| Annual Financials | Mar 2024 | Mar 2025 | Mar 2026 |
| Revenue | 119.73 | 187.74 | 273.98 |
| Expenses | 106.06 | 166.07 | 244.51 |
| Other Income | 0.06 | 0.52 | 0.76 |
| Total Revenue | 119.79 | 188.26 | 274.74 |
| Profit Before Tax | 13.73 | 22.19 | 30.23 |
| Net Profit | 10.27 | 16.54 | 23.40 |
Dove Soft
Dove Soft IPO
₹2,49,600
0.07 xOver-subscribedBidding Dates 30 Sept, 26 -05 Oct, 26
Min Investment ₹2,49,600
Lot Size1,200
Price Range ₹104 – ₹111
Issue Size ₹73.26 Cr.
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IPO Subscription Details
Retail Subscription Details
0.15 x
Non-Institutional Buyers (sHNI)
0 x
Non-Institutional Buyers (bHNI)
0 x
Qualified Institutional Buyers (QIB)
0 x
Total0.07 x
0.07 x IPO Timeline
IPO Offer Start
30 Sept,26
IPO Offer Ends
05 Oct,26
Allotment Finalisation
06 Oct,26
Refund Initiation
07 Oct,26
Listing of Shares
08 Oct,26
IPO Analysis
Strengths
The company operates an asset-light, recurring-revenue model with total income growing from ₹3,558.04 Lakhs in FY2022 to ₹27,398.01 Lakhs in FY2026 (CAGR of 66.04%), maintaining an EBITDA margin of ~11.96% in FY2026, reflecting operational efficiency and cost discipline.
The company serves multiple industries including Telecom, IT, Entertainment, Travel, Real Estate, and Advertising, offering services across SMS, RCS, Voice, WhatsApp, and Email, reducing exposure to sector-specific declines and regional economic downturns.
The company's cloud-based delivery platform enables enterprises to operate applications without managing underlying hardware or software, with all applications deployed on cloud servers and operations running at a defined throughput per second (TPS) capacity.
Risks
The company's ability to provide services is highly dependent on relationships with channel partners and Mobile Network Operators (MNOs) for connectivity. Consolidation within the telecommunications industry or inability to maintain these relationships could significantly impact reputation, profitability, and overall business operations.
The company is dependent on a limited number of clients for a substantial portion of revenues, with the top 1 client contributing 37.60%, 30.61%, and 54.82% of revenue from operations for FY2026, FY2025, and FY2024, respectively. Loss of any major client or reduction in order volumes could materially and adversely affect revenues and profitability.
The company derives approximately 89.40% of its revenue from clients in Northern and Western India (FY2026). Any economic deterioration, regulatory changes, or reduced technology spending in these regions could adversely affect business, financial condition, and results of operations.
Objectives
The company intends to utilize a portion of the IPO proceeds to fund its working capital needs, enabling it to manage day-to-day operational expenses, enhance product offerings, and strengthen relationships with telecom operators and vendors by negotiating better pricing and credit terms.
The company proposes to deploy the balance proceeds towards general corporate purposes, including business development initiatives, salaries, rent, administration costs, insurance premiums, repairs and maintenance, payment of taxes and duties, subject to not exceeding 15% of gross proceeds or a specified cap per SEBI ICDR Regulations.
The company intends to utilize a portion of the proceeds to cover offer-related expenses including listing fees, underwriting commission, BRLM fees, legal counsel fees, registrar fees, printing, advertising, and all other incidental expenses for listing the Equity Shares on the Stock Exchanges.
Yearly Financial Results
Balance Sheet
| Balance Sheet | Mar 2024 | Mar 2025 | Mar 2026 |
| Total Assets | 85.56 | 108.99 | 164.40 |
| Current Assets | 69.16 | 90.56 | 144.33 |
| Fixed Assets | 16.40 | 18.43 | 20.07 |
| Total Equity & Liabilities | 85.56 | 108.99 | 164.40 |
| Total Liabilities | 52.44 | 42.24 | 74.00 |
| Current Liabilities | 51.46 | 35.21 | 71.38 |
| Non Current Liabilities | 0.98 | 7.03 | 2.62 |
| Total Equity | 33.12 | 66.74 | 90.40 |
Cash Flow
| Cash Flow | Mar 2024 | Mar 2025 | Mar 2026 |
| Net Cash Flow | 0.05 | 1.10 | 0.18 |
| Investing Activities | 0.49 | -3.11 | -3.27 |
| Operating Activities | 0.35 | -17.48 | 4.30 |
| Financing Activities | -0.79 | 21.69 | -0.85 |
About Dove Soft
Dove Soft Limited is an integrated CPaaS (Communications Platform as a Service) provider incorporated in India, offering cloud communication solutions including SMS, RCS, Voice, WhatsApp, Email, and digital services. The company acts as an aggregator between telecom operators and enterprise clients, serving industries such as BFSI, IT, e-commerce, healthcare, retail,...more
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Managing DirectorRahul Bhanushali
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