One customer bringing a quarter of revenue or more
How often did a single customer bring in a quarter or more of revenue?
63 of 157 (40%)
In 63 of 157 studied IPOs (40%), one customer brought in a quarter or more of revenue.
Mainboard: 40 of 87 (46%); SME: 23 of 70 (33%)
How this is counted
The largest customer's share of revenue in the latest year, as the offer document states it. Many documents give only the top five or top ten; those issues are left out of this count.
The sample is every IPO newboard has studied whose study states the figures this needs: 157 of the 313 studied so far. Each figure is from that issue's own offer document, with its page in the study. Counted on 4 Oct 2026; the count moves as studies are added. It describes these issues and says nothing about any other.
Every issue in the count
| Issue | Board | Stage | Largest customer, share of revenue | Counted |
|---|---|---|---|---|
| S. G. Encon | Mainboard | DRHP filed | 90.4% | yes |
| Avaada Electro | Mainboard | UDRHP filed | 89.3% | yes |
| Appl Containers | Mainboard | DRHP filed | 88.2% | yes |
| Sadbhav Futuretech | Mainboard | DRHP filed | 86.5% | yes |
| Anchor Offshore Services | Mainboard | DRHP filed | 75.6% | yes |
| Bonbloc Technologies | Mainboard | DRHP filed | 75.4% | yes |
| Sai Urja Indo Ventures SME | SME | Closed | 74.8% | yes |
| Shivganga Drillers | Mainboard | DRHP filed | 66% | yes |
| Kritilabs Technologies SME | SME | DRHP filed | 63.5% | yes |
| Chartered Speed | Mainboard | DRHP filed | 61.7% | yes |
| Bvishal Oil And Energy | Mainboard | DRHP filed | 60.3% | yes |
| Rkcpl | Mainboard | DRHP filed | 60.1% | yes |
| Laxyo | Mainboard | DRHP filed | 58.1% | yes |
| Dhariwal Buildtech | Mainboard | DRHP filed | 58% | yes |
| Coreintegra Consulting Services SME | SME | Closed | 53% | yes |
| Rudra Green Ship Recycling | Mainboard | DRHP filed | 52.5% | yes |
| J Infratech | Mainboard | DRHP filed | 50.5% | yes |
| Himalayan Solar SME | SME | Closed | 50% | yes |
| Integrum Energy Infrastructure | Mainboard | DRHP filed | 49.5% | yes |
| Arete 22 | Mainboard | DRHP filed | 49.1% | yes |
| LGC Engineering SME | SME | DRHP filed | 48.5% | yes |
| Oswal Energies | Mainboard | DRHP filed | 47.4% | yes |
| Sabari Construction Technologies SME | SME | DRHP filed | 44.3% | yes |
| Eventions SME | SME | Live | 42.7% | yes |
| Vans Electroengineerings SME | SME | Closed | 42.7% | yes |
| Rudra Cottex | Mainboard | DRHP filed | 42.3% | yes |
| Pes Installations | Mainboard | DRHP filed | 42.3% | yes |
| Shakti Infra Projects SME | SME | DRHP filed | 40.6% | yes |
| Vishal Nirmiti | Mainboard | Live | 40.6% | yes |
| Rathod Jewellery Manufacturing | Mainboard | DRHP filed | 40.4% | yes |
| Hero Motors | Mainboard | Listed | 38% | yes |
| Playsimple Games | Mainboard | DRHP filed | 37.8% | yes |
| Dove Soft SME | SME | Live | 37.6% | yes |
| Dudani Retail SME | SME | Closed | 37.4% | yes |
| Polite Powertech | Mainboard | DRHP filed | 36.2% | yes |
| Himalaya Nutravedics India SME | SME | Closed | 36% | yes |
| Madhavaa Crafts SME | SME | DRHP filed | 35.8% | yes |
| Monomark Engineering (India) | Mainboard | DRHP filed | 35.7% | yes |
| Rkb Global | Mainboard | DRHP filed | 35% | yes |
| Rysa Infratech SME | SME | DRHP filed | 34.9% | yes |
| Associated Power Structures | Mainboard | DRHP filed | 34% | yes |
| R.D.Engineers (India) SME | SME | DRHP filed | 32.3% | yes |
| Jaytee Alloys & Components SME | SME | DRHP filed | 31.5% | yes |
| Punjab Carbonic | Mainboard | DRHP filed | 31.5% | yes |
