Dove Soft Limited

Dove Soft Limited, incorporated in August 2011 as Dove Soft Private Limited and converted into a public limited company in September 2022, is an integrated cloud communications solutions provider in India operating as a Communications Platform as a Service (CPaaS) enterprise. The company's core value proposition centers on delivering a scalable, cloud-native omnichannel platform that aggregates telecom operator networks and digital communication channels. This infrastructure enables commercial enterprises and over-the-top (OTT) platforms to automate, streamline, and execute customer engagement. The business operates an asset-light model generating recurring revenue through both volume-based (pay-as-you-use) usage and subscription billing formats across transactional SMS, Rich Communication Services (RCS), Voice, WhatsApp Business API, Email, and specialized digital products.

The company caters to a diversified client portfolio across multiple industry verticals, including Banking, Financial Services & Insurance (BFSI), Telecommunications, Information Technology, Travel & Tourism, Entertainment & Media, Advertising & Events, Retail, Real Estate, Healthcare & Cosmetics, Automobile, E-commerce, and Food & Beverages. Geographically, domestic revenues are primarily concentrated in Northern and Western India, with Uttar Pradesh accounting for 51.05% (₹139.87 Cr), Maharashtra generating 20.05% (₹54.93 Cr), and Gujarat contributing 9.28% (₹25.41 Cr) of consolidated operational revenue in FY26. International reach is extended through its wholly-owned Dubai subsidiary, Dove Soft Global FZCO (which contributed 4.33% of FY26 consolidated revenue), alongside domestic offices in Mumbai, Ahmedabad, and Gurugram.

As a specialized cloud communication software platform and CPaaS enterprise, Dove Soft Limited operates strictly in the technology service sector and does not own, lease, or operate physical manufacturing plants, assembly factories, or heavy industrial machinery. Consequently, quantitative factory capacity utilization figures and plant machinery metrics are not applicable to its business operations. Operational infrastructure is centralized at its leased registered office in Goregaon West, Mumbai, with all core software applications and delivery platforms deployed on high-throughput cloud server networks.

Operational and technological capabilities are driven by an in-house engineering and software development team focused on advancing omnichannel communication tools, natural language processing (NLP) voice bots, automated campaign orchestration, and mobile identity verification via its Sekura.id platform. The technical architecture utilizes a proprietary SMPP Engine backend and developer APIs/SDKs to maintain direct carrier connectivity and ensure high-throughput application-to-person (A2P) messaging delivery. To maintain its competitive positioning, the company invests in ongoing R&D to integrate artificial intelligence (AI) and machine learning capabilities, expand RCS messaging frameworks, and develop custom enterprise communication workflows.

Based on its historical financial data, Dove Soft Limited posted total income and net profits of ₹119.79 Cr / ₹10.27 Cr in FY24, ₹188.26 Cr / ₹16.54 Cr in FY25, and ₹274.74 Cr / ₹23.40 Cr in FY26. The company has demonstrated robust top-line and net profit expansion, with Total Income expanding at a 2-year CAGR of 51.43% and PAT growing at a 2-year CAGR of 50.94%, while maintaining a conservative debt profile with Total Debt standing at ₹9.30 Cr (Debt-to-Equity ratio of 0.10x). It boasts an average EPS of ₹9.89 and an average RoNW of 32.05% for the last three fiscals. Based on the pre-issue book value, the issue is priced at a Pre-Issue P/BV of 2.34 against a NAV of ₹47.43 (as of March 31, 2026). Factoring in the fresh issue proceeds, the Post-Issue P/BV stands at 1.81. Attributing the latest earnings to the expanded post-issue equity base, the asking price translates to a Post-Issue P/E of approximately 26.37x (FY24), 16.37x (FY25), and 11.56x (FY26). According to the RHP, a comparison between listed peers is shown in above table.

On the Book Running Lead Manager (BRLM) front, the issue is managed by Swastika Investmart Limited, which has handled 12 public issues to date. Out of its last 10 managed IPOs, two listed below the issue price, while the remaining eight listed at or above it. As of September 24, 2026, nine of these recent issues is currently trading below its issue price, while the remaining one are trading at or above it.

• 1 Mr. Rahul Bhanushali
• 2 Mr. Kurjibhai Rupareliya
• 3 Sky Occean Infrastructure Limited