Excelsoft Technologies Ltd. IPO

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Excelsoft Technologies Limited is a global vertical SaaS company specializing in the learning and assessment market. Founded in 2000 and headquartered in Mysore, India, the company provides AI-driven digital learning, assessment, and proctoring solutions to educational institutions, corporations, certification bodies, and governments across 19 countries.

Business Model and Offerings

1. Core Focus Areas

a) Assessment Solutions:
Excelsoft’s flagship products — SARAS eAssessment and easyProctor — are used by examination boards, certification bodies, and government agencies to deliver secure, large-scale online assessments.

Key clients include Pearson Professional Assessments, The Chartered Quality Institute, AQA Education, and Training Qualifications UK.

b) Learning Platforms:
The company’s SARAS Learning Management System (LMS), EnablED, and OpenPage platforms help educational publishers and corporate clients deliver personalized learning experiences.

Clients include Pearson Education Group, Ascend Learning, and Excel Public School.

c) Content and Learning Design Services:
Excelsoft also offers content creation, digital conversion, and instructional design services to clients such as Surala Net Co. Ltd (Japan).

Technology and AI Capabilities

Excelsoft integrates Artificial Intelligence (AI), Machine Learning (ML), and Large Language Models (LLMs) into its platforms to enhance automation, personalization, and proctoring accuracy. It uses a hybrid model combining proprietary and open-source LLMs (e.g., GPT-4o, Claude Sonnet, Mistral) hosted securely on Azure and AWS. For high-security workloads, Excelsoft runs open-source LLMs on its in-house GPU infrastructure.

Programming stack includes Java, .NET Core, Node.js, React, Angular, Swift, Kotlin, Flutter, Python, and Terraform for scalable and secure system development.

Clients and Global Presence

Company serves 76 clients across 19 countries through subsidiaries in the UK, USA, Singapore, and India, and presence in Dubai. Major client includes Pearson Education Group, contributing ~59% of FY25 revenue. Other clients collectively contribute around 41% of revenue, showing a gradual effort toward diversification.

Key Strengths

1. Proven expertise in learning and assessment technologies.
2. Long-term global customer relationships with blue-chip clients.
3. AI-driven product innovation and flexible technology architecture.
4. Compliant, scalable, and secure digital learning solutions.
5. Agile and diversified technology base supporting cross-platform development

Objects of the Excelsoft Technologies Ltd. IPO:

The net proceeds of the Fresh Offer are proposed to be utilized in the following manner: 1. Capital expenditure for purchase of land and construction of a new building located in Mysore (₹ 61.7 cr) 2. Capital expenditure for upgradation and external electrical systems of existing Karnataka facility (₹ 39.5 cr) 3. Upgradation of Company’s IT Infrastructure (₹ 54.6 cr) 4. General Corporate purposes.

Excelsoft Technologies Ltd. IPO Details:

Open Date: Nov 19 2025
Close Date: Nov 21 2025
Total Shares: 4,16,66,666
Face Value: ₹ 10 Per Equity Share
Issue Type: Book Building
Issue Size: 500 Cr.
Lot Size: 125 Shares
Issue Price: ₹ 114-120 Per Equity Share
Listing At: NSE,BSE
Listing Date: Nov 26 2025

Promoters And Management:

1. Dhananjaya Sudhanva, Chairman & Managing Director, holds degrees in Instrumentation Engineering and Management from the University of Mysore, and a Master’s in Electrical Engineering from Worcester Polytechnic Institute, USA. With over 32 years of experience, he founded SEDEMAC in 2000 after consulting on World Bank-assisted projects at JSS Consultants. He drives strategic direction, customer relationships, and overall business performance. His remuneration for FY25 stood at ₹24 million. 2. Shruthi Sudhanva, Whole-Time Director, is a Computer Science engineer from SJCE and holds a Master’s degree from the University of Illinois, Urbana-Champaign. She previously worked with Pearson Education, Boston, and has more than 10 years of experience in quality assurance, strategy, presales, and communications. At SEDEMAC, she oversees strategic planning, market intelligence, and new business initiatives. Her remuneration for FY25 was ₹2.91 million. 3. Lajwanti Sudhanva, Non-Executive Director, holds a B.Sc. in Botany and Marine Science from Goa University. Associated with SEDEMAC since 2008, she contributes to the company’s CSR and employee welfare initiatives and is also a Director at Pedanta Technologies Pvt. Ltd. She plays an advisory role in guiding the company’s social responsibility efforts and organizational culture.

Financials of Excelsoft Technologies Ltd. IPO:

Particulars 3M FY2025-26 FY 2024-25 FY 2023-2024 FY 2022-2023
Revenue from Operations (Cr) 56 233 198 195
EBITDA (Cr) 10 73 5 7
EBITDA Margins 18.27% 31.40% 27.70% 34.90%
PAT (Cr) 6 35 13 22
PAT Margins 10.78% 14.87% 6.43% 11.49%
ROCE 2.1% (not annualized) 16.11% 7.59% 11.03%
Debt to Equity Ratio(In Times) 0.08 0.05 0.24 0.37
Operating Cash Flows (Cr) -4.7 52.6 55.7 55.5

Comparison With Peers:

Companies Revenue (in cr) EBITDA Margins PAT Margins ROCE D/E Ratio MCap (in cr) P/E
Excelsoft Technologies Limited 233 31.40% 14.87% 16.11% 0.05 1381 39
MPS Ltd 727 29% 20% 41% 0.02 3926 24
Ksolves India Ltd 137 35% 25% 157% 0.08 744 24
Silver Touch Technologies Ltd 288 13% 8% 22% 0.33 1022 39
Sasken Technologies Ltd 551 4% 9% 7% 0.03 2159 55
InfoBeans Technologies Ltd 395 17% 10% 17% 0.06 1495 23.2
NOTE:Forward P/E is 57.54 According to FY 2026 PAT

Lead Manager of Excelsoft Technologies Ltd. IPO:

  1. Anand Rathi Advisors Limited

Registrar of Excelsoft Technologies Ltd. IPO:

  1. MUFG Intime India Private Limited

Discussion on Excelsoft Technologies Ltd. IPO:

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