ESDS is now a listed company
Listed on 4 Sep 2026 on BSE, NSE. Its shares now trade on the exchange, so this page is kept as a record of the pre-IPO phase — there is no off-market quote any more.
ESDS Unlisted Shares
ESDS Software Solution Limited
India's leading sovereign AI-enabled cloud & data centre provider operating 4 Tier-III DCs; SEBI-approved IPO of ₹600 Cr pending.
Read the full company profileESDS share details
- Lot size
- 100 shares
- Face value
- ₹1
- Market cap
- ₹5,373 Cr
- Valuation
- ₹5,373 Cr
- P/E ratio
- 96.6
- P/B ratio
- 12.9
- ROCE
- 24.73%
- Founded
- 2005
- Headquarters
- Nashik, Maharashtra (Plot No. B-24 & 25, NICE Area, MIDC, Satpur, Nashik – 422007)
- Employees
- 2,685
- Website
- esds.co.in
- ISIN
- INE0DRI01029
- CIN
- U72200MH2005PLC155433
- Lock-in after IPO
- 6 months
ESDS share price chart
Indicative off-market dealer quotes, not exchange prices. A flat stretch means the quote did not change on those days.
ESDS IPO status: Listed
ESDS is now listed on the stock exchange.
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28 Aug 2026IPO opens for subscription
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4 Sep 2026Shares listed on the stock exchange
About ESDS
When is the ESDS IPO?
Strengths
- Patented eNlight cloud platform with vertical auto-scaling — a key technological moat versus hyperscalers
- MeitY-STQC empanelled and STPI partner, giving privileged access to government / BFSI cloud workloads where data sovereignty is mandated
- Dominant ~50% market share in SAP HANA hosting in India and 400+ BFSI customers, including 220+ co-operative banks
- Strong financial turnaround in FY25: revenue +27% YoY, EBITDA up from ₹47 Cr (FY23) to ₹155 Cr (FY25), profit swing from ₹–23 Cr (FY23) to ₹+56 Cr (FY25); ROCE up to 24.7%
- Four Tier-III certified data centres with 99.982% uptime SLA and international expansion (UAE via ESDS Cloud FZ LLC) — international revenue up ~6x YoY in FY25 to ₹87 Cr
Risks
- Hyperscaler competition (AWS, Microsoft Azure, Google Cloud) with significantly larger R&D and pricing power
- High capital intensity — IPO proceeds of ₹480.7 Cr (80% of issue) are earmarked just for cloud/DC equipment, indicating ongoing reinvestment needs
- Erratic historical profitability — losses in FY22, FY23, FY24 had a loss before turning profitable; sustainability of FY25 profit margin needs validation
- Customer concentration in BFSI and government segments creates regulatory and policy-driven revenue risk
- Second IPO attempt — first DRHP in September 2021 was withdrawn due to market conditions, raising execution risk on listing timing and pricing
ESDS financial performance
Revenue, profit and balance-sheet figures by fiscal year.
| Metric | FY26Latest | FY25 | FY24 | FY23 | FY22 |
|---|---|---|---|---|---|
| Revenue (₹ Cr) | 481 | 361 | 287 | 212 | 195 |
| EBITDA (₹ Cr) | 234 | 155 | 102 | 47 | 59 |
| PAT (₹ Cr) | 121 | 56 | 14 | -25 | -3 |
| EBITDA Margin (%) | 48.73 | 42.90 | 35.56 | 22.00 | 30.05 |
| PAT Margin (%) | 25.14 | 15.50 | 4.70 | — | — |
| EPS (₹) | — | 5.60 | — | -2.48 | — |
| Book Value (₹) | — | 41.58 | — | — | — |
| Debt / Equity | 0.08 | 0.15 | — | — | — |
| Total Assets (₹ Cr) | 1,938 | 656 | — | 499 | — |
| Net Worth (₹ Cr) | 529 | 418 | — | 201 | — |
Swipe the table sideways for earlier years →
ESDS vs listed peers
| Company | P/E | EV / EBITDA | Market cap (₹ Cr) |
|---|---|---|---|
| Tata Communications Ltd TATACOMM | 47 | — | 46,683 |
| Sify Technologies Ltd SIFY | -0.01 | — | 6,500 |
| Netweb Technologies India Ltd NETWEB | — | — | — |
| Black Box Ltd BBOX | — | — | — |
Swipe the table sideways for more columns →
Management team
Funding history
Events & announcements
ESDS shares started trading on the exchange. It opened at ₹757 against the issue price of ₹429 (+76.46%). Pre-IPO shareholders face a six-month lock-in from the allotment date.
The ESDS IPO opens on 28 Aug 2026 and closes on 1 Sep 2026. Price band: ₹408-429. Off-market dealing in pre-IPO shares stops once bidding opens.
SEBI issued final observations / approval on the DRHP, clearing the ₹600 Cr IPO.
MCA charge modification on Axis Bank ₹81.24 Cr facility.
DRHP filed with SEBI for ₹600 Cr IPO (fresh issue only); second attempt after 2021 withdrawal.
Latest ESDS news
ESDS is listed — track it on the IPO page
Live price, listing-day performance, subscription figures and allotment details are all on the IPO page.
Go to ESDS IPO pageESDS unlisted shares: common questions
Important disclaimer
Unlisted shares are not traded on stock exchanges. Prices shown are indicative and based on off-market transactions; they may differ from eventual listing or future market prices. Exit liquidity depends on counter-party availability. SEBI mandates a 6-month lock-in on pre-IPO shares post-listing. Gains held beyond 24 months are taxed at 12.5% LTCG (no indexation). IPO Guru is not a SEBI Registered Investment Advisor. Information here is for general awareness, not personalised investment advice. Please consult your tax advisor before investing.
