IPO Valuation vs Listing Performance Study 2026
This study examines how IPO valuation based on the P/E ratio relates to the listing performance of Mainboard and SME IPOs listed on Indian stock exchanges in 2026.
To get a complete picture of IPO outcomes, you can also explore our
IPO Listing Performance Tracker 2026, which tracks listing gains and trends of IPOs listed in 2026, and GMP vs Listing Accuracy Study 2026, where we analyze how grey market premium (GMP) predicts actual listing performance.
You can track all the upcoming and live IPOs at our IPO calendar of 2026 which is updated regularly.
Updated on 05.07.2026|9:00 PM
IPO Valuation Overview in 2026 (till June 2026)
Metric Value
Total IPOs Analysed 104
IPOs with Valid P/E 99
Average IPO P/E Ratio 32.05
Median IPO P/E Ratio 14.90
Highest IPO P/E 953.80
Lowest IPO P/E 0.30
* Of the 104 IPOs analysed, 99 had reported P/E ratios and were included in the valuation analysis. Four IPOs were excluded because they reported losses, making the P/E ratio not meaningful.
Complete IPO Valuation and Listing Data (2026)
This dataset summarises all IPOs listed on the NSE and BSE in 2026 across the Mainboard and SME segments, along with their valuation (P/E ratio) and listing performance.
SL No IPO Segment Issue Price P/E Ratio Listing Price Listing Gain (%)
1 Shayona Engineering BSE SME ₹140 – ₹144 15.75 144 0
2 Digilogic Systems BSE SME ₹98 – ₹104 26.74 83.2 -20
3 Shadowfax Technologies Mainboard ₹118 – ₹124 953.8 112.6 -9.2
4 KRM Ayurveda NSE SME ₹128 – ₹135 16.75 172.1 27.48
5 Aritas Vinyl BSE SME ₹40 – ₹47 3.58 47 0
6 Armour Security (India) NSE SME ₹55 – ₹57 17.54 45.6 -20
7 Victory Electric Vehicles NSE SME ₹41 12.42 34.45 -16
8 Yajur Fibres BSE SME ₹168 – ₹174 23.48 139.2 -20
9 E to E Transportation Infrastructure NSE SME ₹164 – ₹174 15.02 330.6 90
10 Modern Diagnostic & Research Centre BSE SME ₹85 – ₹90 11.04 99.5 10.56
11 Gabion Technologies BSE SME ₹76 – ₹81 12.20 89 9.88
12 Amagi Media Labs Mainboard ₹343 – ₹361 - 318 -11.91
13 Avana Electrosystems NSE SME ₹56 – ₹59 12.39 77.5 31.36
14 GRE Renew Enertech BSE SME ₹100 – ₹105 15.65 96 -8.6
15 Narmadesh Brass Industries BSE SME ₹515 19.63 495 -3.9
16 Indo SMC BSE SME ₹141 – ₹149 15.50 149 0
17 Bharat Coking Coal (BCCL) Mainboard ₹21 – ₹23 8.65 95.65 98.76
18 Defrail Technologies BSE SME ₹70 – ₹74 10.85 95 28.38
19 Gaudium IVF Mainboard ₹75 – ₹79 25.32 83 5.06
20 Manilam Industries NSE SME ₹65 – ₹69 14.87 55.2 -20
21 Yashhtej Industries (India) BSE SME ₹110 14.27 88 -20
22 Fractal Industries BSE SME ₹205 – ₹216 15.77 229 6.02
23 Marushika Technology NSE SME ₹111 – ₹117 12.06 120 2.56
