Paluck Technologies Limited

1. Overview

Paluck Technologies Limited ("Paluck" or "the Company") is a diversified engineering-services and infrastructure-support organisation headquartered in Gurgaon, Haryana. Originally founded in 2009 by promoter Navin Katiyar as a proprietorship providing diesel-generator services, it was incorporated as a private company on April 08, 2010 and converted to a public limited company in October 2021. Over 15+ years it has evolved into a multi-vertical operator spanning Automobile & Engineering Services, Logistics & Equipment Rental, and Telecom Engineering Services.

The Company serves both corporate and retail clients through strong OEM partnerships, a geographic advantage along the Delhi–Jaipur highway corridor, and a multi-segment operational model. In construction-equipment rental it runs one of the largest fleets in North India, comprising 92 transit mixers, 13 concrete pumps and 23 logistics trucks, servicing leading infrastructure developers, EPC contractors and cement manufacturers.

Geographically, Paluck operates across Delhi-NCR, Rajasthan, Haryana, Madhya Pradesh, Gujarat, Odisha, and Jammu & Kashmir, with its telecom vertical extending pan-India across circles including Kolkata, Bihar, Odisha, Jharkhand, Uttar Pradesh, Uttarakhand, Maharashtra, Punjab and Tamil Nadu.

On financial scale, the Company reported Revenue from Operations of ₹102.81 crore and PAT of ₹9.63 crore in FY2025, growing to ₹105.02 crore revenue and ₹13.84 crore PAT in the eleven-month stub period ended February 28, 2026, reflecting strong margin expansion.

2. Business Model and Revenue Streams

Paluck operates an asset-backed, contract-driven model across three verticals, monetised through equipment rental, annual OEM service contracts, and authorised dealership/service-centre operations.

Revenue by Geography (₹ Crore)

*Eleven-month stub period, not annualised. The Company earns 100% domestic revenue with no export exposure.

Client Concentration

• Top 10 customers contributed 59.59% of revenue in FY2025 (44.73% in the Feb 2026 stub), indicating material but moderating customer concentration.
• Top 5 customers contributed 52.32% of FY2025 revenue.
• The telecom vertical works on annual contracts with all major telecom OEMs, who in turn sub-contract network implementation, site integration and maintenance to specialist providers like Paluck.

Contract & Pricing Model

• Telecom: OEM-awarded annual contracts for network strengthening, capacity enhancement and BTS/OFC maintenance for a government-owned operator.
• Equipment Rental: Rental agreements and end-to-end concrete transportation contracts with EPC/infra developers (e.g., Nuvoco, ACC).
• Dealerships: OEM-authorised sales, warranty servicing and spare-parts distribution across power, commercial-vehicle and two-wheeler segments.

3. Products and Service Portfolio

Automobile & Engineering Services

• Telecom Engineering Services — Implementation and maintenance for major telecom OEMs; a proven record of managing 7,500+ telecom sites (Company cites 10,000+ sites of O&M expertise) across multiple circles.
• Power Equipment Segment — Authorised distributor for a market-leading diesel/gas generator manufacturer; servicing of DG sets, gas engines, dual-fuel and non-fossil-fuel generators, plus genuine spare parts. Key service centres at Gurgaon, Faridabad, Rewari and Ghaziabad.
• Commercial Vehicle Segment — Dedicated authorised service centre for a leading CV manufacturer on the Delhi–Jaipur highway.
• Two-Wheeler Segment — Authorised dealership and service centre for a renowned two-wheeler manufacturer in Gurgaon.

Logistics and Equipment Rental Services

Operations span Delhi-NCR, Rajasthan, Gujarat, Madhya Pradesh, Haryana, Jammu & Kashmir, and Odisha, managed through an integrated digital system connected with ERP, SAP and GPS tracking.

Emerging / Regulatory-Driven Segment

Dual-Fuel Gas Conversion Kits (DFGCK) and Retrofit Emission Control Devices (RECD) for DG sets — driven by the NGT ban on older DG sets in Delhi-NCR, which the Company positions as a margin-enhancing opportunity in a region with 80,000+ DG sets.

4. Key Business Strengths

• Environmental Product Expertise — Deep capability in NGT-compliant DG-set solutions (dual-fuel kits, RECDs), aligned to tightening emission norms.
• Marquee Telecom Contracts — Long-standing relationships with major telecom OEM giants and a track record of managing 10,000+ telecom sites.
• Scale in Equipment Rental — Operates one of the largest construction-equipment rental fleets in North India.
• Proprietary IT System — A custom-built IT platform (ERP/SAP/GPS-integrated) enabling robust monitoring and business review.
• Management Continuity — Retention of the core management team for 10+ years, providing operational stability.
• Diversified Model — Multi-vertical operations across telecom, logistics, rental and dealerships reduce single-sector dependency.

5. Future Growth Strategy

• RMC Business Expansion — Scaling Ready-Mix Concrete operations behind a ₹20+ crore order book, with plans to install 2–4 new RMC plants.
• Telecom & 5G Portfolio Growth — Expanding into telecom-tower and smart-pole installation, fiber and small-cell deployment, and 5G infrastructure partnerships.
• Clean-Energy Transition Play — Capturing the ~₹4,000 crore Delhi-NCR retrofit opportunity for DFGCK and RECD solutions under the NGT mandate.
• Geographic & OEM Expansion in North India — Deepening OEM partnerships, setting up authorised service centres in industrial belts, and adding value-added diagnostics and after-market services.