ESDS Software Solution Limited
Company at a glance · Human reviewed · 26 Aug 2026
The business, in brief
ESDS Software Solution Limited is an AI-enabled cloud, managed services, Data Centre infrastructure and software solutions provider in India, offering comprehensive cloud infrastructure and software solutions consisting of IaaS, managed services, and SaaS.
- Customer concentration
- 45.36% top 10 customers
- Total borrowings
- ₹42.92 cr Fiscal 2026
- Infrastructure as a Service (IaaS)
- Managed Services
- Software as a Service (SaaS)
- Colocation and Data Centre Services
- Cloud Services and Cloud Computing
- GPU-as-a-Service (GPUaaS)
- SWARAJ Cloud
- SPOCHUB digital marketplace
* Estimated date based on the standard exchange timeline. Unmarked dates are exchange-reported.
Calculated at the upper band of ₹429.00 per share. Amounts exclude blocked-funds variation.
Prospectus dossier
Numbers, plans & pressure points
A focused reading of the company's reported financials, planned use of proceeds, business strengths and material risks.
A multi-year view
Figures retain the units reported in the RHP| Fiscal year | Revenue | Profit after tax | Operating cash flow | Borrowings | Net worth |
|---|---|---|---|---|---|
| 2026 | ₹472.21 cr | ₹120.82 cr | ₹1,367.71 cr | ₹42.92 cr | ₹544.2 cr |
| 2025 | ₹361.34 cr | ₹55.61 cr | ₹162.62 cr | ₹62.71 cr | ₹417.58 cr |
| 2024 | ₹286.52 cr | ₹13.61 cr | ₹53.05 cr | ₹149.04 cr | ₹226.51 cr |
Analysis desk Derived financials
What the reported
numbers reveal.
Calculated deterministically from validated RHP figures. These are analytical ratios, not issuer-reported KPIs.
- Sales CAGR
- 28.38% FY2024-FY2026 · Annualised growth
- PAT CAGR
- 197.96% FY2024-FY2026 · Annualised growth
- PAT margin Profit / revenue
- 25.59%2026
- Cash conversion Operating cash flow / PAT
- 11.32×2026
- Revenue growth Year on year
- 30.68%2026
CAGR uses the number of year-to-year intervals. Ratios are calculated only when every required source value passed validation.
01 Use of funds
Where the
money goes.
02stated objects
in the filing
Purchase and installation of cloud computing and other equipment and infrastructure for our Relevant Data CentresRHP p. 131
General corporate purposesRHP p. 131
02 Growth case
What could drive
the business.
05signals found
in the filing
We are an AI enabled cloud, managed services, Data Centre infrastructure and software solutions provider in India, being one of the only two players providing the entire spectrum.RHP p. 142
Our comprehensive Security-as-a-Service (SECaaS) framework enables businesses to proactively manage threats and achieve robust security and compliance objectives.RHP p. 142
We have long-term relationships with well-established banks and other businesses, including over 100 banks.RHP p. 142
Capitalising on the rising adoption of cloud services market in India and abroadRHP p. 56
Enhancing collaboration with our partner ecosystem and providing a comprehensive suite of offerings on our digital marketplace, SPOCHUB.RHP p. 56
03 Risk factors
Read the downside first.
Selected material risks disclosed in the RHP. Read these before the upside case. This summary is not a substitute for the prospectus.
Reliance on Top Clients
In Fiscal 2026, revenue from the top client and top 10 clients represented 15.93% and 45.36% of revenue from operations, respectively. Any loss or reduction of business from these clients could adversely affect operations.
Dependence on Government Entities and Projects
Revenue directly or indirectly from government entities and government projects represented 27.37%, 29.52%, and 34.04% of revenue from operations for Fiscals 2026, 2025, and 2024, respectively.
Subsidiary Operating Losses
ESDS Cloud FZ-LLC incurred a loss of 40.46 million and 60.19 million for Fiscals 2025 and 2024, respectively, which may affect consolidated financial condition if future losses continue.
Dependence on Top Suppliers
Cost of supplies from the top supplier and top 10 suppliers constituted significant portions of other expenses plus additions to property, plant and equipment, exposing the company to supply chain disruptions.
Hypothecation and Mortgage of Substantial Assets
A substantial portion of current assets and property, plant and equipment are hypothecated or mortgaged in favor of lenders as security for borrowings.
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