A 15-year-old diversified engineering-services and infrastructure-support company opens its Rs 33 crore BSE SME issue on August 28
A diversified engineering-services and infrastructure-support company spanning automobile services, construction-equipment rental, logistics and telecom engineering plans to raise Rs 33 crore via an SME listing on BSE SME.
Paluck Technologies Ltd, incorporated in April 2010 and originally established in 2009 as a diesel-generator services proprietorship, opens for subscription on August 28 with the issue closing on September 1.
The company is a diversified engineering-services and infrastructure-support company, with operations spanning Automobile & Engineering Services, Construction Equipment Rental, Logistics & Fleet Management, and Telecom Engineering Services.
Originally founded in 2009 as a proprietorship providing diesel-generator services, it has since expanded across multiple engineering and infrastructure segments — evolving from a single-service DG operator into a multi-vertical infrastructure-support player.
The asset base is the backbone of the model. The company operates a fleet of 190+ specialised vehicles — including concrete mixers, trucks and concrete pumps — serving infrastructure and cement companies across several Indian states, and has handled maintenance across more than 7,500 telecom sites.
It uses GPS, ERP and SAP systems to manage its fleet and operations efficiently, and counts NGT-compliant DG-set expertise, telecom contracts with reputed players, and one of the larger construction-equipment rental fleets in North India among its capabilities.
The revenue splits fairly evenly across two reported service lines. For the period ended February 28, 2026, Automobile and Engineering Services contributed Rs 5,355.81 lakh and Logistics & Equipment Rental Services Rs 5,145.77 lakh, for total revenue of Rs 10,501.58 lakh — a balanced mix that spreads exposure across the telecom-services and equipment-rental cycles.
The company is positioned to ride demand for infrastructure development, telecom-network expansion and construction-equipment rental, and points to an outstanding order book of around Rs 20.89 crore for near-term revenue visibility.
It is led by Promoter and Managing Director Navin Katiyar, who holds a Diploma in Electrical Engineering and brings over 27 years of experience in the telecommunication and automobile industries. The promoters are Navin Katiyar, Praveen Kumar, Sarika Katiyar and Sumit Kumar Bajaj.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | August 28, 2026 |
| Issue Closes | September 1, 2026 |
| Listing | BSE SME |
| Listing Date | September 4, 2026 |
| Price Band | Rs 46 – Rs 48 per share |
| Issue Size | Rs 33.00 crore (entirely fresh) |
| Fresh Issue | 68,76,000 shares |
| Market Maker | 3,45,000 shares |
| QIB / NII / Retail | 32,64,000 / 9,81,000 / 22,86,000 shares |
| Min. Application (Retail) | 2 lots / 6,000 shares / Rs 2,88,000 |
| Lead Manager | Horizon Management Pvt. Ltd. |
| Market Maker | Giriraj Stock Broking Pvt. Ltd. |
| Registrar | Bigshare Services Pvt. Ltd. |
The issue is entirely a fresh issue. The objects are funding capital expenditure towards the purchase of new Ready-Mix Concrete (RMC) machinery and DG sets (Rs 1,000.00 lakh), pre-payment or re-payment in part or full of certain borrowings (Rs 310.00 lakh), funding working-capital requirements (Rs 1,000.00 lakh), and general corporate purposes.
Post-issue, promoters’ holding falls from 86.54% to 57.97%.
Price Band Analysis
At the upper price band of Rs 48, Paluck Technologies is valued at a post-issue P/E of 10.37x and a P/B of 0.46x based on FY25 earnings, which appears reasonable given its diversified exposure to India’s growing telecom and infrastructure sectors.
The low P/B is notably attractive for an asset-heavy rental business. On pre-issue FY25 earnings, the P/E works out to just 1.52x, with a NAV of Rs 104.07 and EPS of Rs 31.51 — figures that reflect the equity-expansion effect and a business valued largely on its asset base.
GMP Watch
Grey-market interest has been minimal. In tracked data, the GMP stood at around ₹5 as of August 24 — showing mild but stable interest — having recorded both a high and low of ₹5 on the day. At that level, the implied premium over the Rs 48 upper band is roughly 10%, a modest signal for an SME issue.
Independent reviewers held off on a firm call ahead of pricing, noting the diversified business, sizeable fleet and improved profitability but flagging that the return profile and valuation would determine the verdict — and that investors should watch GMP, subscription figures and market sentiment.
As always, GMP is unofficial, and unregulated; treat it as one data point rather than a forecast, especially for a thin SME grey market that a handful of orders can swing.
Financial Performance
| Particulars (Rs lakh) | FY24 | FY25 | 11M-FY26 (to Feb’26) |
|---|---|---|---|
| Revenue from Operations | 10,073.54 | 10,281.00 | 10,501.58 |
| EBITDA | 1,326.59 | 1,899.48 | 2,392.98 |
| EBITDA Margin (%) | 13.17 | 18.48 | 22.79 |
| PAT | 343.33 | 963.38 | 1,383.71 |
| PAT Margin (%) | 3.41 | 9.37 | 13.18 |
| RoE (%) | 20.48 | 38.31 | 30.31 |
| RoCE (%) | 21.97 | 37.09 | 27.43 |
| EPS (Rs) | 11.73 | 31.51 | 9.92 |
| Debt to Equity | 1.63 | 0.55 | 0.29 |
Revenue has been broadly flat at the top line — around Rs 100–105 crore across FY24, FY25 and the eleven-month FY26 period — but the profitability transformation is the real story. EBITDA margin expanded sharply from 13.17% in FY24 to 22.79% in the FY26 period, and PAT margin from 3.41% to 13.18%, driving PAT from Rs 343.33 lakh to Rs 1,383.71 lakh. This is a margin-led rather than volume-led improvement, which is worth monitoring for durability.
The return ratios are strong, with RoE and RoCE both in the high-20s to high-30s across FY25 and the FY26 period. The clearest positive is deleveraging: debt-to-equity has fallen steadily from 1.63x in FY24 to 0.29x by February 2026, and reviewers note borrowings down from Rs 40.01 crore in FY23 to about Rs 14.81 crore by late 2025 — a materially stronger balance sheet heading into listing. Revenue from operations stood at Rs 105.02 crore for the FY26 period, accounting for 99.92% of total revenue.
Risks to Consider
Customer concentration is the headline risk. The top 10 customers contributed 44.73% of revenue in the FY26 period (down from 59.59% in FY25 and 61.41% in FY24), so despite an improving trend, dependence on a limited set of clients remains meaningful, and the loss of a key customer could hit revenue.
Cyclicality and execution risk are structural. Project delays, cost overruns, sector cyclicality and equipment downtime could adversely impact revenue, margins and profitability — inherent exposures for an equipment-rental and infrastructure-support business tied to construction and telecom-capex cycles.
Flat top-line growth is a concern. Revenue has been near-stagnant for three periods, so the entire profit improvement has come from margins; if margins normalise without a revenue re-acceleration, earnings growth could stall.
Capex-return and OEM-dependence risk exists — the planned RMC machinery and DG-set capex may not generate the expected returns, while dependence on OEM agreements creates renewal and revenue-continuity risks, and the new capacity will need timely utilisation to justify the outlay.