IPOs with the highest return on capital employed
Which companies earned the most on the capital in their business in the latest year?
177 IPOs newboard has studied give this figure in their offer documents. The median ROCE, latest year is 27.2%, and the middle half run from 19.7% to 36.5%. Deon Energy is first, at 118.7%.
Ranked on 4 Oct 2026; the first 50 of 177 are shown. The list moves as studies are added.
| # | Issue | Board | Stage | ROCE, latest year | Net debt / EBITDA |
|---|---|---|---|---|---|
| 1 | Deon Energy | Mainboard | DRHP filed | 118.7% | - |
| 2 | Polite Powertech | Mainboard | DRHP filed | 94.8% | - |
| 3 | Omara Ventures India SME | SME | Live | 85.4% | 1.5× |
| 4 | Oswal Energies | Mainboard | DRHP filed | 82.4% | 0.2× |
| 5 | Grace Renewable Energy | Mainboard | DRHP filed | 80.5% | - |
| 6 | Marco Secure Solutions SME | SME | DRHP filed | 78.4% | - |
| 7 | Master Chains N Jewels | Mainboard | DRHP filed | 77.1% | - |
| 8 | Expression 360 Services India | Mainboard | DRHP filed | 68.1% | - |
| 9 | Vans Electroengineerings SME | SME | Closed | 64% | 0.3× |
| 10 | R.K. Fashion Accessories SME | SME | Upcoming | 57.7% | 0.2× |
| 11 | Integrum Energy Infrastructure | Mainboard | DRHP filed | 56.2% | - |
| 12 | Shivganga Drillers | Mainboard | DRHP filed | 54.5% | - |
| 13 | Harekrishna Rubber Industries SME | SME | DRHP filed | 53.2% | 0.6× |
| 14 | Steelbuild Infra Projects SME | SME | DRHP filed | 53.1% | 0.4× |
| 15 | Tgtmc Supply Chain SME | SME | DRHP filed | 51.7% | 1× |
| 16 | S.R.G. Narrow Fab SME | SME | DRHP filed | 51.4% | 2.4× |
| 17 | Sai Urja Indo Ventures SME | SME | Closed | 50.7% | 1× |
| 18 | ACE Furnaces SME | SME | DRHP filed | 50.3% | 0.3× |
| 19 | Baanganga Gold & Diamond (I) | Mainboard | DRHP filed | 49.5% | 1.4× |
| 20 | Eventions SME | SME | Live | 48.8% | 0.8× |
| 21 | Bench Mark Infotech Services SME | SME | DRHP filed | 47.7% | - |
| 22 | Sbipl Projects SME | SME | DRHP filed | 47.2% | 0.1× |
| 23 | Papadmalji Agro Foods SME | SME | Closed | 46.5% | 1.2× |
| 24 | Pragyawan Technologies | Mainboard | DRHP filed | 46.1% | - |
| 25 | Liqvd Digital India SME | SME | Closed | 44.1% | 0.6× |
| 26 | Kianm Export | Mainboard | DRHP filed | 43.4% | 2.5× |
| 27 | Nityas Gems and Jewellery | Mainboard | Live | 42.9% | 0.3× |
| 28 | TNA Solutions SME | SME | Live | 42.8% | 3.6× |
| 29 | Momai Art | Mainboard | DRHP filed | 42.2% | 1.5× |
| 30 | Shree Balajee Tapes And Packaging SME | SME | DRHP filed | 42.2% | 0.6× |
| 31 | Raj Polypack SME | SME | DRHP filed | 41.6% | 1.3× |
| 32 | Black Opal Consultants SME | SME | Closed | 40.1% | 0.3× |
| 33 | Laser Technologies SME | SME | DRHP filed | 40.1% | 0.8× |
| 34 | Pci Infraprojects | Mainboard | DRHP filed | 40% | 2.7× |
| 35 | J Infratech | Mainboard | DRHP filed | 39.7% | 1.1× |
| 36 | Hd Fire Protect | Mainboard | DRHP filed | 39.6% | - |
| 37 | Roopa Screen SME | SME | Closed | 39.3% | 0.7× |
| 38 | Tanvi Exports India | Mainboard | DRHP filed | 38.6% | 1.2× |
| 39 | SJP Ultrasonics SME | SME | Live | 38.5% | 0.6× |
| 40 | Suntek Axpress India SME | SME | DRHP filed | 38.3% | 0.2× |
| 41 | Clastek Engineering SME | SME | DRHP filed | 38.1% | - |
| 42 | LGC Engineering SME | SME | DRHP filed | 37.6% | 3× |
| 43 | Sadbhav Futuretech | Mainboard | DRHP filed | 37.2% | - |
| 44 | Pes Installations | Mainboard | DRHP filed | 36.8% | 0.5× |
| 45 | Dove Soft SME | SME | Live | 36.5% | - |
| 46 | Himalaya Nutravedics India SME | SME | Closed | 36.4% | 0.5× |
| 47 | Everestims Technologies SME | SME | Live | 36.2% | - |
| 48 | Mehta Hitech Industries | Mainboard | DRHP filed | 36% | - |
| 49 | Itwings Infosystem SME | SME | DRHP filed | 35.9% | 1.2× |
| 50 | Himalayan Solar SME | SME | Closed | 35.8% | 0.9× |
How this list is ranked
Return on capital employed for the latest full year as each offer document states it in its key performance indicators. Companies define capital employed in slightly different ways; each study gives the page. 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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