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Dove Soft Open
SMEClosed

Dove Soft Open

What they do: Dove Soft Limited operates in the technology sector, focusing on messaging services and related technology solutions. The company generates revenue primarily from operations in this domain, supported by a growing client base and expanding service offerings.

By IPO Milega Research · Published

Check allotment(opens in a new tab)
Our score
7.2/10Strong

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

GMP (unofficial)
N/A
Grey market premium
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

Grey market data isn't available for this issue, so the gains estimate uses fundamentals only and ignores listing-day sentiment.

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)
+15%

The approximate gains potential is based on the company's strong financial fundamentals, consistent revenue growth, and strategic market positioning. However, the absence of GMP data limits the precision of this estimate. The company's robust financial health, low debt levels, and strategic expansion plans support a positive outlook, though risks such as customer concentration and regulatory changes must be considered.

Strengths3

  • Revenue growth of 45.94% in FY 2025-26.
  • Successful conversion to a public company in 2022.
  • Expansion of service offerings including RCS notifications.

Concerns5

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

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 given the robust growth in the cloud-communications sector and the company's strategic focus on expanding its client base and service offerings. The market conditions are conducive to supporting the company's growth trajectory, making the timing of the IPO relatively advantageous.

Time to market
The IPO is well-timed to leverage the favorable market conditions in the cloud-communications industry, which is experiencing significant growth. The company's focus on expanding its operations and enhancing its service offerings aligns with the current industry trends, suggesting a strategic timing for the IPO.
How allotment works
Basis of allotment finalized and shares credited to demat
Market timing
Favourable
Time to market
7.0
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 an attractive investment opportunity.

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 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 affecting Indian markets.

Market risks2

  • Political instability affecting economic conditions in India.
  • Financial instability in emerging markets affecting Indian markets.

Operational risks1

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

Regulatory risks1

  • Regulatory changes impacting tax liabilities and compliance.

Performance

8.0/10

Dove Soft Limited, a CPaaS provider, has shown strong financial growth and operational execution. The company has expanded its revenue significantly over the past three years, driven by increased demand for its cloud communication solutions. However, it faces risks related to customer concentration and churn.

Historical growth
The company has experienced consistent revenue growth over the past three fiscal years, with a CAGR of approximately 54.57%., High
Market comparison
Dove Soft operates in a competitive CPaaS market with established players. It has shown strong growth but faces competitive pressures and dependency on a few large customers.
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 high customer concentration poses a risk to 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 the transition to a public company.

Key achievements

  1. 01Revenue growth of 45.94% in FY 2025-26.
  2. 02Successful conversion to a public company in 2022.
  3. 03Expansion of service offerings including RCS notifications.

Flexibility

8.0/10
Market adaptability
8.0/10

Dove Soft Limited serves a wide range of industries, including Telecom, IT, BFSI, and E-commerce, indicating strong market adaptability. The company is expanding its geographic presence and diversifying its service offerings, which enhances its ability to adapt to market changes.

Financial stability
8.0/10

The company has shown robust financial performance with a significant increase in revenue and stable EBITDA margins. It maintains a low debt-to-equity ratio and has a strong return on equity, indicating financial stability.

Operational agility
7.0/10

Dove Soft operates on an asset-light model and has a scalable cloud-based delivery platform. The company is investing in R&D and expanding its sales and technical teams, which supports operational agility.

Dove Soft Limited demonstrates strong flexibility and adaptability in its operations and strategic planning. The company has a diversified service portfolio, operates in multiple industries, and has shown consistent financial growth. Its strategic focus on expanding market presence and enhancing service offerings through both organic and inorganic means further supports its adaptability.

Product diversification
Dove Soft offers a comprehensive suite of services including SMS, RCS, Voice, WhatsApp, Email, and other digital channels, reducing dependence on a single product or service.
Future adaptability
The company plans to expand its market presence, enhance service offerings, and invest in R&D to maintain competitiveness. Its strategic focus on organic and inorganic growth opportunities positions it well for future 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.