Paluck Technologies Ltd. IPO

Paluck Technologies

• Paluck Technologies is coming out with an initial public offering (IPO) of 68,76,000 shares in a price band of Rs 46 - 48 per equity share.
• The issue will open for subscription on August 28, 2026 and will close on September 01, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 4.60 times of its face value on the lower side and 4.80 times on the higher side.
• Book running lead manager to the issue is Horizon Management.
• Compliance officer for the issue is Sumit Kumar.

Profile of the company

Paluck Technologies was originally founded in 2009 by Navin Katiyar as a proprietorship firm under the name of Sarika Katiyar, engaged in providing diesel generator services. Over the years, the company has evolved into a diversified engineering services and infrastructure support organisation, with operations spanning Automobile & Engineering Services, Logistics & Equipment Rental, Telecom Engineering. It has built and maintains a robust portfolio serving both corporate and retail clients across sectors with high growth potential. Its focus is to deliver best-in-class solutions through strong OEM partnerships, geographic advantage, and a multi-segment operational model.

In the Construction Equipment Rental segment, it provides end-to-end concrete transportation, infrastructure equipment rental, and RMC plant setup services. With a substantial asset base comprising 92 transit mixers, 13 concrete pumps, and 23 Logistics Trucks, it caters to leading infrastructure developers, EPC contractors, and cement manufacturers across key infrastructure development regions including Delhi NCR, Rajasthan, Haryana, Madhya Pradesh, Gujarat, Odisha, and Jammu & Kashmir. The Logistics and Fleet Management division supports infrastructure and construction logistics through its owned fleet of over 190 specialized vehicles including transit mixers, logistic trucks and pump units. The vehicles are managed through an integrated digital system connected with ERP, SAP, and GPS tracking solutions.

Within the Telecom Engineering Services vertical, company has established itself as a trusted implementation and maintenance partner for major telecom operators. It executes contracts awarded by leading telecom OEMs and has a proven track record of managing many telecom sites across India, it supports network expansion, upgrade, and maintenance programs across multiple telecom circles. Additionally, it operates as an Authorized Service Center and Dealership for prominent OEMs. It provides servicing of diesel and gas generators, including the supply and installation of dual-fuel conversion kits and retro emission control devices (RECDs) compliant with NGT norms. It also undertakes authorized service center and dealership for commercial vehicle and two-wheeler including maintenance services and spare parts distribution in the State of Haryana. These dealerships reflect the company's strong OEM alignment and capability to serve a wide customer base with trusted and compliant solutions.

Proceed is being used for:

• Funding capital expenditure towards the purchase of new Ready-Mix Concrete (RMC) machinery and DG sets ensuring compliance with prevailing environmental standards 
• Pre-payment/ re-payment, in part or full, of certain outstanding borrowings availed by the company
• Funding the working capital requirement of the company 
• General corporate purpose 

Industry overview

The Machinery Rental and Leasing Market size is estimated at $136.12 billion in 2025, and is expected to reach $175.14 billion by 2030, at a CAGR of 5.17% during the forecast period (2025-2030). The market is primarily driven by several key factors. The escalating focus on infrastructure development globally, coupled with the increasing integration of automation within construction and manufacturing processes, significantly propels market growth. In regions like the Asia-Pacific, government-led road development initiatives contribute substantially to the expansion of the road construction machinery rental sector. Moreover, there's a growing demand for environmentally friendly machinery due to regulatory pressures for reduced emissions, prompting manufacturers to explore electric and hybrid alternatives over traditional equipment. This shift towards greener solutions presents opportunities for innovation and development within the market.

India has to enhance its infrastructure to reach its 2025 economic growth target of $5 trillion. Infrastructure is a key enabler in helping India become a $26 trillion economy. Investments in building and upgrading physical infrastructure, especially in synergy with the ease of doing business initiatives, remain pivotal to increase efficiency and costs. Prime Minister Narendra Modi also recently reiterated that infrastructure is a crucial pillar to ensure good governance across sectors. Meanwhile, the global logistics market size was valued at $5.65 Trillion in 2024. Looking forward, the industry is projected to reach $8.07 Trillion by 2033, exhibiting a CAGR of 4.02% during 2025-2033. In 2024, Asia Pacific emerged as the leading region in the industry, accounting for over 48.7% of the market share. The growth of the market is mainly due to the rise of online shopping, the need for quicker delivery services, wider use of technologies like the Internet of Things (IoT), a stronger push for eco-friendly transport options, growing global trade, and improvements in roads, ports, and warehouses that support smoother logistics operations.

