| Price | Lot Size | Issue Date | Issue Size |
|---|---|---|---|
| ₹114 to ₹120 | 125 | 19th Nov, 2025 –21st Nov, 2025 | ₹500.00 Cr |
Excelsoft Technologies Ltd
Excelsoft Technologies Limited (Excelsoft) is a Mysuru-based vertical SaaS and technology solutions provider focused primarily on the global education and assessment industry. Founded in 2000, the company offers a comprehensive suite of proprietary learning, assessment, proctoring, and content authoring platforms, alongside high-value technology and content development services for EdTech companies, publishers, universities, certification bodies, and corporate learning & development teams. The company’s core product stack is built around its Saras™ Learning Experience Platform, cloud-based Assessment and Proctoring Systems, and advanced content authoring and learning management tools. These platforms enable clients to deliver personalised learning, manage courseware at scale, conduct secure online assessments, and create interactive digital content. In addition to licensing revenues, Excelsoft generates recurring income from platform implementation, customisation, hosting, support, and managed services. Complementing its product suite, Excelsoft provides a broad portfolio of EdTech services, including product engineering, content digitisation, cloud migration, platform modernisation, testing, and data engineering. These services support clients’ ongoing product development needs and contribute a significant share of the company’s revenue. Excelsoft’s operations are primarily based in Mysuru, with a workforce of over 1,100 employees involved in product development, implementation, and managed services. The company’s customer base is geographically diversified, with a notable concentration in the United States (60.1% of total revenue as of FY25). The business operates on a mix of licensing fees, implementation charges, recurring support and hosting income, and time-and-material billing for service projects.
Objective of the Excelsoft Technologies Ltd IPO
Out of the total issue size of Rs. 500 crores, Rs. 320 crores comprises OFS. The company proposes to utilise net proceeds (Rs. 180 crores) from the issue towards the following objects:
- Funding of capital expenditure for the purchase of land and the construction of a new building located at Mysuru;
- Funding of capital expenditure for upgradation and external electrical systems of its existing facility located in Mysuru;
- Funding upgradation of its IT Infrastructure (software, hardware and communications & network Services), and;
- General corporate purposes
Rationale To Excelsoft TLtd IPO
Deep product capabilities reinforced by long-standing global client relationships position the company well for sustained growth
Excelsoft’s long-term global customer relationships are closely linked to its core strength in end-to-end product engineering across the learning and assessment lifecycle. Its ability to design, build, and implement scalable, secure, and user-centric digital solutions has enabled it to consistently address complex client requirements over time. This technical depth, combined with a consultative approach that integrates customer workflows and evolving operational needs, has helped the company establish durable partnerships across key international markets. This is reflected in the tenure profile: as of Q1FY26, the company had 24 clients associated for more than 10 years (up from 16 in FY23) and 40 clients in the 5-10 year bracket, unchanged from FY25 but significantly higher than FY24 (32 clients). Together, nearly 64% of the customer base (64 out of 101 clients) now has a relationship exceeding five years, compared with 51% in FY23. Sustained associations, with many exceeding five and ten years, provide recurring revenue visibility, reduce customer acquisition risk and offer continuous insight into emerging trends in digital learning and assessments. These insights, in turn, feed back into product development, allowing Excelsoft to refine its platforms, support cloud migration needs and maintain relevance as customer priorities shift. The interplay of strong product capabilities and high customer retention effectively strengthens switching costs and creates a competitive barrier for new entrants. Overall, the company’s integrated technical expertise and long-standing client base reinforce each other, supporting stable growth, improved predictability and a favourable competitive position.
Global compliance capabilities and technological flexibility strengthen the company’s scalability and competitive positioning
Excelsoft’s ability to deliver fully compliant digital learning and assessment solutions across multiple geographies is reinforced by a flexible technology architecture that adapts to diverse client needs. With subsidiaries in the UK, USA, Singapore and India, and a presence in Dubai, the company serves clients across North America, Europe, Asia-Pacific and the Middle East. These international markets contributed Rs. 233 crore in FY25, accounting for over 90% of total revenue. This global footprint, supported by recognised certifications such as ISO/IEC 27001:2022, ISO 9001:2015, and Cyber Essentials Plus, enables the company to meet stringent regulatory, data protection and quality standards across jurisdictions. Together, these capabilities reinforce the Company’s competitive position. Global standardisation ensures consistent service quality, while local customisation enhances relevance for diverse learner groups. Technological flexibility reduces dependence on a fixed stack, enabling optimal solutioning based on customer systems and constraints. Agile methodologies accelerate response to changing requirements, lowering implementation risk and improving time-to-value for clients. The combination of compliance, global delivery capability and technological adaptability results in higher customer confidence, lower switch-out risk and stronger competitive barriers. This positions Excelsoft to scale more efficiently into new regions, respond faster to evolving regulatory expectations and deepen engagement with existing clients, thereby enhancing growth visibility and operational resilience.
