Mainboard IPOs most dependent on their largest customer
Which companies coming to the market earned the largest share of revenue from a single customer?
87 mainboard IPOs newboard has studied give this figure in their offer documents. The median largest customer, share of revenue is 24.1%, and the middle half run from 15.5% to 37.9%. S. G. Encon is first, at 90.4% (top ten customers, share of revenue 99.6%).
Ranked on 4 Oct 2026; the first 50 of 87 are shown. The list moves as studies are added.
| # | Issue | Stage | Largest customer, share of revenue | Top ten customers, share of revenue |
|---|---|---|---|---|
| 1 | S. G. Encon | DRHP filed | 90.4% | 99.6% |
| 2 | Avaada Electro | UDRHP filed | 89.3% | - |
| 3 | Appl Containers | DRHP filed | 88.2% | - |
| 4 | Sadbhav Futuretech | DRHP filed | 86.5% | - |
| 5 | Anchor Offshore Services | DRHP filed | 75.6% | 97.4% |
| 6 | Bonbloc Technologies | DRHP filed | 75.4% | - |
| 7 | Shivganga Drillers | DRHP filed | 66% | - |
| 8 | Chartered Speed | DRHP filed | 61.7% | - |
| 9 | Bvishal Oil And Energy | DRHP filed | 60.3% | - |
| 10 | Rkcpl | DRHP filed | 60.1% | - |
| 11 | Laxyo | DRHP filed | 58.1% | - |
| 12 | Dhariwal Buildtech | DRHP filed | 58% | - |
| 13 | Rudra Green Ship Recycling | DRHP filed | 52.5% | 66.3% |
| 14 | J Infratech | DRHP filed | 50.5% | - |
| 15 | Integrum Energy Infrastructure | DRHP filed | 49.5% | 95.9% |
| 16 | Arete 22 | DRHP filed | 49.1% | - |
| 17 | Oswal Energies | DRHP filed | 47.4% | 99.5% |
| 18 | Pes Installations | DRHP filed | 42.3% | 78.3% |
| 19 | Rudra Cottex | DRHP filed | 42.3% | 96.2% |
| 20 | Vishal Nirmiti | Live | 40.6% | 92.9% |
| 21 | Rathod Jewellery Manufacturing | DRHP filed | 40.4% | 98.1% |
| 22 | Hero Motors | Listed | 38% | - |
| 23 | Playsimple Games | DRHP filed | 37.8% | 82.5% |
| 24 | Polite Powertech | DRHP filed | 36.2% | 93.1% |
| 25 | Monomark Engineering (India) | DRHP filed | 35.7% | 87.7% |
| 26 | Rkb Global | DRHP filed | 35% | 74.6% |
| 27 | Associated Power Structures | DRHP filed | 34% | 96% |
| 28 | Electromech Infraprojects | DRHP filed | 31.5% | - |
| 29 | Punjab Carbonic | DRHP filed | 31.5% | 71.2% |
| 30 | Cosmic Pv Power | DRHP filed | 30.4% | 80.1% |
| 31 | ArMee Infotech | Listed | 29.7% | - |
| 32 | Pci Infraprojects | DRHP filed | 29.2% | 81.8% |
| 33 | Technopaints And Chemicals | DRHP filed | 29.1% | 81.9% |
| 34 | Vardhman Appliances | DRHP filed | 28.4% | 65.6% |
| 35 | Trenzet Infra | DRHP filed | 26.8% | 99.2% |
| 36 | Orient Cables (India) | Closed | 25.8% | 76.5% |
| 37 | T.C. Terrytex | DRHP filed | 25.6% | 62.1% |
| 38 | Transline Technologies | DRHP filed | 25.5% | 81% |
| 39 | Jagatjit Agri Engineering | DRHP filed | 25.2% | 50% |
| 40 | Sunil Gold India | DRHP filed | 25.1% | 93.3% |
| 41 | Baanganga Gold & Diamond (I) | DRHP filed | 24.7% | 59.9% |
| 42 | Pentacle Consultants (I) | DRHP filed | 24.6% | 96.3% |
| 43 | Vishakha Renewables | DRHP filed | 24.6% | 71.4% |
| 44 | Functional & Innovative Foods | DRHP filed | 24.1% | 69.8% |
| 45 | Momai Art | DRHP filed | 23.9% | 60.8% |
| 46 | Aspri Spirits | DRHP filed | 23.2% | 42% |
| 47 | Bls Polymers | DRHP filed | 23% | 64.4% |
| 48 | Swara Baby Products | DRHP filed | 22.6% | 80.3% |
| 49 | Mann Fleet Partners | DRHP filed | 22.1% | 46.7% |
| 50 | Nnt Developers | DRHP filed | 22.1% | 85.6% |
How this list is ranked
The largest customer's share of revenue from operations in the latest period each offer document gives, usually stated in its risk factors. Many documents do not name the customer; each study says whether it does. 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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