Updated on 05.08.2026|10:00 PM
A total of 89 IPOs were listed during October–December 2025 (Q3 FY26).
Some debuted with strong listing gains, some opened at losses, while others listed near their issue price.
But is the listing day performance alone enough to judge how an IPO truly performed?
To answer that, we analysed all 89 Q3 FY26 IPOs beyond just listing gains or losses.
This study tracks how these IPOs perform after listing over multiple timeframes.
The article was first published after all Q3 FY26 IPOs completed 3 months from listing and has now been updated with 6-month performance data. Track all the IPOs of 2026 in our upcoming and live IPO section.
Overview of Q3 FY26 IPOs (Oct–Dec Listings Data Snapshot)
Total IPOs analyzed: 89
Mainboard IPOs: 31
SME IPOs: 58
How We Calculated IPO Returns
We calculate all returns from the issue price.
Listing Gains/Losses: ((Listing Price - Issue Price) / Issue Price) × 100
3 Months Returns: ((Stock Price After 3 Months - Issue Price) / Issue Price) × 100
6 Months Returns: ((Stock Price After 6 Months - Issue Price) / Issue Price) × 100
Calculating returns from the issue price shows how each IPO has performed relative to its original IPO valuation.
Stock price after 3 months and 6 months refers to the stock price after completing 3 months and 6 months from the listing date.
All Q3 FY26 IPOs have now completed 6 months from listing. The following analysis examines how performance evolved beyond the initial 3-month period.
Q3 FY26 IPO Performance Tracker: 3-Month vs 6-Month Returns
SL No IPO Name Segment Listing Dt. Issue Price Listing Price Listing Gain/Loss 3 Months Returns 6 Months Returns
1 Om Metallogic . BSE SME 07-Oct-2025 86 85 -1.16 -68.60 -77.67
2 Fabtech Technologies (Mainboard) BSE & NSE 07-Oct-2025 191 192 0.52 3.59 -22.61
3 Advance Agrolife . BSE & NSE 08-Oct-2025 100 113 13.00 31.00 1.21
4 Zelio E-Mobility BSE SME 08-Oct-2025 136 154.9 13.90 179.93 176.10
5 Valplast Technologies . BSE SME 08-Oct-2025 54 57 5.56 0.00 -11.11
6 B.A.G. Convergence . NSE SME 08-Oct-2025 87 101 16.09 37.93 24.89
7 Tata Capital BSE & NSE 13-Oct-2025 326 330.15 1.27 8.01 -1.33
8 WeWork India Management Ltd BSE & NSE 10-Oct-2025 648 650 0.31 -6.40 -25.99
9 LG Electronics India BSE & NSE 14-Oct-2025 1140 1715 50.44 22.82 34.58
10 Mittal Sections BSE SME 14-Oct-2025 143 114.4 -20.00 -74.76 -78.61
11 Rubicon Research BSE & NSE 16-Oct-2025 485 620.1 27.86 33.47 79.51
12 Canara Robeco AMC BSE & NSE 16-Oct-2025 266 280.5 5.45 6.41 0.98
13 SK Minerals & Additives BSE SME 17-Oct-2025 127 145 14.17 4.76 93.90
14 Canara HSBC Life Insurance Co. BSE & NSE 17-Oct-2025 106 106 0.00 35.33 41.25
15 Sihora Industries . BSE SME 16-Oct-2025 66 70 6.06 -12.12 -6.06
16 Midwest . BSE & NSE 24- Oct- 2025 1065 1165 9.39 24.88 19.91
17 Jayesh Logistics NSE SME 03-Nov-2025 122 120 -1.64 22.13 52.30
18 Shreeji Global FMCG . NSE SME 12-Nov-2025 125 117.5 -6.00 -5.60 28.00
19 Game Changers Texfab . BSE SME 04-Nov-2025 102 104.15 2.11 30.39 9.95
20 Orkla India BSE & NSE 06-Nov-2025 730 750 2.74 -23.95 -11.64
21 Safecure Services BSE SME 06-Nov-2025 102 81.6 -20.00 -69.90 -70.39
22 Lenskart Solutions . BSE & NSE 10-Nov-2025 402 390 -2.99 15.86 21.85
