AbridgedLast filing 14 Oct 20263 medium

Paramotor Digital Technology Limited

CIN

Detailed viewexpand everythingSource documents

Paramotor Digital Technology Limited (CIN U74999MH2016PLC287408) has filed a SEBI filings with SEBI for an IPO comprising a fresh issue of ₹698 Cr and an offer for sale of ₹302 Cr. In FY26 it reported revenue of ₹603 Cr (+438.2% on FY25) and a net profit of ₹59 Cr. Promoters hold 98.9% before the IPO. Our earlier look-up of its claims found 3 medium or high concerns across 39 claims looked up.

Read from public SEBI filings; last updated 14 Oct 2026. Not investment advice.

Key signals

Read from the filing. Signals summarise it; they are not a recommendation or investment advice.

ValuationNot available
Not yetThe price band isn't out, so P/E and price-to-book can't be worked out.
GrowthLooks fine
327% a yearSales FY24 to FY26; latest year +438.2%.p.72
ProfitabilityLook closer
9.8% net marginFY26; operating margin slipping.p.72
DebtLooks fine
No borrowingsNothing borrowed at the end of FY26.p.72
Profit into cashLook closer
47% of profitOperations brought in ₹27.9 crore against ₹59.1 crore of profit in FY26.p.72
One-off incomeLook closer
1% of profitOther and one-off income is 1% of pre-tax profit; management describes 7 one-off items.p.342
Where the money goesLooks fine
30% for sale70% is new shares issued by the company.p.101
Red flagsLook closer
3 to review39 claims looked up earlier: 0 high, 3 medium concern.

How we rate these

Valuation: P/E at the top of the band: up to 25x good, up to 40x watch, above that concern.
Growth: Sales growth per year: 20% or more good, 8% or more watch, below that concern.
Profitability: Net profit margin: 10% or more good, 4% or more watch, below that concern. The trend note compares operating margin with the year before (1.5 points either way).
Debt: Borrowings / net worth: up to 0.5x good, up to 1.5x watch, above that concern.
Profit into cash: Cash from operations as a share of net profit: 80% or more good, 40% or more watch, below that (or negative) concern.
One-off income: Other and one-off income as a share of pre-tax profit: up to 10% good, up to 30% watch, above that concern. Any one-off item management itself describes moves "good" to "watch".
Where the money goes: Offer for sale as a share of the whole issue: under 40% good, under 75% watch, above that concern. In an offer for sale the money goes to the selling shareholders, not the company.
Red flags: Earlier web look-ups of the filing's claims: any high-concern finding is concern, any medium is watch, otherwise good.

Rules are rules of thumb, not a verdict: a fast-growing business can reasonably carry a higher P/E, and some sectors run on debt.

Original draft not analysed yet. We have one filing for this company, but not its full draft prospectus. The amendments below are shown on their own until it is added.

The IPO

What Paramotor Digital Technology Limited is offering, at what price, and who owns it today. Read from the DLoF; anything the company hasn't fixed yet shows as pending.

Draft under SEBI review

Price band and dates are announced only once the RHP is filed.

Fresh issue: ₹698 Cr
Offer for sale: ₹302 Cr
Price band: To be announced
Shares today: 3.88 Cr
Face value: ₹10
Listing on: BSE & NSEEQ

Lead managers

Motilal Oswal Investment AdvisorsEquirus Capital

Registrar

MUFG Intime India

Read from p.1 p.68 p.69 p.70+3

Where the money goes

Earmarked for specific objects

₹487 Cr

of a ₹698 Cr fresh issue

Object	₹ crore	% of issue
Marketing Expenditure towards customer acquisition, retention and brand and business promotion initiatives	355	51%
Technology / R&D Investment in technology development initiatives, cloud infrastructure services and IT assets	94	13%
Other Investment in office infrastructure	38	5.4%
General corporate General corporate purposes	Not fixed yet	n/a

Amounts marked “not fixed yet” are left blank in the draft and are set once the price is decided. Source: page 101

