Excelsoft Technologies Limited is a global vertical SaaS company focused on the learning and assessment market. The focus is on assessment market through the AI based Assessment & Proctoring Solutions. Qualifications and certification bodies, awarding and credentialing bodies, admission tests councils, corporates & government entities use their Saras eAssessment platform and easyProctor remote proctoring product to deliver high-stakes examinations and tests to their end users. Certification agencies such as The Chartered Quality Institute uses the platform to create and deliver online certification exams. For Pearson Professional Assessments Limited, they provide a comprehensive assessment platform using which large scale online, high stakes assessments are delivered in organisations including Government Agencies and Universities. Qualifications agencies such as Training Qualifications UK (TQUK) and AQA Education and higher education agencies such as Colleges of Excellence (Saudi Arabia) as well as school assessment boards use the assessment platform to create a variety of examinations on the platform and deliver them online. This includes question creation, test construction, delivery, marking, report generation and smart analytics. Company's learning systems offerings encompass a suite of platforms & solutions that help publishers manage digital online learning solutions including subscription management, digital asset management and analytics. Their SARAS Learning Management Systems (LMS), EnablED is the Learning Experience Platform (LXP) and digital interactive book system, OpenPage, provide learning support for various academic institutions & corporations for training, learning & development requirements. Publishers such as Ascend Learning LLC and Pearson Education Group use the learning platform to create learning programs and deliver them to end users in the academic sector. Excel Public School in India uses the learning platform and LearnActiv K-12 Learning Solutions products. Further, the student success solution supports universities in student enrolment, academic planning & advising and career planning leading to successful educational outcomes. Brigham Young University - IDAHO uses the student success platform, CollegeSPARC. Their education technology services leverage the domain and technology expertise to help customers such as Pearson Education Group modernise their platforms while improving scalability, security, performance and accessibility. As on August 31, 2025, the Company caters to 76 clients spread across 19 countries. They derive a significant portion of the revenue from the client Pearson Education Group. The revenue from Pearson Education Group accounted for 59.24%, 58.79%, 46.51% and 41.89% of the total revenue on a consolidated basis for the three months period ended June 30, 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023. As per financial performance, Excelsoft Technologies Limited has posted total income / net profits of Rs 197.97 Cr / 22.41 Cr (FY23), Rs 200.69 Cr / Rs 12.75 Cr (FY24), Rs 248.80 Cr / 34.69 Cr (FY25) and Rs 60.27 Cr / 6.00 Cr (Q1 FY26). So as per previous financials data, company has shown good growth. Company has an average EPS of Rs 2.53 and average RoNW of 8.07% for last three fiscals. Issue is priced at a P/BV of 3.19 as per NAV of Rs 37.56/- as on 30.06.25. 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 108.29, 39.81 and 57.46 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Anand Rathi Advisors Limited IPO is associated with this IPO, and has handled 5 IPOs in last three fiscal years. ( As on 14.11.25 ) As per financials, Excelsoft Technologies Limited has shown steady growth, RoNW is 10.38% and P/E is 108.29, 39.81 and 57.46 respectively as per FY24, FY25 and annualised FY26 earnings. So issue looks fully priced when compared with peers. Company is a global vertical SaaS company focused on the learning and assessment market. So, we give NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.
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