Mainboard IPOs with the highest EBITDA margins
Which companies coming to the market kept the most of each rupee of revenue as operating profit?
210 mainboard IPOs newboard has studied give this figure in their offer documents. The median EBITDA margin, latest year is 14.5%, and the middle half run from 9.5% to 21.6%. Elevate Campuses is first, at 77.4% (revenue, latest year ₹569 cr).
Ranked on 4 Oct 2026; the first 50 of 210 are shown. The list moves as studies are added.
| # | Issue | Stage | EBITDA margin, latest year | Revenue, latest year |
|---|---|---|---|---|
| 1 | Elevate Campuses | Listed | 77.4% | ₹569 cr |
| 2 | Sembcorp Green Infra | DRHP filed | 74.2% | ₹2,653 cr |
| 3 | Grand Housing | DRHP filed | 66.9% | ₹157 cr |
| 4 | Appl Containers | DRHP filed | 64.8% | ₹69 cr |
| 5 | Aggcon Equipments International | DRHP filed | 61.3% | ₹164 cr |
| 6 | Abakkus Asset Manager | DRHP filed | 53.5% | ₹766 cr |
| 7 | Jio Platforms | DRHP filed | 51.9% | ₹1,46,885 cr |
| 8 | Inox Air Products | DRHP filed | 51.3% | ₹3,034 cr |
| 9 | Mann Fleet Partners | DRHP filed | 50% | ₹95.3 cr |
| 10 | Pride Hotels | DRHP filed | 47.1% | ₹306 cr |
| 11 | Hotel Polo Towers | DRHP filed | 44.6% | ₹118 cr |
| 12 | Sify Infinit Spaces | DRHP filed | 44.4% | ₹1,428 cr |
| 13 | G. Surgiwear | DRHP filed | 44.2% | ₹224 cr |
| 14 | Bonbloc Technologies | DRHP filed | 43.6% | ₹103 cr |
| 15 | Beauty Garage | DRHP filed | 43.3% | ₹96.9 cr |
| 16 | Wog Technologies | DRHP filed | 41.1% | - |
| 17 | Runwal Developers | DRHP filed | 39.8% | ₹1,163 cr |
| 18 | AGS Health | UDRHP filed | 36.1% | ₹2,041 cr |
| 19 | Pentacle Consultants (I) | DRHP filed | 36% | ₹91.7 cr |
| 20 | Encube Ethicals | DRHP filed | 35.9% | ₹1,849 cr |
| 21 | Gni Infrastructure | DRHP filed | 35.2% | ₹309 cr |
| 22 | Sanghvi Housing And Infrastructure | DRHP filed | 35.2% | ₹102 cr |
| 23 | Medicap Healthcare | DRHP filed | 34.3% | ₹108 cr |
| 24 | Bvishal Oil And Energy | DRHP filed | 32.6% | ₹174 cr |
| 25 | Hd Fire Protect | DRHP filed | 31.9% | ₹433 cr |
| 26 | Tmc Transformers India | DRHP filed | 31.9% | ₹417 cr |
| 27 | Shivganga Drillers | DRHP filed | 31.7% | ₹354 cr |
| 28 | Chartered Speed | DRHP filed | 31.6% | ₹667 cr |
| 29 | Matangi Rubber | DRHP filed | 30.5% | ₹101 cr |
| 30 | Casagrand Premier Builder | DRHP filed | 30.4% | ₹2,696 cr |
| 31 | Shah Investor's Home | Closed | 30.2% | ₹71.5 cr |
| 32 | Learnfluence Education | DRHP filed | 29.9% | ₹129 cr |
| 33 | Pes Installations | DRHP filed | 29.9% | ₹111 cr |
| 34 | Sfc Environmental Technologies | DRHP filed | 29.7% | ₹698 cr |
| 35 | Allied Engineering Works | DRHP filed | 28.9% | ₹717 cr |
| 36 | Tonbo Imaging India | DRHP filed | 28.9% | ₹363 cr |
| 37 | Adroit Industries (India) | Listed | 27.7% | ₹140 cr |
| 38 | Aragen Life Sciences | DRHP filed | 27.3% | ₹2,178 cr |
| 39 | AITMC Ventures | UDRHP filed | 26.7% | ₹107 cr |
| 40 | Gaurik Fashions | DRHP filed | 25.9% | ₹220 cr |
| 41 | Eldorado Agritech | DRHP filed | 25.2% | ₹442 cr |
| 42 | J Infratech | DRHP filed | 25.1% | ₹1,722 cr |
| 43 | Shivalaya Construction | DRHP filed | 24.8% | ₹3,125 cr |
| 44 | Advanta Enterprises | DRHP filed | 24.7% | ₹5,566 cr |
| 45 | Hindustan Laboratories | DRHP filed | 24.5% | ₹220 cr |
| 46 | Jerai Fitness | DRHP filed | 24.4% | ₹128 cr |
| 47 | Rodec Pharma | DRHP filed | 24.2% | ₹106 cr |
| 48 | Vishvaraj Environment | DRHP filed | 24.1% | - |
| 49 | Avaada Electro | UDRHP filed | 23.7% | ₹0 cr |
| 50 | Renfra Energy India | DRHP filed | 23.4% | ₹1,014 cr |
How this list is ranked
EBITDA (profit before interest, tax, depreciation and amortisation) as a share of revenue from operations for the latest full year, as each offer document states it in its key performance indicators. Margins differ by industry, so a list mixes very different businesses. 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.
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