Who owns it

Promoters hold before the IPO

98.9%

Promoters 98.9%Promoter group 0.5%Public 0.3%

Holder	Shares	% before IPO
10 38,820,384 - -Promoter	3.88 Cr	100.0%
84 100.00% - 38,820,Promoter	384	100.0%
5 38,764,000 - -Promoter	3.88 Cr	99.9%
00 99.85% - 38,764,Promoter	0	99.9%
Sonia Pankaj AsherPromoter	5,500	49.9%
Rahul AnandPromoter	5,500	49.9%
Sonia Pankaj AsherPromoter	5,500	49.9%
Rahul AnandPromoter	5,500	49.9%
Sonia Pankaj AsherPromoter	1.92 Cr	49.5%
Rahul AnandPromoter	1.92 Cr	49.5%
Sonia Pankaj AsherPromoter	1.92 Cr	49.5%
Rahul AnandPromoter	1.92 Cr	49.5%
Sonia Pankaj AsherPromoter	1.92 Cr	49.5%
Rahul AnandPromoter	1.92 Cr	49.5%
Sonia Asher Capital TrustPromoter group	1.75 lakh	0.5%

Valuation

Valuation comes with the price band. P/E, price-to-book and price-to-sales need an offer price, and draft filings leave it blank. We'll compute them here as soon as the RHP announces the band.

Financials

What Paramotor Digital Technology Limited earned and how, read straight from its DLoF.

Sales FY26

₹603 Cr

+438.2% vs FY25

Net profit FY26

₹59 Cr

9.8% net margin

Net worth

₹94 Cr

Debt / equity 0.00x

Operating cash flow FY26

₹28 Cr

Cash generated by the business

₹ crore · Standalone · FY = year ended 31 MarchSource p.71 p.72 p.74

Metric	FY24	FY25	3M Jun-25	FY26	3M Jun-26
Profit & loss
Sales	33	112	21	603	253
Sales growth	–	238.8%	–	438.2%	–
Operating profit	7.1	35	12	78	33
Operating margin	21.4%	31.5%	59.0%	13.0%	12.9%
Other income	0.03	0.03	0.10	0.39	0.01
Interest	0.04	0.07	0.02	0.23	0.07
Depreciation	0.22	0.37	0.08	1.1	0.73
Profit before tax	6.9	35	12	77	32
Profit before tax excl. other & one-off income	6.8	35	12	77	32
Other & one-off income as % of PBT	0.4%	0.1%	0.8%	0.5%	0.0%
Tax rate	28.0%	29.7%	25.2%	23.5%	25.2%
Net profit	4.9	25	9.2	59	24
Net margin	14.9%	21.9%	44.1%	9.8%	9.4%
EPS (₹)	1.27	6.31	2.38	15.23	6.13
Balance sheet
Net worth	9.9	35	44	94	117
Borrowings	0.00	0.00	0.00	0.00	0.00
Total assets	14	53	48	108	154
Debt / equity	0.00x	0.00x	0.00x	0.00x	0.00x
Return on equity	49.8%	71.0%	–	63.1%	–
Cash flow
Cash from operations	6.8	28	-1.4	28	-46
Cash from investing	0.87	-0.79	-25	-14	-2.6
Cash from financing	-0.13	-0.27	-0.08	-0.72	-0.24

Non-recurring items

One-off items management describes in its own discussion of the results. They are real, but they do not come from day-to-day operations and may not repeat, so an analyst would set them aside when judging the recurring business.

Other
The Group has discontinued the MDR / POS Commission Income business and reclassified it as “Discontinued Operations” for the presented years/periods.
p.342
Other
Miscellaneous income, including recoveries, penalties, and other incidental, ancillary or non-recurring items, is recognised on an accrual basis when the right to receive the income is established and is included under ‘Other Income – Miscellaneous Income’ in the Statement of Profit and Loss.
p.343
Other
The business previously had a business of acquiring bank partners for the provision of point of sale terminals for card acceptance, which business was discontinued in Fiscal 2025.
p.350
Other
Profit from discontinued operation before taxes decreased by ₹14.20 Lakh to ₹(0.17) million for Fiscal 2026 from ₹12.50 Lakh for Fiscal 2025, due to a strategic decision to de-focus on the business of deploying POS terminals for card acceptance which was discontinued in Fiscal 2025.
p.355
Other
Tax expenses of discontinued operation decreased to ₹0.40 Lakh for Fiscal 2026 from ₹3.20 Lakh for Fiscal 2025, due to the decrease in profit from discontinued operation before taxes.
p.355
Other
The increase in other current assets from ₹17.87 Crore as at March 31, 2026 to ₹112.81 Crore as at June 30, 2026 was primarily due to balance towards Prepaid Payment Instruments, representing advances paid towards procurement of PPIs for which issuance is pending, increasing from ₹17.04 Crore as at March 31, 2026 to ₹66.03 Crore, and other advances, pertaining to the settlement pending from payment service providers, increasing from nil as at March 31, 2026 to ₹46.16 Crore.
p.358
Other
The decrease in total outstanding dues other than Micro Enterprises and Small Enterprises to ₹1.73 Crore as at March 31, 2026 from ₹6.19 Crore as at March 31, 2025 was primarily due to timely settlement of vendor invoices.
p.359

How they earn

Where the revenue comes from. Each split adds up to the reported sales.

