CyberTech Systems And Software Ltd. Share Price

ENS Enterprises

• ENS Enterprises is coming out with an initial public offering (IPO) of 36,02,400 shares in a price band of Rs 87-92 per equity share.
• The issue will open for subscription on August 14, 2026 and will close on August 18, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 8.70 times of its face value on the lower side and 9.20 times on the higher side.
• Book running lead manager to the issue is Corporate Makers Capital.
• Compliance officer for the issue is Akhil Jain.

Profile of the company

The company is an ISO 27001:2022 & ISO 9001:2015 certified Technology Company engaged in providing end-to-end digital commerce enablement and software solutions. Established in 2016, and headquartered in Uttar Pradesh, India, the company has built a strong presence in both domestic and international markets, serving clients across 12 plus countries with the support of a team of over 140 professionals. With a vast portfolio of services, the company successfully delivered various IT projects and established itself as a trusted technology partner for a wide range of corporates, SMEs, and government-backed initiatives.

The company operates at the intersection of e-commerce, digital engineering, and cloud technologies, offering a range of solutions that cover online commerce platforms, ONDC integrations, software development, mobile applications, cloud and DevOps, and digital marketing. The company’s portfolio is designed to provide clients with end-to-end technology support- from strategy and development to deployment, growth, and ongoing maintenance. The company has also developed SaaS products, which provide recurring subscription-based revenues.

Its business model is structured to balance project-based income with recurring revenues from SaaS products (Software as a Service), subscriptions, and support retainerships. This hybrid approach ensures predictable cash flows, reduces dependence on one-time engagements, and enhances client relations through long-term service commitments. Geographically, while the majority of revenues are generated from India, the company has also made its presence internationally viz. United States, Japan, Singapore, the UK, and Canada. Moreover, it also provides consulting, development, and integration services for block chain-based solutions.

Proceed is being used for:

• Investing related to enhancement, maintenance and upgrading of existing products through manpower hiring
• Investing in upgradation of IT Infrastructure
• Repayment of borrowing
• Meeting out the general corporate purposes

Industry overview

India's Information Technology (IT) and Business Process Management (BPM) sector has emerged as a global leader, contributing significantly to the country's economy. The industry has played a crucial role in positioning India as a preferred outsourcing destination, with robust capabilities in IT services, software development, and digital transformation solutions. The IT & BPM sector has become one of the most significant growth catalysts for the Indian economy, contributing significantly to the country’s GDP and public welfare. The IT industry accounted for 7.5% of India’s GDP, as of FY23 and is projected to hit 10% by FY25.

The IT spending in India is estimated to record a double-digit growth of 11.1% in 2024, totalling $138.6 billion up from $124.7 billion last year. By 2025, the Indian software product industry is projected to hit Rs 8,68,700 crore as companies seek to expand globally. The Indian software product industry is expected to reach $100 billion by 2025. Indian companies are focusing on investing internationally to expand their global footprint and enhance their global delivery centres. The data annotation market in India stood at $250 million in FY20, of which the US market contributed 60% to the overall value. The market is expected to reach $7 billion by 2030 due to accelerated domestic demand for AI. India's IT industry is likely to hit the $350 billion mark by 2026 and contribute 10% towards the country's gross domestic product (GDP).

India is the topmost offshoring destination for IT companies across the world. Having proven its capabilities in delivering both on-shore and off-shore services to global clients, emerging technologies now offer an entire new gamut of opportunities for top IT firms in India. India’s public cloud services market grew to $3.8 billion in the first half of 2023, expected to reach $17.8 billion by 2027 By 2026, widespread cloud utilisation can provide employment opportunities to 14 million people and add $380 billion to India's GDP.

Pros and strengths

Established relationships with client base: The company benefits from a strong and diversified client base that includes leading enterprises in the FMCG, telecom, and retail sectors. It has consistently demonstrated the ability to execute large-scale, mission-critical digital commerce projects while maintaining high client retention rates. This success is driven by its proven delivery record, adherence to timelines, technological expertise, and robust post-launch support. It focuses on building long-term, multi-layered engagements with its clients, often spanning multiple departments and divisions within their organizations. Its diverse portfolio of products and services enables it to cross-sell to existing clients while also attracting new ones, supported by regular client reviews to gather feedback and explore future opportunities. Several of its client relationships have evolved from initial project-based assignments into full-scale, long-term partnerships. By combining a wide range of offerings with industry-specific knowledge, it delivers tailored solutions across business verticals and geographies.

