Everestims Technologies Limited IPO

01At a glance

EverestIMS Technologies IPO date, price band and lot size

What the company does: sells licences and subscriptions for software that monitors and manages a customer's IT systems, networks and service desk, under the brand Infraon and the platform name Infraon Infinity (RHP p.149, RHP p.152).

Who pays it: mostly large Indian customers reached through channel partners and distributors; the ten largest customers were 88.77% of FY26 revenue, and the prospectus does not name them (RHP p.163). India was 93.92% of FY26 revenue (RHP p.152).

Why it is raising money: ₹2,400.00 lakh for working capital and ₹565.56 lakh for servers, storage and laptops for an AI laboratory, with the rest for general corporate purposes (RHP p.98). The offer for sale of 11,07,200 shares goes to eight promoters, four employees and one other shareholder (RHP p.1).

How fast it has grown: revenue from ₹4,522.80 lakh in FY24 to ₹6,512.39 lakh in FY26, about 20.0% a year, and profit after tax from ₹1,083.08 lakh to ₹1,313.93 lakh, about 10.1% a year; profit fell 6.7% in FY26 (our arithmetic, RHP p.56).

The one thing to understand: the company is paid slowly. Trade receivables were 249 days of revenue in FY26 against 205 in FY24 (RHP p.112), and over FY24 to FY26 operating cash flow was ₹1,715.71 lakh against ₹3,804.71 lakh of profit (our arithmetic, RHP p.56, RHP p.57).

02The business, in plain words

What EverestIMS Technologies does

EverestIMS writes and sells software that watches over a company's IT estate: servers, network devices, applications, IT assets and the help desk that handles faults (RHP p.149, RHP p.152 to RHP p.158). For telecom operators it sells an operations support system, customised to each network (RHP p.157, RHP p.161).

An enterprise, government body or telecom operator needs to run its IT → pays for an Infraon licence per user, or a yearly cloud subscription → EverestIMS engineers build and maintain the platform in Bengaluru → EverestIMS is paid a one-time licence fee, customisation and maintenance fees, or a subscription (RHP p.160, RHP p.161).

The business began as a slump-sale purchase: on August 1, 2017 the company took over the software, networking and professional services business of DMX Technologies (India) Private Limited, with its employees and contracts, for ₹6,46,666 (RHP p.179). All eight promoters worked at DMX before moving across (RHP p.188 to RHP p.191). Most licences are sold through channel partners and distributors; the company does not sign licence agreements with its direct customers (RHP p.160).

A US subsidiary, Infraon Corp, acts as a local distributor abroad and owns the Infraon logo trademark in the United States (RHP p.180, RHP p.167). The company had 230 employees at March 2026, 107 of them in engineering (RHP p.164).

Earnings equation: Revenue = licences sold × fee per user + subscriptions + maintenance and services + hardware resold. In FY26 software licences were ₹5,005.57 lakh, services ₹981.42 lakh and hardware ₹525.40 lakh (our arithmetic, RHP p.150). The prospectus gives no user counts, licence counts or price per user.

03Where the money comes from

Source: RHP p.150.

By state, Karnataka was 33.31% of FY26 revenue, Maharashtra 27.33% and Haryana 18.97%; Maharashtra rose from ₹334.98 lakh in FY25 to ₹1,779.84 lakh in FY26 (RHP p.151). Outside India, the UAE gave ₹304.68 lakh in FY26 (RHP p.152). Revenue is lumpy within the year: the April to June quarter of FY26 brought 0.57% of the year's revenue and January to March 56.48% (RHP p.35).

EverestIMS Technologies customers: how concentrated the revenue is

Source: RHP p.163. Revenue depends on a few customers: in each of the three years ten customers gave more than 86% of it, and one customer gave between 28% and 41%. The largest supplier was 60.92% of FY26 purchases and the top five 94.74% (RHP p.163).

04The growth record

EverestIMS Technologies financials: revenue, profit and margins

Source: RHP p.121, RHP p.56, RHP p.57.

Net worth was ₹3,222.47 lakh, ₹4,741.47 lakh and ₹6,058.87 lakh (our arithmetic, RHP p.55). There were no borrowings in any year (RHP p.121). Return on equity was 40.41%, 35.35% and 24.33%, and return on capital employed 56.56%, 48.63% and 36.15% (RHP p.121). Our arithmetic: revenue grew about 20.0% a year from FY24 to FY26, EBITDA about 15.7% and profit about 10.1%; EBITDA margin fell 282 basis points and PAT margin 381 basis points (RHP p.121, RHP p.56). Excluding other income, adjusted EBITDA was ₹2,254.82 lakh in FY26, a 34.62% margin on revenue (RHP p.121).