Revenue breakdown

₹ crore · Source p.301

Segment	FY24	FY25	3M Jun-25	FY26	3M Jun-26	Share of 3M Jun-26
Reward Points Business	0.00	0.00	0.00	414	176	69.8%
Program Fees	33	112	21	154	62	24.3%
Platform fees/Service Fees	0.16	0.04	0.00	35	15	5.9%

Full statements

As printed in the filing's summary financial information, converted to ₹ crore.

₹ crore (per-share figures in ₹), as restated in the filing. Click + to see what a line is made of.Source p.72 p.73

Line item	FY24	FY25	3M Jun-25	FY26	3M Jun-26
Revenue from operations	33	112	21	603	253
Other income	0.03	0.03	0.10	0.39	0.01
	33	112	21	604	253
(Consolidate
(Consolidate
Income
Finance costs	0.04	0.07	0.02	0.23	0.07
Depreciation and amortization expense	0.22	0.37	0.08	1.1	0.73
	26	77	8.7	526	221
Expenses
Cost of operation	0.00	0.00	0.00	394	166
Employee benefits expenses	1.2	1.6	0.64	3.5	1.8
Other expenses	25	75	7.9	127	53
Profit Before Tax from Continuing Operation (III)	6.9	35	12	77	32
Profit After Tax for the period/year from Continuing Operation (III-IV)	4.9	25	9.2	59	24
Profit / (Loss) from discontinued operations before taxes	0.56	0.13	-0.02	-0.02	0.00
Tax expenses of discontinued operations	0.15	0.03	0.00	0.00	0.00
Profit/(Loss) after tax from discontinued operations	0.42	0.09	-0.01	-0.01	0.00
Profit After Tax for the period/year	5.4	25	9.2	59	24
	0.00	0.02	-0.00	-0.02	-0.06
Tax Expenses:
Current tax	1.9	12	1.6	18	7.9
Excess/(short) provision of tax for earlier years	0.00	-0.08	0.00	-1.5	0.00
Deferred tax	-0.01	-1.6	1.5	1.9	0.09
Discontinued operations
Other Comprehensive Income
Items that will not be reclassified to statement of
profit and loss
Re-measurement of Defined Benefit Obligations	0.00	0.02	-0.00	-0.02	-0.08
Income Tax relating to above	0.00	-0.01	0.00	0.01	0.02
Total Comprehensive Income for the period/year (VII+VIII)	5.4	25	9.2	59	24
Basic Earnings per Equity share (post bonus issue) (in	1.27	6.31	2.38	15.23	6.13
Diluted Earnings per Equity share (post bonus issue) (in ₹)	1.27	6.31	2.38	15.23	6.13
Basic Earnings per Equity share (post bonus issue) (in	0.11	0.02	0.00	0.00	0.00
Diluted Earnings per Equity share (post bonus issue) (in ₹)	0.11	0.02	0.00	0.00	0.00
Basic Earnings per Equity share (post bonus issue) (in	1.38	6.34	2.37	15.23	6.13
	1.38	6.34	2.37	15.23	6.13
Earnings per equity shares for continuing
operation (post bonus issues)
Earnings per equity shares for discontinued
operations (post bonus issues)
(Consolidate
(Consolidate
Earnings per equity shares for continued and
discontinued operations (post bonus issues)

₹ crore (per-share figures in ₹), as restated in the filing. Click + to see what a line is made of.Source p.71

