Excelsoft Technologies Limited IPO

19 Nov 2025 , 03:39 PM

Excelsoft Technologies Limited is a Karnataka-based EdTech SaaS company. It provides digital learning and assessment solutions to meet the needs of education (K-12, higher education), training and certification. Its offerings encompass learning platforms, AI-based proctoring tools, K-12 systems and content management solutions. Backed by extensive technology and customer relationships, the business caters to clients globally. The IPO consists of a fresh issue and an Offer for Sale. The majority of the issue comprises of the Offer for Sale component.

 

Offer details of the IPO

• Total Offer Size – The total size of the issue is INR 500.00 crore. It comprises a fresh issue of equity shares worth up to INR 180.00 crore, together with an offer for sale of up to INR 320.00 crore.
• The shares being sold by the existing shareholder are held by:
• Pedanta Technologies Private Limited (Promoter) – Up to INR 3,200.00 million

Price Band: INR 114 to INR 120 per Equity Share

Book Running Lead Managers

• Anand Rathi Advisors Limited

 

Global L&D and Upskilling Industry Overview

The global Learning & Development (L&D) and workforce upskilling industry is undergoing a transformative phase driven by rapid technological advancements, digital transformation across sectors, and an urgent need to bridge evolving skill gaps. Governments and private enterprises are prioritising workforce readiness for emerging industries such as artificial intelligence, data analytics, automation, and digital services, leading to a surge in demand for structured, scalable, and technology-enabled training solutions. The industry comprises participants from education, healthcare, BFSI, retail, manufacturing and travel & hospitality, with a strong emphasis on blending soft skills, compliance training, industry-specific upskilling, and teaching methodologies to enhance productivity and employee retention.

Table: Key Segments

Category	Details
Content Type	Skills Course, Teaching and Instructional Design Skills, Compliance Training, Industry-Specific Training
Industry Vertical	Banking, Financial Services & Insurance (BFSI), Retail & E-commerce, Healthcare,  Manufacturing, Education, Travel & Hospitality, Others
Deployment Model	Public, Private, Hybrid (cloud), scaling, security and personalisation.

Source: RHP

• This sector is constantly growing steadily due to the crossover of ERP and CRM systems in key industries, as well as increasing investment in STEM education and digital learning platforms.
• The industry is also experiencing a structural shift from traditional in-person training to blended and online learning, which has been accelerated by post-pandemic workplace practices and greater global talent mobility.

 

Table: Industry Growth Rates and Commentary (Past and Future)

Segment	Past CAGR (2020–2024)	Projected CAGR (2025–2030)	Commentary
BFSI	12.4%	15.8%	High adoption of compliance and soft skills training due to regulatory pressures and digital banking expansion. AI-driven customer service training is a key growth driver.
Retail & E-commerce	14.1%	17.2%	Speedy digitisation and omni-channel play necessitate consistent upskilling on CRM tools, customer experience and logistics. High employee turnover drives the need for scalable training.
Healthcare	10.9%	16.5%	Increasing focus on digital health records, telemedicine and patient safety protocols is resulting in a higher need for compliance training and technical training. Government programs in developing countries are driving adoption.
Manufacturing	9.7%	14.3%	Industry 4.0 and automation require reskilling of blue-collar and technical staff. Government-led STEM and vocational programs are boosting investment in industry-specific training.
Education	13.6%	18.1%	The acceleration of post-pandemic digital transformation in academic institutions and enterprise training departments has seen fast-paced growth. EdTech solutions and blended learning designs are no longer niche.
Travel & Hospitality	7.2%	12.9%	The rebound from the pandemic and attention to customer experience are creating demand for soft skills as well as service excellence training. Global workforces need hybrid delivery models.
Overall Industry (Avg.)	11.5%	15.6%	The industry is shifting from a cost centre to a strategic investment. Demand is being driven by increasing corporate training budgets, government workforce initiatives and SaaS delivery models.

Source: RHP

 

Excelsoft Technologies Limited – Overview

Excelsoft Technologies Limited is a vertical SaaS products organisation in the area of EdTech. Its offerings include SARAS, EasyProctor, LearnActiv K-12, OpenPage, EnablED and CollegeSparc. Headquartered in India, it offers services globally and has expertise in software development and education technology. The company has a sales, support and R&D organisation that is innovative, customer-focused and mission-driven. In July 2024, it enhanced its platform by acquiring a 100% stake in Enhanzed Education Private Limited.