23 Studds Accessories . BSE & NSE 07-Nov-2025 585 565 -3.42 -11.68 -17.71
24 Finbud Financial Services . NSE SME 13-Nov-2025 142 157 10.56 -20.42 -14.44
25 Groww (Billionbrains Garage) BSE & NSE 12-Nov-2025 100 112 12.00 72.05 83.09
26 Curis Lifesciences . NSE SME 14-Nov-2025 128 146 14.06 -18.75 4.30
27 Shining Tools . BSE SME 14-Nov-2025 114 104 -8.77 -46.49 -37.72
28 Pine Labs . BSE NSE 14-Nov-2025 221 242 9.50 -8.00 -29.54
29 Mahamaya Lifesciences . BSE SME 18-Nov-2025 114 116 1.75 57.89 52.54
30 Physicswallah . BSE NSE 18-Nov-2025 109 143.1 31.28 -4.59 1.26
31 Emmvee Photovoltaic Power . BSE NSE 18-Nov-2025 217 217 0.00 -0.22 16.31
32 Workmates Core2Cloud Solution . BSE SME 18-Nov-2025 204 387.6 90.00 64.71 35.86
33 Tenneco Clean Air India . BSE & NSE 19-Nov-2025 397 498 25.44 40.83 45.88
34 Fujiyama Power Systems . BSE & NSE 20-Nov-2025 228 222 -2.63 -8.68 16.75
35 Capillary Technologies India . BSE & NSE 21-Nov-2025 577 560 -2.95 -7.79 -10.87
36 Excelsoft Technologies . BSE & NSE 26-Nov-2025 120 135 12.50 -25.84 -27.12
37 Gallard Steel . BSE SME 26-Nov-2025 150 223 48.67 3.00 3.33
38 Sudeep Pharma . BSE & NSE 28-Nov-2025 593 730 23.10 10.46 13.78
39 SSMD Agrotech India . BSE SME 1-Dec-2025 120 73 -39.17 -68.34 -49.17
40 K K Silk Mills . BSE SME 3-Dec-2025 38 32 -15.79 -71.05 -72.26
41 Mother Nutri Foods . BSE SME 3-Dec-2025 117 118.4 1.20 21.45 46.15
42 Ravelcare ., BSE SME 8-Dec-2025 130 201 54.62 19.23 -3.08
43 Purple Wave Infocom . BSE SME 5-Dec-2025 126 132 4.76 -12.30 -12.70
44 Exato Technologies ., BSE SME 5-Dec-2025 140 266 90.00 128.86 159.54
45 Logiciel Solutions ., BSE SME 5-Dec-2025 193 154.4 -20.00 -81.19 -77.49
46 Invicta Diagnostic . NSE SME 8-Dec-2025 85 100 17.65 -21.76 -24.41
47 Clear Secured Services . NSE SME 8-Dec-2025 132 119 -9.85 -12.88 -22.54
48 Helloji Holidays . BSE SME 09-Dec-2025 118 118 0.00 5.93 16.95
49 Speb Adhesives . NSE SME 08-Dec-2025 56 60 7.14 -5.71 70.18
50 Astron Multigrain . BSE SME 08-Dec-2025 63 50.4 -20.00 -73.90 -74.51
51 Neochem Bio Solutions . NSE SME 09-Dec-2025 98 108 10.20 -21.33 -0.66
52 Meesho NSE BSE 10-Dec-2025 111 160 44.14 30.63 49.60
53 Aequs . BSE & NSE 10-Dec-2025 124 140 12.90 6.94 41.47
54 Vidya Wires . BSE & NSE 10-Dec-2025 52 52.13 0.25 -1.96 71.73
55 Luxury Time . BSE SME 11-Dec-2025 82 155.8 90.00 -25.00 -12.26
56 Western Overseas Study Abroad Limited BSE SME 11-Dec-2025 56 54.9 -1.96 -66.07 -68.61
57 Shri Kanha Stainless Limited NSE SME 10-Dec-2025 90 88 -2.22 -73.44 -70.17
58 Encompass Design India Ltd (ScaleSauce) NSE SME 12-Dec-2025 107 203.3 90.00 138.79 119.77
59 Wakefit Innovations Limited BSE & NSE 15-Dec-2025 195 194.1 -0.46 -16.92 -36.11
60 Flywings Simulator Training Centre Limited NSE SME 12-Dec-2025 191 195 2.09 -6.81 -12.20
61 Methodhub Software Limited BSE SME 12-Dec-2025 194 155.2 -20.00 -46.39 -55.64
62 Corona Remedies Limited BSE & NSE 15-Dec-2025 1062 1470 38.42 45.01 63.06
63 Prodocs Solutions Limited BSE SME 15-Dec-2025 138 144 4.35 38.99 19.57
64 Riddhi Display Equipments Limited BSE SME 15-Dec-2025 100 80 -20.00 -67.50 -65.82
65 K. V. Toys India Limited BSE SME 15-Dec-2025 239 320 33.89 -7.11 7.53
66 Nephrocare Health Services Limited BSE & NSE 17-Dec-2025 460 490 6.52 13.96 60.22