Recognized TSP for ONDC:  As a recognized Technology Service Provider (TSP) for the Open Network for Digital Commerce (ONDC), the company benefits from an early-mover advantage in a government-backed initiative that is expected to transform India’s e-commerce landscape. This empanelment enhances the company’s credibility and provides access to large-scale opportunities, particularly in SME digitization, enterprise on-boarding, and government-linked projects. The company’s proven track record in successfully on-boarding prestigious brands demonstrates its ability to deliver largescale, mission-critical integrations on the ONDC platform. Beyond on-boarding, the company’s role extends to providing compliance support, logistics enablement, and technology advisory services, which positions it as a comprehensive partner for clients navigating the ONDC ecosystem.

Diverse digital commerce portfolio: The company offers a broad portfolio of digital commerce solutions that extend beyond conventional IT services. Its offerings include e-commerce store development, ONDC integration and compliance, SaaS (Software as a Service) products tailored for digital commerce, and digital marketing and analytics services. This comprehensive mix enables the company to serve B2B, B2C, D2C, and marketplace models, thereby reducing reliance on any single segment and widening its addressable market.

Risks and concerns

Revenue concentration risk from top 10 customers: Substantial portion of its revenues has been dependent on few customers. For the financial years ending on March 31, 2026, March 31, 2025 and March 31, 2024, its revenue from operations from its top 10 customers contributed to 69.17%, 60.12% and 87.09%, respectively. Its reliance on a limited number of customers for its business exposes it to risks, that may include, but are not limited to, reductions, delays or cancellation of orders from its significant customers, a failure to negotiate favourable terms with its key customers or the loss of these customers, all of which would have a material adverse effect on the business, financial condition, results of operations, cash flows and future prospects of the company.

Risks related to international operations and revenue concentration: The company derives a portion of its revenues from clients located in international markets, such as the Australia, Bangladesh, Canada, California, England, Cyprus, Europe, Israel, Japan, Singapore, Finland, Malaysia, United Kingdom, UAE, and USA. For the Financial year ending on March 31, 2026, March 31, 2025 and March 31, 2024, revenue from operations in these regions represented around 11.05 %, 8.98%, and 9.03% of its revenue from operations, respectively. Any adverse developments in these markets, such as increased competition, pricing pressures, regulatory changes, fluctuations in demand, or geopolitical events, could have a material impact on its business.

Reliance on third-party data centers and cloud providers: The company serves its clients from third-party data centers and cloud computing providers located around the world. Some of these facilities may be located in areas prone to natural disasters and may experience events such as earthquakes, floods, fires, severe weather events, power loss, computer or telecommunication failures, service outages or losses, and similar events. They may also be subject to break-ins, sabotage, intentional acts of vandalism and similar misconduct or cybersecurity issues, human error, terrorism, improper operation, unauthorized entry and data loss. In the event of significant physical damage to one of these data centers, it may take a significant period of time to achieve full resumption of its services, and its disaster recovery planning may not account for all eventualities. It may also incur significant costs for using alternative equipment or taking other actions in preparation for, or in reaction to, events that damage the data centers that it uses. In addition, such providers typically do not offer long-term contractual commitments, which limits its ability to secure uninterrupted services at predictable costs. Any interruption or delay in service from these facilities could impair the delivery of its products and adversely impact its business and results of operations.

Outlook

ENS Enterprises specializes in E-Commerce, Fintech, Tourism, and Media, with strategic partnerships including Google and Shopify, earning it the rank of 4 Shopify Plus Partner in Asia. Its AI-Driven solutions empower businesses with Intelligent Automation, Personalization, and Enhanced Operational Performance. As a proud Technology Service Provider for ONDC, the company offers End-to-End Digital Services rooted in Speed, Transparency, and Scale. On the concern side, it is dependent on its skills and ability to customize software products as per the demands and requirements of the customer based on latest technology. If it is not able to enhance its skills, experience and deliverables in response to evolving industry requirements, its operating results may be negatively affected.

The company is coming out with a maiden IPO of 36,02,400 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 87-92 per equity share. The aggregate size of the offer is around Rs 31.34 crore to Rs 33.14 crore based on lower and upper price band respectively. On performance front, total income increased from Rs 286158.80 thousand in year ended March 31, 2025 to Rs 517659.41 thousand in year ended March 31, 2026 with a resultant increase of 80.89% in year ended March 31, 2026. Net Profit after tax increased from Rs 37,040.15 thousand in year ended March 31, 2025 to Rs 83,980.78 thousand in year ended March 31, 2026 with a resultant increase of 126.73% in year ended March 31, 2026.

