Emiac Technologies
Book Building issueSMEBSE₹31.75 Cr issue
+10.00%
Listing gain over issue price
Price band
₹93 – ₹98
Issue size
₹31.75 Cr
1 lot at cut-off
₹1,17,600
Lot size
1,200shares
Open
27 Mar 2026
Close
08 Apr 2026
Allotment
09 Apr 2026
Listing
13 Apr 2026
Listing performance
Issue price
₹98
Listed at
₹107.80
Listing-day close
₹108.79
Latest price
₹97.50
Listing gain
+10.00%
Return since listing
-0.51%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
₹0
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 13 Apr 2026 | ₹0 | 0.00% | ₹0 | ₹98 | ₹0 |
| 12 Apr 2026 | ₹0 | 0.00% | ₹0 | ₹98 | ₹0 |
| 11 Apr 2026 | ₹0 | 0.00% | ₹0 | ₹98 | ₹0 |
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
- 27 Mar 2026 – 08 Apr 2026
- Listing date
- 13 Apr 2026
- Face value
- ₹10 per share
- Price band
- ₹93 – ₹98
- Issue price
- ₹98 per share
- Lot size
- 1,200 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹31.75 Cr
- Market cap at offer price
- ₹120 Cr
- Promoter holding
- 68.00% → 50.01% pre-issue → post-issue
- ISIN
- INE1OSW01015
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Smart Horizon Capital Advisors Pvt.Ltd.
- Registered office
- Plot No.102, Maa Karni Nagar, Amrapali Marg, Vaishali Nagar Extension, Panchyawala, Rajasthan
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 | 8,88,000 | — | — |
| Market maker | 1,68,000 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹98
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,17,600 |
| S-HNI (min) | 2 | 2,400 | ₹2,35,200 |
| S-HNI (max) | 8 | 9,600 | ₹9,40,800 |
| B-HNI (min) | 9 | 10,800 | ₹10,58,400 |
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.
Shares allocated
8,88,000
Anchor portion
₹8.70 Cr
at ₹98 per share
Valuation and performance
Valuation at offer price
₹98 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 4.69 | 7.43 |
| P/E (×) | 20.90 | 13.19 |
| Price to book (×) | 1.32 | — |
| Market cap | — | ₹120 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 46.74%
- ROCE
- 63.52%
- PAT margin
- 21.25%
- EBITDA margin
- 29.83%
- NAV per share
- ₹74.52
- Price to book
- 1.32
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Emiac Technologies
Emiac Technologies Limited is incorporated under the Companies Act, 2013 and converted to a public limited company in December 2024. The company was incorporated as 'Emiac Technologies Private Limited' on January 20, 2017. Emiac is an AI-driven, technology-enabled digital solutions company committed to empowering brands with scalable and results-oriented digital services. Its integrated approach enables organizations to scale efficiently, optimize operations, and build a strong and sustainable digital presence. With a comprehensive suite of services spanning content creation, branding & online reputation management, digital marketing, and technical services & business automation, the company serves as a one-stop partner for brands seeking long-term growth and digital transformation. The company works closely with clients to understand their business goals, challenges, and future potential, and then provides tailored solutions to help them achieve their objectives.
Company Analysis
from RHPEmiac Technologies is an AI-driven, technology-enabled digital solutions company providing content creation, branding & online reputation management, digital marketing, and technical services & business automation across multiple industries.
Emiac Technologies Limited is incorporated under the Companies Act, 2013 and converted to a public limited company in December 2024. The company was incorporated as 'Emiac Technologies Private Limited' on January 20, 2017. Emiac is an AI-driven, technology-enabled digital solutions company committed to empowering brands with scalable and results-oriented digital services. Its integrated approach enables organizations to scale efficiently, optimize operations, and build a strong and sustainable digital presence. With a comprehensive suite of services spanning content creation, branding & online reputation management, digital marketing, and technical services & business automation, the company serves as a one-stop partner for brands seeking long-term growth and digital transformation. The company works closely with clients to understand their business goals, challenges, and future potential, and then provides tailored solutions to help them achieve their objectives.
