Manipal Payment And Identity Solutions Ltd. IPO

Bal Pharma has informed that 39th AGM of Bal Pharma Limited Scheduled to be held on Thursday, September 24, 2026 at 11.00 AM through VC Mode.

The above information is a part of company’s filings submitted to BSE.

Devson Catalyst has informed about appointment of Mr. Girdharbhai Natvarbhai Keraliya as an internal auditor of the company for f.y. 2026-27 and appointment of M/s. ALAP & CO. LLP as secretarial auditor of the company for f.y. 2025-26.

The above information is a part of company’s filings submitted to BSE.

ESDS Software Solution

• ESDS Software Solution is coming out with a 100% book building; initial public offering (IPO) of 1,76,47,058 shares of face value Rs 1 each in a price band Rs 408-429 per equity share. 
• Not more than 50% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 35% for the retail investors.
• The issue will open for subscription on August 28, 2026 and will close on September 1, 2026.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 1 and is priced 408 times of its face value on the lower side and 429 times on the higher side.
• Book running lead managers to the issue are DAM Capital Advisors and Systematix Corporate Services.
• Compliance officer for the issue is Prasad Deochand Deokar. 

Profile of the company

ESDS Software Solution is an AI-enabled cloud, managed services, data centre infrastructure and software solutions provider in India. It is one of the only two players in India providing the entire spectrum of GPUaaS, cloud, managed services, data centre infrastructure and software solutions in India. It offers a comprehensive platform of cloud infrastructure and software solutions consisting of (i) infrastructure as a service (IaaS), which is broadly divided into colocation and data centre services, cloud services and cloud computing, (ii) managed services, and (iii) software as a service (SaaS), which allows to provide well-architected cloud-adoption solutions to its customers aimed at reducing their cost while providing security, flexibility, scalability and reliability. The company was one of the first cloud service providers in India to offer community cloud services, provided on a multi-tenant model to a group of organizations with similar business models and requirements, such as data privacy, security, compliances and regulatory requirements.

The company provides its services to a diverse range of end-user industries and customers, comprising: (i) banking, financial services and insurance companies (BFSI); (ii) public sector entities, including central, state, and local government departments, public sector undertakings (PSUs), government agencies, and institutions that procure products or services for administrative, infrastructure, or public service purposes (Government); (iii) and businesses and enterprises not included in BFSI or Government (Enterprises).

Proceed is being used for: 

• Purchase and installation of cloud computing and other equipment and infrastructure for its relevant data centres 
• General corporate purposes

Industry overview

The IT/ITES industry in India continues to be a key pillar of economic growth, exports, innovation, and employment. The sector is increasingly driven by demand for artificial intelligence (AI), cloud computing, digital engineering, cybersecurity, data analytics, and platform-based services, as enterprises globally accelerate technology-led transformation initiatives. India has also strengthened its position as a preferred destination for Global Capability Centers (GCCs), engineering R&D, and high-value digital services. India’s technology industry is expected to cross $315 billion by 2026 and contribute 10% towards the country’s GDP. Direct employment in the sector is projected to reach approximately 6 million professionals in FY 2026, with a net addition of around 135,000 jobs over the previous year.

The growing demand for digital services is a crucial factor driving the expansion of data centres in India. The proliferation of smart devices, increased use of digital payments, and the shift towards cloud-based solutions have significantly increased the need for data storage capabilities. The data centre market in India is valued at Rs 114 billion for FY 2026 and has grown at a CAGR of 20.39% from FY 2020 to FY 2025. The market in the future is expected to grow at a CAGR of 20.70% from Rs 114 billion in FY 2026 to Rs 242 billion in FY 2030. As of 31st March 2026, the total data centre installed capacity in India is 1,545 MW.

Indian software development market has demonstrated significant growth over the past few years, particularly following a boom in the IT industry in 2021. During FY 2020 to FY 2026, the market revenues increased from Rs 2,695 billion to Rs 3,961 billion, reflecting a CAGR of 6.63%. This steady growth trajectory highlights the industry’s resilience and adaptability amid global economic fluctuations. During the forecasted period, software development industry in India is poised for robust expansion. Projections indicate that the market will continue to grow at a CAGR of 8.95%, increasing from Rs 3,961 billion for FY 2026 to an estimated Rs 5,581 billion by the end of FY 2030.

