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Dove Soft
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Dove Soft

What they do: Dove Soft Limited operates in the messaging services sector, generating revenue primarily from operations related to messaging services and direct expenses.

By IPO Milega Research · Published

Our score
7.2/10Strong

Dove Soft Limited shows strong financial fundamentals with consistent revenue and profit growth, a healthy profit margin, and manageable debt levels.

GMP (unofficial)
+0%
₹0 a share
Opens
30 Sept
Closes 5 Oct
Min. investment
₹2,66,400
2400 shares

GMP is an unofficial grey market indication.

Price band
₹104-111
Lot size
2400 shares
Min. investment
₹2,66,400
Issue size
73.26 Cr.
Issue timeline
  1. Open30 Sept 2026
  2. Close5 Oct 2026
  3. Allotment6 Oct 2026
  4. Listing8 Oct 2026

Overview

Estimated listing from GMP (unofficial)

₹111 (+0.00%)

GMP trend

Unofficial grey market quotes, times in IST

Outer ring: estimated gain

How the score adds up

The overall score is the average of these five, nudged by QIB demand once bidding closes.

  • Financials8.0
  • Performance8.0
  • Flexibility8.0
  • Timing7.0
  • Risk5.0
Estimated gain (fundamentals only)
0%

The Grey Market Premium (GMP) is 0.00%, indicating no expected gains on listing. Despite strong financial fundamentals and growth potential, the lack of GMP suggests limited immediate market enthusiasm.

Strengths3

  • Conversion to a public company in 2022.
  • Significant revenue growth across multiple fiscal years.
  • Expansion of service offerings including RCS and WhatsApp.

Concerns5

  • Vulnerability to cyber-attacks and IT system failures.
  • No proceeds from Offer for Sale impacting financial flexibility.
  • Political instability affecting economic conditions in India.
  • Financial instability in emerging markets affecting Indian markets.
  • Regulatory changes impacting tax liabilities and business operations.

Who gets shares

Quota split
  • QIB50%
  • NII15%
  • Retail35%
Application size
  • Retail Minimum2,66,400
    2 lots, 2400 shares
  • Retail Maximum2,66,400
    2 lots, 2400 shares
  • S-HNI Minimum3,99,600
    3 lots, 3600 shares
  • S-HNI Maximum9,32,400
    7 lots, 8400 shares
  • B-HNI Minimum10,65,600
    8 lots, 9600 shares

Timing

7.0/10

The timing of Dove Soft's IPO appears favorable given the robust growth in the cloud-communications sector driven by digital transformation trends. The company's focus on expanding its client base and enhancing service offerings aligns well with current market demands. However, the reliance on IPO proceeds for working capital highlights potential liquidity constraints, which could pose risks if market conditions shift.

Time to market
The IPO is strategically timed to capitalize on the growing demand for digital communication solutions. Dove Soft's expansion plans and the industry's positive outlook suggest a well-timed market entry, although the company's dependency on IPO funds for working capital could be a vulnerability if market conditions change.
How allotment works
Basis of allotment finalized and shares credited to demat
Market timing
Favourable
Time to market
8.0
Listing on
BSE SME

Key milestones

  1. 30 Sept 2026IPO Opens
  2. 5 Oct 2026IPO Closes
  3. 6 Oct 2026Basis of Allotment
  4. 7 Oct 2026Refunds Initiated
  5. 7 Oct 2026Credit to Demat Account
  6. 8 Oct 2026Listing Date

Financials

8.0/10
Period ended 2026
Change against 2025
Revenue
₹275 Cr
+45.9%
Profit after tax
₹23.4 Cr
+41.5%
Net margin
8.5%
-0.3 pts
Assets
₹164 Cr
+50.8%
Return on equity
32.5
Debt to equity
0.02
Current ratio
1.5
Revenue CAGR
51.2%
ROCE
33.81%
Return on net worth
29.79%
NAV per share (₹)
47.43

Financial performance trend

Amount ₹ in crores

Dove Soft Limited shows strong financial fundamentals with consistent revenue and profit growth, a healthy profit margin, and manageable debt levels. The company has demonstrated a robust revenue CAGR and a significant increase in net profit over the past three fiscal years.

