Adisoft Technologies Limited is an Industrial Digital Automation Solutions provider, engaged into the business of Designing, developing, procurement, assembling, testing, installation, commissioning & providing engineering services related to Automated assembly lines, Material handling machines, Robotic work cells (e.g., pick-and-place, sealing applications) and Special Purpose Machinery designed to address customer-specific operational requirements. The services include application of digital technologies and control systems to automate industrial processes, by integrating the shop floor equipments and processes with the IT Layer, thereby, reducing or eliminating human intervention. They provide customized automation solutions primarily to Automobile manufacturers, Automotive OEMs and component/subcomponent manufacturers that require establishment, expansion, upgradation, modification, repair or reconfiguration of existing production lines, or operational set-up. A significant portion of the assignments involves productivity enhancement initiatives, where automation is leveraged to reduce manual dependency, improve process consistency, facilitates data handling and optimize task times. These systems are integrated with Programmable Logic Controller (PLC), Supervisory Control and Data Acquisition (SCADA), Graphic Operator Terminal (GOT) and IoT-based interfaces to ensure real-time monitoring, traceability and seamless connectivity with Manufacturing execution system (MES). The vision-based systems, integrated with automation solutions, inspection platforms and precision jigs are designed to support dimensional accuracy, enhanced productivity, and functional validation in line with industry and customer-specific standards. They also provide Service support for repair or restoration of the machine as required by the Customer. Company warrants that any material or component shall be repaired or replaced, if found defective, within a period of twelve (12) months from the date of installation and commissioning. Such support services may be provided free of cost or on a chargeable basis, in accordance with the terms and conditions specified in the relevant Purchase Order (PO). In addition to standard repair and replacement services, the Company also provide lifecycle support services including system upgrades, retrofitting, Annual Maintenance Contracts (AMC), on-site installation & commissioning & troubleshooting by deputation of engineering team, skilled operators and technician. Further, for Automated Products traded by the Company (i.e., products supplied by the Company), the Company undertakes to replace any Product found to be defective within a period of twelve (12) months from the date of sale. The automation systems are assembled in-house at the Assembly unit located in MIDC Bhosari, Pune, which is equipped with the necessary tools, machines, fixtures and testing infrastructure required for assembly and quality assurance of automation systems. The Engineering Department undertakes the complete design lifecycle - including mechanical and electrical system design, control architecture and simulation of site requirements during design & conceptualisation stage. As of January 31, 2026, the Design and Development team comprises of 49 professionals engaged in delivering customer-specific automation solutions. The market presence includes project deliveries in Maharashtra, Haryana, Karnataka, Gujarat, Uttar Pradesh etc. As per financial performance, Adisoft Technologies Limited has posted total income / net profits of Rs 76.15 / 5.83 Cr (FY23), Rs 104.13 / Rs 11.53 Cr (FY24), Rs 133.01 Cr / 15.93 Cr (FY25) and Rs 55.71 Cr / 3.73 Cr (upto 31.10.25 FY26). So as per previous financials data, company has shown good growth, but sudden rise in net-profit just before IPO raises concerns. Also net-cash flow is negative for FY24 and FY25 and trade receivables is around 42% of FY25 total sales. Company has an average EPS of Rs 10.81 and average RoNW of 32.92% for last three fiscals. Issue is priced at a P/BV of 3.89 as per NAV of Rs 44.16/- as on 31.10.25 If we attribute latest earnings of FY24, FY25 and annualised FY26 on equity post issue, then asking price is at a P/E of around 24.33, 17.54 and 43.80 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Hem Securities Limited is associated with this IPOs, and has handled 43 IPOs in last three fiscal years. From last 10 IPOs, two opened below issue price and remaining all above issue price or at par, on the day of listing. As of now, from last 10 IPOs, five are trading below issue price and remaining all are trading above issue price or at par. (as on 20.04.26 ) As per financials, Adisoft Technologies Limited has shown good growth, RoNW is 32.71% and P/E is 24.33, 17.54 and 43.80 respectively as per FY24, FY25 and annualised FY26 earnings. So issue looks fully priced. But, sudden rise in net-profit just before IPO, higher trade receivables and negative cash-flow raises doubts. Order book as on 15.04.26 is around Rs 44.32/- Cr. Company provides customized automation solutions primarily to Automobile related industries, which is growing business segment. Performance of BRLM is average post listing. So, we give NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.
✍️ Post a Comment