NoPaperForms Solutions Limited IPO

01At a glance

What the company does: sells software to educational institutions: Meritto, which manages the journey from a student's first enquiry to enrolment; Collexo, which collects and reconciles fees; and Mio AI, an AI layer across both (AP p.4).

Who pays it: universities, colleges, schools, coaching institutes, edtech companies and education consultants, mostly in India; 1,183 customers in FY26 (AP p.4, AP p.5, AP p.10).

Why it is raising money: ₹960 million for customer acquisition and retention, ₹1,480 million for technology development and cloud infrastructure, and the rest for general purposes and unidentified acquisitions (AP p.6).

How fast it has grown: revenue from ₹703.59 million in FY24 to ₹1,156.48 million in FY26; the fees processed through its payments product rose from ₹15,405.78 million to ₹31,798.47 million (AP p.8, AP p.10).

The one thing to understand: this is a one-product, one-industry business: Meritto brings in 93% of revenue, and all of it comes from education (AP p.12). It turned profitable only recently, and a large share of FY26 profit came from a tax credit rather than operations (DRHP p.76, AP p.10).

02The business, in plain words

An institution that admits students runs a sales funnel: enquiries arrive from advertising and websites, counsellors follow up, applications come in, fees are paid. Software that runs this funnel is sold as a subscription, and the vendor earns more as institutions add modules and campuses.

An institution wants more enrolments at lower cost → it subscribes to Meritto and adds modules → students enquire, apply and pay fees through the platform, the fees through Collexo → the company is paid subscription and usage fees, billed largely in advance.

The company reports one segment, rendering of services, and sells mainly in India (AP p.5). It also runs Pixi, a co-branded prepaid card for campus ID and payments, launched in April 2025 and dependent on a partner (AP p.4, DRHP p.49).

Earnings equation: Revenue ≈ customers × average revenue per customer. The document gives average revenue per customer of ₹0.89 million in FY24 and ₹0.98 million in FY26 (DRHP p.138).

03Where the money comes from

Source: DRHP p.28.

Meritto was 93.27%, 94.26% and 93.46% of revenue over the three years (DRHP p.28). The document says revenue concentration among the top five customers is not applicable (AP p.5). Net revenue retention, what existing customers pay this year against last, was 121.83% in FY25 and 117.21% in FY26 (AP p.10).

04The growth record

Source: AP p.8, AP p.10.

In the June 2026 quarter alone, revenue was ₹447.63 million, EBITDA ₹83.71 million and profit ₹60.34 million (AP p.8). That one quarter carried 39% of FY26's revenue, which reflects the admissions calendar; the document lists seasonality as a risk (DRHP p.42).

Source: AP p.10.

05What the growth is made of

Customers rose 49% over two years and revenue 64%, so both more customers and more revenue from each explain growth (AP p.10, DRHP p.138). Collexo grew faster in FY26, by 47.30% against 24.17% for Meritto, but from a small base (DRHP p.344).

Gross margin fell from 69.49% in FY24 to 64.23% in FY26 and 58.33% in the June 2026 quarter (AP p.10). The document does not explain the fall in the pages read; cloud infrastructure and the student engagement suite are the cost lines that sit against gross margin, and three vendors supply 72.51% of them (AP p.12).

06Earnings quality

FY26 profit after tax of ₹119.33 million was higher than profit before tax of ₹72.57 million (AP p.10). The deferred tax asset on the balance sheet rose from ₹4.06 million at March 2025 to ₹61.48 million at March 2026 (DRHP p.76), which is where the difference comes from: a tax credit, not cash earned.

EBITDA margin was 0.65%, 1.67% and 6.58% over FY24 to FY26 and 18.70% in the June quarter (AP p.10). The company also reports an adjusted EBITDA, ₹129.06 million in FY26 to which adds back items the document defines (AP p.10).

Operating cash flow was stronger than profit: ₹147.98 million, ₹162.39 million and ₹259.25 million over the three years (AP p.9). Customers are billed in advance, so cash arrives before revenue is recognised (DRHP p.45).

07The balance sheet

Source: AP p.8, AP p.9.

The company has no borrowings and no contingent liabilities at 30 June 2026 (AP p.9, DRHP p.80). Its offices are leased (AP p.5).

08What the money is for

Source: AP p.6.

General corporate purposes and unidentified acquisitions together may not exceed 35% of gross proceeds, and each may not exceed 25% (AP p.6). The objects have not been appraised by any independent agency (DRHP p.56). Because the company does not meet the conditions of Regulation 6(1)(a) and 6(1)(b), the offer is made under Regulation 6(2) of the SEBI ICDR Regulations (AP p.1). The fresh issue is up to ₹3,750.00 million (AP p.1).

09Who is selling

Source: AP p.1.

The seller is the company's largest shareholder, with 47.93% on a fully diluted basis (AP p.7). Its average cost is ₹3.26 a share (AP p.1).