| Electromech Infraprojects | Mainboard | DRHP filed | 31.5% | yes |
| S. K. Offset SME | SME | Closed | 30.4% | yes |
| Cosmic Pv Power | Mainboard | DRHP filed | 30.4% | yes |
| ArMee Infotech | Mainboard | Listed | 29.7% | yes |
| Everestims Technologies SME | SME | Live | 29.6% | yes |
| Olpad Aqua SME | SME | DRHP filed | 29.3% | yes |
| Pci Infraprojects | Mainboard | DRHP filed | 29.2% | yes |
| Technopaints And Chemicals | Mainboard | DRHP filed | 29.1% | yes |
| Vardhman Appliances | Mainboard | DRHP filed | 28.4% | yes |
| Pooja Logistics SME | SME | Closed | 27.7% | yes |
| Itwings Infosystem SME | SME | DRHP filed | 27.1% | yes |
| Trenzet Infra | Mainboard | DRHP filed | 26.8% | yes |
| Orient Cables (India) | Mainboard | Closed | 25.8% | yes |
| T.C. Terrytex | Mainboard | DRHP filed | 25.6% | yes |
| Transline Technologies | Mainboard | DRHP filed | 25.5% | yes |
| Aditya Creative Ornaments SME | SME | DRHP filed | 25.2% | yes |
| Jagatjit Agri Engineering | Mainboard | DRHP filed | 25.2% | yes |
| Bench Mark Infotech Services SME | SME | DRHP filed | 25.2% | yes |
| Sunil Gold India | Mainboard | DRHP filed | 25.1% | yes |
| Sollfege Smart Electronics SME | SME | Live | 24.9% | no |
| Carnet Books SME | SME | DRHP filed | 24.8% | no |
| Baanganga Gold & Diamond (I) | Mainboard | DRHP filed | 24.7% | no |
| Vishakha Renewables | Mainboard | DRHP filed | 24.6% | no |
| Pentacle Consultants (I) | Mainboard | DRHP filed | 24.6% | no |
| Functional & Innovative Foods | Mainboard | DRHP filed | 24.1% | no |
| Momai Art | Mainboard | DRHP filed | 23.9% | no |
| Marco Secure Solutions SME | SME | DRHP filed | 23.4% | no |
| TNA Solutions SME | SME | Live | 23.3% | no |
| Aspri Spirits | Mainboard | DRHP filed | 23.2% | no |
| Bls Polymers | Mainboard | DRHP filed | 23% | no |
| Swara Baby Products | Mainboard | DRHP filed | 22.6% | no |
| Mann Fleet Partners | Mainboard | DRHP filed | 22.1% | no |
| Nnt Developers | Mainboard | DRHP filed | 22.1% | no |
| Madhur Iron & Steel (India) | Mainboard | DRHP filed | 21.9% | no |
| Gujarat Victory Forgings | Mainboard | DRHP filed | 21.6% | no |
| Soleos Energy | Mainboard | DRHP filed | 21.5% | no |
| Robokidz Eduventures SME | SME | DRHP filed | 21.1% | no |
| Alde Medi Impex SME | SME | DRHP filed | 21% | no |
| Technomed Devices India SME | SME | DRHP filed | 20.9% | no |
| Eswari Global Metal Industries | Mainboard | DRHP filed | 20.9% | no |
| Torrent Gas | Mainboard | UDRHP filed | 20.7% | no |
| Commtel Networks | Mainboard | DRHP filed | 20.6% | no |
| Steel Infra Solutions Company | Mainboard | DRHP filed | 20.6% | no |
| Panchratan Steels SME | SME | DRHP filed | 20.2% | no |
| Jai Parvati Forge | Mainboard | DRHP filed | 19.4% | no |
| Ue Press Tools SME | SME | DRHP filed | 19.1% | no |
| Harekrishna Rubber Industries SME | SME | DRHP filed | 18.9% | no |
| Peshwa Wheat SME | SME | Closed | 18.9% | no |
| Beauty Garage | Mainboard | DRHP filed | 18.8% | no |
| AITMC Ventures | Mainboard | UDRHP filed | 18.7% | no |
| Sai Infinium | Mainboard | DRHP filed | 18.6% | no |
| Swid Renewables SME | SME | DRHP filed | 18.5% | no |
| Pioneer Fabricators | Mainboard | DRHP filed | 18.5% | no |
| Black Opal Consultants SME | SME | Closed | 17.6% | no |
| Yogiji Digi | Mainboard | DRHP filed | 17.1% | no |
| Ekkaa Electronics (India) | Mainboard | DRHP filed | 16.9% | no |
| Steelbuild Infra Projects SME | SME | DRHP filed | 16.8% | no |
| Tgtmc Supply Chain SME | SME | DRHP filed | 16.8% | no |
| Omara Ventures India SME | SME | Live | 16.3% | no |