05What the growth is made of

Revenue rose ₹1,131.50 lakh in FY25, which the company puts down to more software licence sales (our arithmetic, RHP p.56, RHP p.286). It rose ₹858.09 lakh in FY26, which the company puts down to export licences, domestic services and domestic hardware (our arithmetic, RHP p.56, RHP p.285). Hardware sold with software was ₹525.40 lakh of FY26 revenue and did not exist before (RHP p.150); direct costs rose from ₹283.72 lakh to ₹862.44 lakh, which the company links to that bundling (RHP p.286). Domestic licence revenue was flat in FY26, at ₹4,675.78 lakh against ₹4,688.97 lakh (RHP p.150).

The prospectus does not disclose the number of customers, users or licences, or the price per user, so the increase cannot be separated into more customers, more users per customer and price.

06Earnings quality

Two items need explaining. First, receivables: at March 2026 the company was owed ₹5,196.20 lakh, 80% of the year's revenue, and a further ₹262.69 lakh was unbilled (our arithmetic, RHP p.55, RHP p.262). The company says contracts with large customers run on 200 to 250 day terms (RHP p.113).

Second, capitalisation. The company treats part of its engineers' pay as an asset once a product is judged marketable (RHP p.246). In FY26 it added ₹903.13 lakh to in-house software, equal to 41.0% of the employee cost left in the profit and loss account (our arithmetic, RHP p.257, RHP p.56). The company says employee cost fell 5.72% in FY26 mainly because more development cost was capitalised, and that amortisation rose for the same reason (RHP p.286). Amortisation of in-house software was ₹507.63 lakh in FY26 (RHP p.257).

07The balance sheet

At March 2026 the company had no fund-based borrowings and no unsecured loans; it holds a ₹2,200.00 lakh non-fund facility from HDFC Bank, unused at that date (RHP p.278). Cash and bank balances were ₹765.14 lakh, fixed deposits of more than a year ₹694.82 lakh and mutual funds ₹75.86 lakh (RHP p.55, RHP p.256). Other current liabilities of ₹1,600.27 lakh included ₹620.19 lakh of customer advances and ₹677.72 lakh of statutory dues payable (RHP p.255). The net block of in-house software was ₹1,430.96 lakh (RHP p.257). There were no contingent liabilities in any of the three years (RHP p.58).

After the issue, net worth would rise by the fresh issue proceeds less expenses; neither is stated, because the price is blank (RHP p.98). The prospectus sets the planned working capital for FY27 at ₹4,842.42 lakh, of which ₹2,400.00 lakh is to come from the issue (RHP p.112).

08What the money is for

EverestIMS Technologies IPO objects: what the money is for

Source: RHP p.98, RHP p.99.

The laboratory is to sit in 1,500 sq. ft. of the existing Bengaluru office (RHP p.100). The ₹565.56 lakh covers 95 laptops at ₹114.95 lakh and servers, storage and switches at ₹450.61 lakh; a later quotation raised the servers to ₹731.95 lakh, and the extra ₹281.34 lakh is to come from internal accruals (RHP p.100, RHP p.110). No order has been placed (RHP p.111). All of it is scheduled for FY27 (RHP p.98). General corporate purposes are capped at 15% of the amount raised or ₹1,000 lakh, whichever is lower (RHP p.99).

Into the business: up to 45,93,600 new shares, amount not stated at this stage (RHP p.1). To selling shareholders: up to 11,07,200 existing shares, amount not stated (RHP p.1).

09Who is selling

EverestIMS Technologies IPO offer for sale: who is selling

Source: RHP p.97, RHP p.98; percentages are our arithmetic. The five other promoters are Srikanth Audina, Sudhakar Aruchamy, Ramesh Pratap Tiwari, Ganesh Kumar Nagaiah and Deepak Gupta; the employees are Prakash Bhat (33,600), Abhirup Sarkar (43,200), Praveen Kumar Sinha (38,400) and Ramya Sellamuthu (24,000) (RHP p.97). The promoters' average cost is ₹0.29 a share and the other sellers' ₹1.52 (RHP p.1).