digital marketingcontent creationbrandingonline reputation managementtechnical servicesbusiness automationadvertisingmarketing services
Objects of the Issue
- Funding requirements towards Purchase of computers, laptops, other related accessories, Purchase of software subscriptions and cloud hosting ₹572.14 Lakhs p.29
- Funding Working Capital Requirements of our Company ₹880.00 Lakhs p.29
- Hiring of Manpower in our Company ₹541.50 Lakhs p.29
- Branding, Advertisement and Marketing activities ₹390.00 Lakhs p.29
- General corporate purposes p.29
- Purchase of computers, laptops, other related accessories, purchase of software subscriptions and cloud hosting p.50
- Funding Working Capital Requirements of our Company ₹880.00 lakhs p.55
- Hiring of Manpower in our Company p.50
- Branding, Advertisement and Marketing activities p.50
- General corporate purpose p.50
- Funding requirement towards Purchase of computers, laptops, other related accessories, purchase of software subscriptions and cloud hosting 572.14 Lakhs p.99
- Funding Working Capital Requirements of our Company 880.00 Lakhs p.99
- Hiring of Manpower in our Company 541.50 Lakhs p.99
- Branding, Advertisement and Marketing activities 390.00 Lakhs p.99
- General corporate purpose p.99
- Not specified in this document part
Issue Structure
- Total Issue
- Up to 32,40,000 Equity Shares aggregating up to [●] Lakhs
- Fresh Issue
- Up to 32,40,000 Equity Shares of face value of ₹10/- each for cash at a price of ₹ [●] per Equity Share
- Offer for Sale
- N.A.
- Price Band
- [●] (Floor Price) to [●] (Cap Price)
- Lot Size
- [●] (minimum bid lot as per Price Band to be finalized)
- Face Value
- ₹10/- each
Business Model
The company operates on an order-to-order basis, offering digital marketing services, content creation, branding & online reputation management, and technical services & business automation. Revenue is derived from clients across multiple industries including digital marketing, BFSI, healthcare, IT & technology, education, and automobile sectors. The company generates revenue from services rather than product sales, with clients engaging through purchase orders for specific campaigns and projects.
Business Segments
Digital marketing services and campaigns
Banking, Financial Services, and Insurance sector marketing services
Information Technology and Technology sector marketing services
Healthcare sector marketing services
Includes content strategists, copywriters, and digital marketing campaign development
Automation specialists and technical services for client business processes
Branding services and online reputation management for clients
Creates SEO-optimized content, blogs, articles, website copy, product descriptions, technical documentation, whitepapers, case studies, and vernacular content writing to help brands communicate effectively and rank better on search engines.
Builds and protects brand identities through press releases, media distribution, Wikipedia page management, review management, influencer partnerships, and corporate videography. Ensures steady visibility and authority through PR campaigns and feature placements.
Delivers digital marketing strategies including SEO, GEO, paid advertising (Google Ads, Meta Ads, programmatic), social media marketing, influencer marketing, email and SMS campaigns, conversion rate optimization, and voice/visual search optimization.
Streamlines business operations through marketing automation, inventory and logistics automation, sales and CRM workflows, API integrations, enterprise dashboards, and AI-driven business intelligence and analytics across marketing, HR, sales, IT, and compliance.
Content marketing, SEO, social media management, and digital marketing services
Banking, Financial Services and Insurance sector services
Information Technology and technology sector services
Healthcare sector services
Business services sector
Offers content writing services that help brands communicate effectively, rank better on search engines, and engage their target audience using storytelling and AI insights. All content is manually written by skilled writers to ensure originality, clarity, and brand alignment. Services include blogs, articles, website copy, product descriptions, ad scripts, and sales copies.
All branding activities follow Google algorithm friendly practices. Builds links through guest posts, outreach, brand citations, and contextual placements aligned with niche relevance. Services include brand positioning and narrative building, ORM for corporates and C-suite executives, PR campaigns and feature placements, and thought leadership content for LinkedIn and media.
Ensures brands are visible and chosen through full spectrum coverage: SEO, paid ads, social media, influencer collaborations, guest posting, email/SMS campaigns, and data tracking to support discovery, interaction, and clear ROI across channels. Services include SEO audits, technical optimization, paid campaigns (Google Ads, Meta Ads, programmatic buying), and conversion rate optimization.
