ESDS Software Solution
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 261.51×
- Big non-institutionalbNII · above ₹10 lakh
- 208.84×
- Small non-institutionalsNII · ₹2–10 lakh
- 160.18×
- Retail individualRII · up to ₹2 lakh
- 38.45×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 11 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 04 Sept 2026 | ₹311 | +72.49% | ₹8,000 | ₹740 | ₹10,574 |
| 03 Sept 2026 | ₹247 | +57.58% | ₹6,400 | ₹676 | ₹8,398 |
| 02 Sept 2026 | ₹252 | +58.74% | ₹6,500 | ₹681 | ₹8,568 |
| 01 Sept 2026 | ₹255 | +59.44% | ₹6,600 | ₹684 | ₹8,670 |
| 31 Aug 2026 | ₹316 | +73.66% | ₹8,200 | ₹745 | ₹10,744 |
| 30 Aug 2026 | ₹335 | +78.09% | ₹8,700 | ₹764 | ₹11,390 |
| 29 Aug 2026 | ₹372 | +86.71% | ₹9,600 | ₹801 | ₹12,648 |
| 28 Aug 2026 | ₹360 | +83.92% | ₹9,300 | ₹789 | ₹12,240 |
| 27 Aug 2026 | ₹325 | +75.76% | ₹8,400 | ₹754 | ₹11,050 |
| 26 Aug 2026 | ₹365 | +85.08% | ₹9,400 | ₹794 | ₹12,410 |
| 25 Aug 2026 | ₹275 | +64.10% | ₹7,100 | ₹704 | ₹9,350 |
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.
Bids received
The demand behind each multiple — what was offered, what was bid for, and what those bids are worth
| Category | Shares offered | Shares bid for | Bids (₹ Cr) | Times |
|---|---|---|---|---|
| Qualified institutional | 33,56,643 | 92,29,92,424 | ₹39,596 Cr | 274.97× |
| Non-institutional | 25,17,483 | 51,07,16,856 | ₹21,910 Cr | 202.87× |
| Big non-institutionalwithin NII | 16,78,322 | 36,85,36,268 | ₹15,810 Cr | 219.59× |
| Small non-institutionalwithin NII | 8,39,161 | 14,21,80,588 | ₹6,100 Cr | 169.43× |
| Retail individual | 58,74,126 | 24,48,54,060 | ₹10,504 Cr | 41.68× |
| Total | 1,17,48,252 | 1,67,85,63,340 | ₹72,010 Cr | 142.88× |
Times subscribed is the figure published for each category, not shares bid for divided by shares offered — a category's multiple is struck against its own allottable base, which is not always the offered count shown beside it. Observed 01 Sept, 06:10 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 28 Aug 2026 – 01 Sept 2026
- Listing date
- 04 Sept 2026
- Face value
- ₹1 per share
- Price band
- ₹408 – ₹429
- Issue price
- ₹429 per share
- Lot size
- 34 shares
- Sale type
- Fresh capital
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹720 Cr
- Fresh issue
- ₹720 Cr 1,67,83,216 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹5,028 Cr
- Promoter holding
- 46.06% → 39.47% pre-issue → post-issue
- ISIN
- INE0DRI01029
- CIN
- U72200MH2005PLC155433
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Dam Capital Advisors Ltd.
