Paluck Technologies Limited

Paluck Technologies Limited, originally incorporated in 2010 as a private limited company and converted into a public entity in 2021, operates as a diversified engineering services and infrastructure support organization. The company's core value proposition is centered on delivering comprehensive infrastructure rental, telecom circle rollout support, and authorized automotive dealership services. Under its B2B business model, the company acts as an outsourced service partner to infrastructure developers, EPC contractors, cement manufacturers, and telecom equipment manufacturers (OEMs). It focuses on offering integrated, tech-enabled operations that streamline client project execution while maintaining stable, recurring contract inflows.

The company operates across three main segments: Construction Equipment Rental, Telecom Engineering Services, and Authorized OEM Dealerships/Distributorships. In the Construction Equipment Rental segment, Paluck delivers end-to-end concrete transportation, equipment leasing, and Ready-Mix Concrete (RMC) plant setup service. To support these asset-heavy logistics, the company maintains a robust fleet of over 190 specialized vehicles, including 92 transit mixers, 13 concrete pumps, and 23 logistics trucks. This logistics division is monitored through a custom IT ecosystem integrated with ERP, SAP, and GPS tracking solutions to optimize fleet utilization and coordinate with cement manufacturers.

In its Telecom Engineering Services vertical, the company functions as an implementation and maintenance partner for major telecom circle networks. It executes site rollouts, network upgrades, and fiber-optic deployment contracts awarded by leading telecom equipment manufacturers (OEMs) . Currently, the company manages maintenance and rollout services across more than 7,500 telecom sites nationwide. Additionally, the company serves as an authorized dealership and service center for prominent OEMs in the power segment, specializing in the installation, servicing, and genuine spare parts distribution of Kirloskar diesel generating sets and emission-compliant power units.

The geographic reach of the company's Construction Equipment Rental division spans key infrastructure development regions, including Delhi-NCR, Rajasthan, Haryana, Madhya Pradesh, Gujarat, Odisha, and Jammu & Kashmir. Meanwhile, its Telecom Engineering Services division maintains a pan-India footprint, serving circles across Kolkata, Bihar, Jharkhand, Odisha, Uttar Pradesh (East & West), Uttarakhand, Madhya Pradesh, Punjab, Haryana, and Tamil Nadu. Key clients include major national telecom OEMs, EPC contractors, and corporate infrastructure giants such as ACC Limited.

Because Paluck Technologies Limited operates as a service-oriented logistics, equipment leasing, and telecom engineering support partner, traditional manufacturing facilities, dedicated factory locations, and industrial manufacturing capacity utilization metrics are Not Applicable / Not Disclosed in Document. Instead, the company's operational capacity is measured through the utilization of its specialized fleet and equipment. Its creative and technical moat is supported by a long-retained core management team with over 15 years of industry experience, overseeing a structured contractual and payroll workforce of over 140 professionals across its administrative and fleet bases in Gurgaon, Haryana.

As per financial performance, Paluck Technologies Limited has posted total income / net profits of Rs 101.74 Cr / Rs 3.43 Cr (FY24), Rs 102.90 Cr / Rs 9.63 Cr (FY25) and Rs 105.09 Cr / Rs 13.84 Cr (FY26). So as per previous financials data, the company has shown steady top-line stability along with exponential net profit growth, while actively deleveraging its balance sheet as total outstanding borrowings decreased from Rs 38.89 Cr in FY24 to Rs 13.17 Cr as of February 28, 2026. Company has an average EPS of Rs 20.90 and average RoNW of 23.74% for the last three fiscals . Based on the pre-issue book value, the issue is priced at a Pre-Issue P/BV of 1.47 as per NAV of Rs 32.74 as on 28.02.26. Factoring in the fresh issue proceeds, the Post-Issue P/BV stands at 1.27. If we attribute the latest earnings of FY24, FY25, and FY26 to the expanded equity base post-issue, then the asking price is at a Post-Issue P/E of around 29.11, 10.37, and 7.22 (6.62 on an annualized basis) respectively. As per RHP, a comparison between listed peers shows that there are no listed companies in India that engage in a directly comparable line of business, rendering direct peer valuation comparisons not applicable.

On BRLM's front, Horizon Management Private Limited is associated with this IPO, and has handled 27 IPOs in the past. From last 10 IPOs, four opened below issue price and remaining all opened above issue price or at par, on the day of listing. As of now, from the last 10 IPOs, four are trading below the issue price and the remaining six are trading above the issue price or at par. (As On 24.08.26)

• 1 Mr. Navin Katiyar
• 2 Mr. Praveen Kumar
• 3 Mrs. Sarika Katiyar
• 4 Mr. Sumit Kumar Bajaj