Line item	FY24	FY25	3M Jun-25	FY26	3M Jun-26
Property, Plant and Equipment	0.19	0.20	0.19	0.26	0.43
	0.83	3.0	1.5	22	30
ASSETS
Non-Current Assets
Right of Use Assets	0.52	0.75	0.68	3.0	2.8
Intangible Assets	0.00	0.00	0.00	13	15
Intangible Assets under
Development	0.00	0.28	0.38	1.8	1.7
Financial Assets
Other Financial Assets	0.02	0.06	0.11	0.47	0.48
Deferred Tax Assets (Net)	0.11	1.7	0.12	0.00	0.00
Other Non-Current Asset	0.00	0.00	0.00	3.4	9.4
Inventories	0.00	0.00	0.00	0.00	0.00
Trade Receivables	0.62	2.8	0.12	12	4.7
Cash and Cash Equivalents	13	39	13	52	3.3
	13	50	47	86	124
Current Assets
Financial Assets
Current Investments	0.00	0.00	0.00	0.00	0.00
Bank Balance Other than (iii) above	0.06	0.42	25	0.07	0.07
Other Current Financial
Assets	0.00	0.36	0.24	1.6	1.3
Current Tax Assets (Net)	0.02	0.00	0.00	2.0	2.1
Other Current Assets	0.00	7.0	7.9	18	113
TOTAL ASSETS	14	53	48	108	154
Equity Share Capital	0.01	0.01	0.01	39	39
Other Equity	9.9	35	44	55	79
	9.9	35	44	94	117
EQUITY AND LIABILITIES
Equity
	0.48	0.57	0.51	2.6	2.6
LIABILITIES
Non-Current Liabilities
Financial Liabilities
Lease Liabilities	0.45	0.54	0.47	2.3	2.1
Deferred Tax Liabilities (Net)	0.00	0.00	0.00	0.25	0.32
Provisions	0.03	0.03	0.04	0.07	0.17
	0.07	6.2	0.71	1.7	1.4
Current Liabilities
Financial Liabilities
Lease Liabilities	0.10	0.26	0.27	0.73	0.76
Trade Payables
Total outstanding dues of Micro
Enterprises and Small
Enterprises
	3.8	18	3.8	11	34
Other Financial Liabilities	0.00	0.00	0.02	0.00	0.00
Other Current Liabilities	3.7	11	2.5	6.7	30
Provisions	0.00	0.00	0.00	0.00	0.00
Current Tax Liabilities (Net)	0.00	0.46	0.32	0.00	0.00
TOTAL EQUITY AND LIABILITIES	14	53	48	108	154

₹ crore (per-share figures in ₹), as restated in the filing. Click + to see what a line is made of.Source p.74

Line item	FY24	FY25	3M Jun-25	FY26	3M Jun-26
Profit Before tax from continuing operation:	6.9	35	12	77	32
Profit Before tax from discontinuing operation:	0.56	0.13	-0.02	-0.02	0.00
Operating profit before Working Capital Changes	7.7	35	12	78	33
	6.8	28	-1.4	28	-46
(Consolidate
ACTIVITIES:
Adjustments for:
Depreciation and amortisation	0.12	0.15	0.02	0.45	0.52
Provision for Gratuity	0.00	0.01	0.00	0.02	0.02
Finance cost	0.00	0.00	0.00	0.00	0.00
Discard of fixed asset for discontinued operations	0.00	0.00	0.02	0.02	0.00
Non-cash movement of lease	0.16	0.29	0.09	0.84	0.28
Other Income	-0.00	-0.01	-0.10	-0.31	-0.00
(Increase)/decrease in Trade Receivables	0.04	-2.2	2.7	-9.1	7.2
(Increase)/decrease in Other Financial Assets	-0.00	-0.40	0.08	-1.6	0.25
(Increase)/decrease in Other Current Assets	0.00	-7.0	-0.84	-11	-95
(Increase)/decrease in Other Non-current Assets	0.00	0.00	0.00	-3.4	-6.0
Increase/(decrease) in Trade Payables	-0.01	6.1	-5.5	-2.4	-0.83
Increase/(decrease in Provision	0.01	0.00	0.00	0.00	-0.00
Increase/(decrease) in Other Financial Liabilities	-0.02	0.00	0.02	0.00	-0.00
Increase/(decrease) in Other Non-Financial
Liabilities	0.29	7.3	-8.5	-4.4	24
Cash generated from operations	8.0	39	0.29	47	-38
Less: Income Taxes Paid (net of refunds)	-1.2	-11	-1.7	-19	-8.0
Bank Balance (Including Non-current) not considered as Cash and Cash Equivalents (Net)	1.0	-0.36	-25	0.35	-0.00
	0.87	-0.79	-25	-14	-2.6
CASH FLOW FROM INVESTING ACTIVITIES:
Interest income on bank deposits	0.00	0.01	0.10	0.31	0.00
(Purchase)/Sale of Property, Plant and Equipment	-0.14	-0.45	-0.02	-0.18	-0.22
(Purchase)/Sale of Intangible Assets	0.00	0.00	-0.10	-15	-2.4
	-0.13	-0.27	-0.08	-0.72	-0.24
CASH FLOW FROM FINANCING ACTIVITIES:
Proceeds from Issue of Equity and Preference Shares
(including securities premium)
Lease arrangement	-0.13	-0.27	-0.08	-0.72	-0.24
Finance cost	0.00	0.00	0.00	0.00	0.00
NET INCREASE/(DECREASE) IN CASH & BANK BALANCES (A+B+C)	7.5	27	-26	13	-49
Cash and cash equivalents at beginning of the year	5.2	13	39	39	52
Cash and cash equivalents at end of the year	13	39	13	52	3.3