- Registered office
- Plot No. B- 24 & 25, NICE Area, MIDC, Satpur, Nashik – 422 007, Maharashtra, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 35,29,412 | 28.57% | 28.57% |
| Anchor investor · within QIB | 50,34,964 | — | 40.76% |
| NII (HNI) | 26,47,059 | 21.43% | 21.43% |
| bNII > ₹10L · within NII | 17,64,706 | — | 14.29% |
| sNII < ₹10L · within NII | 8,82,353 | — | 7.14% |
| Retail (RII) | 61,76,471 | 50.00% | 50.00% |
| Employee | 0 | — | 0.00% |
| Market maker | 0 | — | 0.00% |
| Total issue | 1,23,52,942 | — | 100.00% |
Net offer to the public of 1,23,52,942 shares, out of a total issue of 1,23,52,942. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 34 shares per lot, in multiples, at ₹429
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 34 | ₹14,586 |
| Retail (max) | 13 | 442 | ₹1,89,618 |
| S-HNI (min) | 14 | 476 | ₹2,04,204 |
| S-HNI (max) | 68 | 2,312 | ₹9,91,848 |
| B-HNI (min) | 69 | 2,346 | ₹10,06,434 |
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
₹429 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 12.03 | 10.31 |
| P/E (×) | 35.66 | 41.61 |
| Market cap | — | ₹5,028 Cr |
Key performance indicators
Latest reported period, consolidated
- Return on net worth
- 13.71%
- ROCE
- 24.73%
- Debt / equity
- 0.15
- PAT margin
- 15.39%
- EBITDA margin
- 42.86%
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Consolidated ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 480.65 | 376.64 | 292.14 |
| Revenue from operations | 472.21 | 361.34 | 286.52 |
| Other income | 8.44 | 15.31 | 5.62 |
| Total expenses | 313.23 | 293.91 | 268.76 |
| Operating profit | 167.42 | 82.73 | 23.38 |
| Operating margin | 34.83% | 21.97% | 8.00% |
| Profit before tax | 167.42 | 82.6 | 22.3 |
| Profit after tax | 120.82 | 55.61 | 13.61 |
| PAT margin | 25.14% | 14.76% | 4.66% |
| Balance sheet | |||
| Total assets | 1,937.9 | 655.95 | 547.71 |
| Current assets | 1,514.14 | 270.75 | 208.53 |
| Current liabilities | 1,303.72 | 126.83 | 129.79 |
| Total liabilities | 1,393.7 | 238.37 | 321.2 |
| Net worth | 544.2 | 417.58 | 226.51 |
| Current ratio | 1.16× | 2.13× | 1.61× |
| Return on equity | 22.20% | 13.32% | 6.01% |
| Cash flow | |||
| Operating cash flow | 1,367.71 | 162.62 | 53.05 |
| Investing cash flow | -131.17 | -109.34 | -1.45 |
| Financing cash flow | -44.72 | 7.45 | -66.41 |
| Net cash flow | 1,191.83 | 60.73 | -14.81 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Purchase and installation of cloud computing and other equipment and infrastructure for Relevant Data Centres ₹576 Cr
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.
2 General corporate purposes —
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.
1 of 2 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About ESDS Software Solution
ESDS Software Solution Limited was incorporated as a private limited company in 2005 and converted to a public limited company in 2021. The company operates five data centres across India (Navi Mumbai, Nashik, Bengaluru, Mohali, and Noida) and provides infrastructure-as-a-service (IaaS) through cloud computing and colocation services, managed services, and software-as-a-service (SaaS) offerings. The company serves banking, financial services, insurance, government, and enterprise customers both in India and internationally, particularly in the United Arab Emirates. Revenue from government and quasi-government entities represented 27.37% of total revenue for Fiscal 2026.
Management
Piyush Prakashchandra Somani
MD
Komal Piyush Somani
CEO
Sameer Suresh Redij
COO
Thandankorai Ganapathy Dhandapani
Director
Strengths
As stated in the offer document
Leading End-to-End Cloud and Data Centre Solutions Provider
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.
Comprehensive Security-as-a-Service Framework
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.
Long-term Customer Relationships with Established Businesses
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.
Strong Government Partnerships and Policy Advocacy
The company collaborates with STPI operating three of their six tier-3 compliant Data Centres and is MeitY STQC-audited and empanelled, with leadership serving as President of Bharath Digital Infrastructure Association advocating for digital infrastructure policies.
AI-driven Innovations and Patented Technology
The company holds patents for SWARAJ vertical auto scalable cloud technology in US and India, launched fully managed GPUaaS in November 2025, and operates in a cloud GPU market projected to grow from USD 67.31 million to USD 513.67 million by Fiscal 2030 at 50.15% CAGR.
Transparent and Flexible Customised Billing System
The company offers multiple billing models including pay-per-consumption, pay-per-branch, pay-per-transaction, and custom consumption metrics, enabling organizations to access advanced cloud services without heavy upfront investments and optimize cost and performance.
Experienced Leadership and Technical Teams
The company attributes growth to experienced leadership with Chairman Piyush Somani having 20+ years IT experience, and maintains 993 employees as of June 30, 2026, with core technical teams averaging 6-14 years experience across departments.
