NaapbooksShare price, financial results, shareholding and management
- Market cap
- ₹158 cr
- Stock P/E
- 19.0peers 16.5
- Book value
- ₹39.6
- Price to book
- 3.53
- EV / operating profit
- -
- Market cap to sales
- 8.99
- ROCE · FY26
- 27.2%
- ROE · FY26
- 20.7%
- ROE, 3-year average
- 17.1%
- Operating margin · FY26
- 66.0%peers 8.7%
- Sales growth, 3 years
- 49.9%
- Profit growth, 3 years
- 136.2%
- Debt to equity
- 0.03peers 0.00
- Borrowings
- ₹1.3 cr
- Interest cover
- 56.0×
- Cash from business / op. profit
- 162%
- Debtor days
- 218
- Pledged
- 0.00%
- Promoter holding
- 51.06%
- Change in promoter holding
- -2.11 pts
- Shareholders
- 373
- 52-week high / low
- ₹175 / ₹70
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Naapbooks share price chart
Close on 5 Nov 2026 · -8.02% on the day · Vol 34,800
Daily prices to 5 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 5 Nov 2026
- 1 month
- -11.2%
- 3 months
- +5.8%
- 6 months
- +68.0%
- 1 year
- -4.0%
- Traded a day, 20 days
- ₹0.13 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +44% | +85% |
| 3 years, a year | +50% | +136% |
| Latest half, H2 FY26 | -7% | +54% |
About Naapbooks: business, products and customers
Naapbooks is a software company in Ahmedabad that builds custom programs and apps for businesses and sells its own subscription tools, such as a digital visitor register and an insider trading compliance system. Its shares trade on BSE SME.
Naapbooks was set up in 2017 and listed on BSE's SME platform in September 2021. Most of its income comes from building software to order: custom development, system integration, IT consulting and design work. It also sells its own products, VizMan for visitor management, InsiderQ for listed companies that must track price sensitive information, EZEO for supply chains and an e-voting platform, and it is building an eNotary platform with state-backed partners.
The way it works shapes the numbers. Revenue is billing for services, and the main costs are a small salaried team of 37 people at March 2025 and development work bought from outside firms, so the margin rises sharply in years when less work is bought in. More than half of FY25 income was earned in foreign exchange. Much of the company's cash has not sat in unpaid bills but in advances to related parties, which the auditor flagged.
Read more about the business
Related parties run through the business. In FY25 NPBook Software, an entity in which directors are interested, paid about a third of the year's revenue, and ProEx Advisors LLP, a promoter group firm in a similar line of work, received most of the advances. The company owns half of ProEx Advisors LLP, bought with new Naapbooks shares, and ProEx Advisors LLP in turn owns about a fifth of Naapbooks.
The FY25 annual report names TCS, Infosys and Wipro as the large firms that dominate enterprise projects, and Happiest Minds, Intellect Design Arena and Sonata Software as listed firms serving niche enterprise segments; it describes the SME IT space as fragmented, with Naapbooks aiming at the small business and government software segment those firms leave underserved.
From the 2021 offer document, the FY25 annual report and the March 2025 investor presentation. The FY26 annual report was available only as an AI summary and was not used.
Read the deeper study ↓In its favour
- Sales have grown fast: 50% a year over three years.
- It earns a high return on the money it uses: ROCE 27% in FY26.
- It brings in more cash than it shows as profit: ₹18.8 cr against ₹8.3 cr in FY26.
- It has little debt for its size: debt to equity 0.03.
To watch
- Recovery of the ₹17.2 cr of advances to related parties, ₹11.3 cr of it with ProEx Advisors LLP, which the auditor flagged as having no agreement or repayment schedule (annual report FY25, p.71 and p.94).
- Sales to NPBook Software, an entity in which directors are interested, which were about a third of FY25 revenue (annual report FY25, p.93).
- The eNotary pilot, now planned before the end of FY26, and the VizMan rollout in seven overseas markets (annual report FY25, p.18 and p.56).
- The statutory auditor resigned in September 2024 citing other assignments; the FY25 annual report calls the audit opinion qualified on one page and unqualified on another; two company secretaries and the chairman left by July 2025 (annual report FY25, p.6, p.29, p.30, p.40).