Discounted cash flow

What Paramotor Digital Technology Limited's cash flow would be worth today. Change the rate, time period or growth to see how sensitive the answer is.

Discount rate

% / yr

Time period

years

Cash flow growth

% / yr

Worth today (10 years of cash)

₹439 Cr

Per share

–

Needs the price band.

Top of the price band

–

Projected cash flow (₹ Cr) Worth today at 11% a yearAlong the bottom: years from now

Starts from FY26 cash from operations of ₹28 Cr, grown 20% a year (based on revenue growth FY24–FY26, capped at 20%) and discounted at 11% a year, with no value counted beyond year 10. A simple illustration from the filing's numbers, not a forecast or investment advice; small changes to the rate or growth move the answer a lot.

The short version

Start here. The story in a few minutes, with every fact tied to the page it came from.

Here's what almost nobody notices: while PARAMOTOR DIGITAL TECHNOLOGY has secured its IPO approval, there's a record of a Notice of Demand under a Recovery Certificate against them, which raises a serious flag about their recent history.
AI-written summary of Paramotor Digital Technology Limited's filings. Verify against the source documents.

Understanding the Equity Offer Structure

So, how is this equity being offered? The document outlines the structure of the equity offer, breaking down the total amount into different parts. They authorized a Fresh Issue up to ₹698.00 Crore, and the Offer for Sale is authorized up to ₹302.00 Crore.

Read more · 3 points, 6 supporting facts

Fresh Issue authorized up to ₹698.00 Crore
Offer for Sale authorized up to ₹302.00 Crore

The net offer isn't just one bucket; it's segmented by investor category. The filing specifies that the Net Offer includes a QIB portion that must meet a certain threshold, alongside allocations for Non-Institutional and Retail investors.

The Net Offer comprises a QIB Portion not less than a certain amount

We also see who is handling the process. The document lists key parties involved, like Cyril Amarchand Mangaldas as the Legal Advisor to the Company for Indian Law, and various banks acting as Sponsor Banks, including ICICI Bank and HDFC Bank.

Cyril Amarchand Mangaldas is listed as a Legal Advisor to the Company as to Indian Law
ICICI Bank Limited is listed as a Sponsor Bank
HDFC Bank Limited is listed as a Sponsor Bank

Understanding Capital Structure and Ownership

So, how much equity does the company actually have? The filing shows that the authorized share capital is set at 75 lakh, 7 lakh, 000 equity shares, with a face value of ten rupees each, which totals seventy-five crore rupees. But what about who actually owns it? The document reveals a significant concentration of shares, stating that Promoters and the Promoter Group collectively hold ninety-nine point eight five percent of the total shares.

Read more · 2 points, 4 supporting facts

The authorized share capital is set at 7,50,00,000 Equity Shares with a face value of ₹10 each, aggregating to ₹75,00,00,000.
Promoters and the Promoter Group hold 99.85% of the total number of shares.

We need to look at the ownership breakdown as of the draft prospectus date. The filing details that Sonia Pankaj Asher held forty-nine point four seven percent of the paid-up equity share capital, and Rahul Anand held the exact same percentage, forty-nine point four seven percent. This shows a very specific distribution among the key founders.

