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Freedom251 › Blog › capital goods

From Engineering to Finance? India’s IPO Sector Mix in FY2025–26

By Freedom251 Team · · 3 min read

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India’s FY2025–26 mainboard IPO market raised the most money from financial-services companies, while capital goods companies had the most listings. SEBI’s full-year figures show a shift in fundraising weight—not the disappearance of engineering-related issuers. They cover April 2025 to March 2026, not calendar-year 2026.

What changed in India’s IPO sector mix?

In FY2025–26, financial-services companies raised ₹59,822 crore through 12 mainboard IPOs, more than any other single sector. Capital goods, however, led by listing count, with 19 IPOs. The distinction matters: proceeds measure the money raised, while count measures how many companies listed.

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SEBI reported total mainboard IPO proceeds of ₹1,77,029 crore for the fiscal year. Financial services accounted for about 33.8% of that total, calculated as ₹59,822 crore divided by ₹1,77,029 crore; this share is a calculation from SEBI’s reported totals, not a percentage directly published in the bulletin. SEBI attributed the sector’s large proceeds to major NBFC and asset-management-company offerings, naming Tata Capital, HDB Financial Services, ICICI Prudential AMC and Canara Robeco. That is SEBI’s explanation of the figures.

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The full-year figures are from SEBI’s April 2026 bulletin.

Which sectors raised the most money?

SEBI’s sector chart reports the following FY2025–26 mainboard IPO proceeds. These are the bulletin’s categories and values; “capital goods” should not be treated as a synonym for every business commonly described as engineering.

SEBI sector Proceeds
Financial services ₹59,822 crore
Consumer services ₹25,891 crore
Other sectors ₹23,799 crore
Consumer durables ₹16,878 crore
Capital goods ₹14,865 crore
Automobile and auto components ₹10,274 crore
Services ₹9,464 crore
Healthcare ₹9,007 crore
Information technology ₹7,021 crore

Consumer-facing companies also remained significant: consumer services raised ₹25,891 crore and consumer durables ₹16,878 crore. Finance was the largest single category, but the market was not exclusively financial.

Which sectors had the most IPOs?

By number of mainboard listings, capital goods led in FY2025–26. Financial services followed, with services and healthcare tied behind them.

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Sector Mainboard IPOs
Capital goods 19
Financial services 12
Services 11
Healthcare 11

So “from engineering to finance” is only partly accurate as a shorthand. Financial services dominated proceeds, but capital goods led the issuer count. Nor do the category labels establish that engineering IPOs disappeared.

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How did the mix develop during FY2025–26?

SEBI’s interim snapshots show financial services holding the largest share of mainboard proceeds as the fiscal year progressed. The percentages below describe cumulative fundraising through each point in FY2025–26, rather than a full-year comparison.

SEBI snapshot Financial services Consumer services Consumer durables Capital goods Other reported shares
Through January 2026 36% 16% 10% 9% Automobiles: 6%
Through February 2026 35% 15% 10% 8% Automobiles: 5%; healthcare: 5%; services: 4%; IT: 4%

The January snapshot appears in SEBI’s February 2026 bulletin; the February snapshot appears in its March 2026 bulletin. Shares shift as new issues enter the cumulative total, so these interim percentages should not be substituted for full-year amounts.

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Why mainboard and SME IPO mixes should be separated

Mainboard and SME listings show different sector patterns, and the available comparison also uses a different classification system. In its FY2025–26 data through November 2025, NSE reported mainboard fundraising of 34% consumer discretionary and 33% financials. On the SME platform, industrials led with 36%, followed by consumer discretionary at 24% and materials at 11%.

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NSE’s “industrials” category is not identical to SEBI’s “capital goods,” and NSE’s broader consumer categories do not map one-to-one to SEBI’s labels. These are interim figures from November, not comparable full-year totals. See NSE’s Market Pulse for its classification and board breakdown.

There is broader market context, too: the Ministry of Finance’s Economic Survey summary reported that through December FY2025–26, IPO volumes were 20% higher and proceeds 10% higher than in the corresponding FY2024–25 period. SME listings reached 217, compared with 190 in the year-earlier period, while SME funds mobilized rose from ₹7,453 crore to ₹9,635 crore. The government also highlighted the prominence of offer-for-sale components. An offer for sale lets existing shareholders sell shares; it is distinct from a company issuing new shares, even though both can form part of an IPO’s proceeds. The figures are summarized by PIB’s Economic Survey release.

Does this describe calendar-year 2026?

No. FY2025–26 ended on March 31, 2026. Calendar year 2026 runs through December, so the full-year fiscal figures cannot establish which sector leads all 2026 IPOs. SEBI’s publication index lists a September 2026 bulletin dated September 23, but its linked annexure is not readable here; a current FY2026–27 or calendar-year sector leader is therefore not verified. Readers tracking new issues can start with SEBI’s market-data page, which points to exchange issue-information sources.

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capital goodsFinancial ServicesFY2025–26India IPOsIPO marketSEBI

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