Risk factors
As stated in the offer document
Technological Innovation and Infrastructure Obsolescence Risk
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.
Government Revenue Dependency Risk
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.
Subsidiary Loss Risk - ESDS Cloud FZ-LLC
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.
Cybersecurity and Data Breach Risk
The company's cloud platform involves storage and transmission of data, including personally identifiable information. Security breaches could result in loss of data, litigation, fines, penalties, and reputational damage. The company is subject to data protection laws including the Digital Personal Data Protection Act, 2023.
Customer Concentration Risk
In Fiscal 2026, revenue from the company's top client and top 10 clients represented 15.93% and 45.36% of revenue from operations, respectively. Loss or reduction of business from these clients could have a material adverse effect on business and financial performance.
Asset Hypothecation and Debt Security Risk
As at March 31, 2026, 96.72% of total current assets were hypothecated and 18.89% of property, plant and equipment was mortgaged as security for borrowings. Lenders may enforce security in case of failure to service debt obligations, which could adversely affect business operations.
Trade Receivables and Credit Risk
The company extends credit to customers ranging from 30 to 140 days and faces counterparty credit risk. Loss allowance was ₹345.85 million as at March 31, 2026. Inability to collect receivables or bill unbilled services could materially adversely affect financial condition.
Geopolitical and Macroeconomic Exposure Risk
The company is exposed to macroeconomic downturns and geopolitical tensions in export countries, primarily UAE. The company's top client in Fiscal 2026 from UAE represented 15.93% of revenue, and regional conflicts could materially affect client business and the company's revenue.
Company Analysis
from RHPESDS Software Solution Limited provides cloud infrastructure, data centre, and software-as-a-service solutions across India and internationally, serving BFSI, government, and enterprise sectors.
ESDS Software Solution Limited was incorporated as a private limited company in 2005 and converted to a public limited company in 2021. The company operates five data centres across India (Navi Mumbai, Nashik, Bengaluru, Mohali, and Noida) and provides infrastructure-as-a-service (IaaS) through cloud computing and colocation services, managed services, and software-as-a-service (SaaS) offerings. The company serves banking, financial services, insurance, government, and enterprise customers both in India and internationally, particularly in the United Arab Emirates. Revenue from government and quasi-government entities represented 27.37% of total revenue for Fiscal 2026.
Objects of the Issue
- Purchase and installation of cloud computing and other equipment and infrastructure for the Relevant Data Centres p.47
- General corporate purposes p.47
- Purchase and installation of cloud computing equipment and other equipment and infrastructure for the Relevant Data Centres (Airoli Data Centre, Bengaluru Data Centre, Mohali Data Centre and Nashik Data Centre) ₹5,760.00 million p.65
- General corporate purposes p.69
- Purchase and installation of cloud computing and other equipment and infrastructure for our Relevant Data Centres ₹5,760.00 million p.135
- General corporate purposes [●] million (not exceeding 25% of Gross Proceeds) p.135
- Infrastructure expansion and optimisation including scaling data centre resources (investments in compute, storage, memory, power, cooling and other essential components), lifecycle management (upgrading and replacing end-of-life systems), and technology rebalancing (adopting next-generation infrastructure). Majority of capital expenditure focused on expanding existing infrastructure besides replacement or upgradation. Includes investment in cloud node and GPU node servers, storage, and networking equipment. p.252
Issue Structure
- Total Issue
- Up to [●] Equity Shares of face value of ₹ 1 each aggregating up to ₹ 7,200.00 million
- Fresh Issue
- Up to [●] Equity Shares of face value of ₹ 1 each aggregating up to ₹ 7,200.00 million
- Offer for Sale
- Not applicable
- Price Band
- [●] (Floor Price) to [●] (Cap Price)
- Lot Size
- [●]
- Face Value
- ₹ 1 per Equity Share
Business Model
The company generates revenue through three primary service lines: (1) Infrastructure-as-a-Service (IaaS) including cloud computing services (public, private, virtual private, hybrid, and community clouds) and colocation/data centre services; (2) Managed services providing ongoing IT infrastructure, cloud, security, and operational support; and (3) Software-as-a-Service (SaaS) offerings including data centre management services, vulnerability scanners, web access firewalls, and VPN services. Revenue from contract price represented 87.63% of total revenue for Fiscal 2026, with unbilled revenue at 13.42% and unearned revenue at 1.05%.