Sonia Pankaj Asher held 49.47% of the paid-up Equity Share capital as of the date of the Updated Draft Red Herring Prospectus.
Rahul Anand held 49.47% of the paid-up Equity Share capital as of the date of the Updated Draft Red Herring Prospectus.

Key Operational and Business Risks

The company's new service lines face significant execution risks. For instance, the experience in offering dedicated technical and platform development services, or the Rewards and Loyalty business, is limited. The filing notes that the company lacks an operational track record for both of these businesses, which means they haven't proven how to run them yet.

Read more · 3 points, 5 supporting facts

Limited experience in offering dedicated technical and platform development services (DevStack) could adversely affect the ability to scale these businesses efficiently.
The company lacks an operational track record for the Rewards and Loyalty business and DevStack business.

A major dependency is on prepaid instruments, which is a vulnerability. The business is heavily reliant on the management and distribution of these prepaid payment instruments. If demand drops, it could hit the company hard, as the filing states a decline in demand for these instruments could have a material adverse effect on its business and cash flows.

The company is significantly dependent on its prepaid payment instruments (PPIs) program management and distribution business, as a decline in demand for the distributed instruments could have a material adverse effect on its business, financial condition, results of operations and cash flows.

Competition and consumer behavior pose threats to the digital gifting segment. The company competes with other distributors of prepaid cards and gift cards, and if they can't compete successfully, it could negatively impact their business. Furthermore, consumer adoption of digital gifting faces cultural hurdles, like a strong preference for cash gifts and limited awareness outside major cities.

The company competes with other distributors of Prepaid Cards and Gift Cards, and if it cannot compete successfully, it could have a material adverse effect on its PPI Program Management and Distribution business.
Consumer adoption of digital gifting in India faces challenges due to a strong cultural preference for cash gifts, limited awareness outside metro cities, and concerns over sharing personal/payment data.

Medium concern

Litigation and Regulatory Clearances

We need to look at what the company's filings say about legal issues. On page 366, the document confirms there are no outstanding criminal proceedings initiated against the company itself. This means, as of that date, there were no formal criminal actions against the entity.

Read more · 3 points, 5 supporting facts

No outstanding criminal proceedings initiated against the Company.

Moving to civil matters, the same section states there are no outstanding material civil proceedings against the company. This includes civil actions initiated by the company's subsidiaries, as well as any actions taken by the promoters. This is a key point for assessing the company's current legal standing.

No outstanding material civil proceedings initiated against the Company.
No outstanding material civil proceedings initiated by the Subsidiary.
No outstanding material civil proceedings initiated by the Promoters.

Finally, we look at regulatory approvals and disclosures. The document confirms there are no outstanding regulatory or statutory proceedings initiated against the company. This covers various regulatory bodies, ensuring that the company was clear to operate under the relevant laws.

No outstanding regulatory or statutory proceedings initiated against the Company.

Promoter Control and Shareholding Structure

We need to look at who controls this company before the IPO. The filing states that the Promoters collectively hold a very large stake. They own 98.94% of the pre-Offer issued, subscribed, and paid-up equity share capital.

Read more · 3 points, 4 supporting facts

The Promoters hold 98.94% of the pre-Offer issued, subscribed and paid-up Equity Share capital

This level of control is significant when you look at the offer structure. Out of the total offer, Rs. 302 crore is designated as an offer for sale to the selling shareholders, which amounts to 30% of the total offer amount.

Rs. 302 crore is an offer for sale to the selling shareholders, which is 30% of the offer

The promoters are key figures in the company's governance. Sonia Pankaj Asher is the Executive Chairperson and Whole-time Director, and Rahul Anand is the Managing Director, both of whom are identified as Promoters.

Sonia Pankaj Asher is the Executive Chairperson and Whole-time Director
Rahul Anand is the Managing Director

Bottom line

So, to wrap this up, we've looked at the structure of the equity offer, the concentration of ownership held by the promoters, and the operational risks tied to their service lines. Ultimately, this is the picture the filing paints; what you make of these numbers and disclosures is entirely up to you.

Red flags from earlier look-ups

For this filing we looked up selected claims (promoters, court cases, subsidiaries) on the open web earlier. We no longer check what a filing says; SEBI reviews it.

