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Now listed

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.

Issue price ₹429.00
Price band ₹408-429
Listed at ₹757.00
Lot size 34
Live market price
₹1,571.10
▲ 266.22% vs issue price
Updated 12 Oct 2026, 16:01 IST
View ESDS IPO

ESDS Unlisted Shares

ESDS Software Solution Limited

Technology / IT Services Cloud Computing & Data Centre Services IPO: Listed

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 profile
Last pre-IPO price
As of 29 Aug 2026
₹429 ▲ 82.55% in 1 month
See the live price & IPO details
Key facts

ESDS 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
Price history

ESDS share price chart

1Y change
-2.50%
High
₹555
Low
₹385

Indicative off-market dealer quotes, not exchange prices. A flat stretch means the quote did not change on those days.

IPO journey

ESDS IPO status: Listed

ESDS is now listed on the stock exchange.

  1. 28 Aug 2026
    IPO opens for subscription
  2. 4 Sep 2026
    Shares listed on the stock exchange
IPO details IPO GMP
About

About ESDS

ESDS Software Solution Limited is one of India's leading end-to-end, AI-enabled cloud, managed services, data centre infrastructure, and software solutions providers. Founded in 2005 by Piyush Somani in Nashik, it operates four Tier-III certified data centres in Nashik, Navi Mumbai, Bengaluru, and Mohali (total area >60,000 sq ft), and per the DRHP is the larger of only two Indian players offering the full spectrum of cloud, managed services, DC infrastructure, and software solutions. The company is empanelled by MeitY-STQC to offer public, virtual private, and government community cloud services, and runs STPI Data Centres in Bengaluru and Mohali. Its proprietary patented eNlight cloud platform features vertical auto-scaling, and ESDS holds over 50% market share in SAP HANA hosting in India, serving 1,398 clients including 400+ BFSI institutions, 200+ government bodies, and enterprises across healthcare, manufacturing, and IT.
IPO outlook

When is the ESDS IPO?

SEBI-approved ₹600 Cr fresh-issue IPO (₹480.SEBI-approved ₹600 Cr fresh-issue IPO (₹480.7 Cr for cloud/DC capex) at an implied ₹5,000–6,000 Cr valuation — ~14x EV/Revenue and ~32x EV/EBITDA on FY25, premium justified by 27% revenue and 53% EBITDA growth plus the patented eNlight platform.

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
Financials

ESDS financial performance

Revenue, profit and balance-sheet figures by fiscal year.

Revenue & PAT (₹ Cr)
Revenue PAT
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 →

Peer comparison

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 →

Ownership

Shareholding pattern

Public
44.9%
Promoters
55.1%
Leadership

Management team

Piyush Prakashchandra Somani
Founder, Chairman & Managing Director
Bachelor's in Electronics Engineering from University of Pune; founded ESDS at age 26 in 2005 and has 19+ years in IT, instrumental in expanding the company across India and international markets.
Komal Piyush Somani
Whole-Time Director & Co-Promoter
Co-promoter and Whole-Time Director, involved in strategy and operations across ESDS group entities.
Venkatesh Natarajan
Director
Non-executive director on the ESDS board.
Capital journey

Funding history

Series B · October 25, 2024
Led by Capri Global Capital, Deepfin
Series A Extension · May 12, 2022
Led by InCred Wealth
Series A · June 3, 2018
Raised $10.5M (~₹70 Cr)
Led by GEF Capital Partners
Private Equity (early) · February 2015
Led by Canbank Venture Capital Fund
Corporate events

Events & announcements

Event Date File
Equity Infusion – Feb 2025 Funding
1 Feb 2025

Equity infusion of ₹65.2 Cr received.

1 Feb 2025
—
Equity Infusion – Oct 2024 Funding
25 Oct 2024

Equity infusion of ₹76 Cr received; Series B round with Capri Global Capital and Deepfin.

25 Oct 2024
—
Annual General Meeting AGM
30 Sep 2024

Last AGM held on September 30, 2024.

30 Sep 2024
—
GEF Capital Partial Exit Shareholding
1 Jan 2024

GEF Capital partial exit at implied valuation of ₹2,000–2,200 Cr.

1 Jan 2024
—
Earlier DRHP Withdrawn DRHP
6 Sep 2021

First DRHP filed in September 2021 was withdrawn due to adverse market conditions.

6 Sep 2021
—
1 2
In the news

Latest ESDS news

ESDS Software Share Price Hits a Seventh Lower Circuit, Still Triple the IPO Price
6 Oct 2026
ESDS Software Anchor Lock-in Ends 2 October: 25.17 Lakh Shares Free
1 Oct 2026

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 page
FAQs

ESDS 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.

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