Meanwhile, the company aims to deepen and expand its client relationships by delivering integrated technology solutions that address diverse business needs. A significant portion of business growth is driven by repeat engagements from existing clients and referrals, highlighting the trust placed in its services. The company’s focus remains on long-term partnerships through consistent delivery, customer-centric support, and by expanding the scope of services offered to current clients. By leveraging domain expertise and an understanding of client operations, the company seeks to cross-sell complementary offerings such as AI-enabled personalization, cloud-based solutions, and automation tools. In addition, the company engages with clients across multiple stages of the software product lifecycle, ensuring multi-layered involvement within organizations. Strong emphasis is placed on timely execution, quality delivery, and ongoing feedback mechanisms to maintain client satisfaction and unlock new business opportunities.

Revenue reduced marginally to stand at Rs. 0.38 millions during the quarter ended June 2026. The figure stood at Rs. 0.00 millions during the year-ago period.The Net Loss for the quarter ended June 2026 is Rs. -0.58 millions as compared to Net Loss of Rs. -0.27 millions of corresponding quarter ended June 2025 Operating profit Margin for the quarter ended June 2026 further decreased to -0.56% as compared to -0.25% of corresponding quarter ended June 2025

(Rs. in Million)

	Quarter ended			Year to Date			Year ended
	202606	202506	% Var	202606	202506	% Var	202603	202503	% Var
Sales	0.38	0.00	0.00	0.38	0.00	0.00	1.92	80.16	-97.60
Other Income	0.00	0.25	0.00	0.00	0.25	0.00	1.26	0.12	950.00
PBIDT	-0.56	-0.25	124.00	-0.56	-0.25	124.00	0.85	7.27	-88.31
Interest	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
PBDT	-0.56	-0.25	124.00	-0.56	-0.25	124.00	0.85	7.88	-89.21
Depreciation	0.02	0.02	0.00	0.02	0.02	0.00	0.09	0.14	-35.71
PBT	-0.58	-0.27	114.81	-0.58	-0.27	114.81	0.76	7.74	-90.18
TAX	0.00	0.00	0.00	0.00	0.00	0.00	0.36	0.00	0.00
Deferred Tax	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
PAT	-0.58	-0.27	114.81	-0.58	-0.27	114.81	0.40	7.74	-94.83
Equity	242.04	242.04	0.00	242.04	242.04	0.00	242.04	242.04	0.00
PBIDTM(%)	-147.37	0.00	0.00	-147.37	0.00	0.00	44.27	9.07	388.13

A decrease in the sales to Rs. 0.49 millions was observed for the quarter ended June 2026. The sales stood at Rs. 0.68 millions during the similar quarter previous year.The Net Loss for the quarter ended June 2026 is Rs. -1.70 millions as compared to Net Loss of Rs. -0.40 millions of corresponding quarter ended June 2025 Operating profit Margin for the quarter ended June 2026 further decreased to -1.70% as compared to -0.40% of corresponding quarter ended June 2025

(Rs. in Million)

	Quarter ended			Year to Date			Year ended
	202606	202506	% Var	202606	202506	% Var	202603	202503	% Var
Sales	0.49	0.68	-27.94	0.49	0.68	-27.94	7.43	8.80	-15.57
Other Income	0.00	0.00	0.00	0.00	0.00	0.00	0.01	0.00	0.00
PBIDT	-1.70	-0.40	325.00	-1.70	-0.40	325.00	0.31	0.89	-65.17
Interest	0.00	0.00	0.00	0.00	0.00	0.00	0.01	0.51	-98.04
PBDT	-1.70	-0.40	325.00	-1.70	-0.40	325.00	0.30	0.38	-21.05
Depreciation	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
PBT	-1.70	-0.40	325.00	-1.70	-0.40	325.00	0.30	0.38	-21.05
TAX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Deferred Tax	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
PAT	-1.70	-0.40	325.00	-1.70	-0.40	325.00	0.30	0.38	-21.05
Equity	11.04	11.04	0.00	11.04	11.04	0.00	11.04	11.04	0.00
PBIDTM(%)	-346.94	-58.82	489.80	-346.94	-58.82	489.80	4.17	10.11	-58.75