Adisoft Technologies
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 30 Apr 2026 | ₹21 | +12.21% | ₹12,800 | ₹193 | ₹16,800 |
| 29 Apr 2026 | ₹21 | +12.21% | ₹12,800 | ₹193 | ₹16,800 |
| 28 Apr 2026 | ₹19.50 | +11.34% | ₹11,900 | ₹191.50 | ₹15,600 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 23 Apr 2026 – 27 Apr 2026
- Listing date
- 30 Apr 2026
- Face value
- ₹10 per share
- Price band
- ₹163 – ₹172
- Issue price
- ₹172 per share
- Lot size
- 800 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹74.10 Cr
- Market cap at offer price
- ₹281 Cr
- Promoter holding
- 99.98% → 73.60% pre-issue → post-issue
- ISIN
- INE20PL01012
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Hem Securities Ltd.
- Registered office
- Prathamesh Complex & Trading Plot No., PAPBG-102, 103, 104 & 105, 1st and 2nd Floor, MIDC Chinchwad Industrial Area, Bhosari I.E, Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 12,25,600 | — | — |
| Market maker | 2,16,000 | — | — |
Application size
Minimum 800 shares per lot, in multiples, at ₹172
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 800 | ₹1,37,600 |
| S-HNI (min) | 2 | 1,600 | ₹2,75,200 |
| S-HNI (max) | 7 | 5,600 | ₹9,63,200 |
| B-HNI (min) | 8 | 6,400 | ₹11,00,800 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹172 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 13.41 | 3.93 |
| P/E (×) | 12.83 | 43.77 |
| Price to book (×) | 4.19 | — |
| Market cap | — | ₹281 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 32.71%
- ROCE
- 29.12%
- Debt / equity
- 0.58
- PAT margin
- 12.23%
- EBITDA margin
- 16.45%
- NAV per share
- ₹41.01
- Price to book
- 4.19
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Adisoft Technologies
Adisoft Technologies Limited, originally incorporated as a private limited company on February 4, 2013, was converted into a public limited company on September 17, 2025. The company specializes in Industrial Digital Automation Solutions, serving clients primarily in the automotive and manufacturing sectors. The company designs and delivers customized automation solutions to automobile manufacturers, automotive OEMs and component manufacturers. Beyond customized solutions, the company also engages in trading of automation products. The company operates through its registered office in Pune, Maharashtra, with an assembly unit also in Pune. For the financial year 2024-25, the company generated revenue from operations of Rs. 13,301.68 lakhs with a profit after tax of Rs. 1,611.08 lakhs.
Company Analysis
from RHPAdisoft Technologies Limited is an Industrial Digital Automation Solutions provider engaged in designing, developing, procuring, assembling, testing, installation, commissioning and engineering services related to automated assembly lines, material handling machines, robotic work cells and special purpose machinery across industrial automation.
Adisoft Technologies Limited, originally incorporated as a private limited company on February 4, 2013, was converted into a public limited company on September 17, 2025. The company specializes in Industrial Digital Automation Solutions, serving clients primarily in the automotive and manufacturing sectors. The company designs and delivers customized automation solutions to automobile manufacturers, automotive OEMs and component manufacturers. Beyond customized solutions, the company also engages in trading of automation products. The company operates through its registered office in Pune, Maharashtra, with an assembly unit also in Pune. For the financial year 2024-25, the company generated revenue from operations of Rs. 13,301.68 lakhs with a profit after tax of Rs. 1,611.08 lakhs.
Objects of the Issue
- Repayment and/or pre-payment, in full or part, of borrowing availed by our Company Rs. 1,000.00 lakhs p.22
- Funding the Capital Expenditure requirements towards setting up of a new factory unit Rs. 3,777.34 lakhs p.22
- To Meet Working Capital Requirements of our Company Rs. 1,000.00 lakhs p.23
- General Corporate Purpose p.23
- Repayment and/or pre-payment, in full or part, of borrowing availed by our Company ₹1,000.00 lakhs p.85
- Funding the Capital Expenditure requirements towards setting up of a new factory unit ₹3,777.34 lakhs p.86
- To Meet Working Capital Requirements of our Company ₹1,000.00 lakhs p.84
- General Corporate Purpose p.84
- Repayment and/or pre-payment, in full or part, of borrowing availed by our Company p.92
- Funding the Capital Expenditure requirements towards setting up of a new factory unit 3,777.34 lakhs p.118
- To Meet Working Capital Requirements of our Company 1,000.00 lakhs p.89
- General Corporate Purpose p.90
- Issue Expense p.90
Issue Structure
- Total Issue
- Up to Rs. [●] lakhs (to be determined post-pricing)
- Fresh Issue
- Up to 43,08,000 Equity Shares of face value of Rs. 10 each aggregating up to Rs. [●] lakhs
- Offer for Sale
- Nil
- Price Band
- [●] (to be determined and advertised at least two working days prior to bid opening)
- Lot Size
- [●] (to be determined and advertised)
- Face Value
- Rs. 10 per Equity Share
Business Model
The company earns revenue through two primary streams: (1) Automation solutions - designing, developing, procuring, assembling, testing, installation, commissioning and providing engineering services related to customized automated assembly lines, material handling machines, robotic work cells and special purpose machinery tailored to meet client-specific operational requirements, which accounted for 70.56% of total revenue in FY 2024-25; and (2) Trading of automation products, which accounted for 29.44% of total revenue in FY 2024-25. Customers place purchase orders specifying requirements, and the company receives payments based on the agreed sum subject to contract variations for changes in project requirements.
