ESDS Software SolutionIPO Review — Financials, Valuation & Peers
A data-only look at the ESDS Software Solution IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 292.14 | 13.61 | 101.88 | 206.36 | 547.71 | 149.04 | — |
| FY 2025 | 376.64 | 55.61 | 154.89 | 405.55 | 655.95 | 62.71 | — |
| FY 2026 | 480.65 | 120.82 | 234.23 | 528.81 | 1,937.9 | 42.92 | 12.03 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 35.66x
- P/E (post-issue)
- 41.61x
- RoNW
- 22.85%
- RoE
- 25.12%
- RoCE
- 32.78%
- Debt / Equity
- 0.08
- EPS (pre-issue)
- ₹12.03
- EPS (post-issue)
- ₹10.31
- EBITDA Margin
- 49.6%
- PAT Margin
- 25.59%
- P/BV
- 8.15x
- NAV / share
- ₹52.66
- Market Cap
- ₹5,028.35 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV | Statements |
|---|---|---|---|---|---|---|
| ESDS Software Solution | 12.03 | 52.66 | — | 22.85% | — | Consolidated |
| E2e Networks Ltd | -0.78 | 81.97 | -804.97x | -0.92% | 7.69x | Consolidated |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: <p>Piyush Prakashchandra Somani, Komal Piyush Somani, P.O.Somani Family Trust</p>
- Holding (pre-issue)
- 46.06%
- Holding (post-issue)
- 39.47%
- Dilution
- 6.59%
Broker Recommendations
| Reviewer | Verdict |
|---|---|
| Capital Market | May Apply |
Third-party analyst views on the ESDS Software Solution IPO, aggregated for reference. ipostation does not rate IPOs — nothing here is investment advice.
Analysis in brief
Anchor book
Before the issue opened to the public, ESDS Software Solution placed shares with 19 anchor investors, who together put in ₹306 crore. Anchor investors are institutions allotted shares at the issue price a day before bidding opens, in exchange for a mandatory post-listing lock-in — their names and cheque sizes are disclosed, which is why the anchor book is read as an institutional signal. The largest allocations went to MERU INVESTMENT FUND PCC-CELL 1 (₹100 crore), MOTILAL OSWAL DIGITAL INDIA FUND (₹44 crore) and BANDHAN FOCUSED FUND (₹28 crore). Investor categories represented include Other and Insurance. The lock-in on half the anchor shares ends on 2 Oct 2026, with the remainder locked until 1 Dec 2026.
Analyst view tally
1 third-party review is on record for the ESDS Software Solution IPO — among them Capital Market. Of the 1 with a stated verdict, 1 says "May Apply". These are the views of the named reviewers, reproduced as published — they are not ipostation's recommendation, and this page does not rate the issue.
Margin and return profile
Beyond the headline pricing, the disclosed operating profile stands on its own numbers. ESDS Software Solution operates at an EBITDA margin of 49.6% and a net (PAT) margin of 25.59% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 32.78% and a return on equity (RoE) of 25.12%. At the upper band, the post-issue market capitalisation works out to about ₹5,028.35 crore. These are offer-document figures for the latest reported period (as of 31 Mar 2026); they describe the business as disclosed, not how the stock will trade.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward purchase and installation of cloud computing and other equipment and infrastructure for data centres. (₹576 crore), alongside general corporate purposes (₹91.05 crore). In all, 3 objects are disclosed.
Financials
In FY2026, ESDS Software Solution reported revenue of ₹480.65 crore and a net profit of ₹120.82 crore. Revenue grew from ₹292.14 crore in FY2024 to ₹480.65 crore in FY2026 (+65.0%). Net worth stood at ₹528.81 crore at the end of FY2026. At the upper band, that puts the issue at roughly 35.7× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 41.61× post-issue earnings and 8.15× book value, against a return on net worth of 22.85% and a debt-to-equity ratio of 0.08. These ratios come from the offer document and are for comparison, not a recommendation.
Promoters
The promoters of the company are <p>Piyush Prakashchandra Somani, Komal Piyush Somani, P.O.Somani Family Trust</p>. Promoter holding stands at 46.06% before the issue and comes down to 39.47% after listing.
Frequently asked questions
- What is the reservation split in the ESDS Software Solution IPO?
- Of the total shares offered, retail investors get 35%, QIBs 20% (plus 30% anchor), non-institutional investors 15%.
- Who are the promoters of ESDS Software Solution and what is their holding?
- The promoters are <p>Piyush Prakashchandra Somani, Komal Piyush Somani, P.O.Somani Family Trust</p>. Promoter holding is 46.06% before the issue and 39.47% after listing.
- What is the P/E ratio of the ESDS Software Solution IPO?
- At the upper price band, the ESDS Software Solution IPO is valued at 35.66× pre-issue earnings and 41.61× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the ESDS Software Solution IPO?
- The net proceeds go primarily toward purchase and installation of cloud computing and other equipment and infrastructure for data centres., among 3 disclosed objects.