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Excelsoft Technologies IPO
Excelsoft Technologies Ltd
₹14,250 /125 sharesMinimum Investment
Excelsoft Technologies IPO Details
| Bidding dates | Minimum investment | Lot size | Price range |
|---|---|---|---|
| 19 Nov ‘25 - 21 Nov ‘25 | ₹14,250 | 125 | ₹114 - ₹120 |
| Issue size | IPO doc | Tentative allotment date | Tentative listing date |
|---|---|---|---|
| 500 Cr | RHP PDF | 24 Nov ‘25 | 26 Nov ‘25 |
About Excelsoft Technologies
Founded in
2000
MD/CEO
Mr Dhananjaya Sudhanva
Parent organisation
Excelsoft Technologies Ltd
Strengths & Risks of Excelsoft Technologies
Strengths
Risks
Excelsoft Technologies claims to have strong expertise in product engineering, development, and implementation across digital learning, assessment, and information management systems. The company’s products are designed to cover the complete lifecycle of learning and assessment, with a focus on scalability, data security, and user-centric design. It also claims to have extensive experience in migrating legacy systems to cloud environments while ensuring business continuity.
The company claims to have established long-term relationships with clients across countries such as the US, UK, India, Singapore, Australia, Japan, and the UAE. Its clientele includes reputed organisations such as Pearson Education, AQA Education, and Brigham Young University, Idaho. Excelsoft’s sustained client partnerships reportedly provide stability, recurring business, and valuable market insights that strengthen its position in the global learning and assessment sector.
Excelsoft Technologies claims to have the flexibility to work across diversified technologies to deliver right-fit solutions for clients in learning and assessment. Its teams are skilled in multiple technology stacks and adopt agile methodologies to configure, customise, and integrate platforms according to specific customer requirements. The company also claims to invest regularly in employee upskilling through training, workshops, and masterclasses to stay updated with new technologies such as AI and augmented reality/virtual reality (AR/VR), enhancing its ability to provide scalable, efficient, and customised digital solutions.
Excelsoft Technologies claims to have established robust operating parameters that define clear workflows, performance metrics, and accountability systems across its organisation. These parameters ensure consistency, efficiency, and alignment of goals across teams while maintaining flexibility to adapt to evolving business needs. The company also includes HR metrics such as hiring efficiency and employee attrition rates as part of its operational monitoring, which it claims contributes to process optimisation, improved productivity, and sustained business growth.
The company is ISO/IEC 27001:2022 certified for its information security management systems and ISO 9001:2015 certified for its quality management systems. It also reports compliance with the Cyber Essentials Plus Scheme for its systems and networks.
The company has witnessed a consistent increase in its revenue from operations. It increased from Rs 195.10 crore in FY23 to Rs 198.30 crore in FY24 and Rs 233.29 crore in FY25.
Excelsoft Technologies derives a major portion of its revenue from Pearson Education Group. It accounted for Rs 33.00 crore (59.24 percent) of the company’s revenue for the period ended June 30, 2025; Rs 137.15 crore (58.79 percent) in FY25; Rs 92.22 crore (46.51 percent) in FY24; and Rs 81.72 crore (41.89 percent) in FY23. The company’s contracts with Pearson are long-term but can be terminated by Pearson at will or in case of breach, insolvency, or force majeure. Any termination of or reduction in business from this client may significantly impact the company’s revenues, financial condition, and overall business performance.
Excelsoft Technologies has provided a corporate guarantee of Rs 300 crore in favour of Vistra ITCL (India) Limited to secure non-convertible debentures issued by its corporate promoter, Pedanta Technologies Private Limited. This guarantee forms a major part of the company’s contingent liabilities, which stood at Rs 303.43 crore, representing 79.80 percent of its net worth, as of June 30, 2025. Any failure by the corporate promoter to repay the loan, resulting in the invocation of this guarantee, may significantly affect the company’s net worth and financial position.