Valuation of Excelsoft Technologies Ltd IPO
Excelsoft operates in the education technology and assessment space, offering a mix of proprietary platforms and technology services. Its product suite covers learning management, digital content workflows, online test delivery, and AI-based proctoring, while its service capabilities span product engineering, custom development, cloud migration, and content creation. Excelsoft benefits from long-standing domain expertise in learning and assessment technology, an integrated product–services delivery model, and a cost-efficient India-based development structure that supports multi-year client engagements. On the industry front, the global assessment & proctoring market was valued at USD 10.8 billion in 2024 and is expected to reach USD 21.3 billion by 2030, growing at a CAGR of 11.90%, indicating steady but moderate growth in the company’s addressable space. On the financial front, revenue grew modestly from Rs. 195 crores in FY23 to Rs. 233 crores in FY25 (9.3% CAGR). EBITDA improved from Rs. 68 crores to Rs. 73 crores over the same period, with margins dipping in FY24 but recovering to 31.4% in FY25. PAT increased from Rs. 22 crores to Rs. 35 crores (24.4% CAGR), supported by margin recovery, lower finance costs and higher other income, with PAT margin expanding from 11.5% in FY23 to 14.9% in FY25. Return ratios also remained moderate, with ROE rising from 8.4% in FY23 to 10.4% in FY25 and ROCE from 10.3% in FY23 to 12.2% by FY25, indicating a recovery but still at relatively average levels. While Excelsoft has established domain expertise and long-standing client engagements, its financial performance has shown variability, with volatility in margins and reliance on non-operating income driving a part of earnings recovery. Revenue growth has remained modest, and return ratios are moderate, limiting visibility on sustained profitability. The company is also comparatively valued at the higher end relative to peer, despite its smaller scale and variability in profitability. In light of these factors, we remain largely cautious of the listing. We, thus, recommend an AVOID rating for the issue and will reassess our rating in future following sustained business performance in upcoming quarters.
What is the Excelsoft Technologies Ltd IPO?
The initial public offer (IPO) of Excelsoft Technologies Ltd offers an early investment opportunity in Excelsoft Technologies Ltd . A stock market investor can buy Excelsoft Technologies Ltd IPO shares by applying in IPO before All Excelsoft Technologies Indian Ltd shares get listed at the stock exchanges. An investor could invest in Excelsoft Technologies Ltd IPO for short term listing gain or a long term.
How to apply for the Excelsoft Technologies Ltd IPO through StoxBox?
To apply for the Excelsoft Technologies Ltd IPO through StoxBox one can apply from the website and also from the app. Click here
When will the Excelsoft Technologies Ltd IPO open?
Excelsoft Technologies Ltd IPO is opening on 18th Nov 2025. Apply Now
What is the lot size of the Excelsoft Technologies Ltd IPO?
The Lot Size of Excelsoft Technologies Ltd IPO is 125 equity shares. Login to your account now.
When is the Excelsoft Technologies Ltd allotment date?
The allotment Date for Excelsoft Technologies Ltd IPO is 24th Nov 2025. Login to your account now.
When is the Excelsoft Technologies Ltd IPO listing date?
The listing Date for Excelsoft Technologies Ltd IPO is 26th Nov 2025. Login to your account now
What is the minimum investment required for the Excelsoft Technologies Ltd IPO?
In the Retail segment the minimum investment required is Rs. 15,000. Login to your account now
What is the maximum investment allowed for the Excelsoft Technologies Ltd IPO?
In the Retail segment the maximum investment requirement is Rs. 1,95,000. Login to your account now
What are the risks associated with investing in the Excelsoft Technologies Ltd IPO?
- Significant revenue concentration to a small number of customers. In H1FY26, their top five customers accounted for about 38.6% of total revenue, and the top 10 customers accounted for 55.7%. In FY25, these figures were 43.4% and 58.7%, respectively. If any of these key customers reduce their business with the company or end their contracts with them, it could have a significant impact their revenue..
- The company has become profitable in FY25, but some material subsidiaries have previously incurred losses and might face losses again in the future, which could adversely affect the business, cash flows, and financial position.
When will the Excelsoft Technologies Ltd IPO shares be credited to my Demat account?
The Excelsoft Technologies Ltd IPO be credited to the account on allotment date which is 24th Nov 2025. Login to your account now
Where can I find the Excelsoft Technologies Ltd IPO prospectus?
The prospectus of Excelsoft Technologies Ltd IPO prospectus can be find on the website of SEBI, NSE and BSE