MediumSubsidiary
Mastercard Asia Pacific Pte. Limited
80% confidence
What the filing says
The Company entered into a co-brand agreement with Mastercard Asia Pacific Pte. Limited. in March 2026 for Prepaid Cards.
p.253
What we found
The search results mention a block deal where Mastercard Asia/Pacific Pte. Ltd. held a stake in Pine Labs as of June 2026, which is related to a potential divestment of equity. This is different from the claim about a co-brand agreement entered into in March 2026.
- mastercard.com
  WEX and Mastercard announced a strategic partnership to simplify fleet management operations and modernize fleet payments across Asia Pacific.
- moneycontrol.com
  21 Sept 2026 ... As of June 2026, Mastercard Asia/Pacific Pte. Ltd. held 4.97 crore shares in Pine Labs, representing a 4.31% stake in the company. The proposed ...
- mastercard.com
  Subscribe to the Asia Pacific Mastercard Newsroom. Explore the latest news, stories and media resources from Mastercard. Press Releases. September 2026.
- ndtvprofit.com
  21 Sept 2026 ... As of June 2026, Mastercard Asia/Pacific Pte. Ltd. held 4.97 crore shares in Pine Labs, representing a 4.31% stake in the company. The proposed ...
- m.economictimes.com
  21 Sept 2026 ... Mastercard Asia Pacific may sell up to 49.7 million shares, representing approximately 4.3% of fintech company Pine Labs, through a block ...
MediumLitigation
Paramotor Digital Technology Limited
80% confidence
What the filing says
A due diligence certificate was issued to SEBI by the BRLMs on May 15, 2026.
p.440
What we found
The search results indicate that Paramotor Digital Technology filed confidential IPO papers with SEBI around May 2026 and subsequently secured SEBI's nod for an IPO around August 2026. This contradicts the claim that a due diligence certificate was issued on May 15, 2026, as the search results focus on the filing and approval process, not the issuance of a due diligence certificate.
- tracxn.com
  14 Sept 2026 ... ... current status is Active. As of Sep, 2026, the ... Legal Cases involving PARAMOTOR DIGITAL TECHNOLOGY LIMITED. Access detailed information
- m.economictimes.com
  17 May 2026 ... Paramotor Digital Technology has confidentially filed draft papers with the Securities and Exchange Board of India (SEBI) for a proposed ...
- bfsi.economictimes.indiatimes.com
  28 Aug 2026 ... The fintech company Paramotor Digital Technology Ltd has successfully obtained Sebi's approval for its initial public offering. The firm had ...
- ndtvprofit.com
  17 May 2026 ... Fintech and enterprise technology firm Paramotor Digital Technology Ltd. has confidentially filed draft papers with markets regulator Sebi ...
- businesstoday.in
  27 Aug 2026 ... Paramotor Digital Technology Ltd, a fintech company, has received approval from the Securities and Exchange Board of India (Sebi) to proceed ...
MediumLitigation
Paramotor Digital Technology Limited
50% confidence
What the filing says
There are no disciplinary actions including penalties imposed by SEBI or stock exchanges against the Promoters in the last five financial years immediately preceding the filing date.
p.367
What we found
One search result refers to a Notice of Demand under a Recovery Certificate, which is a potential disciplinary action. Other results confirm the company's status and recent Sebi approval for an IPO, but do not explicitly confirm or deny disciplinary actions by SEBI or stock exchanges against the promoters in the last five financial years.
- sebi.gov.in
  Paramotor Digital Technology Limited – UDRHP-I · Paramotor Digital ... Notice of Demand under Recovery Certificate number 9303 of 2026 ...
- sebi.gov.in
  Processing Status, Public Issues, Rights Issues, Debt ... Paramotor Digital Technology Limited - Draft Abridged Prospectus(UDRHP-I).
- tracxn.com
  14 Sept 2026 ... ... current status is Active. As of Sep, 2026, the ... Legal Cases involving PARAMOTOR DIGITAL TECHNOLOGY LIMITED. Access detailed information
- m.economictimes.com
  27 Aug 2026 ... Paramotor Digital Technology has received Sebi approval for its IPO after confidentially filing draft papers in May.
- businesstoday.in
  27 Aug 2026 ... Paramotor Digital Technology Ltd, a fintech company, has received approval from the Securities and Exchange Board of India (Sebi) to proceed ...

Updates since the first filing

Addenda, corrigenda and the abridged prospectus, newest first.

14 Oct 2026DLoFDraft letter of offer· 449 pagesOpen document
An earlier full draft. The main analysis above reflects the latest version; open the document to compare.