| Sky Alloys and Power | Mainboard | DRHP filed | 15.5% | no |
| Rodec Pharma | Mainboard | DRHP filed | 15.4% | no |
| Laxmi Security (Gujarat) SME | SME | DRHP filed | 15.1% | no |
| Tenty | Mainboard | DRHP filed | 15.1% | no |
| Shreejikrupa Project | Mainboard | DRHP filed | 14.8% | no |
| Raj Polypack SME | SME | DRHP filed | 14.7% | no |
| Quality Enviro Engineers SME | SME | DRHP filed | 14.6% | no |
| Geeta Glasses (India) SME | SME | DRHP filed | 14.4% | no |
| Gallant Sports & Infra SME | SME | DRHP filed | 14.3% | no |
| Abakkus Asset Manager | Mainboard | DRHP filed | 14.3% | no |
| Shree Balajee Tapes And Packaging SME | SME | DRHP filed | 14.2% | no |
| Hindustan Laboratories | Mainboard | DRHP filed | 13.4% | no |
| Moneyview | Mainboard | Listed | 13.4% | no |
| Kataline | Mainboard | DRHP filed | 13.3% | no |
| Expression 360 Services India | Mainboard | DRHP filed | 13% | no |
| Nityas Gems and Jewellery | Mainboard | Live | 13% | no |
| Tanvi Exports India | Mainboard | DRHP filed | 12.7% | no |
| Oremet Alloys And Castings SME | SME | DRHP filed | 12.7% | no |
| Liqvd Digital India SME | SME | Closed | 12.6% | no |
| Inox Air Products | Mainboard | DRHP filed | 12.2% | no |
| Acme Universal Safezone 9 SME | SME | Closed | 12.1% | no |
| Bvg India | Mainboard | DRHP filed | 12.1% | no |
| ACE Furnaces SME | SME | DRHP filed | 12% | no |
| Vivekanand Cotspin SME | SME | Closed | 12% | no |
| Unitec Fibres SME | SME | Closed | 11.8% | no |
| Anil Fashions SME | SME | DRHP filed | 11.5% | no |
| Shree TNB Polymers SME | SME | Live | 11.1% | no |
| German Green Steel and Power | Mainboard | Closed | 10.7% | no |
| FX Multitech SME | SME | Closed | 10.2% | no |
| Maharaja Polyfab SME | SME | DRHP filed | 10% | no |
| Lalsai Global SME | SME | DRHP filed | 9.7% | no |
| Deon Energy | Mainboard | DRHP filed | 9.5% | no |
| Papadmalji Agro Foods SME | SME | Closed | 9.1% | no |
| Access Computech SME | SME | DRHP filed | 8.9% | no |
| SD International | Mainboard | DRHP filed | 8.7% | no |
| Jay Jagdamba | Mainboard | UDRHP filed | 8.6% | no |
| Paramount Syntex SME | SME | Live | 8.5% | no |
| Skinnovation SME | SME | DRHP filed | 8.2% | no |
| Grace Renewable Energy | Mainboard | DRHP filed | 7.9% | no |
| Iberia Pharmaceuticals India | Mainboard | DRHP filed | 7.8% | no |
| Shivchem Agro SME | SME | Closed | 7.6% | no |
| Natraj Energy SME | SME | DRHP filed | 7.4% | no |
| Suntek Axpress India SME | SME | DRHP filed | 7.1% | no |
| Roopa Screen SME | SME | Closed | 6.4% | no |
| Sbipl Projects SME | SME | DRHP filed | 6.2% | no |
| S.R.G. Narrow Fab SME | SME | DRHP filed | 6.1% | no |
| A-One Steels India | Mainboard | Listed | 5.3% | no |
| Royal Chain | Mainboard | DRHP filed | 5.1% | no |
| Vetrivel Explosives SME | SME | DRHP filed | 4.7% | no |
| Anarock Property Consultants | Mainboard | DRHP filed | 4.5% | no |
| Bssponge | Mainboard | DRHP filed | 4.1% | no |
| Laser Technologies SME | SME | DRHP filed | 3.9% | no |
| Watrana Rentals SME | SME | DRHP filed | 3.3% | no |
| Best Engineering Aids & Consultancies SME | SME | DRHP filed | 1.8% | no |
More from the data · Combine conditions in the screener
The day's IPOs each morning, and allotment the minute it is out, on Telegram
One short post each morning: what opens, closes and lists today, and the new offer-document studies. The allotment status the moment it goes live. An IPO list on Saturdays and the week ahead on Sundays. Each one is a fact and a link, with the figures on the card.
Free, no account, leave in one tap.
Get IPO alerts on Telegramt.me/newboardin