Face Value
₹1
Valuation
₹5,373 Cr
Market Cap
₹5,373 Cr
ISIN
INE0DRI01029
Price History
ESDS Price Chart
Current
₹528.00
Period Change
+9.54%
High
₹528.00
Low
₹468.00
About
ESDS — the company.
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’s the ESDS IPO?
Anticipated
FY27
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.
Financial Health
Revenue, EBITDA & profitability.
Revenue & PAT Trend
Revenue
PAT
| Metric | FY25 · LATEST | FY24 | FY23 | FY22 |
|---|---|---|---|---|
| Revenue (₹ Cr) | 361 | 287 | 212 | 195 |
| EBITDA (₹ Cr) | 155 | 102 | 47 | 59 |
| PAT (₹ Cr) | 56 | 14 | -25 | -3 |
| EBITDA Margin (%) | 42.90 | 35.56 | 22.00 | 30.05 |
| PAT Margin (%) | 15.50 | 4.70 | — | — |
| EPS (₹) | 5.60 | — | -2.48 | — |
| Book Value (₹) | 41.58 | — | — | — |
| Debt / Equity | 0.15 | — | — | — |
| Total Assets (₹ Cr) | 656 | — | 499 | — |
| Net Worth (₹ Cr) | 418 | — | 201 | — |
Events
Name
Date
Details
Annual General Meeting
AGM
Last AGM held on September 30, 2024.
—
GEF Capital Partial Exit
Shareholding
GEF Capital partial exit at implied valuation of ₹2,000–2,200 Cr.
—
Earlier DRHP Withdrawn
DRHP
First DRHP filed in September 2021 was withdrawn due to adverse market conditions.
—
Valuation Compass
How ESDS stacks against listed peers.
| Company | P/E | EV / EBITDA |
|---|---|---|
| Tata Communications Ltd TATACOMM | 47 | — |
| Sify Technologies Ltd SIFY | -0.01 | — |
| Netweb Technologies India Ltd NETWEB | — | — |
| Black Box Ltd BBOX | — | — |
Ownership
Shareholding.
Public
44.9%
Promoters
55.1%
Leadership
Management team.
P
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.
K
Komal Piyush Somani
Whole-Time Director & Co-Promoter
Co-promoter and Whole-Time Director, involved in strategy and operations across ESDS group entities.
V
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
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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
!
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.