67 Neptune Logitek Limited BSE SME 22-Dec-2025 126 100.8 -20.00 -62.90 -69.13
68 Park Medi World Limited BSE & NSE 17-Dec-2025 162 158.8 -1.98 14.44 56.88
69 Pajson Agro India Limited, BSE SME 18-Dec-2025 118 124 5.08 59.49 55.08
70 Unisem Agritech Limited BSE SME 17-Dec-2025 65 65 0.00 -7.55 -26.54
71 Ashwini Container Movers Limited NSE SME 19-Dec-2025 142 147 3.52 0.00 -3.35
72 Shipwaves Online Limited BSE SME 17-Dec-2025 12 12 0.00 -66.75 -71.83
73 ICICI Prudential Asset Management Company BSE & NSE 19-Dec-2025 2,165 2600 20.09 36.42 58.38
74 HRS Aluglaze Limited BSE SME 18-Dec-2025 96 126 31.25 173.96 156.25
75 Exim Routes Limited NSE SME 19-Dec-2025 88 110 25.00 69.32 28.41
76 Stanbik Agro Limited, BSE SME 19-Dec-2025 30 31.75 5.83 11.67 29.23
77 Shyam Dhani Industries Limited NSE SME 30-Dec-2025 70 133 90.00 -22.86 -8.57
78 KSH International Limited, BSE & NSE 23-Dec-2025 384 399 3.91 11.22 124.84
79 Global Ocean Logistics India Limited BSE SME 24-Dec-2025 78 79.2 1.54 33.33 83.97
80 MARC Technocrats Limited NSE SME 24-Dec-2025 93 74.4 -20.00 -22.96 -0.65
81 Gujarat Kidney and Super Speciality Limited BSE & NSE 30-Dec-2025 114 120 5.26 -10.39 13.51
82 Dachepalli Publishers Limited (DPL), BSE SME 30-Dec-2025 102 81.6 -20.00 -49.90 -20.32
83 Admach Systems Limited (ASL). BSE SME 31-Dec-2025 239 191.2 -20.00 -20.48 20.88
84 EPW India Limited NSE SME 30-Dec-2025 97 111 14.43 17.47 117.42
85 Sundrex Oil Company Limited NSE SME 30-Dec-2025 86 68.8 -20.00 -71.10 -71.51
86 Apollo Techno Industries Limited BSE SME 31-Dec-2025 130 145 11.54 -34.62 -35.38
87 Nanta Tech Limited BSE SME 31-Dec-2025 220 234 6.36 27.16 180.68
88 Dhara Rail Projects Limited NSE SME 31-Dec-2025 126 123.65 -1.87 -27.78 17.46
89 Bai-Kakaji Polymers Limited BSE SME 31-Dec-2025 186 190 2.15 -6.02 8.33
Here is the brief performance summary of these IPOs.
Overall Performance Comparison
| Metric | 3 Months | 6 Months |
| Avg Return | 1.27% | 12.66% |
| Median Return | -4.59% | 4.30% |
| % IPOs in Profit | 44.94% | 55.06% |
| % IPOs in Loss | 52.81% | 44.94% |
Q3 FY26 IPO performance improved significantly from 3 to 6 months, with average and median returns rising and a majority of IPOs moving into profit.
Q3 FY26 IPO performance improved by the 6-month mark, with average and median returns rising and the share of profitable IPOs increasing from 44.94% to 55.06%.
Mainboard vs SME Comparison
Mainboard IPO Performance — 31 IPOs
| Metric | 3M | 6M | 9M | 1Y |
| Avg Return | 10.87% | 23.65% | — | — |
| Median Return | 8.01% | 16.75% | — | — |
| IPOs in Profit | 61.29% | 70.97% | — | — |
| IPOs in Loss | 38.71% | 29.03% | — | — |
| IPOs at Par | 0.00% | 0.00% | — | — |
SME IPO Performance — 58 IPOs
| Metric | 3M | 6M | 9M | 1Y |
| Avg Return | -3.86% | 6.79% | — | — |
| Median Return | -9.84% | -1.87% | — | — |
| IPOs in Profit | 36.21% | 46.55% | — | — |
| IPOs in Loss | 60.34% | 53.45% | — | — |
| IPOs at Par | 3.45% | 0.00% | — | — |
Mainboard IPOs remained significantly stronger than SME IPOs at both checkpoints. After 6 months, Mainboard IPOs averaged 23.65% returns with 70.97% in profit, compared with 6.79% average returns and 46.55% in profit for SME IPOs.