Meanwhile, the global automotive repair and service market size reached $714.51 billion in 2024. Looking forward, the market is expected to reach $1,052.50 billion by 2033, exhibiting a growth rate (CAGR) of 4.18% during 2025-2033. Asia Pacific currently dominates the market, holding a market share of over 34.3% in 2024. Rising vehicle sales worldwide, the implementation of stringent government regulations, and the integration of artificial intelligence (AI) represent some of the key factors increasing the automotive repair and service market share. Further, India is the world’s second-largest telecommunications market with a total telephone subscriber base stood at 1,203.69 million and has registered strong growth in the last decade. The Indian mobile economy is growing rapidly and will contribute to India’s Gross Domestic Product (GDP).

Pros and strengths

Pan-India telecom engineering services with strong OEM relationships: The company has entered into annual contracts with all major telecom OEMs, under which it executes network strengthening, capacity enhancement, and upgradation projects across various telecom circles. In addition, it is actively involved in Base Transceiver Station (BTS) and Optical Fiber Cable (OFC) maintenance services for a government-owned operator. It has a wide geographical presence, serving clients across multiple telecom zones including Kolkata, Bihar, Odisha, Jharkhand, Uttar Pradesh (East and West), Uttarakhand, Madhya Pradesh, Gujarat, Rajasthan, Maharashtra, Punjab, Haryana, Delhi-NCR, and Tamil Nadu. This strategic pan-India footprint and long-standing relationships with OEMs reinforce its position as a trusted and reliable telecom engineering services partner.

Large construction equipment rental fleet in North India: It operates one of the largest construction equipment rental fleets in North India, catering to renowned infrastructure giants. The business encompasses end-to-end concrete transportation and supply, equipment rental services for residential, commercial, and public infrastructure projects, and a fleet comprising 92 transit mixers, 13 concrete pumps, and 23 logistics trucks. The company operates across Delhi NCR, Rajasthan, Gujarat, Madhya Pradesh, Haryana, Jammu & Kashmir, and Odisha.

Diversified business operations: The company has a diversified engineering services and infrastructure support platform, with operations spanning Automobile & Engineering Services, Logistics & Equipment Rental, and Telecom Engineering. Its diversified business model, long-standing relationships with industry leaders, and presence across key geographies provide a strong foundation for sustainable growth and value creation in India’s evolving infrastructure and energy ecosystem.

Risks and concerns

Substantial portion of revenues derives from key customers: A significant portion of its revenues is derived from a few large customers. For the eleven months period ended February 28, 2026, its top 1 customer accounted for 8.29%, its top 5 customers accounted for 26.98% and its top 10 customers accounted for 44.73% of its revenue from operations. In addition, its top 10 customers accounted were 59.59%, 61.41% and 65.56% of its revenue from operations for Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively. Such concentration of its business on a limited number of customers increases the potential volatility of its results and exposes it to customer-specific risks.

Dependence on infrastructure and construction sector performance: The company’s revenues are closely tied to the performance of the infrastructure and construction sectors, which are cyclical in nature, and downturns in these sectors due to economic slowdowns, reduced government spending, or regulatory changes could lead to underutilization of assets, reduced margins, and adverse impact on its overall financial condition. The infrastructure and construction sectors are highly dependent on government budgets, interest rates, and overall economic conditions. Any slowdown in the economy, fiscal tightening, or shift in government priorities away from infrastructure can reduce capital spending, directly affecting demand for its services and products.

Fleet maintenance, downtime and operational risks: A significant portion of its business relies on its fleet of trucks, transit mixers, and equipment such as concrete pumps. These assets must remain in continuous use to achieve optimal financial returns. Any unexpected downtime due to breakdowns, accidents, or delays in repair and maintenance directly affects execution schedules and customer commitments. Accidents or damage to equipment may result not only in direct financial loss but also in liability towards third parties, regulatory penalties, and increased insurance premiums. In some cases, prolonged downtime can force it to hire third-party equipment at higher costs, further reducing margins. Additionally, if demand slows due to sectoral downturns, parts of its fleet may remain underutilized, leading to higher per-unit costs and inefficiency. Over the long term, inability to maintain high utilization rates reduce its competitiveness and profitability, while repeated operational disruptions can damage customer confidence and its market reputation.

Outlook

Paluck Technologies is engaged in the business of providing automobile and engineering services, along with logistics and equipment rental services, catering to diverse industry requirements. The company plays a pivotal role in the implementation and maintenance of telecom infrastructure for major telecom equipment manufacturer (OEMs). In the Indian telecom ecosystem, network operators typically outsource supply and services to OEMs for end-to-end activities such as network rollout, upgradation, and maintenance. On the concern side, its operations require significant working capital because expenses for fuel, spare parts, consumables, employee costs, and fleet maintenance must be incurred well before payments are realized from customers. Many of its clients, particularly government entities and large infrastructure contractors, typically have long payment cycles. This timing mismatch exposes it to liquidity risk.