Pros and strengths 

The company is leading player offering end-to-end cloud, managed services, data centre infrastructure and software solutions in India: Among the Indian players, it was one of the early adopters of cloud technology in India, establishing its first data centre in Nashik, Maharashtra during 2010 and launching cloud services in 2011 (which was launched as eNLight Cloud and rebranded as SWARAJ Cloud). Recognising the need for holistic solutions, it introduced end-to-end offerings integrating infrastructure, managed services, and application support. Among the leading players in the cloud, managed services, data centre infrastructure and software solutions, it is one of the only two players providing the entire spectrum of GPUaaS, cloud, managed services, data centre infrastructure and software solutions in India. Its ability to offer end-to-end cloud, data centre and software solutions has enabled the company to focus on its Revenue Retention Rates as a larger share of existing customers increase their service scope to include its comprehensive range of IaaS, SaaS and managed services. This is reflected in its Revenue Retention Rates and by the split of customers who are availing the comprehensive product and service suite versus those engaging with the company for standalone services.

Comprehensive Security-as-a-Service framework: As a cybersecurity partner, it delivers Security as a Service (SECaaS) solutions to enterprises, BFSI institutions, and government organisations. Its Security Operations Centre (SOC) actively monitors and mitigates cyber threats, ensuring operational resilience and regulatory compliance. With more than 123 customers onboarded across more than 7,175 devices as at June 30, 2026, its security information and event management (SIEM) programs analysed more than 5,143 security alerts in the period from January 1, 2026 to June 30, 2026. As organisations increasingly adopt SECaaS, several BFSI institutions and enterprises have engaged it for the provision of cybersecurity solutions as standalone services. Its comprehensive security framework, encompassing SIEM, endpoint security, vulnerability management, and incident response, provides scalable and cost-efficient protection against evolving cyber risks.

It has long-term relationships with well-established banks and other businesses: As a result of its diversified product offering and clientele, it is able to cater to a wide range of industries. It has long-standing relationships with over 100 banks and well-established businesses, including STPI. It has been able to steadily increase the ageing of its customer relationships, with customers having a relationship of more than three years rising from 49.28% to 65.60%, and those with a relationship of more than five years increasing from 23.25% to 47.75% from Fiscal 2024 to Fiscal 2026. This reflects its ability to foster long-standing partnerships, driven by its diversified and end-to-end offerings that cater to evolving digital transformation needs.

AI-driven innovations and patented technology: The company holds commercial patents for its SWARAJ software, which intelligently identifies customer requirements and applies vertical and diagonal scaling technologies, which enable dynamic resource allocation for cost-effective and efficient cloud performance. It is engaged in the development and commercialisation of AI and ML driven systems for cloud environments. In November 2025, it launched a fully managed GPUaaS, allowing its customers across industries to create customised, high-performance AI environments, on a large scale, at global standards. These services empower developers and enterprises to build, train, and deploy AI models quickly for applications such as computer vision, natural language processing, and predictive analytics. In India, adoption of these platforms is accelerating as organisations aim to speed up innovation cycles without heavy capital investment in infrastructure. The market for cloud GPU in India was estimated at around $67.31 million in Fiscal 2025 and is projected to reach around $513.67 million by Fiscal 2030, reflecting a CAGR of around 50.15% over the period.

Risks and concerns

Loss or reduction in revenue from key clients could adversely impact business: A substantial portion of its operating revenue is derived from a top ten clients. The company’s top 10 customers contributed 45.36%, 49.34%, and 37.38% of its revenue from operations for Fiscal 2026, Fiscal 2025, and Fiscal 2024, respectively. Furthermore, its reliance on any individual client for a significant portion of its revenues may give that client a certain degree of leverage when negotiating pricing and the other terms and conditions of the agreement(s) between the company and that client. The loss of any of its top clients for Fiscal 2026, or a significant decrease in the revenue it receives from them, could have a material adverse effect on its business, financial condition, results of operations and cash flows.

Significant portion of assets pledged in favour of lenders: A substantial portion of its assets are hypothecated or mortgaged in favour of lenders as security for some of its borrowings. As at March 31, 2026, 2025 and 2024, the total value of its hypothecated current assets as a percentage of its total current assets was 96.72%, 88.96% and 84.84%, respectively, and the total value of its mortgaged property, plant and equipment as a percentage of its total property, plant and equipment was 18.89%, 27.05% and 56.62%, respectively. Its lenders may enforce the security in the event of its failure to service its debt obligations, which could adversely affect its business, financial condition, results of operations and cash flows.