Helps businesses work smoothly by automating repetitive tasks across marketing, HR, sales, IT, and compliance. Solutions streamline workflows, reduce human error, and provide real-time dashboards. Services include inventory, logistics, and operations automation, sales and CRM workflows, API integrations and enterprise dashboards, and AI-driven business intelligence & analytics.
SWOT Analysis
Strengths
- • AI-driven, technology-enabled digital solutions with comprehensive service suite(p.28)
- • Growing participation in India's high-growth creator economy(p.28)
- • Strong financial growth trajectory with expanding margins(p.42)
- • Strong financial growth trajectory with revenue increasing from ₹294.17 lakhs (FY2023) to ₹1,412.31 lakhs (9M FY2026)(p.72)
- • Improving profitability with net profit growing from ₹38.76 lakhs (FY2023) to ₹454.77 lakhs (9M FY2026)(p.72)
- • Low fixed asset base with efficient capital utilization—PPE of only ₹48.67 lakhs as of September 30, 2025(p.70)
- • Small, lean workforce (38 employees as of January 31, 2026) reduces overhead and operational complexity(p.56)
- • Minimal historical indebtedness with only ₹130.09 lakhs outstanding as of September 30, 2025(p.58)
- • Diverse service portfolio across digital marketing, content creation, branding, and automation(p.146)
- • Strong recurring revenue model with 73.73% revenue from repeat clients(p.149)
- • High profitability with 43.81% EBITDA margin(p.148)
- • ISO certifications demonstrating quality standards(p.146)
- • Growing export revenue and international presence(p.149)
- • Low debt with debt-to-equity ratio of 0.096(p.122)
- • Strong revenue growth with 273% increase from FY23 to Sep 2025(p.122)
- • Diverse client base across multiple industries and geographies(p.153)
- • Long-standing client relationships with recurring revenue(p.154)
- • Experienced management team with proven project execution capabilities(p.154)
- • Data-driven, ROI-first SEO strategy delivering measurable results(p.155)
- • Flexible, transparent pricing models tailored to client needs(p.156)
- • ISO-certified operations across quality, customer service, and information security(p.252)
- • Diversified service portfolio spanning content creation, branding, digital marketing, and technical services(p.252)
- • Strong revenue growth with 273% increase in FY 2025 and 81% in FY 2024(p.262)
- • High repeat client base with 65.48% client retention rate(p.255)
- • Strong profitability with 43.81% EBITDA margin and 32.20% PAT margin(p.255)
- • Minimal debt with debt-to-equity ratio of 0.096(p.255)
- • Proven executive leadership with industry experience in digital marketing and technology(p.254)
- • Industry recognition with multiple awards for content marketing excellence(p.254)
- • Strong regulatory compliance and eligibility for SME platform listing(p.283)
- • Consistent profitability with growing net worth over three years(p.284)
- • Strong operating profitability meeting SME eligibility criteria(p.284)
- • Conservative leverage with debt-to-equity ratio well below regulatory limit(p.284)
- • Adequate net tangible assets exceeding SME eligibility requirements(p.284)
- • Clean regulatory history with no debarment or default(p.283)
Weaknesses
- • High customer concentration with top 5 customers accounting for 63.42% of revenue(p.37)
- • Dependence on limited suppliers with top supplier representing 46.99% of expenses(p.38)
- • No long-term customer contracts; order-to-order business model(p.37)
- • Negative operating cash flows in recent period(p.45)
- • Past compliance failures and delayed statutory filings(p.42)
- • ESIC compliance gap and retroactive statutory dues(p.39)
- • Heavy reliance on small customer base with concentrated revenue dependency(p.53)
- • Significant trade receivables burden with 84 days turnover as of FY2025, straining working capital(p.53)
- • Critical dependence on key personnel—loss of skilled staff could impair service delivery and client relationships(p.48)
- • History of GST and TDS filing delays with multiple late submissions during FY2023, FY2024, and FY2025(p.51)
- • Contingent liability of ₹2.09 lakhs from GST Reverse Charge demand notice currently under appeal(p.54)
- • Registered office operates on leave-and-license basis (expiring February 2032), creating facility disruption risk(p.49)
- • High employee attrition rates of 104.35% (FY2023), 31.58% (FY2024), and 35.29% (FY2025)(p.57)
- • Inadequate insurance coverage—no key-man insurance for critical managerial personnel despite operational risks(p.52)