10Promoters

There are eight promoters, all executive directors: Satish Kumar Vijayaragavan (managing director), Sudhakar Aruchamy (chairman), Arun Prasath Ramadoss, Ramesh Pratap Tiwari, Deepak Kumar Shenbagarajan, Srikanth Audina, Ganesh Kumar Nagaiah and Deepak Gupta (RHP p.62, RHP p.226). Satish Kumar Vijayaragavan and Srikanth Audina subscribed at incorporation; Ramesh Pratap Tiwari and Arun Prasath Ramadoss became promoters by March 31, 2023, and the other four were recognised as promoters by a board resolution of June 1, 2023 (RHP p.229). Ramesh Pratap Tiwari is a director of Vedanshi Infotech Private Limited, the group company (RHP p.183). None of the executive directors has managed a listed company before (RHP p.34).

Promoter economics: the promoters' average cost is ₹0.29 a share (RHP p.91). Their shares came from a rights issue at ₹1 in 2017, a 3:1 bonus in April 2022, a consolidation of ₹1 shares into ₹10 shares in October 2024 and an 8:1 bonus in November 2024 (RHP p.88 to RHP p.91). On September 16, 2026 the promoters transferred 7,00,010 shares, and four employees and one other shareholder 1,50,000, to Kedia Securities Private Limited at ₹68 each (our arithmetic, RHP p.125, RHP p.126).

Promoter pay: the eight drew ₹507.80 lakh in FY26, up from ₹457.17 lakh in FY25 (our arithmetic, RHP p.59, RHP p.60). In FY24 only three of them were directors and the related-party schedule shows ₹180.77 lakh for those three (our arithmetic, RHP p.59, RHP p.60). The chairman's pay was set at ₹91.52 lakh a year from April 1, 2025 (RHP p.193). No promoter shares are pledged for the minimum contribution (RHP p.93).

11Who already owns it

EverestIMS Technologies promoter holding before and after the IPO

Before the issue there are 1,70,44,578 shares held by 69 shareholders (RHP p.52, RHP p.84). The eight promoters hold 1,36,99,990 shares, 80.38% (RHP p.87). Kedia Securities Private Limited holds 8,50,010, 4.99%, all acquired at ₹68 on September 16, 2026 (RHP p.85, RHP p.125). Six other individuals, among them employees, hold between 1.16% and 2.71% each (RHP p.85). The prospectus says nothing about who Kedia Securities Private Limited is.

If the whole offer is allotted there will be 2,16,38,178 shares; the promoters would hold 1,27,63,190, or 59.0%, and Kedia Securities 3.9% (our arithmetic, RHP p.52, RHP p.87). The offer is 26.35% of the post-issue capital (RHP p.2).

12What changed just before the IPO

• April 2022: a 3:1 bonus issue on ₹1 shares (RHP p.74).
• June 2023: four more directors recognised as promoters (RHP p.229).
• July to September 2024: conversion to a public company, approved on July 12, 2024 and certified on September 10, 2024 (RHP p.2).
• September and October 2024: ESOP allotments of 6,18,420 shares at ₹17.94, of which the holder paid ₹1 (RHP p.75).
• October 2024: ₹1 shares consolidated into ₹10 shares; S H & Co resigned as auditor and CGSS & Associates LLP was appointed (RHP p.75, RHP p.69).
• November 2024: an 8:1 bonus issue, 1,51,50,736 shares (RHP p.75).
• October to December 2024: five promoters became whole-time directors and pay for all eight rose (RHP p.59, RHP p.60).
• FY26: hardware resale began, ₹525.40 lakh (RHP p.150).
• March 18, 2026: the offer was cut from 60,06,000 shares to 57,00,800 (RHP p.53).
• September 15, 2026: a five-year non-compete with Vedanshi Infotech Private Limited (RHP p.34).
• September 16, 2026: 8,50,010 existing shares sold to Kedia Securities Private Limited at ₹68 (RHP p.125, RHP p.126).

13Capacity and expansion

The company does not manufacture; the prospectus says capacity and utilisation do not apply (RHP p.164). It works from leased and licensed offices in Bengaluru, Navi Mumbai and Gurgaon and owns no premises (RHP p.29, RHP p.167, RHP p.168). The order book was ₹3,912.19 lakh at August 31, 2026 (RHP p.162). The issue adds servers and GPUs for an AI laboratory (RHP p.100, RHP p.101); the prospectus does not say how much revenue the laboratory is meant to support.

14Market size and industry structure

EverestIMS Technologies industry: market size and growth

As claimed: the IT operations and service management market in India was US$ 1,011.55 million in 2023, according to an industry report by The Insight Partners dated August 20, 2025 (RHP p.144, RHP p.145, RHP p.410). The report is listed among the documents for inspection and is said to be on the company's website (RHP p.410); the prospectus does not say whether the company paid for it. The chapter states that neither the company nor anyone connected with the offer has verified the data (RHP p.132).

