Paluck Technologies revenue is nearly evenly split by segment

Paluck Technologies Limited reported a nearly even revenue split in the eleven months ended February 28, 2026: Automobile and Engineering Services contributed Rs 53.5581 crore, or 51%, while Logistics & Equipment Rental Services contributed Rs 51.4577 crore, or 49%. The filing reports telecom and original equipment manufacturer activities within the first segment, not as separate revenue lines.

How is Paluck Technologies revenue split between its two segments?

Paluck Technologies reports revenue through two segments, with Automobile and Engineering Services marginally ahead in the eleven months ended February 28, 2026. The segment difference was Rs 2.1004 crore on total revenue from operations of Rs 105.0158 crore, meaning neither reported segment represented a majority materially above one-half of the total.

The February 28, 2026 figures cover 11 months and are not annualised. Revenue from operations was entirely domestic in each disclosed period, rising from Rs 92.2557 crore in fiscal 2023 to Rs 100.7354 crore in fiscal 2024 and Rs 102.8100 crore in fiscal 2025. The segment disclosure combines multiple underlying services into two reported categories.

Paluck Technologies’ segment mix changed from fiscal 2025, when Logistics & Equipment Rental Services accounted for 54.45% of revenue and Automobile and Engineering Services accounted for 45.55%. In the partial 2026 period, Automobile and Engineering Services rose to 51%, a 5.45-percentage-point increase in share, while Logistics & Equipment Rental Services declined to 49%.

What is included in Paluck Technologies Automobile and Engineering Services?

Paluck Technologies includes telecom engineering, authorised dealership, distribution and service-centre activities in Automobile and Engineering Services. Telecom engineering has been provided since 2011 under annual contracts with telecommunications original equipment manufacturers, or OEMs, which subcontract work such as network implementation, site integration, network strengthening, capacity enhancement, upgrades and operational maintenance.

The telecom activity includes Base Transceiver Station, or BTS, and Optical Fiber Cable, or OFC, maintenance for a government-owned operator. Paluck Technologies lists telecom operations across Kolkata, Bihar, Odisha, Jharkhand, Uttar Pradesh, Uttarakhand, Madhya Pradesh, Gujarat, Rajasthan, Maharashtra, Punjab, Haryana, Delhi-NCR and Tamil Nadu. The filing does not disclose telecom revenue, BTS maintenance revenue or OEM-specific revenue within the Rs 53.5581 crore segment total for the 11 months ended February 28, 2026.

The same segment covers power-equipment servicing, commercial-vehicle servicing and a two-wheeler dealership and service centre. Power-equipment work includes servicing diesel generating sets, gas engines, dual-fuel generators and non-fossil-fuel generators, as well as sales of genuine spare parts and components; listed service-centre locations include Gurgaon, Faridabad, Rewari and Ghaziabad.

Paluck Technologies also operates a commercial-vehicle service centre on the Delhi-Jaipur Highway and a two-wheeler dealership and service centre in Gurgaon. The commercial-vehicle facility provides maintenance, engine tuning, wheel alignment, brake adjustments, repairs, warranty servicing and spare-parts supply. These different activities broaden the operational composition of the segment, but the filing does not provide their individual revenue shares.

How does Paluck Technologies generate logistics and equipment-rental revenue?

Paluck Technologies generated Rs 51.4577 crore from Logistics & Equipment Rental Services in the 11 months ended February 28, 2026. The segment provides end-to-end concrete transportation and supply, as well as equipment rental for residential, commercial and public-infrastructure projects in Delhi-NCR, Rajasthan, Gujarat, Madhya Pradesh, Haryana, Jammu & Kashmir and Odisha.

The disclosed fleet comprises 92 transit mixers, 13 concrete pumps and 23 logistics trucks, totalling 128 units. The filing states that the rental operation has more than 60 employees, while the segment-wise employee table records 60 employees in Logistics & Equipment Rental Services Construction as of February 28, 2026. Revenue capacity in this segment is linked to deployment of those fleet units and project work in the seven named operating regions.