Business Segments
SWOT Analysis
- • Multi-service portfolio spanning IaaS, managed services, and SaaS(p.27)
- • Strategic AI cloud infrastructure partnership with USD 1.25 billion contract value(p.40)
- • Strong financial performance with significant profit growth(p.30)
- • Low debt-to-equity ratio indicating strong financial stability(p.41)
- • Diversified customer base across BFSI, Government, and Enterprise sectors(p.28)
- • Five operational data centres across India with planned expansion(p.36)
- • Improved working capital management with extended payment terms(p.50)
- • Strong brand portfolio with multiple established and emerging product brands(p.51)
- • Diversified revenue streams across IaaS, managed services, and SaaS(p.56)
- • Significant cash generation capability and liquidity position(p.50)
- • Improved credit ratings from major agencies(p.52)
- • No material system downtime or service interruptions since April 1, 2023(p.58)
- • Zero compliance breaches with data privacy regulations(p.57)
- • Comprehensive AI-enabled cloud, managed services, and data centre solutions provider(p.146)
- • Strong revenue retention and customer relationship longevity(p.146)
- • Proprietary patented technology for cloud optimization(p.146)
- • Extensive government partnerships and policy collaboration(p.146)
- • Diversified customer base with long-standing relationships(p.146)
- • Advanced security and compliance capabilities(p.146)
- • Strong profitability metrics with improving margins(p.152)
- • Leading cloud provider with early-stage market entry and infrastructure diversification(p.196)
- • Tier-2 city presence provides cost and scalability advantages over competitors(p.215)
- • Government partnership and STPI association enhances credibility(p.185)
- • AI-powered autonomous cloud platform with integrated services(p.217)
- • Full-spectrum GPU infrastructure with proprietary AI platform capabilities(p.218)
- • End-to-end service model combining colocation and cloud benefits(p.218)
- • 100% Indian data residency with comprehensive compliance certifications(p.214)
- • Only two Indian players offering full spectrum of GPUaaS, cloud, managed services, data centre infrastructure and software solutions; largest by revenue from operations in FY 2026(p.243)
- • Patented vertical auto-scaling cloud technology; only player in India with this patent; operational uptime maintained at 99.995%(p.252)
- • Strong customer retention with 94.92% revenue retention rate; 89.04% of customers availing all three service lines (IaaS, managed services, SaaS)(p.245)
- • Strong profitability metrics: PAT margin expanded from 15.39% in FY 2025 to 25.59% in FY 2026; EBITDA margin at 49.60%(p.239)
- • Established government partnerships including MeitY STQC empanelment and STPI collaboration for asset-light data centre model(p.251)
- • Flexible consumption-based billing models (pay-per-consumption, pay-per-branch, pay-per-transaction) enabling customer cost optimization(p.253)
- • Long-standing customer relationships; 47.75% of revenue from customers with >5 year relationships (up from 23.25% in FY 2024)(p.248)
- • Comprehensive security services portfolio monitoring >123 customers across >7,175 devices; investigated >0.63 million alerts in first half of FY 2026(p.250)
- • Strong workplace culture and employee engagement recognized multiple times(p.274)
- • Diverse product portfolio and unique pricing models differentiate from competitors(p.274)
- • Comprehensive insurance coverage for operational risks(p.274)
- • Long-term data centre operational rights secured through strategic agreements(p.291)
- • Comprehensive IT infrastructure and cloud solutions platform across IaaS, managed services, and SaaS(p.404)
- • Strong revenue growth from top 50 customers through long-term contracts with government institutions and enterprises(p.404)
- • Patented proprietary cloud technology and innovation track record(p.405)
- • Improved operational efficiency and cost optimization reducing operating expenses as percentage of revenue(p.404)
- • Innovative billing models aligned with customer needs enabling cost-effective digital transformation(p.404)
- • Economies of scale from operational ramp-up of new data centres with improved utilization rates(p.403)
- • Strong profitability growth with operating profit increasing significantly(p.429)
- • Substantial cash generation capability from operations(p.429)