- • Small scale with only 38 current employees(p.111)
- • Limited fixed asset base with low capital intensity requiring significant investment(p.111)
- • High customer concentration risk with working capital gap and extended receivables(p.108)
- • Reliance on third-party vendors for technology and publishing networks(p.148)
- • High supplier concentration with top supplier representing 47% of expenses(p.160)
- • High customer concentration with top customer representing 25.82% of revenue(p.164)
- • High employee attrition rates, particularly 104.35% in FY 2023(p.162)
- • Significant reliance on outsourced freelance and contract resources for project execution(p.156)
- • High customer concentration with top 10 clients representing 79.07% of revenue(p.269)
- • Limited customer base with only 84 clients as at September 30, 2025(p.255)
- • Dependence on few key suppliers with top supplier representing 47% of expenses(p.269)
- • Significant increase in trade receivables and working capital requirements(p.259)
- • Pending GST litigation with contingent liability of ₹2.09 Lakhs(p.238)
- • Intellectual property litigation involving promoters and group company(p.273)
- • Negative operating cash flow for first half of FY 2026(p.267)
- • Limited track record as recently incorporated company(p.284)
- • No prior public market experience or fundraising history(p.290)
- • Relatively modest paid-up capital post-issue(p.284)
- • Reliance on restricted SME platform listing(p.289)
Opportunities
- • Expanding into new geographic markets and international regions(p.40)
- • Leveraging undermonetized creator economy with only 8-10% of creators currently monetizing(p.28)
- • Diversification into new industry verticals beyond current focus sectors(p.41)
- • Capitalizing on rising digital marketing budgets and AI-driven transformation(p.43)
- • Expansion into adjacent digital marketing and business automation services leveraging existing client relationships(p.53)
- • Scale working capital efficiency as business grows—potential to improve receivable-payable mismatch(p.53)
- • Invest proceeds in technology infrastructure and talent development to support growth and service quality(p.49)
- • Deploy IPO capital to strengthen workforce and creative capabilities in high-demand niche skill areas(p.48)
- • Expansion into large international markets with proven export revenue model(p.114)
- • Growing Indian M&E industry projected at 8.3% CAGR to reach US$ 43.03 billion by FY28(p.139)
- • Rapidly growing creator economy expected to influence $1 trillion in spending by 2030(p.142)
- • Digital advertising market projected to grow at 9.4% CAGR to reach Rs. 1,58,000 crore by FY28(p.139)
- • OTT platform revenues growing at 14.9% CAGR, highest among top 15 countries(p.139)
- • Animation and VFX sector projected to grow from US$ 1.3 billion (2023) to US$ 2.2 billion (2026)(p.139)
- • Capacity expansion through planned hiring of 97 new employees to support growth(p.110)
- • Geographic expansion into North America, Europe and Middle East markets(p.156)
- • Expansion of e-commerce and D2C services leveraging digital adoption trends(p.157)
- • Growth in performance marketing and advanced attribution modeling services(p.157)
- • Expansion of creator ecosystem and influencer-led marketing services(p.157)
- • Investment in AI and automation technology to enhance service delivery(p.157)
- • Expansion into export markets with 33.71% revenue from export as at September 30, 2025(p.255)
- • Growth in digital marketing services with 47,908% increase in FY 2025(p.263)
- • Expansion of technical services and business automation with 2,113% growth in FY 2025(p.263)
- • Multilingual content services enabling global reach across vernacular markets(p.254)
- • AI-enabled solutions positioning company for technology-driven marketing transformation(p.252)
- • Diverse industry verticals providing cross-sector growth potential(p.252)
- • Strong cash position of ₹255.01 Lakhs enabling organic growth and strategic investments(p.256)
- • Potential migration to main board upon achieving required scale(p.303)
- • Access to capital markets through public equity fundraising(p.286)
- • Ability to raise further capital through rights/bonus issues(p.303)
- • Enhanced corporate governance and compliance framework as a listed entity(p.298)
- • Mandatory market making support for three years post-listing(p.305)
Threats