- Its borrowings rose a lot last year: ₹1.3 cr, from ₹0.6 cr.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Naapbooks revenue and profit growth
Half-yearly results · Profit and lossSales have grown fast. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
SME companies report every six months. In the latest half, sales were lower than in the same half a year before. Profit grew faster than sales.
Naapbooks half-yearly results
SME companies report every six months · ₹ crore
| H1FY23 | H2FY23 | H1FY24 | H2FY24 | H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|---|---|---|---|
| Sales | 1.14 | 4.07 | 1.98 | 5.79 | 3.78 | 8.40 | 9.73 | 7.83 |
| Expenses | 0.73 | 3.13 | 0.95 | 3.99 | 1.92 | 3.38 | 5.01 | 0.97 |
| Operating profit | 0.41 | 0.94 | 1.03 | 1.80 | 1.86 | 5.02 | 4.72 | 6.86 |
| OPM | 36.0% | 23.1% | 52.1% | 31.1% | 49.2% | 59.8% | 48.5% | 87.6% |
| Interest | 0.03 | 0.04 | 0.05 | 0.10 | 0.09 | 0.20 | 0.08 | 0.12 |
| Depreciation | 0.23 | 0.24 | 0.23 | 0.26 | 0.25 | 0.38 | 0.32 | 0.33 |
| Profit before tax | 0.15 | 0.72 | 0.76 | 1.45 | 1.65 | 4.55 | 4.38 | 6.63 |
| Net profit | 0.11 | 0.52 | 0.56 | 1.09 | 1.24 | 3.25 | 3.29 | 5.01 |
Naapbooks profit and loss
Full years to March, FY18 to FY26 · ₹ crore, consolidated where reported
| FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|---|
| Sales | 2.05 | 2.21 | 2.25 | 2.71 | 2.80 | 5.21 | 7.77 | 12.18 | 17.55 |
| Expenses | 1.80 | 1.84 | 1.50 | 1.80 | 1.90 | 3.86 | 4.94 | 5.30 | 5.97 |
| Operating profit | 0.25 | 0.37 | 0.75 | 0.91 | 0.90 | 1.35 | 2.83 | 6.88 | 11.58 |
| OPM | 12.2% | 16.7% | 33.3% | 33.6% | 32.1% | 25.9% | 36.4% | 56.5% | 66.0% |
| Other income | 0 | 0 | 0 | 0 | 0 | 0.06 | 0.01 | 0.24 | 0.28 |
| Interest | 0.03 | 0.02 | 0.11 | 0.07 | 0.09 | 0.07 | 0.15 | 0.29 | 0.20 |
| Depreciation | 0.07 | 0.16 | 0.21 | 0.19 | 0.46 | 0.47 | 0.48 | 0.63 | 0.65 |
| Profit before tax | 0.15 | 0.19 | 0.43 | 0.65 | 0.35 | 0.87 | 2.21 | 6.20 | 11.01 |
| Tax rate | 26.7% | 26.3% | 25.6% | 27.7% | 34.3% | 27.6% | 24.9% | 27.7% | 24.6% |
| Net profit | 0.11 | 0.14 | 0.32 | 0.47 | 0.23 | 0.63 | 1.66 | 4.48 | 8.30 |
| EPS ₹ | · | · | · | 1.18 | 0.41 | 1.07 | 5.53 | 4.70 | 7.66 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Naapbooks profitability
Margins and returns on capitalLast year the company kept more from each rupee of sales than the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|---|
| Operating margin | 12.2% | 16.7% | 33.3% | 33.6% | 32.1% | 25.9% | 36.4% | 56.5% | 66.0% |
| Tax rate | 26.7% | 26.3% | 25.6% | 27.7% | 34.3% | 27.6% | 24.9% | 27.7% | 24.6% |
| ROCE | · | 21.9% | 42.2% | 38.2% | 9.9% | 12.6% | 17.5% | 23.7% | 27.2% |
| ROE | · | 73.7% | 76.2% | 36.0% | 5.6% | 9.1% | 13.6% | 17.1% | 20.7% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Naapbooks debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It borrowed much more last year. Its loans are smaller than its own money. Last year the business brought in more cash than it showed as profit. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take about as long to pay as they did in FY24.
Bars below the line are cash going out.
