonged downtime due to breakdowns, accidents or maintenance issues could disrupt project schedules and customer commitments, while equipment damage may result in financial losses, third-party liabilities, regulatory penalties and higher insurance costs. Underutilisation during sectoral downturns could further increase per-unit costs and reduce profitability.
The company’s business model is working capital intensive, requiring upfront expenditure on fuel, spare parts, consumables, employee costs, and fleet maintenance, while customers, particularly government entities and large infrastructure contractors, may have long payment cycles. Delays in receivables or constraints in obtaining external financing could increase finance costs, strain liquidity and potentially delay project execution or payments to suppliers and employees.
The company’s telecom engineering business is dependent on contracts from telecom OEMs and their network rollout expenditure. Slowdowns in 4G or 5G expansion, OEM budget constraints, increased in-house execution or competitive bidding pressures could reduce order inflow and margins. High spectrum acquisition costs, regulatory levies or financial stress among telecom operators could further reduce outsourcing budgets and adversely affect the company’s order book and segment performance.
The company is involved in ongoing criminal proceedings, tax proceedings and material civil litigations. Any adverse judgments in the cases could be detrimental to the company’s business prospects.
The company’s operations, customer base and revenues are concentrated in North India, exposing it to region-specific risks such as changes in state-level policies, infrastructure project delays and political or social unrest. Differences in environmental clearance requirements, labour laws and taxation across states, as well as events such as floods, earthquakes or prolonged power shortages, could increase compliance costs or disrupt operations. Limited geographic diversification could further increase the impact of adverse developments in North India.
The company is entirely dependent on the domestic market and clients located in India for its sales, with no export revenue during the period ended February 28, 2026, FY25, FY24, or FY23. Domestic sales amounted to Rs 105.01 crore in the period ended February 28, 2026, Rs 102.81 crore in FY25, Rs 100.73 crore in FY24 and Rs 92.25 crore in FY23, representing 100% of revenue from operations in each period. Consequently, any economic downturn, adverse market conditions or changes in domestic demand could adversely affect the company’s sales, revenues, financial performance and growth prospects.
As of the period ended February 28, 2026, the company’s trade receivables were Rs 27.53 crore. Failure to collect these receivables on time or at all can negatively impact the business and its financial condition.
As of the period ended February 28, 2026, the company had outstanding financial indebtedness of Rs 9.13 crore. Any failure to service or repay these loans can harm the company’s operations and financial position.
Application details
For Paluck Technologies IPO, eligible investors can apply as Individual investor.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Individual investor | ₹46 - ₹48 | ₹2 - ₹5 Lakhs | 3000 |