Reliance on government contracts and projects: The company has earned revenue from government and quasi-government clients and private sector clients that assist in the execution of government IT projects. Its revenue, directly or indirectly, from government entities and government projects represented 27.37%, 29.52%, and 34.04% of its revenue from operations for Fiscals 2026, 2025 and 2024, respectively. Any changes in government policies or budgetary allocations or its ability to satisfy eligibility and selection criteria in relation to outsourcing of services may adversely affect its business, financial condition, results of operations and cash flows.

Significant dependence on single UAE-based client: Its revenue from its top client in Fiscal 2026, a UAE company, represented 15.93% of its revenue from operations. The war between Israel and the United States on the one hand and Iran on the other has had a material adverse effect on the UAE’s economy. If the war was to continue, it could continue to have a material adverse effect on the UAE’s economy and thereby adversely affect the business, financial condition, results of operations and cash flows of its top client for Fiscal 2026. A material decreases in the revenue it earns from this client would have a material adverse effect on its business, financial condition, results of operations and cash flows.

Outlook

ESDS Software Solution is engaged in providing IT enabled services (Infrastructure as a service, software as a service and managed services) and supply of IT enabled products closely connected with the rendering of the IT enabled services. In addition to its standalone operations, the company conducts certain business activities through its subsidiaries, which support its domestic and international expansion strategy. On the concern side, it derived 43.88%, 56.36% and 49.59% of its revenue from operations for Fiscals 2026, 2025 and 2024, respectively, from Infrastructure as a Service (IaaS). If there is any decline in demand for IaaS or it is unable to maintain its existing market share in this sector, it could have a material adverse effect on its business, financial condition, results of operations and cash flows.

The issue has been offering 1,76,47,058 shares in a price band of Rs 408-429 per equity share. The aggregate size of the offer is around Rs 720.00 crore to Rs 757.06 crore based on lower and upper price band respectively. Minimum application is to be made for 34 shares and in multiples thereon, thereafter. On performance front, its total income increased by 27.62% from Rs 3,766.41 million in Fiscal 2025 to Rs 4,806.52 million in Fiscal 2026. Its profit for the year increased by 117.26% from Rs 556.12 million in Fiscal 2025 to Rs 1,208.23 million in Fiscal 2026.

Meanwhile, it plans to increase such technical collaboration with third parties, including collaborations that allow it to offer complete digital transformation solutions to customers. Additionally, it aims to enhance its ecosystem by expanding its strategic alliances with companies with expertise in robotic process automation, business intelligence, AI/ML and the internet of thing. In addition, it is planning to open two new data centres: one in Kolkata, West Bengal, which it expects to be operational in the third quarter of Fiscal 2027; and one in Sahibabad, Uttar Pradesh, which it expects to be operational in the first quarter of Fiscal 2028.

Complete Sports and Management India

• Complete Sports and Management India is coming out with an initial public offering (IPO) of 55,50,000 shares in a price band of Rs 128 - 135 per equity share.
• The issue will open for subscription on August 28, 2026 and will close on September 01, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 12.80 times of its face value on the lower side and 13.50 times on the higher side.
• Book running lead manager to the issue is Smart Horizon Capital Advisors.
• Compliance officer for the issue is Manali Jain.

Profile of the company

Complete Sports and Management India is engaged in the business of sourcing, trading and distribution of a diversified portfolio of amusement and leisure equipment. It also provides installation, commissioning, maintenance and related advisory and consulting services. It operates across the amusement, entertainment and leisure infrastructure value chain and provides solutions to customers for the development and operation of entertainment destinations. 

It procures amusement and entertainment equipment from domestic and international manufacturers and suppliers for distribution and installation in India and overseas. Its customer base includes family entertainment centres (FECs), clubs, hotels, resorts, corporate clients and residential developments. Its product portfolio comprises bowling solutions, arcade games, soft play areas and indoor play structures, trampoline parks, laser tag systems, bumper cars, go-karting systems, debit card and cashless gaming systems, as well as related spares, consumables and accessories. It also provides customised amusement and entertainment solutions based on the specific requirements of its customers, including considerations relating to available space, budget, operational requirements and target demographics. 