Naapbooks balance sheet
At each 31 March · ₹ crore
| FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|---|
| Equity capital | 0.01 | 0.01 | 0.01 | 1.32 | 1.86 | 1.96 | 3.01 | 10.71 | 10.83 |
| Reserves | 0.11 | 0.25 | 0.57 | 0.71 | 4.39 | 5.64 | 13.80 | 24.90 | 33.86 |
| Net worth | 0.12 | 0.26 | 0.58 | 2.03 | 6.25 | 7.60 | 16.81 | 35.61 | 44.69 |
| Borrowings | 0.65 | 0.89 | 0.83 | 0.33 | 0.31 | 0.80 | 1.81 | 0.64 | 1.34 |
| Other liabilities | 0.74 | 0.90 | 0.25 | 1.05 | 1.34 | 1.79 | 0.71 | 6.61 | 7.31 |
| Total liabilities | 1.51 | 2.05 | 1.66 | 3.41 | 7.90 | 10.19 | 19.33 | 42.86 | 53.34 |
| Fixed assets | 0.16 | 0.44 | 0.35 | 1.29 | 1.68 | 1.46 | 1.65 | 1.94 | 1.16 |
| Capital work in progress | 0 | 0 | 0 | 0 | 1.33 | 3.66 | 2.06 | 5.19 | 25.08 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 5.42 | 5.61 | 5.84 |
| Other assets | 1.35 | 1.61 | 1.31 | 2.12 | 4.89 | 5.07 | 10.20 | 30.12 | 21.26 |
Naapbooks cash flow
₹ crore
| FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | -0.24 | 0.40 | 0.13 | 0.83 | -1.83 | 2.57 | -3.72 | -9.19 | 18.80 |
| Cash from investing | -0.23 | -0.45 | -0.12 | -1.14 | -2.21 | -2.55 | -4.49 | -4.19 | -19.95 |
| Cash from financing | 0.48 | 0.08 | -0.04 | 0.29 | 4.05 | 0.72 | 7.49 | 14.04 | 0.46 |
| Net cash flow | 0.01 | 0.03 | -0.03 | -0.02 | 0.01 | 0.74 | -0.72 | 0.66 | -0.69 |
Working capital
Days
| FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|---|
| Debtor days | 239 | 177 | 109 | 162 | 394 | 62 | 193 | 173 | 218 |
| Cash conversion cycle | 239 | 177 | 109 | 162 | 394 | 62 | 193 | 173 | 218 |
| Working capital days | 78 | 58 | 138 | 102 | 447 | 142 | 377 | 675 | 266 |
Naapbooks peers and competitors
Listed SME companies in the same industryBy sales, Naapbooks is number 29 of the 33 listed SME companies in it - software.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Focus Business Solution | 219 | 251.3 | 24.1 | 0.9 | 6.7% | 0.01 |
| Ace Alpha Tech | 288 | 19.2 | 24 | 15 | 79.0% | 0.00 |
| Quicktouch Technologies | 18 | - | 22.3 | -9.5 | -22.4% | 0.68 |
| Austere Systems | 44 | 8.7 | 22.3 | 5 | 28.2% | 0.00 |
| Yudiz Solutions | 23 | - | 21.8 | -0.2 | -0.8% | 0.00 |
| Logiciel Solutions | 24 | 10.2 | 20.7 | 2.4 | 10.7% | 0.00 |
| Wherrelz IT Solutions | 5 | 23.9 | 19.7 | 0.2 | 1.1% | - |
| Micropro Software Solutions | 26 | - | 18.9 | -1.3 | 4.8% | 0.08 |
| Mobilise App Lab | 92 | 16.5 | 18.4 | 5.6 | 44.6% | 0.00 |
| Naapbooks | 158 | 19.0 | 17.6 | 8.3 | 66.0% | 0.03 |
| Identixweb | 68 | 14.5 | 13.1 | 4.7 | 57.5% | 0.00 |
| Median of the 10 others | 35 | 16.5 | 21.2 | 1.6 | 8.7% | 0.00 |
Naapbooks shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company, a little less than in the first filing shown. Big foreign and Indian funds own very little. The number of shareholders has grown a lot.