The company is coming out with a maiden IPO of 68,76,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 46 - 48 per equity share. The aggregate size of the offer is around Rs 31.63 crore to Rs 33.00 crore based on lower and upper price band respectively. On performance front, revenue from operations increased 2.06% from Rs 10,073.54 lakh in Fiscal 2024 to Rs 10,281.00 lakh in Fiscal 2025. Net profit after tax increased 180.60% from Rs 343.33 lakh in Fiscal 2024 to Rs 963.38 lakh in Fiscal 2025.

Meanwhile, the company is scaling its Ready-Mix Concrete (RMC) operations, backed by a Rs 20+ crore order book and ongoing contracts. Plans are underway to install 2-4 new RMC plants to meet rising demand. With 92 transit mixers, 13 concrete pumps, and 23 Logistics Trucks, 7+ years of industry experience, and a 192 skilled workforce, the company is well-positioned to drive growth and improve operational efficiency in this segment. Going forward, North India represents a significant opportunity for growth, especially in the automotive component and servicing segment. The company intends to deepen partnerships with Original Equipment Manufacturers (OEMs), set up authorized service centers in industrial belts, offer value-added services including diagnostics, emission control, and after-market solutions.

Pursuant to the provisions of Regulation 30 and 34 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘SEBI Listing Regulations’), Max Heights Infrastucture has informed that it enclosed the Annual Report for the 45th Annual General Meeting (‘AGM’) of the Company scheduled to be held on Friday, 25th September, 2026 at 02:00 pm through Video Conferencing (‘VC’) / Other Audio Visual Means (‘OAVM’) in conformity with the regulatory provisions and Circulars issued by the Ministry of Corporate Affairs, Government of India. Pursuant to Regulation 34(1)(a) and other applicable regulations of SEBI Listing Regulations, it has enclosed the Annual Report for Financial Year 2025-26 along with Notice of 45th AGM of the Company. The said Notice and Annual Report are being sent by email to those Members whose email addresses are registered with the Company/Depositories in compliance with Regulation 36(1)(a) of SEBI Listing Regulations. Further, in compliance with Regulation 36(1)(b) of SEBI Listing Regulations, the Company is also sending a physical letter to the Members whose e-mail ids are not registered with the Company/RTA/Depositories, providing the weblink where the Annual Report for Financial Year 2025- 26 along with Notice of AGM can be accessed. The Annual Report along with the Notice of 45th Annual General Meeting of the company for the financial year ended on 31st March, 2026 is available on the website of the company, http://www.maxheights.com/. 

The above information is a part of company’s filings submitted to BSE.

Pursuant to Regulation 30 read with Schedule III Part A (A) and in compliance of Regulation 47(1)(b) of the SEBI (LODR) Regulations, 2015, Tipco Engineering India has informed that the Notice of the 1st Extra-Ordinary General Meeting (‘EGM’) which is scheduled to be held on Thursday, 17th September 2026 at 02:30 pm through Video Conferencing/Other Audio Visual means, has been published in the Newspapers. The company has enclosed the newspaper clipping of notice published on August 27, 2026 in Financial Express- English and Jansatta – Hindi.

With reference to the regulation 30 read with Schedule III of SEBI (LODR) Regulations, 2015, Beryl Securities ha submitted detailed Proceedings of the 327 Annual General Meeting Held on Tuesday 25th August, 2026 at 02:00 PM (IST) and concluded at 02:14 PM. (IST) at the registered office of the company situated at 29, Neer Nagar, Mayank water Park Road, Bicholi, Indore- 452016 India shall be deemed as the venue for the meeting. 

The above information is a part of company’s filings submitted to BSE.

Pursuant to Regulation 34(1)(a) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, W.S. Industries (India) has submitted a copy of the 63rd Annual Report of the Company for the financial year 2025-26, which has been dispatched today, 27th August, 2026, to all the members whose names appeared in the Register of Members / List of Beneficial Owners as on 21st August, 2026 (cut-off date). The Annual Report comprises, the Notice convening the 63rd Annual General Meeting of the Company, the Board’s Report, the Audited Standalone and Consolidated Financial Statements together with the Reports of the Statutory Auditors and other requisite disclosures. The Annual Report is also available on the website of the company: www.wsindustries.in.  

The above information is a part of company’s filings submitted to BSE.