- • Declining debt burden with reduced borrowings(p.431)
- • Improving profitability margins across key metrics(p.406)
- • Exceptional growth in managed services revenue(p.421)
- • High concentration in top 10 clients representing 45.36% of revenue(p.31)
- • Significant revenue dependency on government entities (27.37% of revenue)(p.28)
- • Past losses in subsidiary ESDS Cloud FZ-LLC raising going concern questions(p.29)
- • High asset concentration with 96.72% of current assets hypothecated(p.32)
- • Substantial R&D expenses declining as percentage of revenue(p.28)
- • High unbilled revenue (13.42% of operations) creates collection risk(p.35)
- • Negative working capital position constraining cash flow(p.51)
- • High employee attrition rate affecting operational continuity(p.59)
- • Heavy dependence on IaaS revenue creates concentration risk(p.56)
- • Recent credit rating downgrade by Acuite limiting financing access(p.52)
- • Outstanding litigation and contingent liabilities(p.54)
- • Promoter personal guarantees on significant debt obligations(p.53)
- • Lack of board experience in listed company governance(p.58)
- • Equipment orders not yet placed, risking implementation delays(p.136)
- • Significant exposure to customer concentration(p.152)
- • Dependence on limited vendor base for critical equipment(p.141)
- • Limited GPU capacity compared to hyperscalers and some competitors(p.210)
- • Smaller scale relative to global hyperscalers like AWS, Azure, and Google Cloud(p.205)
- • Significant customer concentration in new customer revenue; 27.37% of revenue from new customers in FY 2026, up from 7.09% in FY 2024(p.241)
- • Dependency on top suppliers; top supplier represented 11.40% of other expenses plus additions to property, plant and equipment in FY 2026; top 10 suppliers represented 52.28%(p.266)
- • Modest R&D expenses at 1.32% of revenue in FY 2026, down from 2.28% in FY 2025; R&D team only 87 employees(p.268)
- • Days Sales Outstanding at 79 days in FY 2026, indicating extended payment cycles and working capital requirements(p.247)
- • Concentration of data centre operations with STPI across multiple locations creates dependency(p.291)
- • Two subsidiaries (ESDS Global and ESDS Cloud FZ) are unaudited with negative net worth(p.332)
- • Reliance on property leases across multiple locations with varying tenure(p.275)
- • Heavy dependence on top 50 customers representing 73.76% of total revenue(p.404)
- • Customer concentration risk with single new enterprise customer contributing 15.93% of FY2026 revenue(p.405)
- • Significant exposure to Russian BFSI customer with material revenue dependency and geopolitical risk(p.405)
- • Declining R&D investment as percentage of revenue despite innovation requirements(p.405)
- • Unresolved contingent liabilities including GST demands and litigation risks(p.383)
- • Heavy reliance on a single major customer for revenue(p.433)
- • Top 10 customers represent a significant concentration of revenue(p.433)
- • Contingent liabilities and pending legal proceedings(p.431)
- • Excess monetary assets exceeding 50% of net tangible assets(p.452)
- • Expanding data centre infrastructure with proposed Kolkata and Sahibabad facilities(p.7)
- • Growing demand for cloud services and AI infrastructure in India(p.40)
- • Government digitalization initiatives supporting cloud adoption(p.28)
- • Diversification into AI and managed services offerings(p.27)
- • Technology and business partnerships enabling market expansion(p.39)
- • Rising adoption of cloud services market in India and abroad(p.60)
- • Strategic AI/ML infrastructure investment with major commitment(p.64)
- • Transition to 100% renewable energy aligning with global sustainability trends(p.63)
- • Expansion of data centre infrastructure to new geographies(p.71)
- • International expansion with subsidiaries in UAE and US(p.64)
- • Enhancing partner ecosystem and digital marketplace capabilities(p.60)
- • Expansion of GPU and AI infrastructure capabilities(p.138)
- • Planned expansion to new data centre locations(p.137)
- • Growing demand for Tier II and Tier III data centre services(p.146)
- • Strategic objectives of enhancing infrastructure and driving AI/ML innovation(p.137)
- • Increasing adoption of cloud and managed services across customer segments(p.146)
- • Explosive growth in cloud GPU market with 50% CAGR through 2030(p.208)
- • Rapidly expanding AI startup ecosystem demanding GPU infrastructure(p.183)
