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ESDS Software Solution Unlisted Shares
DRHP Status : Not Filed
435
Fundamentals About ESDS Software Solution
Downloads & Investor Documents
All documents are provided for informational purposes and are subject to regulatory disclosures.
Key Financials of ESDS Software Solution
| P&L Statement | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 172 | 195 | 207 | 281 |
| Cost of Material Consumed | 0 | 0 | 0 | 0 |
| Gross Margins | 100 | 100 | 100 | 100 |
| Change in Inventory | 0 | 0 | 0 | 0 |
| Employee Benefit Expenses | 59 | 71 | 77 | 84 |
| Other Expenses | 51 | 66 | 83 | 100 |
| EBITDA | 62 | 58 | 47 | 97 |
| OPM | 36.05 | 29.74 | 22.71 | 34.52 |
| Other Income | 2 | 4 | 0 | 5.6 |
| Finance Cost | 37 | 18 | 26 | 27 |
| D&A | 51 | 43 | 49 | 49 |
| EBIT | 11 | 15 | -2 | 48 |
| EBIT Margins | 6.4 | 7.69 | -0.97 | 17.08 |
| PBT | 8 | -2 | -28 | 25 |
| PBT Margins | 4.65 | -1.03 | -13.53 | 8.9 |
| Tax | 3 | 0.5 | -5 | 8.5 |
| PAT | 5 | -2.5 | -23 | 16.5 |
| NPM | 2.91 | -1.28 | -11.11 | 5.87 |
| EPS | 0.96 | -0.27 | -2.48 | 1.78 |
Financial Ratios |
2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Operating Profit Margin | 36.05 | 29.74 | 22.71 | 34.52 |
| Net Profit Margin | 2.91 | -1.28 | -11.11 | 5.87 |
| Earning Per Share (Diluted) | 0.96 | -0.27 | -2.48 | 1.78 |
| Assets | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Fixed Assets | 207 | 204 | 197 | 317 |
| CWIP | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 |
| Trade Receivables | 46 | 64 | 57 | 118 |
| Inventory | 0 | 0 | 0 | 0 |
| Other Assets | 207 | 254 | 245 | 107.39 |
| Total Assets | 460 | 522 | 499 | 542.39 |
| Liabilities | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Share Capital | 5.2 | 9.1 | 9.28 | 9.289 |
| FV | 1 | 1 | 1 | 1 |
| Reserves | 187 | 206 | 201 | 245 |
| Borrowings | 70 | 133 | 165 | 105 |
| Trade Payables | 25 | 24 | 28 | 22 |
| Other Liabilities | 172.8 | 149.9 | 95.72 | 161 |
| Total Liabilities | 460 | 522 | 499 | 542.29 |
About Company
The following table shows a 10-point analysis of ESDS Software Solution Limited. We will discuss each point in detail after this table.
| Parameter | Key Numbers | Insights |
|---|---|---|
| Business Overview | FY25 Revenue ₹361–377 cr · PAT ₹56 cr · PAT margin ~15% | Leading Indian cloud & data center provider with patented eNlight Cloud (autonomous, energy-efficient); offers IaaS, SaaS, managed services, colocation and cybersecurity; strong Govt/BFSI focus; turnaround from losses to profitability. |
| Industry & Market Position | Key Indian cloud/data infra player · Sovereign/Govt Cloud niche · Strong eNlight adoption | Benefits from Digital India, data localization and cloud boom; competes with AWS/Azure but differentiated via green, cost-efficient and compliant local solutions; strong government order wins. |
| Revenue Growth Trend | FY23–FY25 CAGR ~30%+ · FY25 YoY growth ~27–29% | Rapid expansion from domestic and international growth; driven by new contracts, data center scaling and policy tailwinds; momentum continuing into FY26. |
| Profitability & Margins | EBITDA ~₹145–155 cr (40%+ margin) · PAT margin ~15% · ROE positive | Significant turnaround from FY23 loss; strong operational leverage and recurring cloud revenue; high-quality earnings with improved efficiency. |
| Cash Flow Quality | OCF positive (~₹61 cr FY25) · Limited dividends | Strong operational cash supporting debt reduction and capex; equity infusion (~₹141 cr) strengthened liquidity; high quality post-turnaround. |
| Balance Sheet Strength | Strong net worth · Reduced debt · NCDs redeemed | Improved leverage post equity raises; robust liquidity and asset base; downside supported by visible cash flows and growth trajectory. |
| Valuation Comfort | Unlisted price ₹530–560 (Feb 2026) · P/E ~90–110x · Market cap ~₹5,300–5,600 cr | Premium valuation reflecting high-growth cloud story and IPO catalyst; potential re-rating on listing. |
| Management & Governance | Founder-led · Professional team · SEBI-regulated disclosures | Strong execution track record; transparent filings including DRHP; governance strengthened by reputed investor participation. |
| Growth Triggers & Catalysts | SEBI-approved ₹600 cr IPO · Data center expansion · eNlight scaling | Major value unlock via listing; growth from cloud demand, govt projects and international expansion. |
| Liquidity & Exit Visibility | OTC liquidity · IPO approved (SEBI nod Dec 2025) | Moderate unlisted trading; strong exit visibility post-IPO; reduced liquidity risk after regulatory approval. |
ESDS Software Solution Limited is a leading Indian cloud-technology company, founded in 2005 and headquartered in Nashik, Maharashtra. Its strengths lie in providing end-to-end cloud infrastructure (IaaS) via its patented eNlight Cloud platform, combined with SaaS and managed IT services.
