Bookbuilding IPO | ₹[.] Cr | Listing at BSE SME |
NTL India Ltd. IPO is a Book Build Issue consisting solely of fresh issue of upto 0.35 crore equity shares.
The equity shares are proposed to be listed on the BSE SME. Cumulative Capital Pvt.Ltd. is the book running lead manager and Cameo Corporate Services Ltd. is the registrar of the issue. Key details like IPO dates, IPO price bands and lot size are yet to be announced.
Refer to NTL India IPO DRHP for more details.
| IPO Date | [.] |
| Listing Date | [.] |
| Face Value | ₹10 per share |
| Price Band | |
| Lot Size | |
| Sale Type | Fresh capital only |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Total Issue Size | 35,00,000 shares (agg. up to ₹[.] Cr) |
| Fresh Issue | 35,00,000 shares (agg. up to ₹[.] Cr) |
| Share Holding Pre Issue | 80,73,220 shares |
| Share Holding Post Issue | 1,15,73,220 shares |
| Description | Date |
|---|---|
| Filed with SEBI/Exchange | Mon, Dec 15, 2025 |
| SEBI/Exchange approval received | Fri, Feb 20, 2026 |
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50% of the Net Issue |
| Retail Shares Offered | Not less than 35% of the Net Issue. |
| NII Shares Offered | Not less than 15% of the Net Issue |
Incorporated in March 2005, NTL India Ltd. operates in the business-to-business (B2B) segment, providing fleet management and employee transportation services to corporate clients.
The company manages daily employee travel, maintains vehicle fleets, plans routes, and ensures the smooth movement of staff for organisations across its operating regions.
NTL India offers Employee Transportation Services (ETS) and driver-based, on-demand rental services, commonly referred to as Rent-A-Cab (RAC).
Its services cover both scheduled employee commutes and on-demand requirements, including vehicle deployment, driver supervision, and routine operational support.
The company has built processes and systems that help corporate customers manage their transportation needs in an organised, efficient, and cost-effective manner.
The company’s operations span four Indian states, providing regional coverage and enabling it to serve a broad customer base.
It currently operates in Maharashtra, Tamil Nadu, Karnataka, and Telangana, serving clients across sectors such as information technology and IT-enabled services, consulting, financial services and payments, auto components, manufacturing, healthcare, and e-commerce.
As of November 30, 2025, NTL India’s operational fleet comprised 1,683 vehicles. Of these, 1,447 vehicles operate under the hire-purchase model, while 236 vehicles are owned by the company, a structure that reduces upfront capital investment while maintaining operational reliability and flexibility for diverse customer requirements.
As of November 30, 2025, the company employed 280 people across various functions.
Competitive Strength:
NTL India Ltd.'s revenue increased by 18% and profit after tax (PAT) rose by 43% between the financial year ending with March 31, 2025 and March 31, 2024.
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 91.25 | 86.68 | 48.18 | 44.02 |
| Total Income | 39.82 | 137.23 | 116.23 | 86.90 |
| Profit After Tax | 2.60 | 10.56 | 7.40 | 21.47 |
| EBITDA | 7.15 | 20.09 | 20.06 | 15.58 |
| NET Worth | 27.77 | 25.16 | 7.50 | 0.10 |
| Reserves and Surplus | 25.75 | 23.15 | 5.66 | -1.74 |
| Total Borrowing | 38.26 | 37.46 | 28.95 | 32.35 |
| Amount in ₹ Crore | ||||
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Funding capital expenditure for procurement of i) Buses and ii) Chassis & Bus Body Building | 21.20 |
| 2 | Funding of working capital requirements of the Company | 6.00 |
| 3 | General corporate purposes |
| KPI | Mar 31, 2025 |
|---|---|
| ROE | 64.64% |
| ROCE | 25.28% |
| Debt/Equity | 1.49 |
| RoNW | 64.64% |
| PAT Margin | 7.80% |
| EBITDA Margin | 9.77% |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 13.08 | 9.00 |
| Promoter Holding | 65.24% |
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Book Running Lead Manager Fees | |
| 2 | Underwriting Fees | |
| 3 | Market Maker Fees | |
| 4 | Brokerage, selling commission and upload Fees | |
| 5 | Sponsor Bank Fees | |
| 6 | Fees payable to Registrar to Offer | |
| 7 | Fees payable to Legal Advisor | |
| 8 | Statutory Advertisement Expenses | |
| 9 | Statutory Printing Expenses | |
| 10 | Printing, advertising and marketing & promotion expenses | |
| 11 | Regulators including stock exchanges Fees | |
| 12 | Fees for Depositories | |
| 13 | Peer Review Auditor Fees | |
| 14 | Other Fee including document handling, Communication, Courier Charges, Travelling and other Out of Pocket in relation to IPO |
Lead Manager Reports
NTL India IPO is a SME IPO of 35,00,000 equity shares of the face value of ₹10 aggregating up to ₹[.] Crores. The issue is priced at To be declared. The minimum order quantity is .
The NTL India IPO open and close dates are not available as of now.
Cameo Corporate Services Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE SME.
Zerodha customers can apply online in NTL India IPO using UPI as a payment gateway. Zerodha customers can apply in NTL India IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in NTL India IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The NTL India IPO dates are not announced. Please check back again after some time.
NTL India IPO lot size and the minimum order quantity is not available at this time. Please check again later.
You can apply in NTL India IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for NTL India IPO will be done on [.], and the allotted shares will be credited to your demat account by . Check the NTL India IPO allotment status.
The NTL India IPO listing date is not yet announced. The tentative date of listing is .