Business Segments
SWOT Analysis
- • Significant revenue growth trajectory(p.39)
- • Consistent profitability expansion(p.39)
- • Presence in high-growth industrial automation sector(p.22)
- • Diversified revenue streams across industries(p.29)
- • Complex, customized industrial automation solutions with integration of digital technologies(p.85)
- • Established presence and operational track record with existing assembly unit(p.85)
- • In-house design and development capabilities with 49 professionals using advanced software tools(p.116)
- • Integrated in-house assembling and testing infrastructure enabling quality control and timely delivery(p.116)
- • Diversified customer base across 10+ Indian states with 72 customers associated for 3+ continuous years(p.117)
- • Experienced promoters with combined 40+ years in automation industry(p.117)
- • Strong revenue growth and profitability metrics with 74.7% revenue CAGR (FY23-25) and 32.71% RoNW(p.115)
- • Statutory compliance framework for labor and employee benefits(p.141)
- • Comprehensive employee protection and workplace safety standards(p.141)
- • Established maternity benefit and gender protection regulations(p.141)
- • Minimum wage protection framework(p.141)
- • Standardized contract labor regulation(p.141)
- • Established market presence in industrial automation with 28+ years promoter experience(p.227)
- • In-house assembly and testing infrastructure with design & development capability(p.227)
- • Strong profitability with consistent growth trajectory(p.228)
- • Positive net worth and healthy EBITDA margins(p.228)
- • Joint venture with Japanese automation company (AIOI Systems)(p.228)
- • Diverse automation solutions portfolio addressing multiple customer needs(p.227)
- • Expanding geographic presence across multiple states and international markets(p.228)
- • Improved current ratio indicating better working capital management(p.234)
- • High customer concentration risk(p.29)
- • Dependence on limited supplier base(p.30)
- • Significant geographic concentration in Maharashtra for raw material procurement(p.30)
- • History of negative operating cash flows(p.33)
- • Heavy trade receivables burden on working capital(p.34)
- • Lack of long-term customer contracts(p.29)
- • Non-compliance with Companies Act provisions(p.33)
- • Reliance on rented premises(p.33)
- • Limited trademark protection(p.39)
- • Heavy dependence on Promoters and Key Managerial Personnel for business success(p.44)
- • Significant indebtedness with history of payment delays to financial institutions(p.44)
- • Substantial contingent liabilities that could materially impact financial condition(p.41)
- • Unsecured loans repayable on demand creating liquidity risk(p.45)
- • Promoter loans secured by personal guarantees of directors creating reputational risk(p.45)
- • Inexperienced management team in managing listed companies with regulatory compliance challenges(p.43)
- • Collection processes not fully automated, increasing risk of human error and fraud(p.45)
- • High customer concentration with top 5 customers representing 62.21% of revenue(p.117)
- • Heavy dependence on automotive sector representing 76.14% of revenue as of October 31, 2025(p.118)
- • Relatively high employee attrition rate of 24.31% in FY 2024-25 despite improving trend(p.133)
- • Significant employee-related costs at 10.98% of revenue as of October 31, 2025(p.134)
- • Insurance coverage of only 70.91% of book value of insured assets as of October 31, 2025(p.136)
- • Complex compliance burden with multiple overlapping labor legislations(p.144)
- • Mandatory contribution requirements to multiple employee benefit schemes(p.142)
- • Extensive regulatory obligations for contract labor management(p.141)
- • High dependence on few major customers creating revenue concentration risk(p.229)
- • Significant reliance on key promoters for business strategy and customer relationships(p.228)
- • Moderate debt levels with interest obligations(p.226)
- • Working capital management challenges with negative cash flow from operations(p.250)
- • Concentration of assembly operations at single location (MIDC Bhosari, Pune)(p.227)
- • Trade receivables ageing showing extended collection periods(p.206)
- • Expansion into new factory unit with IPO proceeds(p.32)
- • Growth in automotive sector automation(p.22)
- • Debt reduction and improved financial flexibility(p.22)
- • Working capital augmentation for business growth(p.22)
- • Expansion of production capacity through new factory unit to meet growing demand(p.85)
- • Growth through strengthened service quality and expanded sales channels(p.43)
- • Debt reduction to improve leverage capacity and financial flexibility for future growth(p.86)
- • Public market visibility and listing benefits to enhance corporate image and brand recognition(p.84)
