EverestIMS Technologies IPO DRHP: ₹29.66 crore fresh issue; FY26 revenue at ₹65.12 crore
- EverestIMS Technologies files DRHP for SME IPO with no offer for sale component.
- FY2026 revenue from operations stood at ₹65.12 crore with PAT of ₹13.14 crore.
- Proceeds allocated to AI Innovation Lab (₹5.66 crore) and Working Capital (₹24.00 crore).
- Top 10 customers accounted for 88.77% of FY2026 revenue, highlighting concentration risk.
*this image is generated using AI for illustrative purposes only.
EverestIMS Technologies Limited, a Bangalore-based software company offering IT Operations and Service Management solutions under the brand 'Infraon', has filed its Draft Red Herring Prospectus for an SME IPO. The company reported revenue from operations of ₹65.12 crore in FY2026 and intends to raise funds primarily for setting up an AI Innovation Laboratory and meeting working capital requirements.
About the Company
Incorporated in 2017, EverestIMS Technologies operates as a software provider delivering AI-enabled IT Operation and Service Management (ITOSM) solutions. Its flagship platform, 'Infraon Infinity', consolidates capabilities including AIOps, ITSM, ITIM, NCCM, ITAM, and OSS into a unified solution available via both SaaS and on-premises deployment models. The company serves large enterprises, telecom operators, and small and medium businesses across India, UAE, Malaysia, and other international markets through direct sales and a channel partner network.
Financial Performance
The company has demonstrated consistent top-line growth over the last three fiscal years, with revenue from operations rising from ₹45.23 crore in FY2024 to ₹65.12 crore in FY2026. However, profit after tax declined slightly in FY2026 despite revenue growth, reflecting increased operational expenses.
| Metric | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue from Operations (₹ Cr) | 45.23 | 56.54 | 65.12 |
| Total Revenue (₹ Cr) | 45.62 | 57.78 | 65.91 |
| Total Expenses (₹ Cr) | 30.77 | 38.93 | 48.28 |
| Profit Before Tax (₹ Cr) | 14.84 | 18.85 | 17.64 |
| Profit After Tax (₹ Cr) | 10.83 | 14.08 | 13.14 |
| Total Assets (₹ Cr) | 50.47 | 67.82 | 90.27 |
| Total Equity (₹ Cr) | 32.22 | 47.41 | 60.59 |
Operating cash flow recovered significantly in FY2026 to ₹9.20 crore from ₹2.63 crore in FY2025. Net cash flow turned positive in FY2026 at ₹0.42 crore after two consecutive years of negative net flows. Return on equity declined from 33.61% in FY2024 to 21.69% in FY2026 as the equity base expanded faster than profits.
Why the Company Is Raising Funds
The fresh issue proceeds are allocated towards specific growth and operational needs:
- AI Innovation and Experience Laboratory: ₹5.66 crore will be utilized to purchase IT hardware, including servers and storage, to set up an AI laboratory within existing premises.
- Working Capital Requirements: ₹24.00 crore is earmarked to meet incremental working capital needs, which have grown significantly alongside business expansion.
- General Corporate Purposes: Any balance of the net proceeds will be deployed for general corporate purposes, subject to a cap of 15% of the amount raised or ₹10 crore, whichever is lower.
Business Strengths
The company highlights several key strengths supporting its market position:
- Integrated Platform: The 'Infraon Infinity' platform offers a unified solution covering multiple IT management functions, reducing client complexity and creating high switching costs.
- Experienced Management Team: Leadership includes seasoned professionals across MD, CEO, CFO, COO, and CTO roles, providing comprehensive coverage of business functions.
- Channel Partner Network: A robust distribution model leverages channel partners with training and technical enablement, allowing scalable market penetration without proportional cost increases.
- Diversified Product Portfolio: The company serves varied customer segments including enterprises, telecom operators, and SMBs through both SaaS and on-premises models.
Key Risks
Several material risks are disclosed in the prospectus:
- Customer Concentration: The top 10 customers contributed 88.77% of revenue in FY2026, indicating significant dependence on a limited client base.
- Quarterly Revenue Volatility: Revenue is highly uneven, with Q4 contributing 56.48% of total FY2026 revenue compared to just 0.57% in Q1.
- Working Capital Intensity: Working capital requirements surged by 49% year-on-year in FY2026, necessitating external funding.
- Regulatory Compliance History: The company has recorded delayed filings with the Registrar of Companies and delays in statutory payments such as TDS and GST in previous years.
- Promoter Control: Promoters hold 80.38% of the paid-up equity share capital pre-IPO and will retain majority control post-listing.
Important IPO Dates
- IPO Opening Date: 29-Sep-2026
- IPO Closing Date: 05-Oct-2026
Offer Details
The issue comprises a fresh equity component with no offer for sale. The total identified proceeds for specific purposes amount to ₹29.66 crore plus general corporate purposes. Price band and lot size details are not yet disclosed in the current data.
How will the planned AI Innovation Laboratory specifically enhance Infraon Infinity's competitive moat against established global ITOSM vendors?
What strategic initiatives is management implementing to reduce the 88.77% revenue concentration risk among the top 10 customers post-IPO?
Can the company improve its return on equity trajectory by balancing the rapid expansion of its equity base with accelerated profit growth?
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