- • High industry competition from global tech giants and specialized agencies(p.45)
- • Rapid technological disruption and AI-driven marketing automation replacing human services(p.45)
- • Clients internalizing marketing functions and reducing reliance on external agencies(p.44)
- • Dependence on third-party digital advertising platforms vulnerable to policy changes(p.47)
- • Macroeconomic sensitivity with client ad spending reduced during downturns(p.47)
- • Regulatory compliance risks including data privacy and advertising standards(p.46)
- • Ad fraud, impression fraud, and transparency issues in marketing ecosystem(p.46)
- • Ad blocking and consumer resistance reducing campaign reach(p.46)
- • Digital marketing industry is highly competitive with large multinational agencies actively recruiting talent(p.48)
- • Vulnerability to technology disruption and evolving client expectations requiring continuous adaptation(p.48)
- • Intellectual property infringement claims could impose significant defense costs and operational disruptions(p.49)
- • Exposure to global economic slowdowns and volatility affecting client budgets and project demand(p.61)
- • Regulatory changes in labor, tax, and compliance regimes could increase operational costs significantly(p.66)
- • Currency fluctuations in international transactions may adversely impact profitability and cash flows(p.52)
- • Inflation in India could erode margins if unable to pass increased costs to clients(p.62)
- • System failures or cyberattacks could disrupt operations, compromise client data, and damage reputation(p.50)
- • Extended payment cycles of 5-6 months from corporate clients creating working capital pressure(p.108)
- • Global economic uncertainty and tariff volatility impacting international expansion(p.131)
- • Competition from large established digital marketing and IT services companies(p.146)
- • Dependence on third-party platforms and vendors for service delivery(p.148)
- • Regulatory changes in digital advertising, data privacy, and content moderation(p.146)
- • Geopolitical tensions and supply chain disruptions impacting global operations(p.132)
- • Highly fragmented and competitive digital marketing industry with low barriers to entry(p.163)
- • Dependence on technology and software tools subject to pricing changes and availability(p.159)
- • Regulatory changes in digital data protection and online marketing compliance(p.168)
- • Exposure to foreign exchange fluctuations with significant export revenue(p.157)
- • Intense competition in digital marketing industry with limited differentiation(p.261)
- • Rapid technological obsolescence and digital disruption risks(p.261)
- • Dependence on client digital marketing spending subject to economic cycles(p.261)
- • Revenue concentration in certain geographical regions(p.261)
- • Revenue concentration in select industry verticals(p.261)
- • Absence of long-term contracts creating revenue uncertainty(p.260)
- • Reliance on limited number of suppliers for service delivery(p.260)
- • Pending intellectual property litigation involving promoters and group company(p.274)
- • Exchange discretion on listing approval with no guarantee(p.289)
- • Risk of non-receipt of minimum subscription requiring refunds(p.302)
- • Market liquidity requirements for main board migration may not be achievable(p.304)
- • Regulatory restrictions on foreign investor participation(p.303)
- • Potential for post-IPO price deterioration affecting investor returns(p.292)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Divya Gandotra | Promoter | 33.98% | — |
| Shivam Bhateja | Promoter | 33.98% | — |
| Dushyant Gandotra | Promoter | 0.01% | — |
| Divya Gandotra | Promoter | 30,59,270 equity shares (33.98%) | — |
| Shivam Bhateja | Promoter | 30,59,270 equity shares (33.98%) | — |
| Dushyant Gandotra | Promoter | 900 equity shares (0.01%) | — |
| Divya Gandotra | Promoter | — | — |
| Shivam Bhateja | Promoter | — | — |
| Divya Gandotra | Promoter and Managing Director | 33.98% | — |
| Shivam Bhateja | Promoter and Chairman | 33.98% | — |
| Dushyant Gandotra | Promoter and Non-Executive Director | 0.01% | — |
| Shivam Bhateja | Promoter | 33.98% | — |
| Divya Gandotra | Promoter | 33.98% | — |
| Dushyant Gandotra | Promoter Group | 0.01% | — |
Leadership
Divya Gandotra · Managing Director
Shivam Bhateja · Chairman
Suresh Chand Yadav · Chief Financial Officer
Shivani Gupta · Company Secretary and Compliance Officer
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.