Paluck Technologies’ customer reliance fell as supplier reliance rose

Paluck Technologies, referred to as Paluck, reported lower customer reliance but higher supplier reliance in the period ended February 28, 2026. Its top 10 customers generated 44.73% of revenue from operations, down from 65.56% in fiscal 2023, while its top 10 suppliers accounted for 81.34% of purchases, up from 66.31%.

How much did Paluck’s customer reliance fall?

Paluck’s customer reliance fell at every reported concentration level between fiscal 2023 and the period ended February 28, 2026. Top-10 customers contributed Rs 46.9755 crore of Rs 105.0158 crore in revenue from operations, or 44.73%, compared with Rs 60.4789 crore of Rs 92.2557 crore, or 65.56%, in fiscal 2023.

The top-10 customer share therefore declined by 20.83 percentage points across the four disclosed periods. The February 2026 period is not annualised, so its revenue amount cannot be treated as a full-year result; the percentage nevertheless measures the share of revenue generated by the largest customers during that reported period.

Paluck’s largest customer accounted for Rs 8.7084 crore, or 8.29%, of February 2026 revenue, compared with Rs 21.155 crore, or 22.93%, in fiscal 2023. The top five customers accounted for Rs 28.3334 crore, or 26.98%, in the February 2026 period, down from 53.42% in fiscal 2023.

The February 2026 top-10 customer list included four customers in Auto Mobile and Engineering Services and six in Logistics & Equipment Rental Services. Customer 1 contributed Rs 8.7084 crore and Customer 10 contributed Rs 2.5696 crore; the disclosure uses customer labels rather than identifying the counterparties by name.

Why did Paluck’s supplier reliance rise?

Paluck’s supplier reliance increased because a larger proportion of purchases came from its largest suppliers. The top 10 suppliers accounted for Rs 36.8496 crore of Rs 45.3041 crore in purchases during the February 2026 period, or 81.34%, compared with 66.31% of purchases in fiscal 2023.

The top-10 supplier share increased by 15.03 percentage points from fiscal 2023 to the February 2026 period. Purchases in the February 2026 period were not annualised, meaning the reported Rs 45.3041 crore purchase base covers a partial period rather than a full fiscal year.

Paluck’s largest supplier represented Rs 13.796 crore, or 30.45%, of purchases in the February 2026 period, versus 19.94% in fiscal 2023. Its top five suppliers accounted for Rs 27.1359 crore, or 59.90%, of purchases, compared with 49.31% in fiscal 2023.

Paluck’s disclosure quantifies purchases from the largest suppliers but does not name those suppliers, provide supply-contract durations, or state whether alternative suppliers are available. Supplier reliance would remain at a similar level if the same counterparties continued to supply a comparable share of Paluck’s purchase requirements.

How do Paluck’s customer and supplier reliance trends differ?

Paluck’s customer and supplier reliance trends moved in opposite directions: the top-10 customer share fell by 20.83 percentage points, while the top-10 supplier share rose by 15.03 percentage points. In the February 2026 period, 55.27% of revenue came from customers outside the top 10, while 18.66% of purchases came from suppliers outside the top 10.

The gap was also visible among the largest individual counterparties. Paluck’s top customer share declined from 22.93% in fiscal 2023 to 8.29% in the February 2026 period, a reduction of 14.64 percentage points. The top supplier share rose from 19.94% to 30.45%, an increase of 10.51 percentage points.

Customer concentration measures the revenue contribution of customers, whereas supplier concentration measures the purchase share of suppliers. The lower customer concentration reported by Paluck does not establish a corresponding diversification of procurement because the two measures cover separate sides of the operating model.

Paluck’s revenue mix also changed during the reported periods. Auto Mobile and Engineering Services generated Rs 53.5581 crore, or 51.00%, of February 2026 revenue, while Logistics & Equipment Rental Services generated Rs 51.4577 crore, or 49.00%; in fiscal 2025, Logistics & Equipment Rental Services represented 54.45% and Auto Mobile and Engineering Services 45.55%.

What could change Paluck’s concentration levels next?

Paluck’s disclosed expansion plans could change its customer and purchase mix, although the company does not quantify their future concentration effects. In ready-mix concrete, or RMC, Paluck reports an order book of more than Rs 20 crore and plans to install two to four new RMC plants.

Paluck reports 92 transit mixers, 13 concrete pumps and 23 logistics trucks for its RMC activity, alongside a workforce of 192 employees as of February 28, 2026. Adding plants could require purchases associated with added operating capacity, but the disclosure does not identify prospective suppliers or expected purchase values.

Paluck also intends to expand telecom infrastructure work through installation and maintenance of telecom towers and smart poles, technical services for fibre and small-cell deployment, and potential partnerships with telecom companies for fifth-generation, or 5G, infrastructure. These plans describe intended activities, not contracted revenue, customer commitments or supplier arrangements.

In Delhi National Capital Region, Paluck identifies a market for dual-fuel gas conversion kits and retrofit emission control devices for diesel generator sets. The company cites more than 80,000 generator sets and an estimated Rs 4,000 crore market opportunity, but does not disclose the revenue, purchase requirements or counterparties expected from this opportunity.

Conclusion

Paluck’s February 2026 disclosures show reduced reliance on its largest customers alongside increased reliance on its largest suppliers. The top-10 customer group fell below half of revenue from operations at 44.73%, while the top-10 supplier group exceeded four-fifths of purchases at 81.34%, showing that sales and procurement concentration changed in different directions.

The next developments to watch are Paluck’s stated plan to add two to four RMC plants, expand telecom infrastructure services and pursue North India automotive original equipment manufacturer partnerships. These initiatives could alter customer, segment and supplier mix, but Paluck has not disclosed supplier alternatives, contract terms or expected concentration effects from the plans.