Mainboard IPOs with the highest return on capital employed
Which companies earned the most on the capital in their business in the latest year?
101 mainboard IPOs newboard has studied give this figure in their offer documents. The median ROCE, latest year is 23.8%, and the middle half run from 18.2% to 33.1%. Deon Energy is first, at 118.7%.
Ranked on 4 Oct 2026; the first 50 of 101 are shown. The list moves as studies are added.
| # | Issue | Stage | ROCE, latest year | Net debt / EBITDA |
|---|---|---|---|---|
| 1 | Deon Energy | DRHP filed | 118.7% | - |
| 2 | Polite Powertech | DRHP filed | 94.8% | - |
| 3 | Oswal Energies | DRHP filed | 82.4% | 0.2× |
| 4 | Grace Renewable Energy | DRHP filed | 80.5% | - |
| 5 | Master Chains N Jewels | DRHP filed | 77.1% | - |
| 6 | Expression 360 Services India | DRHP filed | 68.1% | - |
| 7 | Integrum Energy Infrastructure | DRHP filed | 56.2% | - |
| 8 | Shivganga Drillers | DRHP filed | 54.5% | - |
| 9 | Baanganga Gold & Diamond (I) | DRHP filed | 49.5% | 1.4× |
| 10 | Pragyawan Technologies | DRHP filed | 46.1% | - |
| 11 | Kianm Export | DRHP filed | 43.4% | 2.5× |
| 12 | Nityas Gems and Jewellery | Live | 42.9% | 0.3× |
| 13 | Momai Art | DRHP filed | 42.2% | 1.5× |
| 14 | Pci Infraprojects | DRHP filed | 40% | 2.7× |
| 15 | J Infratech | DRHP filed | 39.7% | 1.1× |
| 16 | Hd Fire Protect | DRHP filed | 39.6% | - |
| 17 | Tanvi Exports India | DRHP filed | 38.6% | 1.2× |
| 18 | Sadbhav Futuretech | DRHP filed | 37.2% | - |
| 19 | Pes Installations | DRHP filed | 36.8% | 0.5× |
| 20 | Mehta Hitech Industries | DRHP filed | 36% | - |
| 21 | Grand Housing | DRHP filed | 35.6% | - |
| 22 | Hi Tech Flow Solutions | DRHP filed | 35.6% | 0.9× |
| 23 | Kataline | DRHP filed | 34.9% | - |
| 24 | Aarvee Engineering Consultants | DRHP filed | 34.5% | - |
| 25 | Pentacle Consultants (I) | DRHP filed | 33.6% | 0.3× |
| 26 | Hindustan Laboratories | DRHP filed | 33.1% | - |
| 27 | Electromech Infraprojects | DRHP filed | 32.9% | - |
| 28 | Encube Ethicals | DRHP filed | 32.3% | - |
| 29 | Jagatjit Agri Engineering | DRHP filed | 31.1% | 2.1× |
| 30 | Technopaints And Chemicals | DRHP filed | 31% | 0.1× |
| 31 | Pioneer Fabricators | DRHP filed | 29.9% | 0.6× |
| 32 | G. Surgiwear | DRHP filed | 29.7% | 0.9× |
| 33 | S. G. Encon | DRHP filed | 29.5% | - |
| 34 | Rathod Jewellery Manufacturing | DRHP filed | 29.3% | 1.2× |
| 35 | Rsb Retail India | DRHP filed | 29% | 0.8× |
| 36 | Pioneer Fil-Med | DRHP filed | 28.8% | - |
| 37 | Srit India | Closed | 28.8% | 0.5× |
| 38 | Rotomag Enertec | DRHP filed | 28.2% | 0.3× |
| 39 | Vishal Nirmiti | Live | 28% | 1.7× |
| 40 | M. K. Sons Fine Jewels | DRHP filed | 27.2% | - |
| 41 | Gujarat Victory Forgings | DRHP filed | 27% | - |
| 42 | Sillverton Industries | Lapsed | 26.9% | - |
| 43 | Pmcona Industries | DRHP filed | 26.8% | - |
| 44 | Premier Industrial Corporation | DRHP filed | 26% | - |
| 45 | Rudra Cottex | DRHP filed | 25.8% | 1.7× |
| 46 | Swastika Infra | Listed | 25.8% | 1.6× |
| 47 | Dhariwal Buildtech | DRHP filed | 24.6% | 1.5× |
| 48 | Royal Chain | DRHP filed | 24.6% | 2.1× |
| 49 | ArMee Infotech | Listed | 24.1% | 2× |
| 50 | Vardhman Appliances | DRHP filed | 24% | 2× |
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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