A UP-based digital commerce and software solutions company opens its Rs 33.14 crore BSE SME issue on August 14
ENS Enterprises Ltd. (EEL), an end-to-end digital commerce and software solutions provider serving clients across 12+ countries, opens for subscription on August 14 with the issue closing on August 18. The company is listing on BSE SME.
ENS Enterprises Ltd. (EEL) is a technology services company that sits at the intersection of e-commerce, digital engineering and cloud. Its work covers online commerce platforms, ONDC integrations, custom software development, mobile applications, cloud and DevOps services, and digital marketing.
The story is anchored in the ONDC (Open Network for Digital Commerce) opportunity. In 2022, EEL was empaneled as a Technology Service Provider (TSP) for the Government of India’s ONDC initiative — an early-mover position in what could reshape Indian e-commerce over the next decade. ONDC aims to decouple buyers and sellers from proprietary platforms like Amazon and Flipkart, and companies like EEL provide the technical plumbing that helps merchants and enterprises plug into the network.
Beyond ONDC, EEL provides consulting, development and integration services for blockchain-based solutions, including smart contract development and integration of blockchain frameworks with enterprise systems. This gives it exposure to two structurally interesting themes — open network commerce and blockchain — though both remain early in adoption.
The business model is a hybrid. On one side, EEL delivers project-based IT engagements — one-time development, integration and deployment projects for corporates, SMEs and government-backed initiatives. On the other side, it has built SaaS products and support retainerships that generate recurring subscription revenue. This mix smooths out cash flows and reduces dependence on one-off project wins.
Geographically, EEL has served clients in the US, Japan, Singapore, the UK and Canada, alongside its Indian customer base. This international footprint is small but growing, and gives the company some currency hedge and market diversification.
Headquartered in Uttar Pradesh, EEL was established in 2016 and now works with a team of over 140 professionals. It holds ISO 27001:2022 (information security) and ISO 9001:2015 (quality management) certifications — table-stakes for an IT services company selling to enterprise and government customers.
The Indian IT services market is a large but intensely competitive space, ranging from the TCS-Infosys-Wipro majors at the top to thousands of mid-tier and small services companies below. EEL competes in a fragmented segment where positioning around ONDC, blockchain and digital commerce is its main differentiator.
As of June 30, 2026, EEL had 100 employees on its payroll — a lean team for the volume of business it now claims to be doing.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | August 14, 2026 |
| Issue Closes | August 18, 2026 |
| Listing | BSE SME |
| Price Band | Rs 87 – Rs 92 per share |
| Face Value | Rs 10 |
| Issue Size | Rs 33.14 crore (Fresh Issue) |
| Fresh Issue | 36,02,400 shares |
| Lot Size | 2,400 shares (multiples of 1,200 thereafter) |
| Min. Retail Investment | Rs 2,20,800 |
| Post-IPO Market Cap | Rs 125.07 crore |
| IPO Constitutes | 26.50% of post-IPO equity |
| BRLM | Corporate Makers Capital Ltd. |
| Registrar | Abhipra Capital Ltd. |
| Market Maker | ACME Capital Market Ltd. |
From the fresh proceeds, Rs 17.02 crore is earmarked for enhancement, maintenance and upgrading of existing products through manpower hiring, Rs 6.75 crore for capex on upgrading IT infrastructure, Rs 1.20 crore for repayment of borrowings, and the balance for general corporate purposes. The IPO is underwritten to the tune of 15% by Corporate Makers and 85% by ACME Capital Market.
Post-IPO, paid-up equity moves from Rs 9.99 crore to Rs 13.59 crore.
Financial Performance
| Particulars (Rs cr) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Total Income | 10.12 | 28.62 | 51.77 |
| PAT | 0.90 | 3.70 | 8.40 |
| PAT Margin | 8.93% | 13.07% | 16.35% |
| RoCE | 84.15% | 84.51% | 78.41% |
Revenue has grown from Rs 10.12 crore in FY24 to Rs 51.77 crore in FY26 — more than a fivefold jump in two years. PAT has moved even faster, going from Rs 0.90 crore to Rs 8.40 crore — nearly 9x in the same period.
PAT margin has climbed from 8.93% in FY24 to 16.35% in FY26, and RoCE has stayed above 78% throughout — extraordinarily high numbers that partly reflect the very small equity base. In a fragmented IT services segment where mid-tier players typically operate at 10-15% margins, sustaining 16%+ margins at this scale of growth is unusual and worth reading the RHP carefully to understand.
Average EPS over three years is Rs 5.69 and average RoNW is 60.52%. At the upper band of Rs 92, the P/E works out to 14.89x on FY26 earnings and 33.82x on FY25 — a very wide gap that shows how much the valuation depends on FY26 profits holding up. The issue is priced at a P/BV of 4.99 on pre-IPO NAV and 2.42 on post-IPO NAV of Rs 37.94 per share.
Listed peers ASM Technologies, Infobeans Technologies and Silver Touch trade at P/E multiples of 98.2, 18.6 and 62.6 respectively (as of August 12, 2026), though these are much larger, mainboard companies and not strict apples-to-apples comparisons.
Rising trade receivables year-on-year are a red flag. This can indicate customers taking longer to pay, or aggressive booking of revenue. In an IT services company, this is worth close scrutiny.
Customer concentration is a real risk. With just over 140 professionals and Rs 51.77 crore in revenue, EEL likely serves a small number of large enterprise or government clients. Losing even one major account could hit revenue materially.
The picture
ENS Enterprises has an interesting positioning — ONDC-empaneled, blockchain-capable, international footprint across 12+ countries, and a hybrid revenue mix of project work and SaaS. The story taps into two genuinely emerging themes in Indian digital commerce.
That said, the quantum year-on-year jumps in a competitive IT services segment right before the IPO, rising trade receivables, aggressive bonus issues, and a weak BRLM record together create a stack of red flags. Priced at 14.89x FY26 and 33.82x FY25, the issue looks aggressively priced on average earnings, note analysts.