For investors, it can be quite challenging to decide if the Excelsoft Technologies IPO is a good investment or not. If you are unsure and still thinking about whether to apply or skip this IPO, donāt worry. In this article, we present the top key factors and a detailed review of the Excelsoft Technologies IPO. This will help you analyze the strengths, risks, and financial details of the Excelsoft Technologies IPO, improving your investment decision.
About Company
Founded in 2000, Excelsoft Technologies Limited is one of the growing global vertical SaaS companies in India, focused on the learning and assessment market. With over 20 years of experience, Excelsoft is involved in providing technology-based solutions in a wide range of learning and assessment areas through long-term contracts.
Educational publishers, universities, schools, government agencies, defence organisations, and businesses are some of the major clients of the company. Moreover, the company has worked with over 200 organizations and affects more than 30 million students around the world. It has its offices situated in India, Malaysia, Singapore, the UK, and the USA. Excelsoft Technologies offers services like AI-powered applications, test and assessment platforms, online proctoring solutions, learning experience platforms, student success platforms, and digital eBook platforms. Moreover, the firm serves 76 clients spread across 19 countries.
Strengths
- One of the major strengths of the company is that it has long-term relationships with global customers.
- Excelsoft offers a strong expertise in offering fully compliant digital learning and assessment solutions to clients worldwide.
- The company has reduced debt
- The firm is backed by an experienced management team and promoters with strong product development expertise.
Weaknesses
- To grow, the company must upgrade its services and keep up with the new technologies to meet the changing business needs and industry standards. If unable to do so, it can negatively affect the business and cash flow.
- There may be mistakes in the code or configuration of its services that could hurt their image, cost money to fix, delay revenue, or lead to legal issues.
- The company is exposed to risks like changes in currency exchange rates.
- In FY25, Excelsoft mainly depends on its top 20 customers for most of its revenue. Meaning if any major customer stopped working with them or reduced their business could adversely impact the finances, cash flow, business, and overall performance.
Excelsoft Technologies IPO Review
| Reviewer | Recommendation |
| IPO Watch | May Apply |
| Axis Capital | – |
| Capital Market | Neutral |
| Swastika Investmart Ltd | Neutral |
Excelsoft Technologies IPO Details
| IPO Open Date: | November 19, 2025 |
| IPO Close Date: | November 21, 2025 |
| Face Value: | ā¹10 Per Equity Share |
| IPO Price Band: | ā¹114 to ā¹120 Per Share |
| Issue Size: | ā¹500 Crores |
| Offer-for-Sale | up to ā¹2,66,66,666 equity shares |
| Registrar | MUFG Intime India Pvt.Ltd. |
| IPO Lead Managers | Anand Rathi Advisors Ltd. |
| Basis of Allotment | November 24, 2025 |
| IPO Listing Date: | November 26, 2025 |
| Listing | BSE, NSE |
Financial Performance Trend Details
| Particulars | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 |
| Total Income | ā¹60.28 Crores | ā¹248.80 Crores | ā¹200.70 Crores |
| EBITDA | ā¹10.18 Crores | ā¹73.26 Crores | ā¹54.97 Crores |
| EBITDA Margin | 18.27% | 31.40% | 27.72% |
| Profit after Tax (PAT) | ā¹6.01 Crores | ā¹34.69 Crores | ā¹12.75 Crores |
| PAT Margin | 10.78% | 14.87% | 6.43% |
| Net Worth | ā¹375.95 Crores | ā¹371.29 Crores | ā¹297.30 Crores |
| Reserves and Surplus | ā¹274.25 Crores | ā¹269.66 Crores | ā¹295.71 Crores |
Key Indicators
| KPI | Values |
| ROE | 10.38% |
| ROCE | 16.11% |
| RoNW | 10.38% |
| PAT Margin | 14.87% |
| EBITDA Margin | 31.40% |
| Price to Book Value | 3.23 |
| Market Capitalization | ā¹1,381.01 Cr. |
Peer Comparison with the Company
| Name of the Company | Face Value (ā¹) | Basic EPS (ā¹) | Diluted EPS(ā¹) | RONW (%) | P/E Ratio | NAV(ā¹) |
| Excelsoft Technologies | 10 | 3.47 | 3.47 | 10.38 | [ā] | 37.10 |
| Listed Peers | ||||||
| MPS Ltd | 10 | 87.80 | 87.73 | 31.74 | 26.17 | 279.69 |
| Ksolves India Ltd | 10 | 14.47 | 14.47 | 153.95 | 22.42 | 17.51 |
| Silver Touch Technologies Ltd | 10 | 17.50 | 17.50 | 18.00 | 41.07 | 105.48 |
| Sasken Technologies Ltd | 10 | 33.30 | 33.04 | 6.36 | 42.19 | 531.24 |
| InfoBeans Technologies Ltd | 10 | 15.59 | 15.51 | 12.09 | 32.54 | 136.34 |
Promoters & Track Records, if any
- Dhananjaya Sudhanva, born on December 31, 1962, aged 62, is one of the Promoters and also the Chairman & Managing Director of the Company. He holds 38,843,702 of Equity shares, representing 38.81% of pre-Offer paid up Equity Share capital in the company.
- Lajwanti Sudhanva, born on September 18, 1968, aged 57 years, is one of the Promoters and the Non-Executive Director of the Company. She holds 11,756,225 Equity shares, representing 11.75% of pre-Offer paid-up Equity Share capital in the company.
- Shruthi Sudhanva, born on August 22, 1990, aged 35 years, is one of the Promoters and the Whole-Time Director of the Company. She holds 457,500 of Equity shares, representing 0.46% of pre-Offer paid-up Equity Share capital in the company.
- Pedanta Technologies Private Limited holds 43,152,376 Equity Shares, representing 43.12% of pre-Offer paid-up Equity Share capital in the company.
Industry Peer Group P/E ratio
The EdTech / Software (SaaS) industry P/E ratios range from a low of 22.42 to a high of 42.19, with an average of 32.88.
Expansion
- The proceeds raised from the fresh issue will be utilized for the purchase of land and the construction of a new building at the Mysore Property.
- A portion of the funds will be used towards upgradation, including external electrical systems of the Existing Facility at Mysore, India.
- Some funds will be utilized for the Companyās IT Infrastructure (Software, Hardware, and Communications & Network Services).
- Lastly, the remaining funds will be used for the companyās general corporate purposes.
Excelsoft Technologies IPO – Should You Apply or Not?
Excelsoft Technologies features a Strong EdTech SaaS Business Model, long-term contracts with global clients, improving profitability, and an asset-light, technology-driven model that can drive future growth. However, foreign exchange risks, high client concentration, and Contingent Liabilities are some key concerns.
As of November 17, the GMP of Excelsoft Technologies is ā¹20, indicating a listing gain of around 15% to 17%. The verdict is that Short-term investors can consider applying for the IPO for listing gains after evaluating strong GMP trends and strong SaaS growth. Whereas Long-term investors must analyze the risks regarding foreign exchange risks and dependence on a few clients before subscribing.
Please note:
Investors are advised to make their own decisions and apply entirely at their own risk. This article is written using information from the companyās RHP (Red Herring Prospectus) data and online sources. If you have any queries, kindly contact the IPO Watch Team.