24 Fractal Analytics Mainboard ₹857 – ₹900 67.37 876 -2.7
25 Aye Finance Mainboard ₹122 – ₹129 13.56 129 0
26 Biopol Chemicals NSE SME ₹102 – ₹108 19.74 111 2.78
27 PAN HR Solution BSE SME ₹74 – ₹78 7.67 78.35 0.45
28 Brandman Retail NSE SME ₹167 – ₹176 10.71 183 3.98
29 Grover Jewells NSE SME ₹83 – ₹88 12.31 96 9.09
30 C K K Retail Mart NSE SME ₹155 – ₹163 14.90 163 0
31 Msafe Equipments BSE SME ₹116 – ₹123 15.13 144 17.07
32 Kanishk Aluminium India BSE SME ₹73 22.67 58.4 -20
33 Accretion Nutraveda BSE SME ₹122 – ₹129 10.57 191 48.06
34 Kasturi Metal Composite BSE SME ₹61 – ₹64 22.38 64 0
35 Hannah Joseph Hospital BSE SME ₹67 – ₹70 16.2 65 0
36 Speciality Medicines BSE SME ₹117 – ₹124 8.79 124 0
37 Central Mine Planning & Design Institute Limited (CMPDIL) Mainboard ₹163 – ₹172 18.49 160 -7
38 Novus Loyalty BSE SME ₹139 – ₹146 49.83 146 0
39 GSP Crop Science Mainboard ₹304 – ₹320 15.09 328 2.5
40 Apsis Aerocom NSE SME ₹104 – ₹110 14.58 153 39.09
41 Raajmarg Infra InvIT Mainboard ₹99 – ₹100 - 107 7
42 Innovision Limited Mainboard ₹521 – ₹548 35.08 467.7 -14.7
43 Rajputana Stainless Mainboard ₹116 – ₹122 21.11 122 0
44 Srinibas Pradhan Constructions NSE SME ₹91 – ₹98 8.65 100.05 2.09
45 Elfin Agro India BSE SME ₹47 13.05 47.3 0.64
46 Sedemac Mechatronics Limited Mainboard ₹1,287 – ₹1,352 123.69 1535 13.54
47 Acetech E-Commerce NSE SME ₹106 – ₹112 14.66 112 0
48 Striders Impex Limited NSE SME ₹71–₹72 11.48 70 -2.8
49 Omnitech Engineering Limited Mainboard ₹216 – ₹227 53.29 202 -11
50 Yaap Digital Limited NSE SME ₹138 – ₹145 18.24 127 -12.4
51 PNGS Reva Diamond Jewellery Limited Mainboard ₹367 – ₹386 10.96 375 -2.8
52 Clean Max Enviro Energy Solutions Limited Mainboard ₹1,000 – ₹1,053 377.42 960 -8.8
53 Shree Ram Twistex Limited Mainboard ₹95 – ₹104 38.2 68 -34.6
54 Kiaasa Retail Limited BSE SME ₹121 – ₹127 19.3 123 -3.1
55 Accord Transformer & Switchgear Limited BSE SME ₹43 – ₹46 10.57 50 8.7
56 Mobilise App Lab Limited NSE SME ₹75 – ₹80 0.3 64.1 -19.9
57 Highness Microelectronics BSE SME ₹114 – ₹120 16.7 125 4.17
58 Amir Chand Jagdish Kumar (Exports) Limited Mainboard ₹201 – ₹212 28.41 200 -5.7
59 Powerica Limited Mainboard ₹375 – ₹395 25.88 366 -7.3
60 Sai Parenteral’s Limited Mainboard ₹372 – ₹392 72.19 400 2.04
61 Tipco Engineering India Limited BSE SME ₹84 – ₹89 8.18 89.25 0.28
62 Adisoft Technologies NSE SME ₹163 – ₹172 12.82 205 19.19
63 Citius TransNet InvIT Mainboard ₹99 – ₹100 - 104.6 4.6
64 Mehul Telecom BSE SME ₹96 – ₹98 11.8 108 10.2
65 Om Power Transmission Mainboard ₹166 – ₹175 19.48 186 6.29
66 Safety Controls & Devices BSE SME ₹75 to ₹80 11.46 83 3.75
