Mainboard IPOs with the lowest P/E at the price band

Which IPOs came at the lowest price against their latest year's profit?

14 mainboard IPOs newboard has studied give this figure in their offer documents. The median P/E at the upper band is 24.4×, and the middle half run from 20.3× to 26.7×. German Green Steel and Power is first, at 13.1× (peer median P/E 22.5×; market cap ₹1,047 cr).

Ranked on 4 Oct 2026. The list moves as studies are added.

#	Issue	Stage	P/E at the upper band	Peer median P/E	Market cap
1	German Green Steel and Power	Closed	13.1×	22.5×	₹1,047 cr
2	Swastika Infra	Listed	15.2×	12.4×	₹632 cr
3	Srit India	Closed	19.3×	18.6×	₹836 cr
4	Nityas Gems and Jewellery	Live	19.4×	18.6×	₹432 cr
5	Adroit Industries (India)	Listed	23×	13×	₹600 cr
6	Vishal Nirmiti	Live	23.2×	14.3×	₹581 cr
7	Runwal Enterprises	Closed	24.1×	33.4×	₹4,468 cr
8	A-One Steels India	Listed	24.7×	45.8×	₹3,128 cr
9	Moneyview	Listed	24.7×	33.7×	₹5,985 cr
10	ArMee Infotech	Listed	26.2×	14.6×	₹1,190 cr
11	Shah Investor's Home	Closed	26.8×	16.3×	₹353 cr
12	Elevate Campuses	Listed	35.1×	-	₹6,101 cr
13	Varmora Granito	Listed	53.9×	44×	₹3,345 cr
14	Orient Cables (India)	Closed	57.8×	47.8×	₹3,095 cr

How this list is ranked

P/E at the upper end of the price band: market capitalisation after the issue over the latest full year's profit after tax, from each offer document. Loss-making issues have no P/E and are left out. A low P/E is arithmetic, not a finding about the price: the latest year's profit may be unusually high, and peers may not run the same business. 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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