- • Government-backed IndiaAI Mission creating subsidized demand for GPU capacity(p.209)
- • Strong sovereign cloud and data localization tailwinds from DPDP Act 2023(p.188)
- • Expansion opportunities in Tier-2 and Tier-3 cities with lower costs and government incentives(p.214)
- • Cloud infrastructure market growing at 26.9% CAGR with significant headroom(p.182)
- • High growth in managed services market at 25.69% CAGR through 2030(p.199)
- • Strong FDI inflow to Computer Software & Hardware sector positioning India as IT hub(p.174)
- • Rapidly expanding GPU-as-a-Service market in India projected to grow from USD 67.31 million in FY 2025 to USD 513.67 million by FY 2030 at 50.15% CAGR(p.252)
- • AIOps market in India growing at 19.01% CAGR to reach INR 1,97,165 million by FY 2030 from INR 98,297 million in FY 2026(p.228)
- • Data localization regulations mandating personal data storage within India, creating opportunity for domestic data centre providers(p.250)
- • Planned expansion to two new data centres: Kolkata (Q3 FY 2027) and Sahibabad (Q1 FY 2028) to increase geographic reach(p.254)
- • Strategic AI cloud infrastructure agreement with Australia-based neocloud provider for USD 1,250 million over 5 years (with 2-year extension option)(p.243)
- • Government sector cloud adoption accelerating with 104 Government clients using government community cloud as at June 30, 2026(p.258)
- • BFSI community cloud expansion serving 115 banks and financial institutions across 1,045 branches as at June 30, 2026(p.259)
- • Application Performance Monitoring & Observability market growing at 21.42% CAGR to INR 91,372 million by FY 2030 from INR 42,036 million in FY 2026(p.229)
- • Expansion of data centre infrastructure into new geographies(p.289)
- • Government incentivization schemes for data centre sector development(p.281)
- • Growing digital transformation and cloud adoption demand(p.281)
- • Enhanced regulatory framework supporting data protection and cybersecurity services(p.280)
- • Expansion of managed services business segment growing from 20.94% to 41.21% of total revenue(p.404)
- • International expansion with growing revenue from outside India reaching higher percentages(p.379)
- • Hybrid cloud model and multi-geography service delivery enabling market expansion(p.404)
- • Subsidiary presence in UAE, USA and India enabling global footprint for cloud and managed IT services(p.341)
- • Growing automation and digitalization initiatives improving productivity and operational efficiency(p.403)
- • Significant revenue growth from managed services segment(p.421)
- • International expansion driving growth(p.421)
- • Expansion through capital investments in infrastructure(p.431)
- • Revenue concentration risk from major client in UAE exposed to geopolitical tensions(p.35)
- • Dependency on STPI for three major data centre locations(p.49)
- • Potential loss of major client due to sanctions (prior client from Russia)(p.31)
- • Rapid technological change requiring continuous innovation and investment(p.27)
- • Macroeconomic downturn risks affecting customer spending(p.35)
- • Changes in government policies and budget allocations affecting revenue(p.28)
- • Interest rate risk from floating rate borrowings(p.39)
- • Intense competition from domestic and international players(p.62)
- • Macroeconomic downturn in India affecting domestic customer base(p.71)
- • Global GPU shortage and supply chain constraints(p.65)
- • Regulatory and compliance complexities with evolving data protection laws(p.56)
- • Rising inflation increasing operational costs(p.74)
- • Dependence on third-party infrastructure providers for power and connectivity(p.58)
- • Community protests and environmental concerns delaying data centre expansion(p.62)
- • Risk of future shareholder disputes and dilution from new equity issuances(p.80)
- • Potential delays and cost overruns in equipment procurement and deployment(p.136)
- • Vendor pricing and supply chain volatility(p.136)
- • Macroeconomic factors affecting deployment timelines(p.136)
- • Industry competition from other cloud and data centre providers(p.146)
- • Intense competition from global hyperscalers with superior scale and resources(p.205)
- • GPU supply constraints and export control restrictions on advanced chips(p.208)
- • Low GPU utilization rates in the market at below 20% versus traditional 60-70%(p.209)