Competitive Positioning

Excelsoft Technologies Limited is a fast-growing player in the global EdTech sector. It benefits from strong product depth, customer-led development and increasingly an international footprint, especially with its push into AI-driven learning solutions. However, it competes with larger, well-funded rivals and is under pricing pressure and has access only to relatively modest amounts of capital. Its competitive positioning will be based on market expansion with local teams, innovation (through AI and selective acquisitions) and strengthening its brand foundation.

Strengths

1. Product Portfolio Depth & Innovation: A scalable, niche product range improved with AI capabilities to be competitive in the modern EdTech market.
2. Customer-Centric Product Development: Direct customer feedback results in constant product evolution that is shared across all teams.
3. Global Go-to-Market: 10+ countries with active rollout into high-growth emerging nations.
4. AI and emerging technologies: With significant investment in AI, predictive analytics, personalised learning, automated grading and fraud detection.

Weaknesses

1. Fierce Competition: The EdTech SaaS space is heavily saturated with several better-funded competitors, hence the severe competition for market share.
2. Pricing Pressure and Margin Risks: Rivals can create pricing pressure, or bundle free features, and increase the pressure on the company to become a “commodity value” player.
3. Arguably Slower Scaleup Than VC-Fueled Players: The scale-up is slower than some of their VC-backed competition.
4. Poor Brand Recognition in New Markets: Launching into countries such as Brazil and Egypt involves a significant cash injection, where rivals may already be well-established.

 

Financial Profile

Robust Revenue Growth: The revenue of Excelsoft Technologies Limited continuously grew over the last 2 years, with Revenue from operations increasing from ₹1,951.04 million in FY2023 to ₹2,332.91 million in FY2025, a CAGR of around 9.4%. The increase was driven by strong demand for both software and services, largely from long-term clients. The company also posted a robust 17.7% YoY growth between FY2024 and FY2025, propelled by more business with current clients and new client wins.

Table: Key Drivers of revenue growth

Key Driver	Description
Repeat Business	Most of the client revenue is repeat, with 99 clients in FY2025 (up from 93 in FY2024), indicating high client retention.
New Clients	17 new clients added in FY2025 compared to 15 in FY2024 and 10 in FY2023, representing market penetration that has remained strong.
Client Longevity	Average vintage of top 10 clients was at 10.8 years in FY2025 (9.5 years in FY2024), indicating a strong client relationship.
Service Diversification	Revenue is made from software and services,  amid growing demand for digital transformation.

Source: RHP

Better Profitability: Excelsoft Technologies Limited witnessed a strong recovery in FY2025. Gross margin rose to 61.67% on better cost control and a richer service mix. With a 31.40% margin, EBITDA increased to ₹732.57 million (after dipping in FY24), and PAT increased to ₹346.91 million with a 14.87% margin. Its profitability metrics, including ROCE of 16.11% and ROE of 10.38%, remain competitive.

Table: Peers Comparison

Name of the Company	Total Revenue (₹ in million)	Closing Price as on Oct 16, 2025 (₹)	EPS Basic (₹)	EPS Diluted (₹)	NAV (₹ per share)	P/E Ratio
Excelsoft Technologies Limited	2,332.91	120.00	3.47	3.47	37.10	34.58
MPS Ltd	7,268.89	2,295.90	87.80	87.73	279.69	26.17
Ksolves India Ltd	1,374.33	324.40	14.47	14.47	17.51	22.42
Silver Touch Technologies Ltd	2,883.80	718.80	17.50	17.50	105.48	41.07
Sasken Technologies Ltd	5,509.14	1,394.00	33.30	33.04	531.24	42.19
InfoBeans Technologies Ltd	3,947.80	504.70	15.59	15.51	136.34	32.54

Source: RHP; * – based on upper end of price band

 