The company is the authorised distributor of Brunswick Bowling products LLC in India, Singapore, Malaysia and Indonesia. It entered into a distributorship agreement with Brunswick Bowling & Billiards Corporation for the territory of India on January 1, 2010, pursuant to which it was appointed as its authorised distributor in India. Subsequently, on August 28, 2025, its distributorship was expanded to include the territories of Singapore, Malaysia and Indonesia, further strengthening its presence across South and Southeast Asia. Through this strategic association with Brunswick Bowling products LLC, it provides comprehensive bowling solutions, including design and layout consultation, supply, installation, commissioning, lane servicing, preventive and corrective maintenance, scoring systems integration, spare parts management and technical support for both traditional and duckpin bowling formats. Its bowling solutions cater to a diverse customer base, including bowling centres, family entertainment centres, clubs, hotels, shopping malls and integrated leisure and entertainment destinations.

Proceed is being used for:

• Funding the capital expenditure requirements of the company towards the purchase of gaming equipment and other capital equipment, including computers, printers and software, equipment and tools, and CCTV and safety equipment, for its existing warehouse located at Bhiwandi, Maharashtra.
• Funding the capital expenditure requirements of the company towards the setting up of the ‘Duckpin - The Bowling Bistro’ entertainment centre in Mumbai, Maharashtra.
• Repayment and/or prepayment, in full or in part, of certain outstanding borrowings availed by the company from banks and financial institutions.
• Meeting general corporate purposes.

Industry overview

Indoor Amusement Centers (IACs) are organized, indoor leisure and entertainment facilities designed to offer a wide range of recreational experiences within a controlled and weather-independent environment. Typically located within shopping malls, mixed-use developments, or standalone urban facilities, IACs cater to diverse age groups, including children, teenagers, families, and young adults. Their core objective is to provide safe, immersive, and repeat-visit entertainment, making them an important component of modern urban leisure infrastructure. From a services perspective, Indoor Amusement Centers provide paid entertainment access through multiple formats, such as time-based play passes, pay-per-use rides, memberships, and group packages. Services often extend beyond pure play to include birthday party hosting, school and corporate group bookings, curated food and beverage offerings, and retail or redemption counters. Increasingly, IACs also integrate technology-enabled experiences such as virtual reality (VR), augmented reality (AR), interactive gaming, and digital ticketing systems to enhance customer engagement and operational efficiency. 

The Indian indoor amusement center market has transitioned from a niche entertainment segment to a more organized and scalable leisure industry over recent years. The sector has benefited from increasing formalization of entertainment formats, improved safety and quality standards, and greater participation from organized operators and real estate developers. Indoor amusement centers are increasingly positioned as professionally managed leisure assets with standardized offerings, clearer monetization models, and growing acceptance across urban consumer segments, supporting steady and sustained market expansion. 

The market size increased from Rs 34.8 billion in FY 2021 to Rs 50.9 billion in FY 2025, registering a CAGR of 10.0% over the period. Year-on-year growth remained consistent, with the market expanding to Rs 37.9 billion in FY 2022, Rs 41.3 billion in FY 2023, and Rs 45.0 billion in FY 2024, reflecting a gradual recovery and scale-up phase. The steady progression in market value indicates improving capacity utilization, higher revenue realization per center, and increased rollout of new formats, rather than short-term or volatile growth patterns. The market is projected to grow from Rs 50.9 billion in FY 2025 to Rs 93.7 billion by FY 2030, implying a CAGR of 13.0% over FY 2025-30. Annual market additions are expected to accelerate in absolute terms-from Rs 6.6 billion between FY 2025 and FY 2026 to nearly Rs 10.8 billion between FY 2029 and FY 2030-indicating increasing scale and momentum as the industry matures.

Pros and strengths

Exclusive distributorship for Brunswick Bowling products in India: It is an authorised distributor of Brunswick Bowling Products LLC in India, Singapore, Malaysia and Indonesia. It entered into a distributorship agreement with Brunswick Bowling Products LLC on January 1, 2010, pursuant to which it was appointed as its authorised distributor for India. Subsequently, on August 28, 2025, the scope of its distributorship was expanded to include Singapore, Malaysia and Indonesia. This expansion has enabled it to extend its distribution and project execution capabilities across additional markets in South and Southeast Asia. Through its association with Brunswick Bowling Products LLC, it provides comprehensive bowling solutions covering design and layout consultation, equipment supply, installation, commissioning, lane servicing, preventive and corrective maintenance, scoring systems integration, spare parts management and technical support for both traditional and duckpin bowling formats.