The part that is addressable: IT operations and service management software for Indian enterprises, government bodies and telecom operators, plus a small export business (RHP p.161, RHP p.152). The prospectus does not size that part separately.

What the company is today: ₹6,120.18 lakh of FY26 revenue from India (RHP p.152). The 2023 India figure is in US dollars for a year that does not match the company's financial year, so the share cannot be worked out without an exchange rate the prospectus does not give for this purpose.

Size over time: according to the report, the India market was US$ 809.52 million in 2021 and US$ 903.53 million in 2022, before the US$ 1,011.55 million of 2023 (RHP p.144). That is about 11.8% a year from 2021 to 2023 (our arithmetic, RHP p.144). The report projects US$ 2,665.58 million by 2031, a CAGR of 12.9% from 2023 to 2031 (RHP p.144); that is the report's projection, not newboard's. Most of the chapter is about the global market, and its text states no global total (RHP p.132 to RHP p.143).

Segments: the report divides the market by type (solution and services), application, industry, deployment (on-premises and cloud) and enterprise size (large enterprises and SMEs) (RHP p.132). The company offers both on-premises licences and cloud subscriptions (RHP p.149), so it falls in both deployment segments. In the report's India table by industry, IT and telecom was the largest line in 2023 at US$ 300.02 million and government was US$ 69.70 million; the report projects 15.5% and 9.5% a year for them from 2023 to 2031 (RHP p.145). The prospectus splits the company's revenue by product, state and country (RHP p.150 to RHP p.152), not by these industries.

What drives demand: the chapter names data-driven decision-making and the addition of AI to these tools (RHP p.132); government digitisation programmes, remote working, and cloud and AI adoption (RHP p.133); and a move to unified platforms (RHP p.134). For India it names the Bring Your Own Device culture, with 75% of Indian workers said to be highly interested in such policies, and the generative AI centres HCL Tech and IBM launched in July 2024 (RHP p.144).

Structure: the chapter lists Ardent IT Private Limited, Alnafitha IT, PROV International Inc., BMC Software, Happiest Minds, IBM, Oracle, Microsoft, Fujitsu and NTT DATA among the major global players, and says many other companies operate in the market (RHP p.132). It gives no market shares, no split between organised and unorganised players and nothing on barriers to entry. It notes that many organisations run separate tools for monitoring, incidents, service requests and asset tracking (RHP p.146). The company itself says it competes with organised and unorganised players (RHP p.164).

Inputs and trade: the chapter does not discuss raw materials, imports or exports. The one input it discusses is skilled staff: it cites a survey in which the share of US HR professionals reporting skills gaps rose from 55% in 2021 to 69% in 2023, and says competition for IT talent has raised labour costs and turnover (RHP p.146). India was 93.92% of the company's FY26 revenue (RHP p.152).

Rules: the chapter names rules that IT operations vendors must meet: GDPR, the CCPA, HIPAA, SOX and ISO 27001 (RHP p.147), and data localisation laws such as India's DPDP Act (RHP p.148). It does not list any licence or approval the company itself needs.

What the chapter says can go wrong: it lists three challenges: managing hybrid and multi-cloud systems, skill gaps and talent shortage, and the lack of a unified framework across tools (RHP p.145 to RHP p.147). It lists three threats: cyber attacks, citing a survey in which 72% of respondents saw cyber threats rise in 2024; tighter regulation, where failure to comply can bring financial penalties (RHP p.147); and data sovereignty rules that can restrict moving monitoring data across borders (RHP p.148).

15Competitive position

EverestIMS Technologies competitors

The company says it competes with organised and unorganised players, and that reliability and price decide most sales (RHP p.164). Its risk factors name global system integrators and mid-sized and local firms (RHP p.39). It holds two Indian trademarks and a software copyright registration still in the old private company name (RHP p.166, RHP p.167). It says it uses one integrated platform where customers would otherwise need several tools, and sells mainly through channel partners, some without formal agreements (RHP p.161, RHP p.27). The prospectus does not give market shares, win rates or customer retention.

16Peers the company named

EverestIMS Technologies listed peers

Peers named in the offer document: Newgen Software Technologies Limited (RHP p.120).

Source: RHP p.123, RHP p.120; the peer P/E is at the BSE closing price of September 11, 2026 (RHP p.119). Newgen's revenue is about 24 times EverestIMS's (our arithmetic, RHP p.123). The prospectus itself says the peer is not strictly comparable given the company's business and size (RHP p.120).

