SME IPOs with the fastest revenue growth
Which IPOs grew revenue fastest in the years before the issue, as their offer documents report it?
87 SME IPOs newboard has studied give this figure in their offer documents. The median revenue growth a year is 27.5%, and the middle half run from 13.3% to 56.4%. Harekrishna Rubber Industries is first, at 353.8% (revenue, first year ₹2.7 cr; revenue, latest year ₹56.1 cr).
Ranked on 4 Oct 2026; the first 50 of 87 are shown. The list moves as studies are added.
| # | Issue | Stage | Revenue growth a year | Revenue, first year | Revenue, latest year |
|---|---|---|---|---|---|
| 1 | Harekrishna Rubber Industries SME | DRHP filed | 353.8% | ₹2.7 cr | ₹56.1 cr |
| 2 | Solitario Lab Grown SME | DRHP filed | 322.9% | ₹6.3 cr | ₹112 cr |
| 3 | Vans Electroengineerings SME | Closed | 196.7% | ₹2.6 cr | ₹22.8 cr |
| 4 | Tgtmc Supply Chain SME | DRHP filed | 181.4% | ₹8.8 cr | ₹69.8 cr |
| 5 | Rysa Infratech SME | DRHP filed | 147.1% | ₹18.9 cr | ₹115 cr |
| 6 | Raj Polypack SME | DRHP filed | 135.3% | ₹14.8 cr | ₹82.2 cr |
| 7 | Marco Secure Solutions SME | DRHP filed | 133.8% | ₹6.1 cr | ₹33.2 cr |
| 8 | Shakti Infra Projects SME | DRHP filed | 114.2% | ₹11.9 cr | ₹54.8 cr |
| 9 | Itwings Infosystem SME | DRHP filed | 106.5% | ₹42.1 cr | ₹180 cr |
| 10 | Jaytee Alloys & Components SME | DRHP filed | 104.4% | ₹15.9 cr | ₹66.6 cr |
| 11 | R.D.Engineers (India) SME | DRHP filed | 102.9% | ₹15.1 cr | ₹62 cr |
| 12 | Anil Fashions SME | DRHP filed | 84.9% | ₹38.3 cr | ₹131 cr |
| 13 | Liqvd Digital India SME | Closed | 82.7% | ₹18.1 cr | ₹60.2 cr |
| 14 | S. K. Offset SME | Closed | 76% | ₹21.5 cr | ₹66.7 cr |
| 15 | Shivchem Agro SME | Closed | 75.8% | ₹10.9 cr | ₹33.8 cr |
| 16 | Maharaja Polyfab SME | DRHP filed | 74.2% | ₹18.5 cr | ₹56.2 cr |
| 17 | Himalaya Nutravedics India SME | Closed | 72.8% | ₹14.4 cr | ₹43.1 cr |
| 18 | TNA Solutions SME | Live | 70.8% | ₹35.9 cr | ₹105 cr |
| 19 | Nexa Defence (I) SME | DRHP filed | 67.7% | ₹18.9 cr | ₹53.2 cr |
| 20 | Aditya Creative Ornaments SME | DRHP filed | 64.3% | ₹58 cr | ₹157 cr |
| 21 | Sabari Construction Technologies SME | DRHP filed | 61% | ₹182 cr | ₹471 cr |
| 22 | Peshwa Wheat SME | Closed | 56.5% | ₹88.1 cr | ₹216 cr |
| 23 | Robokidz Eduventures SME | DRHP filed | 56.3% | ₹38.2 cr | ₹93.2 cr |
| 24 | Olpad Aqua SME | DRHP filed | 52.6% | ₹67.7 cr | ₹158 cr |
| 25 | Dove Soft SME | Live | 51.3% | ₹120 cr | ₹274 cr |
| 26 | Madhavaa Crafts SME | DRHP filed | 51.3% | ₹6 cr | ₹13.6 cr |
| 27 | R.K. Fashion Accessories SME | Upcoming | 51.2% | ₹13.3 cr | ₹30.4 cr |
| 28 | Technomed Devices India SME | DRHP filed | 50.6% | ₹18 cr | ₹40.9 cr |
| 29 | Steelbuild Infra Projects SME | DRHP filed | 46.8% | ₹158 cr | ₹340 cr |
| 30 | Black Opal Consultants SME | Closed | 45.8% | ₹19.8 cr | ₹42 cr |
| 31 | S.R.G. Narrow Fab SME | DRHP filed | 43% | ₹29.4 cr | ₹60 cr |
| 32 | Omara Ventures India SME | Live | 40.6% | ₹23.2 cr | ₹45.9 cr |
| 33 | Alps Digital Devices SME | DRHP filed | 40.5% | ₹587 cr | ₹1,159 cr |
| 34 | Sai Urja Indo Ventures SME | Closed | 36.6% | ₹45.6 cr | ₹85.1 cr |
| 35 | FX Multitech SME | Closed | 35.7% | ₹68.5 cr | ₹126 cr |
| 36 | Alde Medi Impex SME | DRHP filed | 33.9% | ₹58.6 cr | ₹105 cr |
| 37 | Bench Mark Infotech Services SME | DRHP filed | 33.2% | ₹34.1 cr | ₹60.5 cr |
| 38 | Shree Balajee Tapes And Packaging SME | DRHP filed | 32.3% | ₹8 cr | ₹14 cr |
| 39 | SJP Ultrasonics SME | Live | 32.1% | ₹15.2 cr | ₹26.6 cr |
| 40 | Kasliwal Projects SME | DRHP filed | 31.1% | ₹105 cr | ₹181 cr |
| 41 | Swid Renewables SME | DRHP filed | 31.1% | ₹46.5 cr | ₹79.9 cr |
| 42 | Mundada Polychem SME | DRHP filed | 29.3% | ₹39.6 cr | ₹66.3 cr |
| 43 | Gallant Sports & Infra SME | DRHP filed | 28.9% | ₹60.4 cr | ₹100 cr |
| 44 | Lalsai Global SME | DRHP filed | 27.5% | ₹66.4 cr | ₹108 cr |
| 45 | Watrana Rentals SME | DRHP filed | 27.5% | ₹130 cr | ₹211 cr |
| 46 | Clastek Engineering SME | DRHP filed | 25.9% | ₹43.6 cr | ₹69.1 cr |
| 47 | Quality Enviro Engineers SME | DRHP filed | 25.2% | ₹40.2 cr | ₹63 cr |
| 48 | Kritilabs Technologies SME | DRHP filed | 24.2% | ₹43.5 cr | ₹67.1 cr |
| 49 | Skinnovation SME | DRHP filed | 23.7% | ₹119 cr | ₹182 cr |
| 50 | ISSPL SME | DRHP filed | 23.3% | ₹168 cr | ₹255 cr |
How this list is ranked
Revenue growth a year over the record each offer document gives (usually three years), worked out from the restated revenue it prints. A fast rate from a small first year says more about that year than about the business, so the first and latest revenue are shown beside it. A list ranks the issues by one figure from each offer document. It places them; it says nothing about whether any of the shares is worth owning.
More lists: growth
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