Mobilise App Lab Limited is an Indian software as a service IT solutions provider offering digital platforms to streamline and manage enterprise operations. Founded in 2013, the company began its journey with EduPro ERP, a solution designed to help schools, colleges, and training institutes manage functions such as admissions, attendance, fees, examinations, transportation, and academics. In 2016–17, the company developed a Computerized Maintenance Management System (CMMS), which was later branded as OpsSuite ERP. This solution enables businesses to efficiently manage and maintain physical assets, handle work orders, track equipment and asset history, monitor inventory levels, and schedule preventive maintenance and calibration. The OpsSuite ERP solution has been implemented across multiple states in India, providing functionalities such as asset tracking, complaint redressal, and supplier management. Additionally, the OpsSuite platform is being used by multiple industries across Healthcare, Food & Beverages, Facility Maintenance, etc. supporting their operational and maintenance needs. In 2017-18 the company also launched SCMPro ERP, a comprehensive solution for managing the entire supply chain. It effectively integrates and manages two key processes:• Source-to-Contract (S2C) - Covers supplier discovery, sourcing, negotiations, contract creation, supplier management, and contract lifecycle management.• Procure-to-Pay (P2P) - Includes purchase requests, purchase orders, goods receipt notes (GRNs), invoice processing, and payments. Later in the year 2019-20 the company also launched an ERP solution for Human Resources called HRevO, designed to simplify and streamline workforce management throughout the employee lifecycle. Key features include talent acquisition, employee records management, payroll and expense tracking, talent development, and people analytics. The Company’s EduPro ERP platform is actively utilized by the clients- which are acting as educational institutions having 34,000 plus students across these various educational institutions. The company provides its ERP solutions to B2B clients who further deliver services to its end customers, rather than selling directly to individual users. As per financial performance, Mobilise App Lab Limited has posted total income / net profits of Rs 7.12 / 1.76 Cr (FY23), Rs 12.13 / Rs 3.10 Cr (FY24), Rs 16.23 Cr / 4.71 Cr (FY25) and Rs 13.52 Cr / 4.01 Cr (upto Q3 FY26). So as per previous financials data, company has shown good growth. Total trade receivables of FY25 is around 22% total sales. Company has an average EPS of Rs 7.85 and average RoNW of 81.30% for last three fiscals. Issue is priced at a P/BV of 3.39 as per NAV of Rs 23.61/- as on 31.12.25. 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 24.54, 16.14 and 14.22 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Corporate Capitalventures Private Limited is associated with this IPOs, and has handled 24 IPOs in last three fiscal years. From last 10 IPOs, all opened above issue price or at par, on the day of listing. As of now, from last 10 IPOs, four are trading below issue price and remaining all are trading above issue price or at par. (as on 18.02.26 ) As per financials, Mobilise App Lab Limited has shown good results, RoNW is 57.05% and P/E is 24.54, 16.14 and 14.22 respectively as per FY24, FY25 and annualised FY26 earnings. So issue looks fully priced. Company is an Indian software as a service IT solutions provider offering digital platforms to streamline and manage enterprise operations, which is growing and competitive business segment. Performance of BRLM is good. 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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