The Jaipur-based digital solutions company is raising Rs 31.75 crore. Issue opens March 27, closes April 8
Emiac Technologies Limited, an AI-based technology and digital solutions company providing digital marketing, content creation, branding, and business automation services, opens its SME IPO tomorrow — March 27 — and closes on April 8.
The company is promoted by Divya Gandotra, aged 33, who holds a B.Tech in Computer Science, an LLB, and an MBA, and has been recognised among the Top 100 Inspiration Women of 2023. As of January 2026, the company has 38 employees and serves 84 clients, of whom 55 are repeat clients. Listing is expected on April 13 on BSE SME.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | March 27, 2026 |
| Issue Closes | April 8, 2026 |
| Price Band | Rs 93 – Rs 98 per share |
| Issue Size | Rs 31.75 crore (at upper band) |
| Structure | Fresh issue only — no offer for sale |
| Face Value | Rs 10 per share |
| Minimum Application | 2,400 shares |
| Minimum Investment (Retail) | Rs 2,35,200 at upper band |
| Post-Issue Market Cap | Rs 119.98 crore |
| IPO as % of Post-IPO Capital | 26.46% |
| Lead Manager | Smart Horizon Capital Advisors Pvt. Ltd. |
| Registrar | Bigshare Services Pvt. Ltd. |
| Market Maker | Shreni Shares Ltd. |
| Listing | BSE SME |
| Listing Date | April 13, 2026 |
Promoter shareholding declines from 68% pre-issue to 50% post-issue. The entire issue is a fresh issue — all proceeds flow to the company.
Objects of the Issue
| Object | Amount (Rs crore) |
|---|---|
| Purchase of computers, laptops, software subscriptions and cloud hosting | 5.72 |
| Working capital requirements | 8.80 |
| Hiring manpower | 5.42 |
| Branding, advertisement and marketing activities | 3.90 |
| General corporate purposes | Balance |
| Total Fresh Issue | 31.75 |
The Business
Emiac Technologies provides AI-driven digital marketing and business automation services to brands across sectors including BFSI, healthcare, IT and technology, education, and automobiles. Its service portfolio spans content creation, branding and online reputation management, SEO and paid marketing, digital marketing campaign management, platform development, and technical services including business process automation and API integrations.
The company holds ISO 10002:2018, ISO 9001:2015, and ISO/IEC 27001:2022 certifications. Digital Marketing Industry is the largest revenue vertical, contributing Rs 9.47 crore in FY25 and Rs 9.77 crore in H1 FY26.
BFSI is the second largest at Rs 4.90 crore in FY25. Revenue is driven by a B2B client model — as of September 2025 the company had 84 active clients. The business is operationally lean with zero debt as of FY25 and H1 FY26, and a current ratio of 1.54x as of FY25.
Financials
| Particulars (Rs crore) | FY23 | FY24 | FY25 | H1 FY26 |
|---|---|---|---|---|
| Revenue from Operations | 2.94 | 5.32 | 19.86 | 14.12 |
| EBITDA | — | 1.24 | 5.92 | 6.19 |
| EBITDA Margin | — | 23.29% | 29.83% | 43.81% |
| PAT | 0.39 | 0.84 | 4.21 | 4.55 |
| PAT Margin | 13.18% | 15.72% | 21.22% | 32.20% |
| EPS (Rs) | — | 0.98 | 4.95 | 5.05 |
| RoE | — | 94.01% | 81.60% | 40.26% |
| RoCE | 108.79% | 85.01% | 63.57% | 40.91% |
| Debt to Equity | 0.00x | 0.00x | 0.00x | 0.10x |
The revenue trajectory is the most striking feature of this business — from Rs 2.94 crore in FY23 to Rs 19.86 crore in FY25, and H1 FY26 already at Rs 14.12 crore suggesting the full year will comfortably exceed FY25.
EBITDA margins at 43.81% in H1 FY26 are unusually high for a digital marketing services company, as is the PAT margin of 32.20%. The company is debt-free.
However, the performance has sped up from FY24 onwards. Revenue has nearly quadrupled in a single year between FY24 and FY25, which is exceptional.
Valuation and Peer Comparison
| Company | EPS (Rs) | NAV (Rs) | P/E | RoNW |
|---|---|---|---|---|
| Emiac Technologies | 4.95 | 10.02 | 28.49x* | 46.71% |
| Adcounty Media India | 8.37 | 22.91 | 13.5x | 36.29% |
| Maxposure Limited | 3.74 | 33.18 | 9.22x | 11.27% |
*on FY25 earnings, post-issue capital at upper band
At the upper band of Rs 98, the issue is priced at 28.49x FY25 earnings and 13.19x on annualised FY26 earnings. The two listed peers cited in the offer document — Adcounty Media and Maxposure — trade at 13.5x and 9.22x respectively.
These peers are not truly comparable on a like-for-like basis. At 28.49x FY25 earnings, the issue trades at a meaningful premium to listed peers, even after accounting for the higher margins and growth trajectory.
On the proforma P/BV of 6.50x on a pre-IPO NAV of Rs 15.07, and a post-IPO NAV not disclosed in offer documents, the valuation picture is at a premium to peers.
Merchant Banker
This is the 24th mandate from Smart Horizon Capital Advisors in the last three fiscals.
Risks to Consider
Revenue growth sustainability. Revenue grew from Rs 5.32 crore in FY24 to Rs 19.86 crore in FY25 — nearly a fourfold jump in a single year. Sustaining this trajectory is the central question. Customer concentration. The top 10 clients contributed 76.64% of revenue in H1 FY26. The single largest client contributed 25.82%. Loss of one or two key clients would be highly material. No long-term contracts. The company operates without formal long-term agreements with customers, making revenue continuity relationship-dependent. Negative operating cash flows. The company has historically had negative operating cash flows due to extended receivable cycles, with debtor days at 84 as of H1 FY26. This means liquidity can be strained even when the business appears profitable. Platform dependence. A significant portion of digital marketing work relies on Google and Meta platforms — any algorithm change or policy shift by these platforms can affect campaign effectiveness and client retention.