Risk

5.0/10

Read this score as a safety rating: 10/10 means the lowest risk, 1/10 the highest.

Where the risks sit

  • Financial risks3
  • Market risks2
  • Operational risks2
  • Regulatory risks2

The company faces significant operational, financial, and regulatory risks, including IT vulnerabilities, financial instability, and regulatory changes.

How the company offsets these

Robust cybersecurity protocols and disaster recovery plans are in place.

Financial risks3

  • No proceeds from Offer for Sale impacting financial flexibility.
  • Financial instability in emerging markets affecting Indian markets.
  • Volatility in trading volume and market price of equity shares.

Market risks2

  • Political instability affecting economic conditions in India.
  • Volatility in trading volume and market price of equity shares.

Operational risks2

  • Vulnerability to cyber-attacks and IT system failures.
  • Inability to achieve commercial success with new products.

Regulatory risks2

  • Regulatory changes impacting tax liabilities and business operations.
  • Changing laws and legal uncertainties affecting business operations.

Performance

8.0/10

Dove Soft Limited, a CPaaS provider, has demonstrated strong financial growth and operational execution. The company has shown consistent revenue growth, driven by increased demand for its cloud communication solutions across various industries. Despite reliance on a few major customers, the company maintains a healthy financial position with a low debt-to-equity ratio and strong liquidity.

Historical growth
The company has experienced significant revenue growth over the past three fiscal years, with a 45.94% increase in FY 2026, 56.81% in FY 2025, and 62.97% in FY 2024., High
Market comparison
Dove Soft operates in a competitive CPaaS market, facing challenges from established players and new entrants. However, its strong revenue growth and diversified service offerings position it well against peers.
Future potential
The company is expected to continue growing due to increasing demand for digital communication solutions.
Operational consistency
The company has shown consistent revenue growth and profitability over the past three years, indicating stable operations.
Management quality
8.0/10
Experience
The CEO, Muktesh Narula, has over 30 years of experience, while the CFO, Gaurav Karmawat, has 9 years of experience.
Track record
The management team has successfully led the company through significant growth and a public listing.

Key achievements

  1. 01Conversion to a public company in 2022.
  2. 02Significant revenue growth across multiple fiscal years.
  3. 03Expansion of service offerings including RCS and WhatsApp.

Flexibility

8.0/10
Market adaptability
8.0/10

Dove Soft Limited has a diversified client base across various industries, including Telecom, IT, BFSI, and E-commerce, which enhances its market adaptability. The company is expanding its presence in underpenetrated regions and internationally, indicating a strong adaptability to market demands and opportunities.

Financial stability
9.0/10

The company exhibits strong financial stability with consistent revenue growth, healthy EBITDA margins, and a low debt-to-equity ratio. Its financial strategy includes using IPO proceeds to enhance working capital, which supports its growth and operational needs.

Operational agility
8.0/10

Dove Soft operates on a scalable, cloud-based platform that allows for efficient service delivery without heavy infrastructure investments. The company's focus on R&D and innovation in communication solutions further enhances its operational agility.

Dove Soft Limited demonstrates strong flexibility and adaptability, driven by its diversified service offerings, robust financial metrics, and strategic growth initiatives. The company operates in the rapidly growing cloud communications sector, providing a wide range of services across multiple industries, which reduces dependency on any single market. Its financial performance shows consistent revenue growth and stable margins, supported by a scalable, asset-light business model. The company is actively expanding its market presence both domestically and internationally, leveraging strategic acquisitions and partnerships to enhance service offerings and geographic reach.

Product diversification
Dove Soft offers a wide range of communication services, including SMS, RCS, Voice, WhatsApp, Email, and digital marketing, catering to various industries. This diversification reduces reliance on any single product or service line.
Future adaptability
The company is well-positioned for future adaptability with plans to expand its service offerings through organic and inorganic growth, invest in R&D for innovative solutions, and enhance its market presence globally. Its strategic focus on emerging technologies and market trends supports long-term adaptability.

The data on this page has been reviewed manually by the IPO Milega research team. It is not investment advice, and IPO Milega accepts no responsibility for losses arising from any investment decision. Investments in the securities market are subject to market risks. Read all the related documents, including the full prospectus, carefully before investing.