Table: KPI Comparison

Company Name	Particulars (Units)	FY2023	FY2024	FY2025	CAGR
Excelsoft Technologies Ltd	Revenue from Operations (₹ mn)	1,951.04	1,982.97	2,332.91	9%
	Gross Profit (₹ mn)	1,191.82	1,142.11	1,438.61	–
	Gross Profit Margin (%)	61.09	57.60	61.67	–
	EBITDA (₹ mn)	681.79	549.73	732.57	4%
	EBITDA Margin (%)	34.94	27.72	31.40	–
	PAT (₹ mn)	224.14	127.53	346.91	24%
	PAT Margin (%)	11.49	6.43	14.87	–
	Net Worth (₹ mn)	2,780.77	2,973.03	3,712.90	–
	Net Debt (₹ mn)	1,105.08	719.18	181.79	–
	Net Debt / Equity Ratio	0.37	0.24	0.05	–
	ROCE (%)	11.03	7.59	16.11	–
	ROE (%)	8.41	4.43	10.38	–
MPS Ltd	Revenue from Operations (₹ mn)	5,010.47	5,453.07	7,268.89	20%
	EBITDA (₹ mn)	1,567.55	1,698.94	2,227.15	19%
	EBITDA Margin (%)	31.29	31.16	30.64	–
	PAT (₹ mn)	1,091.93	1,187.68	1,489.10	17%
	PAT Margin (%)	21.79	21.78	20.49	–
	Net Worth (₹ mn)	4,271.47	4,598.15	4,784.35	–
	Net Debt (₹ mn)	(599.65)	(1,103.48)	(686.95)	–
	Net Debt / Equity Ratio	0.14	0.24	NA	–
	ROCE (%)	37.29	36.56	44.99	–
	ROE (%)	27.50	26.78	32.23	–
Ksolves India Ltd	Revenue from Operations (₹ mn)	783.12	1,086.37	1,374.33	32%
	EBITDA (₹ mn)	328.57	463.94	478.60	21%
	EBITDA Margin (%)	41.96	42.71	34.82	–
	PAT (₹ mn)	247.20	341.54	343.20	18%
	PAT Margin (%)	31.57	31.44	24.97	–
	Net Worth (₹ mn)	223.84	238.32	207.54	–
	Net Debt (₹ mn)	(85.79)	(78.87)	(14.84)	–
	Net Debt / Equity Ratio	0.38	0.33	NA	–
	ROCE (%)	168.64	198.49	148.56	–
	ROE (%)	126.58	147.80	129.39	–
Silver Touch Technologies Ltd	Revenue from Operations (₹ mn)	1,637.84	2,243.03	2,883.80	33%
	EBITDA (₹ mn)	169.16	249.96	375.17	49%
	EBITDA Margin (%)	10.33	11.14	13.01	–
	PAT (₹ mn)	97.13	160.62	221.96	51%
	PAT Margin (%)	5.93	7.16	7.70	–
	Net Worth (₹ mn)	951.14	1,128.75	1,337.56	–
	Net Debt (₹ mn)	6.18	90.35	354.85	–
	Net Debt / Equity Ratio	0.01	0.08	0.27	–
	ROCE (%)	15.33	20.01	20.39	–
	ROE (%)	10.69	15.45	17.52	–
Sasken Technologies Ltd	Revenue from Operations (₹ mn)	4,469.84	4,067.27	5,509.14	11%
	EBITDA (₹ mn)	1,007.93	306.99	229.11	-52%
	EBITDA Margin (%)	22.55	7.55	4.16	–
	PAT (₹ mn)	994.72	787.38	505.10	-29%
	PAT Margin (%)	22.25	19.36	9.17	–
	Net Worth (₹ mn)	7,193.30	7,842.81	8,033.25	–
	Net Debt (₹ mn)	(271.28)	(534.86)	(342.53)	–
	Net Debt / Equity Ratio	0.04	0.07	(0.04)	–
	ROCE (%)	18.03	12.52	8.07	–
	ROE (%)	14.49	10.47	6.29	–
InfoBeans Technologies Ltd	Revenue from Operations (₹ mn)	3,853.20	3,685.20	3,947.80	1%
	EBITDA (₹ mn)	710.40	508.30	683.80	-2%
	EBITDA Margin (%)	18.44	13.79	17.32	–
	PAT (₹ mn)	359.60	224.70	379.70	3%
	PAT Margin (%)	9.33	6.10	9.62	–
	Net Worth (₹ mn)	2,715.40	2,957.90	3,322.30	–
	Net Debt (₹ mn)	(333.30)	(373.80)	(470.80)	–
	Net Debt / Equity Ratio	0.12	0.13	(0.14)	–
	ROCE (%)	21.68	12.93	17.48	–
	ROE (%)	14.32	7.92	11.75	–

Source: RHP