Naapbooks shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Mar 24 | Apr 24 | Sep 24 | Dec 24 | Mar 25 | Sep 25 | Mar 26 | Jun 26 | |
|---|---|---|---|---|---|---|---|---|
| Promoters | 63.92% | 63.92% | 63.92% | 53.76% | 53.76% | 53.40% | 53.17% | 51.06% |
| Foreign investors (FIIs) | 0.05% | 0.05% | 0.05% | 0.04% | 0.04% | 0.00% | 0.00% | 0.00% |
| Number of shareholders | 185 | 186 | 188 | 252 | 251 | 254 | 346 | 373 |
Naapbooks study: the business from its own documents
Read from 5 of the company's own documentsNaapbooks key facts from the filings
Each figure with the document it comes from
- FY25 revenue
- ₹12.2 cr
- Up 56.8% from ₹7.8 cr in FY24; profit after tax rose to ₹4.5 cr from ₹1.7 cr.Annual report FY25, p.25
- Revenue mix
- 70% services
- IT services were 70% of revenue, design 20% and the company's own products 10%, as of the first half of FY25.Investor presentation, March 2025, p.8
- Foreign exchange earnings
- ₹6.9 cr
- Earned in FY25, more than half of the year's revenue, against ₹4.4 cr in FY24.Annual report FY25, p.48 and p.49; our arithmetic
- Sales to a related entity
- ₹4.0 cr
- Services sold in FY25 to NPBook Software, an entity in which directors are interested, about a third of revenue.Annual report FY25, p.93; our arithmetic
- Advances to related parties
- ₹17.2 cr
- Outstanding at March 2025, up from ₹2.7 cr a year earlier; ₹11.3 cr of it was with ProEx Advisors LLP.Annual report FY25, p.91 and p.94
Show 4 more facts
- Auditor's remark on loans
- No agreement
- The auditor said the loans and advances were prima facie prejudicial to the company's interest as they had no formal agreement or repayment schedule, and that no interest was charged.Annual report FY25, p.71 and p.72
- Cross holding
- 21.0%
- ProEx Advisors LLP's stake in Naapbooks at March 2025; Naapbooks holds 50% of ProEx Advisors LLP, acquired for 7,50,000 new shares.Annual report FY25, p.87 and p.114
- Shares issued at ₹61
- ₹10.3 cr
- Raised in December 2024 from 16,94,400 new shares; 26,13,100 warrants were also issued at ₹61, with a quarter of the price paid upfront.Annual report FY25, p.26 and p.27
- Employees
- 37
- Permanent employees on the rolls at March 2025.Annual report FY25, p.37 and p.46
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company says it plans pilot testing of its eNotary platform before the end of FY26, a rollout of VizMan in seven overseas markets (USA, UK, Canada, Germany, Spain, France and Singapore) from the second quarter of FY26, a restaurant software product and more ERP implementation work. Its March 2025 presentation set a goal of products and platforms making up most of revenue in future, against services today. It gives no order book and no revenue or profit guidance.
| What management said | When | What happened |
|---|---|---|
| eNotary pilot implementation for two jurisdictions in June to September 2025 | March 2025 presentation | No pilot had launched by the September 2025 annual report, which moved pilot testing to before the end of FY26 |
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Naapbooks makes money by building software to order for a small set of clients, with its own products still a small part of sales.
Its weak spot is how much of its revenue and its cash runs through companies linked to its directors and promoters.
AverageCan it set its own prices?Its margins rose sharply, but that came mostly from buying in less outside development work, and the company itself lists intense competition as a threat.
WatchHow strong is it against rivals?It is a very small firm in a crowded field, competing on cost and compliance features rather than scale.
WatchWho are its customers?A few customers have always mattered a great deal, and in FY25 a company linked to its directors paid about a third of revenue.
WatchDoes it need a lot of money?Software work needs little plant, yet the company raised fresh equity while placing large sums with related parties.
AverageCan it keep finding new work?It has grown sales each year and earns over half its income abroad, but its new products and the eNotary platform have not yet shown paying users in the documents.
WatchDo good and bad years swing a lot?Yes. Project billing is lumpy from one half-year to the next, and so is the cost of outside development work.
Who runs Naapbooks?
