ESDS Software Solution

ESDS Software Solution IPO

IPO Open Now

₹13,872

2.07 xOver-subscribed

Bidding Dates 28 Aug, 26 -01 Sept, 26

Min Investment ₹13,872

Lot Size34

Price Range ₹408 – ₹429

Issue Size ₹720.00 Cr.

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DRHP

IPO Subscription Details

Retail Subscription Details

2.65 x

Non-Institutional Buyers (sHNI)

5.68 x

Non-Institutional Buyers (bHNI)

2.38 x

Qualified Institutional Buyers (QIB)

0.01 x

Total

2.07 x

IPO Timeline

IPO Analysis

Strengths

The company is one of only two players in India providing the entire spectrum of GPUaaS, cloud, managed services, data centre infrastructure and software solutions, and is the largest in terms of revenue from operations in Fiscal 2026 with ₹4,722.10 million.

The company delivers SECaaS solutions with SOC services monitoring over 123 customers across 7,175+ devices, analyzing 5,143+ security alerts and investigating 0.63 million alerts in H1 FY2026, preventing potential security breaches.

The company maintains relationships with over 100 banks and well-established businesses, with customers having relationships over 3 years rising from 49.28% to 65.60% and over 5 years increasing from 23.25% to 47.75% from Fiscal 2024 to 2026.

Risks

The company operates in an industry characterized by rapid technological innovation and evolving industry standards. The company's cloud computing infrastructure may become obsolete due to new systems development, and power/cooling systems are difficult and expensive to upgrade, potentially requiring significant costs that may not be passed to customers.

The company's revenue from government entities and projects represented 27.37%, 29.52%, and 34.04% of revenue from operations for Fiscals 2026, 2025 and 2024, respectively. Changes in government policies, budgetary allocations, or eligibility criteria could adversely affect the company's ability to retain business from government clients.

The company's subsidiary ESDS Cloud FZ-LLC had losses of ₹40.46 million and ₹60.19 million for Fiscals 2025 and 2024, representing (7.28%) and (44.23%) of the company's profit respectively. Continued losses could affect the subsidiary's ability to operate as a going concern and impact consolidated financial condition.

Objectives

The company intends to utilize Net Proceeds for purchasing and installing cloud computing equipment including computer servers, data storage devices, networking equipment and supporting infrastructure at their Airoli, Bengaluru, Mohali and Nashik Data Centres to augment compute and storage capacity and upgrade existing infrastructure for operational efficiency.

The company proposes to deploy the balance Net Proceeds towards general corporate purposes including strategic initiatives, funding growth opportunities, strengthening marketing capabilities, brand building exercises, working capital requirements, payment of lease liabilities, repayment of borrowings and other business requirements as approved by the Board.

Yearly Financial Results

Annual Financials	Mar 2024	Mar 2025	Mar 2026
Revenue	286.52	361.34	472.21
Expenses	268.76	293.91	313.23
Other Income	5.62	15.31	8.44
Total Revenue	292.14	376.64	480.65
Profit Before Tax	22.30	82.60	167.42
Net Profit	13.61	55.61	120.82

Show % Change

Above figures are in Rs. Crores

Balance Sheet

Balance Sheet	Mar 2024	Mar 2025	Mar 2026
Total Assets	547.71	655.95	1937.90
Current Assets	208.53	270.75	1514.14
Fixed Assets	339.18	385.20	423.76
Total Equity & Liabilities	547.71	655.95	1937.90
Total Liabilities	321.20	238.37	1393.70
Current Liabilities	129.79	126.83	1303.72
Non Current Liabilities	191.41	111.54	89.98
Total Equity	226.51	417.58	544.20

Show % Change

Above figures are in Rs. Crores

Cash Flow

Cash Flow	Mar 2024	Mar 2025	Mar 2026
Net Cash Flow	-14.81	60.73	1191.83
Investing Activities	-1.45	-109.34	-131.17
Operating Activities	53.05	162.62	1367.71
Financing Activities	-66.41	7.45	-44.72

Show % Change

Above figures are in Rs. Crores

About ESDS Software Solution

The company is an AI-enabled cloud, managed services, Data Centre infrastructure and software solutions provider in India. It is one of only two players in India providing the entire spectrum of GPUaaS, cloud, managed services, data centre infrastructure and software solutions, and is the largest among the two in terms...more

Website

www.esds.co.in

Managing DirectorPiyush Prakashchandra Somani

About Scanx

We’re building Scanx - to help you express your trading & investing idea, to help you analyse the markets better.

Stock Markets are the true indicator of the growth of any country's economy. We are bullish on India, we are bullish on India's prospects to be one of largest economies of the world. We believe that Stock Markets provide an unique opportunity for all Indians to participate in the growth story of India. We are enabling the same for Indians.
As financial services are becoming more accessible, there is now a large set of Indians today who are financially aware and literate. They value time and seek high quality products & services. Most screening, trading, investing platforms available today are more or less similar to each other, and they have not evolved with time. While both traders & investors have gotten smart about how they make money and build wealth, as users they have continued to use the same products, features, and platforms that were available for years with little or no innovation.
We plan to change that - a technology-led and artificial intelligence enabled platform built for super traders and long term investors.

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Part of Raise Financial Services

SEBI Stock Broker Registration No: INZ000006031 | Depository Participant (CDSL) ID: IN-DP-289-2016 | SEBI Research Analyst Registration No: INH000023357 Exchange Membership No. : NSE: 90133 | BSE: 6593 | MCX: 56320

Registered Office: Unit No. 2201, 22nd Floor, Gold Medal Avenue, S.V. Road, Beside Patel Petrol Pump, Piramal Nagar, Goregaon West, Mumbai - 400104