Comprehensive end-to-end amusement and entertainment solutions platform: It operates as an integrated provider of amusement and leisure solutions, with capabilities spanning multiple stages of an entertainment project, including sourcing, distribution, installation, testing and commissioning, operations management, maintenance and advisory and consulting services. Its business is principally organised across two verticals: i) distribution, supply and installation of amusement and entertainment solutions; and ii) consultancy and management services. Under its distribution, supply and installation vertical, it sources and distributes a diversified portfolio of amusement and entertainment equipment to a range of customers, including club houses, corporate clients, family entertainment centres (FECs), hotels, residential complexes and resorts. Under its consultancy and management services vertical, it provides advisory and consulting services and undertakes management contracts relating to the establishment and operation of entertainment facilities.

Experience across diverse leisure and hospitality segments: It has developed experience in catering to customers across a diversified range of segments within the leisure and hospitality industry, including club houses, corporate clients, family entertainment centres, hotels, residential complexes and resorts. Its experience across these segments has enabled it to develop an understanding of varying customer requirements, operating environments, space configurations, customer profiles and project-specific considerations, which supports its ability to provide solutions aligned with the requirements of different customer segments.

Risks and concerns

Significant revenue derives from Brunswick bowling equipment: It is the exclusive distributor of Brunswick bowling product LLC in certain jurisdictions, and revenues generated from Brunswick bowling equipment accounted for 50.21%, 34.42% and 50.67% of its revenue from operations for the Fiscal 2026, Fiscal 2025 and Fiscal 2024 respectively. Any loss of exclusivity, deterioration in its relationship with Brunswick, or disruption in the supply of Brunswick products could materially and adversely affect its business, financial condition, results of operations and cash flows.

Business substantially dependent on demand from family entertainment centres: Its business is substantially dependent on demand from family entertainment centres, which accounted for 87.47%, 73.77% and 78.70% of its revenue from operations for the Fiscal 2026, Fiscal 2025 and Fiscal 2024 respectively, and on its ability to maintain long-term relationships with customers in its key end-user segments. Any adverse developments affecting such customer segments or relationships could materially and adversely affect its business, financial condition, results of operations and cash flows.

Complete Sports and Management India is engaged in the business of trading of amusement equipment and services regarding installation, testing & commissioning, operations & maintenance, consulting and technical support. It has established and maintained business relationships with several internationally recognized manufacturers and suppliers of amusement and entertainment equipment, including Brunswick Bowling Products LLC, Baohui, Coastal Amusements Inc., Elaut NV, Intercard Inc., Komuse America Inc., Bandai Namco and Sega. These relationships enable it to access a diversified range of amusement and entertainment equipment sourced from manufacturers across multiple jurisdictions. On the concern side, a substantial portion of its revenue from operations is geographically concentrated in Maharashtra, Karnataka and Telangana, which collectively contributed 78.57%, 60.95% and 55.44% of its revenue from operations for the Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. It also derives a portion of its revenue from export sales to a limited number of international jurisdictions. Any adverse developments affecting these geographies could materially and adversely affect its business, financial condition, results of operations and cash flows.

The company is coming out with a maiden IPO of 55,50,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 128-135 per equity share. The aggregate size of the offer is around Rs 71.04 crore to Rs 74.93 crore based on lower and upper price band respectively. On performance front, revenue from operations increased 2.91% from Rs 11,034.57 lakh in Fiscal 2025 to Rs 11,356.02 lakh in Fiscal 2026. Profit after tax increased 57.35% from Rs 1,140.94 lakh in Fiscal 2025 to Rs 1,795.32 lakh in Fiscal 2026.

Meanwhile, it has historically been engaged in the distribution, installation, commissioning, maintenance and consultancy of amusement and gaming equipment. As part of its long-term growth strategy and with a view to increasing its participation across the amusement equipment value chain, it proposes to commence the assembly and integration of amusement games at its existing warehouse facility located at E-8, Gala No. 19 & 20, Bhiwandi, Maharashtra. Going forward, strengthening its core distribution and consulting capabilities is a key component of its growth strategy. It intends to deepen its relationships with existing customers and selectively expand the range of products and services offered to them. By leveraging its experience in the amusement and leisure industry, operational capabilities and consulting expertise, it seeks to provide solutions across various stages of the lifecycle of entertainment and leisure facilities, including equipment selection, facility planning, installation, commissioning, operational support and maintenance, as applicable to the requirements of individual projects.

Samvardhana Motherson International has submitted with the Stock Exchange disclosure regarding commencement of Commercial Production at the new manufacturing facility of subsidiary, namely, Motherson Electro Components Limited.

The above information is a part of company’s filings submitted to BSE.