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Dove Soft (O)
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Dove Soft (O)

What they do: Dove Soft Limited operates a business model focused on providing messaging services, with a significant portion of its revenue derived from operations. The company has effectively managed its expenses to maintain profitability and growth.

By IPO Milega Research · Published

Our score
7.0/10Strong

Dove Soft Limited demonstrates strong financial fundamentals with consistent revenue and profit growth, a healthy balance sheet, and efficient financial ratios.

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
₹111
Lot size
2400 shares
Min. investment
₹2,66,400
Issue size
N/A
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
  • Risk4.0
Estimated gain (fundamentals only)
0%

The Grey Market Premium (GMP) for Dove Soft Limited is reported at 111 with a 0.00% change, indicating no expected premium on listing. Despite strong financial performance and growth potential, the lack of GMP movement suggests limited immediate gains upon listing.

Strengths3

  • Converted to a public company in 2022.
  • Achieved a revenue of ₹27,398.01 lakhs in FY 2025-26.
  • Maintained a low debt-to-equity ratio of 0.10.

Concerns5

  • IT system vulnerabilities to cyber-attacks and infrastructure failures.
  • No proceeds from Offer for Sale impacting financial flexibility.
  • Political instability and changes in government policy affecting business.
  • Financial instability in emerging markets affecting Indian markets.
  • Regulatory changes and legal uncertainties impacting 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 the IPO appears favorable due to the robust growth in the cloud-communications sector and the company's strategic focus on expanding its client base and service offerings. The industry is experiencing a positive upswing, providing a conducive environment for the company's growth plans.

Time to market
The company's decision to go public aligns well with the current market conditions and its internal growth strategy. The focus on expanding working capital to support increased demand and operational scale is timely, given the industry's growth trajectory.
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
15.3
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 demonstrates strong financial fundamentals with consistent revenue and profit growth, a healthy balance sheet, and efficient financial ratios. The company has shown a robust increase in revenue and net profit over the past three years, supported by a solid EBITDA performance. The balance sheet reflects a manageable level of debt, contributing to a favorable debt-to-equity ratio. Overall, the company's financial health is sound, making it a promising candidate for investment.

Risk

4.0/10

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

Where the risks sit

  • Financial risks2
  • Market risks2
  • Operational risks1
  • Regulatory risks1

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 to mitigate IT risks.

Financial risks2

  • No proceeds from Offer for Sale impacting financial flexibility.
  • Financial instability in emerging markets affecting Indian markets.

Market risks2

  • Political instability and changes in government policy affecting business.
  • Financial instability in emerging markets affecting Indian markets.

Operational risks1

  • IT system vulnerabilities to cyber-attacks and infrastructure failures.

Regulatory risks1

  • Regulatory changes and legal uncertainties impacting operations.

Performance

8.0/10

Dove Soft Limited, a CPaaS provider, has shown strong revenue growth and profitability over recent years, driven by increased demand for its cloud communication solutions. The company faces risks related to customer concentration and high churn rates but maintains a solid financial position with low debt and strong liquidity.

Historical growth
The company has experienced significant revenue growth over the past three fiscal years, with a 62.97% increase in FY 2023-24, 56.81% in FY 2024-25, and 45.94% in FY 2025-26., High
Market comparison
Dove Soft operates in a competitive CPaaS market with established players. It has shown strong growth compared to industry averages, driven by its diverse service offerings.
Future potential
The company is expected to continue growing due to increasing demand for cloud communication solutions across various industries.
Operational consistency
While the company has shown strong revenue growth, its reliance on a few major customers and high churn rates pose risks to revenue stability.
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 has successfully overseen significant revenue growth and maintained profitability.

Key achievements

  1. 01Converted to a public company in 2022.
  2. 02Achieved a revenue of ₹27,398.01 lakhs in FY 2025-26.
  3. 03Maintained a low debt-to-equity ratio of 0.10.

Flexibility

8.0/10
Market adaptability
8.0/10

Dove Soft Limited shows strong market adaptability by serving a wide range of industries, including Telecom, IT, BFSI, and more. Its diversified service portfolio reduces dependency on any single sector, allowing it to mitigate risks associated with industry-specific downturns.

Financial stability
8.0/10

The company has demonstrated robust financial performance with a significant increase in revenue and stable EBITDA margins. Its low debt-to-equity ratio and strong return on equity indicate financial health and stability.

Operational agility
7.0/10

Dove Soft's operational agility is supported by its scalable cloud-based delivery platform and strategic focus on high-value clients. However, its reliance on a few large customers for a significant portion of revenue could pose a risk to agility.

Dove Soft Limited demonstrates strong flexibility and adaptability, driven by its diversified service offerings, robust financial performance, and strategic growth initiatives. The company operates in the rapidly growing cloud communications sector, providing a wide range of services across multiple industries. Its asset-light model and recurring revenue streams contribute to financial stability, while strategic expansions and investments in R&D enhance its adaptability.

Product diversification
Dove Soft offers a comprehensive suite of services, including SMS, RCS, Voice, WhatsApp, Email, and digital products, catering to various communication needs across industries.
Future adaptability
The company is well-positioned for future adaptability with plans to expand into new markets, enhance service offerings through organic and inorganic growth, and invest in R&D to drive innovation.

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.