Paramotor Digital Technology Limited IPO: common questions

Short answers drawn from the filings above.

How big is the Paramotor Digital Technology Limited IPO?

Paramotor Digital Technology Limited's IPO comprises a fresh issue of ₹698 Cr and an offer for sale of ₹302 Cr, according to its SEBI filings. The price band is not stated in that document.

What are Paramotor Digital Technology Limited's revenue and profit?

Paramotor Digital Technology Limited reported revenue from operations of ₹603 Cr in FY26, +438.2% versus FY25. Net profit was ₹59 Cr (FY25: ₹25 Cr). Revenue grew at a compound rate of 327.0% a year from FY24 to FY26. Figures are read from the DLoF, as printed there.

How much do promoters own in Paramotor Digital Technology Limited?

Promoters hold 98.9% of Paramotor Digital Technology Limited before the IPO. Largest holders listed: 10 38,820,384 - - (100.0%); 84 100.00% - 38,820, (100.0%); 5 38,764,000 - - (99.9%).

How will Paramotor Digital Technology Limited use the IPO money?

The fresh-issue proceeds are earmarked for: Expenditure towards customer acquisition, retention and brand and business promotion initiatives (₹355 Cr); Investment in technology development initiatives, cloud infrastructure services and IT assets (₹94 Cr); Investment in office infrastructure (₹38 Cr); General corporate purposes (amount not fixed yet). The offer-for-sale portion goes to the selling shareholders, not the company.

What are the red flags in Paramotor Digital Technology Limited's filing?

Earlier, we looked up 39 claims from the filing on the open web (we no longer do this, since SEBI reviews the filing): 0 raised a high concern, 3 medium and 3 low. The most notable: The search results mention a block deal where Mastercard Asia/Pacific Pte. Ltd. held a stake in Pine Labs as of June 2026, which is related to a potential… The search results indicate that Paramotor Digital Technology filed confidential IPO papers with SEBI around May 2026 and subsequently secured SEBI's nod for… One search result refers to a Notice of Demand under a Recovery Certificate, which is a potential disciplinary action. Other results confirm the company's… This is an automated screen, not a verdict; each finding links to its sources.

What does Paramotor Digital Technology Limited do?

Here's what almost nobody notices: while PARAMOTOR DIGITAL TECHNOLOGY has secured its IPO approval, there's a record of a Notice of Demand under a Recovery Certificate against them, which raises a serious flag about their recent history.

Who manages the Paramotor Digital Technology Limited IPO?

Book running lead managers: Motilal Oswal Investment Advisors Limited, Equirus Capital Limited. Registrar to the offer: MUFG Intime India Private Limited. Shares are proposed to list on BSE and NSE.

Where can I read the original Paramotor Digital Technology Limited IPO documents?

All 1 filing for Paramotor Digital Technology Limited (DLoF) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document.

Source documents

Every page reference on this site links to the original SEBI PDF.

Document	Filed	Pages	On this page	Source
DLoFDraft letter of offer Paramotor Digital Technology Limited – UDRHP-I · 14 Oct 2026	14 Oct 2026	449	See update	PDF

Documents are hosted by SEBI. View the SEBI listing

Paramotor Digital Technology Limited

Key signals

The IPO

Where the money goes

Who owns it

Valuation

Financials

Non-recurring items

How they earn

Revenue breakdown

Full statements

Discounted cash flow

The short version

Understanding the Equity Offer Structure

Understanding Capital Structure and Ownership

Key Operational and Business Risks

Litigation and Regulatory Clearances

Promoter Control and Shareholding Structure

Bottom line

Red flags from earlier look-ups

Mastercard Asia Pacific Pte. Limited

Paramotor Digital Technology Limited

Paramotor Digital Technology Limited

Updates since the first filing

Paramotor Digital Technology Limited IPO: common questions

How big is the Paramotor Digital Technology Limited IPO?

What are Paramotor Digital Technology Limited's revenue and profit?

How much do promoters own in Paramotor Digital Technology Limited?

How will Paramotor Digital Technology Limited use the IPO money?

What are the red flags in Paramotor Digital Technology Limited's filing?

What does Paramotor Digital Technology Limited do?

Who manages the Paramotor Digital Technology Limited IPO?

Where can I read the original Paramotor Digital Technology Limited IPO documents?

Source documents