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₹429 - 429
ESDS Software Solution Ltd
IT - SoftwareIPO
₹429 - 429
We are an AI-enabled cloud, managed services, Data Centre infrastructure and software solutions provider in India. We are one of the only two players in India providing the entire spectrum of GPUaaS, cloud, managed services, data centre infrastructure and software solutions in India. Further, among the two, we are the largest in terms of revenue from operations in Fiscal 2026, with a revenue from operations of Rs.4,722.10 million in Fiscal 2026.
Lot34Min Invest₹14,586Face Value₹1Issue Size₹720 CrFresh Issue₹720 CrListing Price₹746CMP₹908
Timeline
28 Aug
Bidding opens
1 Sept
Bidding closes
2 Sept
Allotment
3 Sept
Refund & demat credit
4 Sept
Listing
Subscription
Subscription opens once dates are announced
Reports
Offer Details
Terms
Issue Size₹720 Cr1.68 Cr shares
Fresh Issue₹720 Cr
Face Value₹1
Lot Size34 shares
ReservationQIB 50% · NII 15% · RETAIL 35%
Application Sizes
Retail₹14,5861-13 lots
sNII₹2,04,204from 14 lots
bNII₹10,06,434from 69 lots
Managers & Registrar
Lead ManagerDAM Capital Advisors Ltd
Co-ManagerSystematix Corporate Services Ltd
RegistrarMUFG Intime India Pvt Ltd
Ownership & Proceeds
Shareholding
CategoryPre IPOPost IPOPromoter Group46.06%39.42%Public53.94%60.58%
Objects of the Issue
- Purchase and installation of cloud computing and other equipment and infrastructure for the company data centres
- General corporate purposes
Anchor Book
Bid Date27-Aug-2026
Financials
Profit & Loss
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| RevenueCr | 195 | 208 | 287 | 361 | 472 |
| Operating ProfitCr | 55 | 47 | 101 | 155 | 234 |
| OPM% | 28.3 | 22.9 | 35.2 | 42.8 | 49.6 |
| PBTCr | -2 | -28 | 22 | 83 | 167 |
| PATCr | -3 | -22 | 14 | 56 | 121 |
| EPS | 0 | -2 | 1 | 6 | 12 |
Balance Sheet
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity CapitalCr | 9 | 9 | 9 | 10 | 10 |
| ReservesCr | 197 | 201 | 217 | 408 | 534 |
| BorrowingsCr | 215 | 165 | 259 | 127 | 96 |
| Total AssetsCr | 523 | 499 | 548 | 656 | 1,938 |
Cash Flow
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Operating Cash FlowCr | 16 | 55 | 57 | 163 | 1,368 |
| Investing Cash FlowCr | -70 | -54 | -1 | -109 | -131 |
| Financing Cash FlowCr | 74 | -19 | -71 | 7 | -45 |
| Net Cash FlowCr | 21 | -18 | -15 | 61 | 1,192 |
Strengths & Risks
Strengths · as stated in the DRHP
- We are an AI enabled cloud, managed services, Data Centre infrastructure and software solutions provider in India.
- Our comprehensive Security-as-a-Service (SECaaS) framework enables businesses to proactively manage threats and achieve robust security and compliance objectives.
- We have long-term relationships with well-established banks and other businesses.
- Strong Government Partnerships and Policy Advocacy.
- AI-driven innovations and patented technology.
- Transparent and flexible customized billing system.
Strategies · as stated in the DRHP
- Expand our business through focusing on enhancing infrastructure, driving AI/ML innovation, and committing to sustainability for efficient scaling and customer value.
- Continue to scale our AI-driven solutions.
- Enhance collaboration with our Government and business partners.
- Continue to strengthen our brand leadership.
- Transition towards 100% renewable energy for sustainable and efficient operations.
Risks · as stated in the DRHP
- If the company fails to innovate in response to new technological changes and technological innovations, or adapt to technological developments or evolving industry standards, its business, financial condition, and results of operations could be adversely affected.
- The company's revenue, directly or indirectly, from government entities and government projects represented 27.37%, 29.52%, and 34.04% of its revenue from operations for Fiscals 2026, 2025 and 2024, respectively. Any changes in government policies or budgetary allocations or the company's ability to satisfy eligibility and selection criteria in relation to outsourcing of services may adversely affect its business, financial condition, results of operations and cash flows.
- ESDS Cloud FZ-LLC, the Company's subsidiary, had a loss of Rs. 40.46 million and Rs. 60.19 million for Fiscals 2025 and 2024, respectively. These losses represented (7.28%) and (44.23%) of the company's profit for the year for Fiscals 2025 and 2024, respectively. Although ESDS Cloud FZ-LLC had a profit for the year of Rs. 54.62 million for Fiscal 2026, there can be no assurance that ESDS Cloud FZ-LLC will not incur a loss for the year in the future. If ESDS Cloud FZ-LLC were to experience a loss for the year over continuous fiscal years, especially if the losses were large, its ability to operate its business as a going concern may be adversely affected, which may requires it to raise additional financing, which may not be available, and it would adversely affect the company's consolidated financial condition, results of operations and cash flows. In addition, the Company could lose its investment in ESDS Cloud FZLLC and may not repay the money it has lent to ESDS Cloud FZ-LLC, which would have an adverse effect on its financial condition on a standalone basis.
- Any unauthorized access to the company's network or data could harm its reputation, create additional liability and adversely affect the company's financial condition, results of operations and cash flows.
- In Fiscal 2026, the company's revenue from its top client and top 10 clients represented 15.93% and 45.36% of the company's revenue from operations, respectively, and any loss or reduction of business from these clients could have a material adverse effect on its business, financial condition, results of operations and cash flows.
- A substantial portion of the company's assets are hypothecated or mortgaged in favour of lenders as security for some of its borrowings. As at March 31, 2026, 2025 and 2024, the total value of the company's hypothecated current assets as a percentage of its total current assets was 96.72%, 88.96% and 84.84%, respectively, and the total value of the company's mortgaged property, plant and equipment as a percentage of its total property, plant and equipment was 18.89%, 27.05% and 56.62%, respectively. The company's lenders may enforce the security in the event of its failures to service the company's debt obligations, which could adversely affect its business, financial condition, results of operations and cash flows.