- • Cybersecurity threats and rising malware attacks targeting data centres(p.178)
- • Regulatory compliance complexity and changing data protection requirements(p.185)
- • Talent shortage in cloud and AI expertise with 30-40% supply-demand gap(p.180)
- • Dependence on NVIDIA GPUs with limited multi-vendor alternatives(p.206)
- • Network latency challenges impacting hybrid cloud and data integration workloads(p.180)
- • Intense competition from global hyperscalers AWS, Google Cloud, and Microsoft Azure with significantly larger scale and resources(p.224)
- • Emerging decentralized cloud providers (Filecoin, Storj) offering lower-cost alternatives with blockchain-based peer-to-peer models disrupting traditional cloud markets(p.224)
- • Rising operational costs driven by inflation (India's retail inflation at 4.4% as of 2026), labor shortages, and increased CPU/memory chip prices(p.224)
- • Data Centre regulatory compliance burden, particularly under Digital Personal Data Protection Act 2023, deterring foreign investment from major global players(p.225)
- • Power supply reliability concerns with high costs of outages exceeding USD 100,000; power downtime remains top root cause of data centre outages(p.225)
- • Geopolitical supply chain disruptions, particularly semiconductor technology limitations from US-China tensions affecting data centre expansion(p.225)
- • Data Centres generate approximately 3.5% of global greenhouse gas emissions; sustainability costs and regulatory requirements increasing operational expenses(p.225)
- • RBI regulatory uncertainty including previous blockchain ban (though overturned by Supreme Court) creating compliance complexity and potential market access constraints(p.225)
- • Highly competitive market with multiple established players(p.274)
- • Regulatory compliance and cybersecurity incident reporting mandates(p.282)
- • Potential operational risks from physical infrastructure dependencies(p.274)
- • Stringent environmental and e-waste compliance requirements(p.282)
- • Litigation from former ESDS Internet Services subsidiary on licensing fees with contingent liability of Rs 60.07 million(p.383)
- • Significant exposure to geopolitical risks with major Russian BFSI customer revenue declining from 20.15% to 2.80%(p.405)
- • Tax disputes and GST demands on improper ITC availment creating compliance and financial risks(p.383)
- • Pending litigation from ex-employee claiming share issuance under ESOP with alleged exposure of Rs 184.40 million(p.383)
- • Vendor dispute from Sara Infosec Private Limited seeking Rs 30 million in advocacy fees in addition to service dues(p.383)
- • Customer concentration risk with single major customer(p.433)
- • Dependence on top suppliers for critical infrastructure(p.433)
- • Geopolitical exposure and macroeconomic downturns(p.433)
- • Pending GST litigation with potential financial exposure(p.440)
- • Litigation risk from former employee regarding share entitlements(p.440)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Piyush Prakashchandra Somani | Promoter | — | — |
| Komal Piyush Somani | Promoter | — | — |
| P.O. Somani Family Trust | Promoter Group | — | — |
| Piyush Prakashchandra Somani | Promoter | — | — |
| Piyush Prakashchandra Somani | Promoter | 24.54% | [●] |
| Komal Piyush Somani | Promoter | 10.13% | [●] |
| P.O. Somani Family Trust | Promoter | 11.19% | [●] |
| Sarla Prakashchandra Somani | Promoter Group | Negligible | [●] |
| Pooja Prakashchandra Somani | Promoter Group | 0.10% | [●] |
| Prajakta Rushikesh Jadhav | Promoter Group | 0.10% | [●] |
| Piyush Prakashchandra Somani | Promoter | — | — |
| Piyush Prakashchandra Somani | Promoter, Managing Director and Chairman | — | — |
| Komal Piyush Somani | Promoter, Whole-time Director | — | — |
| P.O. Somani Family Trust | Promoter | — | — |
| Piyush Somani | Promoter/Chairman and Managing Director | — | — |
| Komal Somani | Promoter/Whole-Time Director | — | — |
| Piyush Prakashchandra Somani | Promoter | — | — |
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.
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2026
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| ESDS Software Solution Ltd. THIS ISSUE | 12.03 | 52.66 | 41.61, computed at the offer price | — | 22.85% |
| -0.78 | 81.97 | -804.97 | 7.69 | -0.92% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E here is computed at the offer price, on the post-issue share count, and is comparable to a listed peer's.