Excelsoft Technologies earns a major share of its foreign revenue in US dollars. It accounted for Rs 34.53 crore (61.97 percent) of the company’s total sales for the period ended June 30, 2025; Rs 149.14 crore (63.93 percent) in FY25; Rs 113.84 crore (57.41 percent) in FY24; and Rs 128.5 crore (65.86 percent) in FY23. As the company does not currently hedge its foreign currency exposure, fluctuations in the USD–INR exchange rate affect its earnings and margins. A significant depreciation of the US dollar or volatility in exchange rates can adversely impact the company’s profitability and overall financial position.
Excelsoft Technologies derives a substantial portion of its revenue from the publishing and certification & testing agency verticals. They accounted for 78.03 percent, 78.00 percent, 67.07 percent, and 70.03 percent of the company’s revenue for the period ended June 30, 2025, FY25, FY24, and FY23, respectively. Any reduction in demand for outsourced learning and assessment services or changes in regulatory conditions affecting these sectors may directly impact the company’s revenue.
Excelsoft Technologies has executed most of its client and customer agreements on unstamped white paper without registration. Such inadequately stamped or unregistered documents may be considered inadmissible as evidence in legal proceedings unless the required stamp duty and penalties are paid. Any dispute arising from non-compliance with local stamp duty or registration laws could affect the company’s ability to legally enforce its contracts and may adversely impact its operations.
The company reported negative cash flow from operating activities amounting to Rs 4.76 crore for the period ended June 30, 2025. This was primarily due to higher trade receivables, goods and services tax input credit under the reverse charge mechanism, and reduced payables and statutory dues. Additionally, negative cash flow from investing activities amounted to Rs 6.75 crore for the period ended June 30, 2025, Rs 15.57 crore in FY24, and Rs 15.11 crore in FY23. This was largely attributed to payments for land purchases and capital expenditure on property, plant, and equipment. Furthermore, the company reported negative cash flow from financing activities amounting to Rs 56.47 crore in FY25, Rs 51.99 crore in FY24, and Rs 26.73 crore in FY23. It resulted from repayments of long-term loans along with interest. Sustained negative cash flows may adversely impact the company’s liquidity, business operations, and financial condition.
Excelsoft Technologies generates a major portion of its revenue from clients in North America. They accounted for Rs 109.10 crore (55.02 percent) of the company’s revenue in FY24 and Rs 123.47 crore (63.28 percent) in FY23. This decline was due to one of its key clients temporarily halting product development and introducing a product version into market testing, which reduced billing during the year. Any further decline in revenue generation from North America or similar disruptions in key jurisdictions may adversely affect the company’s growth, revenue, and results of operations.
As of June 30, 2025, the company had trade receivables of Rs 53.65 crore, up from Rs 51.11 crore in FY25, Rs 46.78 crore in FY24, and Rs 45.66 crore in FY23. During FY24, the company wrote off Rs 5.16 crore as bad debts due from customers with long-outstanding dues. Any delay or default in the collection of billed or unbilled receivables, or failure to assess client creditworthiness accurately, could adversely affect the company’s cash flows, profitability, and overall financial performance.
The company, its directors, and promoters are involved in certain ongoing legal proceedings, including criminal and tax-related cases. Any adverse judgments in any of these cases could be detrimental to the company’s business prospects.
Excelsoft Technologies operates in the emerging and fast-evolving industry of vertical SaaS solutions for learning and assessment, which is subject to rapid technological advancements and shifting customer preferences. Continuous innovation, high investment requirements, and frequent changes in market trends increase the difficulty of maintaining competitiveness and forecasting future performance. Any inability to adapt to evolving technologies, develop new products, or respond effectively to market shifts may adversely impact the company’s business, profitability, and cash flows.
As of September 30, 2025, the company and its subsidiaries had outstanding financial indebtedness of Rs 37.9 crore. Any failure to service or repay these loans can harm the company’s operations and financial position.
Excelsoft Technologies Financials
*All values are in Rs. Cr
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Application Details of Excelsoft Technologies IPO
| Apply as | Price band | Apply Range |
|---|---|---|
| Regular | ₹114 - 120 | Upto ₹2 Lakh |
| High Networth Individual | ₹114 - 120 | ₹2 - 5 Lakh |
For Excelsoft Technologies IPO, eligible investors can apply as Regular.