SME IPOs with the highest return on capital employed

Which companies earned the most on the capital in their business in the latest year?

76 SME IPOs newboard has studied give this figure in their offer documents. The median ROCE, latest year is 29.4%, and the middle half run from 23.8% to 40.1%. Omara Ventures India is first, at 85.4% (net debt / EBITDA 1.5×).

Ranked on 4 Oct 2026; the first 50 of 76 are shown. The list moves as studies are added.

#	Issue	Stage	ROCE, latest year	Net debt / EBITDA
1	Omara Ventures India SME	Live	85.4%	1.5×
2	Marco Secure Solutions SME	DRHP filed	78.4%	-
3	Vans Electroengineerings SME	Closed	64%	0.3×
4	R.K. Fashion Accessories SME	Upcoming	57.7%	0.2×
5	Harekrishna Rubber Industries SME	DRHP filed	53.2%	0.6×
6	Steelbuild Infra Projects SME	DRHP filed	53.1%	0.4×
7	Tgtmc Supply Chain SME	DRHP filed	51.7%	1×
8	S.R.G. Narrow Fab SME	DRHP filed	51.4%	2.4×
9	Sai Urja Indo Ventures SME	Closed	50.7%	1×
10	ACE Furnaces SME	DRHP filed	50.3%	0.3×
11	Eventions SME	Live	48.8%	0.8×
12	Bench Mark Infotech Services SME	DRHP filed	47.7%	-
13	Sbipl Projects SME	DRHP filed	47.2%	0.1×
14	Papadmalji Agro Foods SME	Closed	46.5%	1.2×
15	Liqvd Digital India SME	Closed	44.1%	0.6×
16	TNA Solutions SME	Live	42.8%	3.6×
17	Shree Balajee Tapes And Packaging SME	DRHP filed	42.2%	0.6×
18	Raj Polypack SME	DRHP filed	41.6%	1.3×
19	Black Opal Consultants SME	Closed	40.1%	0.3×
20	Laser Technologies SME	DRHP filed	40.1%	0.8×
21	Roopa Screen SME	Closed	39.3%	0.7×
22	SJP Ultrasonics SME	Live	38.5%	0.6×
23	Suntek Axpress India SME	DRHP filed	38.3%	0.2×
24	Clastek Engineering SME	DRHP filed	38.1%	-
25	LGC Engineering SME	DRHP filed	37.6%	3×
26	Dove Soft SME	Live	36.5%	-
27	Himalaya Nutravedics India SME	Closed	36.4%	0.5×
28	Everestims Technologies SME	Live	36.2%	-
29	Itwings Infosystem SME	DRHP filed	35.9%	1.2×
30	Himalayan Solar SME	Closed	35.8%	0.9×
31	K.K. Emulsions SME	DRHP filed	35.1%	-
32	Natraj Energy SME	DRHP filed	33.5%	1.8×
33	Sabari Construction Technologies SME	DRHP filed	32.9%	1.5×
34	Alps Digital Devices SME	DRHP filed	31.1%	1.6×
35	Madhavaa Crafts SME	DRHP filed	31%	1×
36	Carnet Books SME	DRHP filed	30%	2.5×
37	Shivchem Agro SME	Closed	30%	1.2×
38	Robokidz Eduventures SME	DRHP filed	29.6%	1.7×
39	Paramount Syntex SME	Live	29.2%	1.4×
40	Axiom Gas Engineering SME	Closed	28.9%	0.7×
41	FX Multitech SME	Closed	28.9%	1.3×
42	Aditya Creative Ornaments SME	DRHP filed	28.8%	1.8×
43	Geeta Glasses (India) SME	DRHP filed	28.5%	1.9×
44	Kasliwal Projects SME	DRHP filed	28.4%	1.5×
45	Ideas Electricals & Engineers SME	DRHP filed	28.2%	0.3×
46	Anil Fashions SME	DRHP filed	27.9%	2.4×
47	Kritilabs Technologies SME	DRHP filed	27.8%	1.5×
48	Access Computech SME	DRHP filed	27.5%	0.4×
49	Technomed Devices India SME	DRHP filed	27.5%	2.5×
50	Skinnovation SME	DRHP filed	27.2%	2.3×

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.

Every issue, with other conditions added, in the screener

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