Logistics & Equipment Rental Services was the larger reported segment in fiscal 2023, fiscal 2024 and fiscal 2025. Its share increased from 52.09% in fiscal 2023 to 55.70% in fiscal 2024, before easing to 54.45% in fiscal 2025. The 49% share reported for the 11 months ended February 2026 is the first of the four disclosed periods in which it was smaller than Automobile and Engineering Services.

Paluck Technologies has linked this segment to a Ready-Mix Concrete, or RMC, expansion plan. The company disclosed an RMC order book and ongoing contracts of more than Rs 20 crore and plans to install two to four new RMC plants. Any contribution from the planned plants depends on installation and on customer demand converting into concrete transportation, supply and equipment-rental work.

How concentrated are Paluck Technologies revenue and customers?

Paluck Technologies’ revenue is concentrated in two reported segments, while the disclosed contribution from its largest customers fell in the latest partial period. The top 10 customers supplied Rs 46.9755 crore, or 44.73%, of revenue from operations in the 11 months ended February 28, 2026, compared with 59.59% in fiscal 2025, 61.41% in fiscal 2024 and 65.56% in fiscal 2023.

The largest customer contributed Rs 8.7084 crore, or 8.29%, in the 11 months ended February 28, 2026, compared with Rs 20.2516 crore, or 19.70%, in fiscal 2025. The top five customers accounted for 26.98% in the latest period, down from 52.32% in fiscal 2025. The filing labels the latest top-10 customers by segment but does not provide a segment-by-segment concentration calculation.

Haryana was the largest state revenue source, contributing Rs 57.1963 crore, or 54.46%, in the 11 months ended February 28, 2026. Uttar Pradesh contributed Rs 9.8925 crore, or 9.42%, followed by Delhi at Rs 7.0679 crore, or 6.73%. Haryana’s share declined from 59.61% in fiscal 2025 but remained above half of revenue, alongside the company’s Delhi-NCR and Delhi-Jaipur Highway operating locations.

What could change Paluck Technologies’ revenue split?

Paluck Technologies plans to expand activities within both existing reported segments rather than disclose a third segment. In telecom, the company seeks to provide installation and maintenance for telecom towers and smart poles, technical services for fibre and small-cell deployment, and partnerships for fifth-generation, or 5G, infrastructure support. Under the current reporting structure, these activities would sit within Automobile and Engineering Services.

The company also plans to deepen OEM partnerships, establish authorised service centres in industrial belts and offer diagnostics, emission-control and aftermarket services. For diesel-generator sets in Delhi-NCR, Paluck Technologies identifies dual-fuel gas conversion kits and Retrofit Emission Control Devices, or RECDs, as an opportunity. The filing cites more than 80,000 generator sets in the region and a Rs 4,000 crore market opportunity, but gives no forecast of company revenue from the initiative.

The reported 51%-49% balance will depend on execution of the two-to-four RMC plant plan, fleet utilisation, telecom contracts, OEM service demand and generator-retrofit activity. Because the February 2026 period is not annualised and ends one month before a fiscal year-end, it does not establish a full-year segment mix.

Conclusion

Paluck Technologies’ reported business model is financially divided between two almost equal segments. Automobile and Engineering Services delivered 51% of Rs 105.0158 crore revenue from operations in the 11 months ended February 28, 2026, while Logistics & Equipment Rental Services delivered 49%; telecom, generator servicing, vehicle dealerships and OEM service operations remain aggregated within the first category.

The next disclosures to watch are the planned installation of two to four RMC plants, progress in telecom and 5G support work, and activity related to Delhi-NCR generator retrofits. A subsequent full-year disclosure will show whether the partial-period 51%-49% revenue split persists and whether those expansion plans alter either segment’s reported share.