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🎯 Eligibility Criteria
Listing and eligibility information
Listing Eligibility
Last computed 13 May, 2026
NSE Emerge
SME listing eligibility check
| # | Particulars | Description | Met | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| 1 | Track Record | Track record of at-least three years of either- (i) the applicant seeking listing; or (ii) the promoters / promoting company, incorporated in or outside India or (iii) Proprietary / Partnership firm and subsequently converted into a Company |
Yes | Yes | Yes | Yes |
| 2 | EBITDA | An issuer shall have an operating profit (earnings before interest, depreciation and tax) of INR 1 crore from operations for any 2 out of 3 previous financial years. |
Yes | 13.65 | 18.53 | 30.35 |
| 3 | Net Worth | Net-worth should be positive. |
Yes | 19.61 | 25.26 | 33.09 |
| 4 | FCFE | The company/entity should have positive Free cash flow to Equity (FCFE) for at least 2 out of 3 financial years preceding the application. |
Yes | 0.91 | -1.42 | 3.46 |
| 5 | Sh. Capital | The post issue paid up capital of the company (face value) shall not be more than Rs. 25 crore. |
Yes | — | — | 0.01 |
BSE SME
SME listing eligibility check
| # | Particulars | Description | Met | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| 1 | Track Record | The track record of applicant company seeking listing should be atleast 3 years. Where the applicant company has taken over a proprietorship concern/ registered partnership firm/ LLP, then the track record together with such proprietorship concern/ registered firm/ LLP should be atleast 3 years. Provided, the applicant company seeking listing should have a track record of operations for atleast one full financial year and audited financial results for one full financial year. |
Yes | Yes | Yes | Yes |
| 2 | EBITDA | The company/ proprietorship concern/ registered firm/ LLP should have operating profit of 1cr (earnings before interest, depreciation and tax) from operations for 2 out of 3 latest financial years preceding the application date. Provided the company should have operating profit (earnings before interest, depreciation and tax) from operations for one full financial year preceding the application date. |
Yes | 13.65 | 18.53 | 30.35 |
| 3 | Net Worth | Networth of Atleast Rs. 1 crore for 2 preceding full financial years. |
Yes | 19.61 | 25.26 | 33.09 |
| 4 | Net Tangible Assets | Net Tangible Asset of Rs 3 crores in last preceding (full) financial year. |
Yes | — | — | 33.08 |
| 5 | Sh. Capital | The post issue paid up capital of the company (face value) shall not be more than Rs. 25 crore. |
Yes | — | — | 0.01 |
| 6 | Leverage ratio | Leverage ratio of not more than 3:1. Relaxation may be granted to finance companies. |
Yes | — | — | 1.43 |
FCFE Schedule
Free cash flow to equity, broken down by financial year (₹ Crore)
| Particulars | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| CF from Operating Activities | 8.28 | 14.97 | 24.78 |
| Fixed assets Net purchase (investing CF) | (8.48) | (21.13) | (3.37) |
| Net Borrowings | 4.75 | 9.84 | (10.35) |
| Interest (1−Tax) | (3.64) | (5.10) | (7.60) |
| Total FCFE | 0.91 | (1.42) | 3.46 |
| Effective tax rate | 39.18% | 28.89% | 15.6% |
Main Board · Profitability Route
Net worth taken on consolidated level where applicable — here computed from standalone financials
| Particulars | Description | Met | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| Net Tangible Assets | The company should have net tangible assets of at least Rs 3 crores in each of the three preceding years. |
Yes | -3.30 | 0.61 | 3.13 | 8.78 | 33.08 |
| C&CE | For fresh issue (not OFS), of the above Rs 3 crores of tangible assets, not more than 50% should be cash or cash equivalent. |
Yes | -17.27% | 54.10% | 20.45% | 2.28% | 17.23%17.23% * only if complete OFS is done |
| EBITDA | The company should have an average operating profit (before tax) of at least Rs 15 crore in any of the three years out of the last five years. |
Yes | 3.67 | 13.74 | 13.65 | 18.53 | 30.35 |
| Net Worth | Networth of Atleast Rs. 1 crore for 3 preceding full financial years. |
Yes | 13.18 | 17.09 | 19.61 | 25.26 | 33.09 |
| Max issue size | The issue size should not exceed five times the net worth of the company before the issue (pre-issue). |
165.45 |
BSE Migration
Rows marked "—" need market / cap-table data outside the financials sheet
| # | Particulars | Description | Met |
|---|---|---|---|
| 1 | Paid up capital | >= 10 crores | No |
| 2 | Mkt capital (avg.) | Min 100 crores | — |
| 3 | Promoter share | Min 20% | Yes |
| 4 | Profitability | Avg EBITDA of 15 cr in last 3 years | Yes |
| 5 | Profitability | Min 10 cr in each of 3 yrs | Yes |
| 6 | Net Worth | at least 1 crore for 3 prev full FYs | Yes |
| 7 | Listed status | for 3 years in SME exchange | — |
| 8 | Public holders | at least 1000 shareholders | No |
| 9 | Market Liquidity Req | TBD | — |
| 10 | Net Tangible Assets | 3 crores in past full FY | Yes |
| 11 | C&CE | max 50% of tangible asset as C&CE | Yes |
NSE Migration
Rows marked "—" need market / cap-table data outside the financials sheet
| # | Particulars | Description | Met |
|---|---|---|---|
| 1 | Paid up capital | >= 10 crores | No |
| 2 | Mkt capital (avg.) | Min 100 crores | — |
| 3 | Profitability | +ve EBITDA for at least 2 in last 3 years | Yes |
| 4 | Profitability | +ve PAT in last FY | Yes |
| 5 | Listed status | for 3 years in SME exchange | — |
| 6 | Net Worth | Min 75 Crores | No |
| 7 | Public holders | at least 500 shareholders | No |
| 8 | Revenue from operations | > 100 crores in last FY | Yes |
| 9 | Promoter share | Min 20% | Yes |
| 10 | Promoter share | min 50% of their stake at time of SME listing | — |