Promoters, directors and officers; tap a name for the background
AJAshish JainPromoter, Director and Chief Executive Officer · holds 11.20% (March 2025)
Bachelor of Engineering from Government Engineering College, Modasa, and a post graduate diploma in information technology from Symbiosis Centre for Distance Learning; more than 13 years in information technology at the time of the offer document. With the company since it was set up in 2017, when the offer document lists the appointment as Managing Director; CEO since January 2021. Also has an interest in ProEx Advisors LLP. The offer document states Nirmal Jain is the father and Abhishek Jain the brother of Ashish Jain.
Offer document, p.104, p.106 and p.114; annual report FY25, p.30YSYaman SalujaPromoter, Whole-Time Director and Chief Financial Officer · holds 6.65% (March 2025)
Bachelor's degree in journalism and mass communication from Periyar University; more than seven years in information technology at the time of the offer document. With the company since April 2017, responsible for marketing and finance; also has an interest in ProEx Advisors LLP.
Offer document, p.106 and p.114; annual report FY25, p.30SSSwati SinghPromoter · holds 2.48% (March 2025)
Bachelor's degree in arts from a Mehsana college; more than nine years in information technology at the time of the offer document. Joined as a promoter in April 2020, responsible for administration; also has an interest in ProEx Advisors LLP.
Offer document, p.115AJAbhishek JainNon-Executive Director · holds 6.80% (March 2025)
Commerce graduate from GLS Institute of Commerce and a chartered accountant; with the company since it was set up. A member of the nomination and remuneration and stakeholder committees.
Offer document, p.106; annual report FY25, p.15 and p.30NKNirmal Kumar JainFormer Chairman and Director · holds 5.62% (March 2025)
More than 35 years of business experience at the time of the offer document, responsible for human resources. Resigned as director and chairperson on 28 May 2025.
Offer document, p.106; annual report FY25, p.30SSSiddharth SoniNon-Executive Director
On the board since May 2022 and chairs the nomination and remuneration committee; the documents read give no further background.
Annual report FY25, p.30 and p.35SSSunit ShahIndependent Director
On the board since September 2021 and chairs the audit committee; the documents read give no further background.
Annual report FY25, p.30 and p.33PKPuja KaseraIndependent Director
On the board since September 2021 and chairs the stakeholder grievance committee; the documents read give no further background.
Annual report FY25, p.30 and p.34Naapbooks latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹7.8 cr (-7%), net profit ₹5 cr (+54%) on H2 FY25.
- Shareholding, 30 June 2026: promoters 53.17% to 51.06%.
Naapbooks announcements
3 on record, latest first; each opens the filing on the exchange
Naapbooks annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
- 31 March 2025 ↗read
Naapbooks share split, bonus and dividends
From the corporate actions the company announces on the exchange
- Bonus issueBonus issue 2:1ex-date 19 April 2024
Checks we ran on Naapbooks' data · 8
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,12,80,600 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- !Earnings per share changes basis between FY24 (₹5.53) and FY25 (₹4.70) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY18 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Naapbooks
What does Naapbooks do?
Naapbooks is a software company in Ahmedabad that builds custom programs and apps for businesses and sells its own subscription tools, such as a digital visitor register and an insider trading compliance system. Its shares trade on BSE SME.
What is the share price of Naapbooks?
₹140 at the close on 5 Nov 2026, from the exchange's daily figures.
What is the market cap of Naapbooks?
₹158 cr at the close on 5 Nov 2026, on 1,12,80,600 shares.
What is the P/E of Naapbooks?
19.0 times FY26 profit at the close on 5 Nov 2026 (our arithmetic).
What are Naapbooks' revenue and profit?
Revenue ₹18 cr and profit after tax ₹8 cr in FY26.
Who are the promoters of Naapbooks?
Ashish Jain, Yaman Saluja, Swati Singh; promoters held 51.06% at 30 June 2026.
What is Naapbooks' website?
www.naapbooks.com
More SME companies like Naapbooks
Other listed SME companies in it - software, the closest in size first, each read from its own documents.
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- Methodhub SoftwareMETHODHUB · BSE SME · IT - SoftwareMarket cap ₹126 cr
Built from 3 annual reports, 1 offer document, 1 investor presentation, 3 exchange announcements, 8 shareholding patterns and 9 years of reported results. Every figure carries its source; where the documents are silent, the page says so.