- • Strategic capacity expansion through new 2799 sq. mtr factory unit with Rs. 3,777.34 lakhs IPO allocation(p.118)
- • Diversification into high-potential non-automotive sectors including pharmaceuticals and warehouse automation(p.118)
- • Growing Indian automation and industrial robotics market projected at 14.26% CAGR to reach $29.43 Bn by FY2029(p.113)
- • Increasing automation demand in automotive sector with government PLI scheme attracting $8.1 billion investments(p.113)
- • AI and Industry 4.0 integration opportunity with digital technologies expected to account for 40% of manufacturing expenditure by 2025(p.113)
- • Consolidation of labor laws into modernized codes simplifies future compliance(p.144)
- • Unified wage code reduces administrative complexity(p.144)
- • Streamlined employee relations framework through unified code(p.144)
- • Consolidated social security coverage through single legislation(p.144)
- • Growing industrial automation demand from automotive and manufacturing sectors(p.227)
- • Expansion of service and support offerings including AMC and lifecycle support(p.227)
- • Geographic expansion potential across multiple states and international markets(p.228)
- • AI and IoT-based digital automation solutions offering differentiation(p.227)
- • Productivity enhancement initiatives through automation reducing manual dependency(p.227)
- • Strengthening manufacturing execution capabilities through process standardization(p.228)
- • Export market development leveraging joint venture capabilities(p.228)
- • Cyclical demand in capital expenditure of automotive and manufacturing sectors(p.40)
- • Sector-specific revenue dependence risk(p.29)
- • Raw material price volatility(p.30)
- • Transportation cost and supply chain disruptions(p.41)
- • Regulatory and compliance changes(p.21)
- • Electricity and power supply disruptions(p.40)
- • Foreign exchange volatility(p.41)
- • Technological obsolescence and rapid industry changes(p.34)
- • Intense competition from organized and unorganized sector at competitive pricing(p.42)
- • Complex implementation process vulnerability to customer dissatisfaction(p.44)
- • Software and IT systems vulnerability to cyber threats and security breaches(p.41)
- • Regulatory and compliance risks including safety, health, environmental and labour laws(p.41)
- • Risk of inadequate protection of intellectual property rights(p.42)
- • Dependence on critical permits and licenses that could be suspended or revoked(p.42)
- • Global financial instability and economic slowdowns affecting customer demand(p.50)
- • Indian economy slowdown reducing demand for products and increasing input costs(p.51)
- • Natural disasters, pandemics and geopolitical events disrupting operations(p.52)
- • Intense competition from domestic and international automation players ranging from startups to large corporations(p.132)
- • Automotive sector cyclicality and slowdown risk impacting primary revenue source(p.118)
- • Quotation validity lapses leading to cost escalation from supplier price increases and freight(p.88)
- • Factory setup delays and cost overruns risk affecting profitability and growth prospects(p.88)
- • Supplier and procurement delays risk disrupting project timelines and delivery commitments(p.88)
- • Regulatory transition risk during implementation of new labor codes(p.144)
- • Mandatory gender equality enforcement in compensation(p.143)
- • Potential for increased penalties and enforcement under new codes(p.142)
- • Enhanced inter-state worker protection obligations(p.143)
- • Economic downturn impacts on automotive and manufacturing sector demand(p.229)
- • Intense competition from established players and new market entrants(p.229)
- • Rapid technological changes requiring continuous innovation and skill upgradation(p.229)
- • Supply chain disruptions affecting component sourcing and project timelines(p.229)
- • Changes in government policies and regulatory framework(p.229)
- • External shocks including natural disasters and geopolitical instability(p.229)
- • Fluctuations in input prices and foreign exchange movements(p.229)
- • Cyclicality and downturns in automotive and component manufacturing industries(p.229)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Ajay Chandrashekhar Prabhu | Promoter | 69.99% | 51.52% |
| Preeti Ajay Prabhu | Promoter | 29.99% | 22.08% |
| Ajay Chandrashekhar Prabhu | Promoter | 69.99% | 51.52% |
| Preeti Ajay Prabhu | Promoter | 29.99% | 22.08% |
| Ajay Chandrashekhar Prabhu | Promoter | — | — |
| Preeti Ajay Prabhu | Promoter | — | — |
| Ajay Chandrashekhar Prabhu | Promoter | 69.99% | — |
| Preeti Ajay Prabhu | Promoter | 29.99% | — |
| Ajay Chandrashekhar Prabhu | Promoter | 70.00% | — |
| Preeti Ajay Prabhu | Promoter | 30.00% | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.