17Valuation at the issue price

EverestIMS Technologies IPO valuation and P/E

The prospectus does not state the price band. The price band and the minimum bid lot are to be advertised in newspapers at least two working days before the issue opens (RHP p.2), and the P/E rows of the prospectus's own table are blank (RHP p.118, RHP p.119). Without a price there is no market capitalisation, P/E, price to book or enterprise value to calculate.

What the arithmetic can say now: after the issue there would be 2,16,38,178 shares (our arithmetic, RHP p.52, RHP p.73). FY26 profit of ₹1,313.93 lakh is ₹6.07 a share on that count, against the prospectus's FY26 EPS of ₹7.71 on the pre-issue count (our arithmetic, RHP p.56, RHP p.118). Net asset value was ₹35.55 a share at March 2026 (RHP p.119). The one peer the prospectus names traded at 23.45 times FY26 earnings on September 11, 2026 (RHP p.119). The last transfer of shares before the offer was at ₹68 on September 16, 2026 (RHP p.125).

18Risks, in plain words

EverestIMS Technologies IPO risks

Customers: one customer was 29.55% of FY26 revenue and ten were 88.77% (RHP p.163) → losing one large account moves the whole year → none of them is named.

Collections: receivable days were 249 in FY26 (RHP p.112) → cash arrives long after profit is booked → operating cash flow was 0.45 times profit over three years (our arithmetic, RHP p.56, RHP p.57).

Timing: 56.48% of FY26 revenue came in the last quarter and 0.57% in the first (RHP p.35) → one delayed contract shifts a year's result → the company says revenue follows project milestones and customer acceptance (RHP p.35).

Capitalised development: ₹903.13 lakh of development cost was capitalised in FY26 (RHP p.257) → profit depends on how much is capitalised and how fast it is amortised → amortisation was ₹507.63 lakh (RHP p.257).

Suppliers: the largest supplier was 60.92% of FY26 purchases (RHP p.163) → hardware and third-party supply sit with one vendor → purchases were ₹862.44 lakh (RHP p.56).

Compliance: statutory forms were filed 1 to 69 days late, four allotment forms were defective, and TDS of ₹17.02 lakh was paid 22 days late in FY24 (RHP p.32, RHP p.33) → the Registrar may impose penalties → the prospectus does not quantify them.

Promoters and group: Vedanshi Infotech Private Limited may do similar business (RHP p.33) → conflicts of interest → a non-compete was signed only on September 15, 2026 (RHP p.34). The Infraon logo is owned by the US subsidiary (RHP p.37).

Issue-specific: no monitoring agency, the objects are not appraised, and general corporate purposes and issue expenses are blank (RHP p.44, RHP p.116, RHP p.114).

19Litigation and regulatory matters

Cases against EverestIMS Technologies and its promoters

There are no tax proceedings against the company (RHP p.293). One creditor, an MSME, was owed ₹619.47 lakh at March 2026 and is the only material creditor (RHP p.294). The late filings and defective forms under section 22 may still attract penalties (RHP p.32).

20Related-party transactions

Source: RHP p.59, RHP p.60; totals are our arithmetic. Related-party transactions were about ₹562.98 lakh in FY26 (our arithmetic, RHP p.59, RHP p.60). New in the last two years: five promoters were paid as whole-time directors from October and December 2024, and the licence of the Navi Mumbai office from Vedanshi Infotech Private Limited began on April 1, 2025 (RHP p.59, RHP p.167).

21What the offer document does not say

The price band, the bid lot, the issue expenses and the amount for general corporate purposes are left blank. The names of the customers, which are 88.77% of revenue, and of the supplier that is 60.92% of purchases are not given. The number of customers, users and licences, renewal rates and revenue per customer are not disclosed. How much of the ₹903.13 lakh capitalised in FY26 was employee cost is not split out. Who Kedia Securities Private Limited is, and why it bought at ₹68, is not stated. The other income note adds to ₹79.08 lakh but prints a total of ₹73.75 lakh (RHP p.263).

22Five questions for management

1. How many paying customers and licensed users did the company have at the end of FY24, FY25 and FY26?
2. How much of the ₹5,196.20 lakh of receivables at March 2026 had been collected by August 31, 2026, and from how many customers?
3. How much of FY26 employee cost was capitalised into in-house software, and over how many years is it amortised?
4. What did the company earn on the ₹525.40 lakh of hardware sold in FY26, and will hardware continue?
5. What share of the ₹3,912.19 lakh order book is from the ten largest customers?

1Sources and cited facts

This study was read from 1 document the company filed. The 144 figures it cites are listed under the document each came from, with the page and the sentence as printed.