Top 10 Performers After 6 Months
| Rank | IPO Name | Segment | 6-Month Return |
| 1 | Nanta Tech Limited | BSE SME | 180.68% |
| 2 | Zelio E-Mobility | BSE SME | 176.10% |
| 3 | Exato Technologies | BSE SME | 159.54% |
| 4 | HRS Aluglaze Limited | BSE SME | 156.25% |
| 5 | KSH International Limited | BSE & NSE | 124.84% |
| 6 | Encompass Design India Ltd (ScaleSauce) | NSE SME | 119.77% |
| 7 | EPW India Limited | NSE SME | 117.42% |
| 8 | SK Minerals & Additives | BSE SME | 93.90% |
| 9 | Global Ocean Logistics India Limited | BSE SME | 83.97% |
| 10 | Groww (Billionbrains Garage) | BSE & NSE | 83.09% |
SME IPOs dominated the six-month outperformers, accounting for 8 of the top 10, while 7 IPOs delivered multibagger returns of over 100% from their issue price, highlighting the strong upside among select Q3 FY26 listings.
Bottom 10 Performers After 6 Months
| Rank | IPO Name | Segment | 6-Month Return |
| 1 | Mittal Sections | BSE SME | -78.61% |
| 2 | Om Metallogic | BSE SME | -77.67% |
| 3 | Logiciel Solutions | BSE SME | -77.49% |
| 4 | Astron Multigrain | BSE SME | -74.51% |
| 5 | K K Silk Mills | BSE SME | -72.26% |
| 6 | Shipwaves Online Limited | BSE SME | -71.83% |
| 7 | Sundrex Oil Company Limited | NSE SME | -71.51% |
| 8 | Safecure Services | BSE SME | -70.39% |
| 9 | Shri Kanha Stainless Limited | NSE SME | -70.17% |
| 10 | Neptune Logitek Limited | BSE SME | -69.13% |
SME IPOs dominated the downside as well, accounting for all 10 of the bottom performers, with each losing more than 69% from its issue price after six months.
Key Takeaways from Q3 FY26 IPO Performance
Overall average return improved significantly from 1.27% after 3 months to 12.66% after 6 months, while the median return moved from -4.59% to 4.30%.
The share of profitable IPOs increased from 44.94% to 55.06%, while loss-making IPOs declined from 52.81% to 44.94%.
Mainboard IPOs remained significantly stronger, delivering an average 23.65% return after 6 months, compared with 6.79% for SME IPOs.
SME IPOs showed extreme return dispersion: they accounted for 8 of the top 10 performers, but also all 10 of the bottom performers after 6 months.
Seven Q3 FY26 IPOs delivered multibagger returns of over 100% from their issue price after 6 months.
IPO performance improved between the 3-month and 6-month checkpoints, but the wide gap between winners and losers shows that IPO selection remained critical.
Did IPOs Sustain Their Listing Gains?
| Metric | 3M | 6M | 9M | 1Y |
| IPOs Above Listing Price | 37.08% | 46.07% | — | — |
| IPOs Below Listing Price | 62.92% | 53.93% | — | — |
The percentage of IPOs trading above their listing price increased from 37.08% after 3 months to 46.07% after 6 months.
However, 53.93% of IPOs still traded below their listing price after 6 months, meaning a majority had yet to surpass their listing-day price.
What Drives IPO Performance After Listing? (Earnings, Sentiment & Lock-in Impact)
IPO listing gains may be driven by short-term sentiment, but sustained performance usually depends on fundamentals like growth, profitability, operational efficiency, capital allocation, and cash flow.
These strengths often emerge after initial excitement fades.
Upcoming Updates: Tracking IPO Performance Beyond 6 Months
This report will be updated with:
- 9-month performance
- 1-year performance
Conclusion:
The 6-month performance of Q3 FY26 IPOs shows that post-listing outcomes can change considerably with time.
Mainboard IPOs delivered more consistent performance, while SME IPOs showed a much wider range of outcomes — dominating both the strongest and weakest performers.
The findings also highlight that strong returns were concentrated among select IPOs rather than uniformly distributed across the quarter.
This report will be further updated after 9 months and 1 year to track how these IPOs perform over longer holding periods.
Important IPO Resources:
1. IPO Market Analytic and Research
2. Latest GMPs of upcoming, live and closed IPOs
4. Daywise subscription of IPOs.
5. IPO Listing Performance Tracker 2026 – Complete Dataset of IPO Listing Gains in India
