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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 31.03.2026|22.00 PM

IPO Valuation Overview in 2026

MetricValue
Total IPOs Analysed56
Average IPO P/E Ratio43.86
Median IPO P/E Ratio15.11
Highest IPO P/E953.8
Lowest IPO P/E0.3

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 NoIPOSegmentIssue PriceP/E RatioListing PriceListing Gain (%)
1Shayona Engineering BSE SME₹140 – ₹14415.751440
2Digilogic Systems BSE SME₹98 – ₹10426.7483.2-20
3Shadowfax TechnologiesMainboard₹118 – ₹124953.8112.6-9.2
4KRM AyurvedaNSE SME₹128 – ₹13516.75172.127.48
5Aritas VinylBSE SME₹40 – ₹473.58470
6Armour Security (India)NSE SME₹55 – ₹5717.5445.6-20
7Victory Electric VehiclesNSE SME₹4112.4234.45-16
8Yajur FibresBSE SME₹168 – ₹17423.48139.2-20
9E to E Transportation InfrastructureNSE SME₹164 – ₹17415.02330.690
10Modern Diagnostic & Research CentreBSE SME₹85 – ₹9011.0499.510.56
11Gabion TechnologiesBSE SME₹76 – ₹8112.20899.88
12Amagi Media LabsMainboard₹343 – ₹361-318-11.91
13Avana Electrosystems NSE SME₹56 – ₹5912.3977.531.36
14GRE Renew EnertechBSE SME₹100 – ₹10515.6596-8.6
15Narmadesh Brass IndustriesBSE SME₹51519.63495-3.9
16Indo SMCBSE SME₹141 – ₹14915.501490
17Bharat Coking Coal (BCCL)Mainboard₹21 – ₹238.6595.6598.76
18Defrail TechnologiesBSE SME₹70 – ₹7410.859528.38
19Gaudium IVFMainboard₹75 – ₹7925.32835.06
20Manilam IndustriesNSE SME₹65 – ₹6914.8755.2-20
21Yashhtej Industries (India)BSE SME₹11014.2788-20
22Fractal IndustriesBSE SME₹205 – ₹21615.772296.02
23Marushika TechnologyNSE SME₹111 – ₹11712.061202.56
24Fractal AnalyticsMainboard₹857 – ₹90067.37876-2.7
25Aye FinanceMainboard₹122 – ₹12913.561290
26Biopol Chemicals NSE SME₹102 – ₹10819.741112.78
27PAN HR SolutionBSE SME₹74 – ₹787.6778.350.45
28Brandman RetailNSE SME₹167 – ₹17610.711833.98
29Grover JewellsNSE SME₹83 – ₹8812.31969.09
30C K K Retail MartNSE SME₹155 – ₹16314.901630
31Msafe EquipmentsBSE SME₹116 – ₹12315.1314417.07
32Kanishk Aluminium IndiaBSE SME₹7322.6758.4-20
33Accretion NutravedaBSE SME₹122 – ₹12910.5719148.06
34Kasturi Metal Composite BSE SME₹61 – ₹6422.38640
35Hannah Joseph HospitalBSE SME₹67 – ₹7016.2650
36Speciality MedicinesBSE SME₹117 – ₹1248.791240
37Central Mine Planning & Design Institute Limited (CMPDIL)Mainboard₹163 – ₹17218.49160-7
38Novus LoyaltyBSE SME₹139 – ₹14649.831460
39GSP Crop ScienceMainboard₹304 – ₹32015.093282.5
40Apsis AerocomNSE SME₹104 – ₹11014.5815339.09
41Raajmarg Infra InvITMainboard₹99 – ₹100-1077
42Innovision LimitedMainboard₹521 – ₹54835.08467.7-14.7
43Rajputana StainlessMainboard₹116 – ₹12221.111220
44Srinibas Pradhan ConstructionsNSE SME₹91 – ₹988.65100.052.09
45Elfin Agro IndiaBSE SME₹4713.0547.30.64
46Sedemac Mechatronics LimitedMainboard₹1,287 – ₹1,352123.69153513.54
47Acetech E-CommerceNSE SME₹106 – ₹11214.661120
48Striders Impex LimitedNSE SME₹71–₹7211.4870-2.8
49Omnitech Engineering LimitedMainboard₹216 – ₹22753.29202-11
50Yaap Digital LimitedNSE SME₹138 – ₹14518.24127-12.4
51PNGS Reva Diamond Jewellery LimitedMainboard₹367 – ₹38610.96375-2.8
52Clean Max Enviro Energy Solutions LimitedMainboard₹1,000 – ₹1,053377.42960-8.8
53Shree Ram Twistex LimitedMainboard₹95 – ₹10438.268-34.6
54Kiaasa Retail LimitedBSE SME₹121 – ₹12719.3123-3.1
55Accord Transformer & Switchgear LimitedBSE SME₹43 – ₹4610.57508.7
56Mobilise App Lab LimitedNSE SME₹75 – ₹800.364.1-19.9

