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Dove Soft (O) SME
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Dove Soft (O) SME

What they do: Dove Soft Limited operates in the messaging services sector, generating revenue primarily from operations related to messaging services and direct expenses. The company has shown significant growth in revenue and profitability, suggesting a scalable and effective business model.

By IPO Milega Research · Published

Our score
6.8/10Strong

Dove Soft Limited exhibits 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
₹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
  • Performance7.0
  • Flexibility8.0
  • Timing7.0
  • Risk4.0
Estimated gain (fundamentals only)
0%

The GMP for Dove Soft Limited's IPO is neutral at 0.00%, indicating no expected premium on listing. Despite strong financial fundamentals and growth potential, the lack of GMP suggests limited immediate gains upon listing.

Strengths3

  • Converted to a public limited company in 2022.
  • Achieved a revenue of ₹27,398.01 lakhs in FY 2026.
  • Expanded service offerings to include RCS and WhatsApp solutions.

Concerns5

  • IT system vulnerabilities to cyber-attacks and infrastructure failures.
  • No proceeds from Offer for Sale impacting financial flexibility.
  • Potential failure of new product introductions affecting financial performance.
  • Political instability and changes in government policy affecting business.
  • Financial instability in emerging markets impacting Indian markets.

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 market timing for Dove Soft's IPO is favorable due to the ongoing growth in the cloud-communications sector, driven by digital transformation and increased enterprise adoption of digital communication solutions. The company's strategic focus on expanding its client base and enhancing vendor relationships aligns well with these market trends, suggesting that the timing of the IPO is well-suited to capitalize on these opportunities.

Time to market
The company's decision to go public aligns with its need for substantial working capital to support its growth trajectory and operational stability. The timing is advantageous as it coincides with a period of strong demand for cloud-communication services, providing a conducive environment for the IPO.
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
29.89%
Debt to equity
0.08
Revenue CAGR
52.8%
ROCE
33.81%
Return on net worth
29.79%
NAV per share (₹)
47.43

Financial performance trend

Amount ₹ in crores

Dove Soft Limited exhibits 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 of 52.8% over the past three years, indicating strong market demand and effective business strategies. The net profit margin of 8.5% reflects efficient cost management and profitability. The debt-to-equity ratio is low, suggesting prudent financial management and low financial risk. Overall, the company's financial health is solid, making it an attractive investment opportunity.

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.

Financial risks2

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

Market risks2

  • Potential failure of new product introductions affecting financial performance.
  • Political instability and changes in government policy affecting business.

Operational risks1

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

Regulatory risks1

  • Changing laws and regulations affecting business operations.

Performance

7.0/10

Dove Soft Limited, a CPaaS provider, has shown strong revenue growth and profitability over the past three fiscal years. The company has a diversified service offering across multiple industries, although it faces risks related to customer concentration and operational fluctuations. Management has extensive experience, contributing to the company's strategic direction and operational execution.

Historical growth
The company has experienced significant revenue growth over the past three 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 with established players. It has shown strong growth but faces challenges from customer concentration and high churn rates.
Future potential
The company is expected to continue growing due to increasing demand for cloud communication solutions.
Operational consistency
While revenue has grown significantly, the company faces high customer concentration and churn rates, which could impact stability.
Management quality
8.0/10
Experience
The CEO, Muktesh Narula, has over 30 years of experience, and the CFO, Gaurav Karmawat, has 9 years of experience.
Track record
The management team has successfully led the company through significant growth and expansion.

Key achievements

  1. 01Converted to a public limited company in 2022.
  2. 02Achieved a revenue of ₹27,398.01 lakhs in FY 2026.
  3. 03Expanded service offerings to include RCS and WhatsApp solutions.

Flexibility

8.0/10
Market adaptability
8.0/10

Dove Soft Limited has a diversified client base across various industries, including Telecom, BFSI, and E-commerce, which reduces dependency on any single sector. The company is expanding its geographic presence, particularly in underpenetrated regions, and is focusing on strategic acquisitions to enhance its market adaptability.

Financial stability
9.0/10

The company has shown consistent financial growth with a CAGR of 66.04% in total income from FY 2022 to FY 2026. It maintains a low debt-to-equity ratio and has a strong EBITDA margin, indicating financial stability and operational efficiency.

Operational agility
8.0/10

Dove Soft operates on an asset-light model, allowing for scalable operations. It has a robust cloud-based delivery platform and is investing in R&D to enhance its service offerings. The company is also focusing on high-value clients to optimize resource allocation.

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 focus on high-value clients enhance its operational agility and financial stability.

Product diversification
Dove Soft offers a comprehensive suite of services, including SMS, RCS, Voice, WhatsApp, Email, and digital products, catering to a wide range of industries.
Future adaptability
The company is well-positioned to adapt to future market changes due to its focus on R&D, strategic acquisitions, and expansion into new markets. Its diversified service portfolio and strong financial base provide a solid foundation for future growth.

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.