10Promoters

The promoter is Naveen Goyal, chairman, managing director and chief executive (AP p.6). The board has six directors: Naveen Goyal, a whole-time director who is chief strategy officer, and four independent directors (AP p.14). Two of the six have served on the board of a listed company before (DRHP p.61). Naveen Goyal's salary including bonuses was ₹4.59 million in FY24, ₹5.88 million in FY25 and ₹5.88 million in FY26 (DRHP p.58).

11Who already owns it

Source: AP p.7, AP p.8. "Other holders" is our arithmetic.

The promoter owns less than a third before the offer. The investor holds 14,000,000 compulsorily convertible preference shares that convert before the red herring prospectus is filed (AP p.7, AP p.13).

12What changed just before the IPO

• Bonus issue: shares were issued as a bonus in September 2025, with the record date 5 September 2025 (AP p.13). Paid-up capital went from ₹5.02 million to ₹144.43 million (AP p.8).
• Recent share prices: the weighted average cost of shares acquired in the year before the filing was ₹0.74, in a range from nil (bonus shares) to ₹19.29 (AP p.13).
• Profit: FY26 was the first year with meaningful profit, and it included a tax credit (AP p.10, DRHP p.76).
• Share split and bonus: on September 10, 2025 each share of ₹10 was split into ten shares of ₹1, and on September 24, 2025 the company allotted 12 bonus shares for every share held (DRHP p.97).
• New auditor: Walker Chandiok & Co LLP was appointed statutory auditor on September 5, 2024, after B.B. & Associates stepped down on September 2, 2024 citing other assignments (DRHP p.86).
• Public company: the company converted from a private to a public company, with a fresh certificate of incorporation dated May 30, 2025 (DRHP p.3).

13Capacity and expansion

A software company has no plants. What it plans to spend on is people and systems: ₹960 million to win and keep customers, ₹1,480 million for technology and cloud, and possibly acquisitions (AP p.6). Its strategies include expanding internationally and building out Mio AI (AP p.5).

14Market size and industry structure

The 1Lattice report commissioned for the offer estimates the Indian enrolment-software market for education at ₹370.27 billion in FY26, and forecasts ₹530.23 billion by FY31 (AP p.5). That forecast is 1Lattice's, cited by the company, and newboard has not tested it. The report counts about 67.15 million students in higher education and 110 million in test preparation, coaching and edtech in FY26 (AP p.6).

15Competitive position

What the document claims, and what it rests on:

• Largest in its category: India's largest AI-powered vertical SaaS and embedded payments company for education in the enrolment and payments layer, by FY25 revenue, per 1Lattice (DRHP p.137).
• Only profitable one of size: the only profitable Indian company in the space with revenue above ₹500 million in FY25, per 1Lattice (DRHP p.137).
• Customers who spend more each year: net revenue retention above 115% in the last two years (DRHP p.138).

Against that: one product and one industry, a narrowing gross margin, and competition the document says could cost it share (DRHP p.63).

16Peers the company named

None. The document states the company has no listed industry peers in India, and lists that as a risk because investors cannot benchmark it (DRHP p.62). No P/E is possible for the company until a price band is set.

17Risks, in plain words

• One product. Meritto is about 93% of revenue; a fall in its demand would hit the whole company (AP p.12).
• One industry. Every product is built for education; a slowdown in admissions or institution budgets would hurt (AP p.12).
• Few vendors. The top three vendors supply 72.51% of cloud and engagement-suite costs (AP p.12).
• Seasonality. Revenue bunches around the admissions season, so quarterly results swing (DRHP p.42).
• Data and security. The company holds student and institution data; breaches or new privacy rules could cost it (DRHP p.36, DRHP p.50).
• Past compliance lapses. The document reports delays in paying statutory dues and auditor observations under CARO (DRHP p.54, DRHP p.55).

18Litigation and regulatory matters

Source: AP p.15, AP p.16.

19Related-party transactions

The related-party schedule covers remuneration to key managerial personnel, and salary and share-based payments to promoter-group members who work at the company (DRHP p.58, DRHP p.81). No trading relationship with a related company is disclosed in the sections read.

20What the offer document does not say

In the sections read for this study, the document does not give:

• Why gross margin fell from 69.49% to 58.33% over two years and a quarter.
• Customer concentration, which it states is not applicable.
• Which acquisitions it may fund from the proceeds.
• International revenue, although overseas expansion is a stated strategy.
• The price band, lot size or issue dates, which is normal at this stage.

21Five questions for management

1. What drove gross margin from 69.49% in FY24 to 58.33% in the June 2026 quarter, and is that a cost of AI features?
2. Excluding the deferred-tax credit, what was FY26 profit, and what does the company expect its tax rate to be?
3. How much of the ₹960 million for customer acquisition goes to marketing, and how much to sales staff?
4. What share of revenue comes from outside India, and from which countries?
5. What limits the size of acquisitions it would fund from the ₹3,750 million?

2Sources and cited facts

This study was read from 2 documents the company filed. The 66 figures it cites are listed under the document each came from, with the page and the sentence as printed.