IPO Listing Performance by Valuation Range

P/E RangeIPO CountAverage Listing Gain (%)Premium Listings (%)
Below 15258.4856
15–30211.7133.33
30–503-16.430
Above 505-3.6320

Average Listing Gain vs. P_E Range (till march 2026 listed IPOs in Indian markets)

Lower P/E, better gains. IPOs below 15 P/E delivered the strongest listing returns, while higher valuations struggled.

Premium Listings vs. P_E Range of IPOs listed till March 2026 in Indian Markets

As P/E rises, chances of premium listing fall sharply — valuation matters.

High Valuation IPOs in 2026 (Above 50x P/E)

IPOSEGMENTP/E RatioListing Gain (%)
Shadowfax TechnologiesMainboard953.8-9.2
Fractal AnalyticsMainboard67.37-2.7
Sedemac Mechatronics LimitedMainboard123.6913.54
Omnitech Engineering LimitedMainboard53.29-11
Clean Max Enviro Energy Solutions LimitedMainboard377.42-8.8

Low Valuation IPOs in 2026 (Below 15x P/E)

IPOSegmentP/E RatioListing Gain (%)
Aritas VinylBSE SME3.580
Victory Electric VehiclesNSE SME12.42-16
Modern Diagnostic & Research CentreBSE SME11.0410.56
Gabion TechnologiesBSE SME12.29.88
Avana ElectrosystemsNSE SME12.3931.36
Bharat Coking Coal (BCCL)Mainboard8.6598.76
Defrail TechnologiesBSE SME10.8528.38
Manilam IndustriesNSE SME14.87-20
Yashhtej Industries (India)BSE SME14.27-20
Marushika TechnologyNSE SME12.062.56
Aye FinanceMainboard13.560
PAN HR SolutionBSE SME7.670.45
Brandman RetailNSE SME10.713.98
Grover JewellsNSE SME12.319.09
C K K Retail MartNSE SME14.90
Accretion NutravedaBSE SME10.5748.06
Speciality MedicinesBSE SME8.790
Apsis Aerocom LimitedNSE SME14.5839.09
Srinibas Pradhan ConstructionsNSE SME8.652.09
Elfin Agro IndiaBSE SME13.050.64
Acetech E-Commerce LimitedNSE SME14.660
Striders Impex LimitedNSE SME11.48-2.8
PNGS Reva Diamond Jewellery LimitedMainboard10.96-2.8
Accord Transformer & Switchgear LimitedBSE SME10.578.7
Mobilise App Lab LimitedNSE SME0.3-19.9

Key Insights from IPO Valuation and Listing Performance

  • Listing gains are concentrated in low valuation IPOs: 

IPOs priced below 15x P/E delivered the strongest listing performance (8.48%) with a high premium ratio (56%), clearly indicating that investors reward disciplined pricing.

  • Higher valuation IPOs face consistent market resistance: 

IPOs above 50x P/E posted negative returns (-3.63%) with just 20% premium listings, reflecting weak demand for aggressively priced issues.

  • Mid-range valuations reflect cautious participation: 

IPOs in the 15–30x range delivered modest gains (1.71%) and moderate premium listings (33.33%), suggesting selective rather than broad investor confidence.

  • 30–50x P/E segment shows the sharpest rejection: 

With -16.43% returns and zero premium listings, this range highlights a clear tipping point where valuations begin to significantly hurt listing performance.

  • Valuation metrics are distorted by extreme outliers:
    The big difference between average P/E (43.86) and median P/E (15.11), along with a very high value of 953.8, shows that a few expensive IPOs are pushing the average higher.

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.