- Their IaaS business allows auto-scaling of compute resources in real time (“vertically auto-scalable cloud”) to optimise cost and performance.
- In SaaS / Managed Services, ESDS supports business-critical applications, security, backup & recovery, legacy migration, and 24×7 IT operations.
- Its billing models are tailored: “pay-per-consumption,” “pay-per-branch” (for banks), and “pay-per-transaction” — helping reduce clients’ TCO.
Data Centres & Global Footprint
ESDS operates several Tier-III data centres in India (Nashik, Mumbai, Bengaluru, Mohali) to serve hosting, colocation and hybrid cloud clients.
It also has a global presence across 19 countries, spanning APAC, Europe, the Middle East, the Americas, and Africa.
Markets & Customers
ESDS serves a diversified set of industries: BFSI, government / public sector, manufacturing, telecom, real estate, pharma, retail, education, and more.
Thanks to its auto-scaling cloud and managed services, it caters well to clients with variable workloads and compliance / data-localisation needs.
History & Corporate Structure
- Originally incorporated on 18 August 2005.
- Converted from a private to a public company in 2021.
- Key business units include: data-centre services, cloud, SaaS platforms, and managed services.
Financial Performance & Recent Trends
- In FY 2024-25, ESDS saw strong growth: revenue went up significantly, driven by both domestic and international demand.
- It has raised equity capital recently, reducing its debt burden and improving its financial health.
- Its collections have also improved, helping liquidity and enabling further capex into data centres and global expansion.
- ESDS is emphasising profitability: its EBITDA and PAT are improving materially, indicating operational leverage paying off.
Strengths & Growth Drivers
- Proprietary Cloud Platform (eNlight): Its patented auto-scaling cloud gives it a cost and performance edge.
- Strong Recurring Revenue Model: Managed services and SaaS contribute to a predictable, subscription-based business.
- Deep India Expertise: With data centres in India and localised models, ESDS is very well positioned to serve government and regulated sectors.
- Global Reach: Expanding internationally gives it growth leverage beyond the domestic market.
- Improving Financial Discipline: Reduced debt, better collections, and higher profitability make future capex more sustainable.
Risks & Challenges
- Competition: Global cloud giants (AWS, Azure) are strong; ESDS has to compete on value and localisation.
- Capex Requirements: Building / scaling data centres is capital-intensive and requires careful management.
- Technology Risk: Cloud and SaaS are fast-evolving; ESDS must continuously innovate.
- Execution Risk: Scaling globally, managing cross-border operations, and maintaining SLA for critical clients can be challenging.
Quick Summary
ESDS Software Solution is a homegrown cloud & managed-services innovator with a strong India-first positioning. Its patented eNlight Cloud, recurring revenue model, and improving financial health make it a compelling play in India’s digital infrastructure space. But to truly scale, it must keep innovating, manage its capital wisely, and deliver reliably on global ambitions.
Shareholding Pattern of ESDS Software Solution
| Name | Holding |
|---|---|
| Piyush Somani | 28.91% |
| PO Somani Family Trust | 24.19% |
| Sarla Somani | 2.02% |
| SAGF II Holdings LLC | 10.23% |
| South Asia Growth Fund II, L.P. (SAGF) | 22.30% |
| GEF ESDS Partners, L.L.C. (GEPL) | 8.16% |
Promoters of ESDS Software Solution
| Name | Designation | Linkedin Profile |
|---|---|---|
| Piyush Prakash Chandra Somani | Founder & Managing Director |  |
| Komal Piyush Somani | Whole-time Director | |
| P.O. Somani Family Trust | Promoter (trust entity) | |
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Frequently Asked Questions
ESDS Software Solutions Ltd unlisted shares refer to equity holdings in a privately held technology company that is not listed on stock exchanges like NSE or BSE. These shares can be acquired via private trades facilitated by platforms such as UnlistedKraft.
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