67 Emiac Technologies BSE SME ₹93 – ₹98 19.8 107.8 10
68 Vivid Electromech NSE SME ₹528 – ₹555 19.2 565 1.8
69 Autofurnish BSE SME ₹41 10.7 43 4.88
70 Vegorama Punjabi Angithi BSE SME ₹73 – ₹77 11.83 118.1 53.38
71 Teamtech Formwork NSE SME ₹61 – ₹63 11.97 75 19.05
72 NFP Sampoorna Foods Limited NSE SME ₹52 – ₹55 35.64 54.5 -0.91
73 Goldline Pharmaceutical BSE SME ₹41 – ₹43 10.49 59.75 38.95
74 RFBL Flexi Pack NSE SME ₹47 – ₹50 9.74 52.5 5
75 Simca Advertising NSE SME ₹174 – ₹183 16.13 156 -14.75
76 Bagmane Prime Office REIT Mainboard ₹95.00 – ₹100.00 - 103.5 3.5
77 Recode Studios BSE SME ₹150 – ₹158 38.91 213.1 34.87
78 Value 360 Communications NSE SME ₹95 – ₹98 18.11 78.4 -20
79 Kissht IPO Mainboard ₹162 – ₹171 13.37 190 11.11
80 Amba Auto Sales & Services NSE SME ₹130 – ₹135 23.43 134.5 -0.37
81 Q-Line Biotech NSE SME ₹326 – ₹343 11.98 452 31.78
82 Bio Medica Laboratories NSE SME ₹132 – ₹139 13.02 111.2 -20
83 Utkal Speciality Industries NSE SME 62 – 66 12.91 66 0
84 Genxai Analytics NSE SME 110 – 116 23.15 92.8 -20
85 Hexagon Nutrition Mainboard 42 – 45 25.71 48.25 7.22
86 UHM Vacation BSE SME 157 – 166 11.31 132.8 -20
87 Vahh Chemicals BSE SME 60 12.02 70 16.67
88 CMR Green Technologies Mainboard 182 – 192 29.53 268 39.58
89 Merritronix BSE SME 141 – 149 10.7 283.1 90
90 Aureate Tradde BSE SME 70 24.73 70 0
91 SMR Jewels BSE SME 125 – 128* 18.98 102.95 -19.57
92 Rajnandini Fashion India BSE SME 59 – 63 9.3 63 0
93 Yaashvi Jewellers Limited BSE SME 83 5.6 83 0
94 M R Maniveni Foods BSE SME 51 – 52 17.56 42.55 -18.17
95 Avience Biomedicals NSE SME 196 – 208 10.91 395.2 90
96 Diksha Polymers BSE SME 112 9.79 114.5 2.23
97 Clay Craft NSE SME 193 – 203 11.38 211 3.94
98 Leapfrog Engineering BSE SME 21 – 23 14.65 22 -4.35
99 Liotech Industries BSE SME 321 23.13 257 -19.94
100 Horizon Reclaim (India) BSE SME 98 – 103 13.97 151 46.6
101 Susan Electricals India BSE SME 120 – 127 22.24 186 46.46
102 Turtlemint Fintech Mainboard 144 – 152 - 134.9 -11.25
103 Anubhav Plast BSE SME 77 – 80 10.66 80 0
104 Harikanta Overseas BSE SME 85 - 91 14.35 79.75 -12.36
IPO Listing Performance by Valuation Range
P/E Range IPO Count Average Listing Gain % Premium Listings %
Below 15 50 12.05 62
15–30 38 0.67 36.84
30–50 5 -3.07 20
Above 50 6 -2.69 33.33
*5 IPOs did not have any reported P/E values. For more details check the above table.
IPO data suggests that lower P/E IPOs delivered relatively better listing gains, while higher P/E IPOs showed weaker or negative average performance.
Lower P/E IPOs recorded a higher percentage of premium listings, while higher P/E categories showed comparatively weaker listing performance.
