Glottis, Mangal Electrical, VMS TMT and more: FY26 IPOs that have underperformed since listing; check top 10 list

A slew of companies went public in the financial year 2025-26. While the current fiscal year has clear winners with three initial public offerings trading with over 100% gains as compared to their issue price, there are also a few stocks that have disappointed investors.

Worst performing mainboard IPOs of FY26

Glottis share price

Shares of logistics service provider Glottis Ltd were down 62.44% as compared to the issue price of ₹129 apiece on the NSE as of February 26's closing price. The stock had debuted at a discount of 34.88% from the IPO issue price.

The Chennai-based firm's ₹307 crore initial public offering was a mix of a fresh issuance of shares worth ₹160 crore and an offer for sale component of ₹147 crore.

In the December quarter, the company had posted a 79.95% decline in its standalone profit after tax (PAT) to ₹2.7 crore. The post-tax profit stood at ₹13.47 crore in the year-ago period.

Revenue from operations fell 127.23% to ₹143.87 crore in Q3 FY26, compared to ₹97.73 crore in the same period of the previous fiscal year.

Mangal Electrical share price

The company recorded a 1.9% fall in its net profit to ₹13.38 crore in the quarter ended December 2025, compared to ₹13.64 crore in Q3 FY25. Meanwhile, revenue from operations rose 4.61% year-on-year (YoY) to ₹156.27 crore.

VMS TMT share price

The stock of TMT bars manufacturer VMS TMT, which had debuted at a 6% premium, was down 52.53% from the issue price of ₹99. The issue was solely a fresh issue of ₹148.50 crore with no offer for sale (OFS) component.

The company had hit its 52-week high of ₹105 apiece on September 24, 2025, while a year's low of ₹44.65 per unit was recorded on January 21, 2026.

Incorporated in 2013, VMS TMT is involved in the production of thermo-mechanically treated bars (TMT bars). Additionally, it deals in scrap and binding wires.