High Valuation IPOs in 2026 (Above 50x P/E)
IPO SEGMENT P/E Ratio Listing Gain (%)
Shadowfax Technologies Mainboard 953.8 -9.2
Fractal Analytics Mainboard 67.37 -2.7
Sedemac Mechatronics Limited Mainboard 123.69 13.54
Omnitech Engineering Limited Mainboard 53.29 -11
Clean Max Enviro Energy Solutions Limited Mainboard 377.42 -8.8
Sai Parenteral’s Limited Mainboard 72.19 2.04
Low Valuation IPOs in 2026 (Below 15x P/E)
IPO Segment P/E Ratio Listing Gain (%)
Aritas Vinyl BSE SME 3.58 0
Victory Electric Vehicles NSE SME 12.42 -16
Modern Diagnostic & Research Centre BSE SME 11.04 10.56
Gabion Technologies BSE SME 12.2 9.88
Avana Electrosystems NSE SME 12.39 31.36
Bharat Coking Coal (BCCL) Mainboard 8.65 98.76
Defrail Technologies BSE SME 10.85 28.38
Manilam Industries NSE SME 14.87 -20
Yashhtej Industries (India) BSE SME 14.27 -20
Marushika Technology NSE SME 12.06 2.56
Aye Finance Mainboard 13.56 0
PAN HR Solution BSE SME 7.67 0.45
Brandman Retail NSE SME 10.71 3.98
Grover Jewells NSE SME 12.31 9.09
C K K Retail Mart NSE SME 14.9 0
Accretion Nutraveda BSE SME 10.57 48.06
Speciality Medicines BSE SME 8.79 0
Apsis Aerocom Limited NSE SME 14.58 39.09
Srinibas Pradhan Constructions NSE SME 8.65 2.09
Elfin Agro India BSE SME 13.05 0.64
Acetech E-Commerce Limited NSE SME 14.66 0
Striders Impex Limited NSE SME 11.48 -2.8
PNGS Reva Diamond Jewellery Limited Mainboard 10.96 -2.8
Accord Transformer & Switchgear Limited BSE SME 10.57 8.7
Mobilise App Lab Limited NSE SME 0.3 -19.9
Tipco Engineering India Limited BSE SME 8.18 0.28
Adisoft Technologies NSE SME 12.82 19.19
Mehul Telecom BSE SME 11.8 10.2
Safety Controls & Devices BSE SME 11.46 3.75
Autofurnish Limited BSE SME 10.7 4.88
Vegorama Punjabi Angithi BSE SME 11.83 53.38
Teamtech Formwork NSE SME 11.97 19.05
Goldline Pharmaceutical BSE SME 10.49 38.95
RFBL Flexi Pack NSE SME 9.74 5
Kissht IPO Mainboard 13.37 11.11
Q-Line Biotech SME NSE SME 11.98 31.78
Bio Medica Laboratories NSE SME 13.02 -20
Utkal Speciality Industries NSE SME 12.91 0
UHM Vacation BSE SME 11.31 -20
Vahh Chemicals BSE SME 12.02 16.67
Merritronix BSE SME 10.7 90
Rajnandini Fashion India BSE SME 9.3 0
Yaashvi Jewellers Limited BSE SME 5.6 0
Avience Biomedicals NSE SME 10.91 90
Diksha Polymers BSE SME 9.79 2.23
Clay Craft IPO NSE SME 11.38 3.94
Leapfrog Engineering BSE SME 14.65 -4.35
Horizon Reclaim (India) BSE SME 13.97 46.6
Anubhav Plast BSE SME 10.66 0
Harikanta Overseas BSE SME 14.35 -12.36
Key Insights from IPO Valuation and Listing Performance
Methodology of the IPO Valuation vs Listing Study
The IPO valuation dataset is prepared using the following methodology:
- P/E Ratio:
The P/E ratio is calculated as Price (upper band or fixed issue price) divided by Earnings Per Share (EPS). The upper band or fixed issue price is sourced from the Red Herring Prospectus (RHP) or from official exchange disclosures on the National Stock Exchange of India and BSE Limited. The Earnings Per Share (EPS) is taken from the company’s RHP. - Listing Price:
The listing price is taken from the respective stock exchange where the IPO is listed. - Listing Gain:
Listing gain is calculated using the following formula:
Listing Gain (%) = ((Listing Price − Issue Price) / Issue Price) × 100
Learn all IPO terms like P/E ratio, EPS, issue price, and listing gain in our complete IPO glossary, and analyze real IPO data using our dedicated IPO analytics page, including listing performance tracker, GMP vs listing performance, and valuation vs listing performance study.
Disclaimer:
Investment in securities is subject to market risks. Investors are advised to read all relevant documents, including the RHP and DRHP, before making any investment decisions. The information and analysis presented are for informational and educational purposes only and should not be considered investment advice.
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