ENS Enterprises IPO
ENS Enterprises IPO — dates, price band, GMP & allotment.
Timetable
Issue Summary
| Price Band | ₹87-92 |
| Face Value | ₹10 |
| Lot Size | 1200 Shares |
| Issue Size | ₹33.14 Cr |
| Sale Type | Fresh capital only |
| Listing On | BSE SME |
| NSE Symbol | ENS.BO |
| BSE Scrip Code | 7885 |
| Min Investment | ₹110,400 |
Reservation
What Will It Cost Me?
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 1,200 | ₹110,400 |
| Retail (Max) | 1 | 1,200 | ₹110,400 |
| HNI (Min) | 2 | 2,400 | ₹220,800 |
Strengths & Risks
Strengths
- Sales have grown very fast, from Rs 10.12 crore in FY2024 to Rs 28.62 crore in FY2025 and Rs 51.77 crore in FY2026.
- Profit after tax grew from Rs 0.90 crore in FY2024 to Rs 3.70 crore in FY2025 and Rs 8.40 crore in FY2026.
- The company carries very little debt. Total borrowing was Rs 3.97 crore against a net worth of Rs 18.44 crore as on 31 March 2026.
- EBITDA improved from Rs 1.38 crore in FY2024 to Rs 11.71 crore in FY2026.
- It is an empanelled Technology Service Provider for the Government of India ONDC programme, which is a recognised position in a growing area.
- The SaaS and support part of the business gives recurring income, which is steadier than one time project work.
- It serves clients in more than 12 countries, so it is not dependent on the Indian market alone.
- The team is technology heavy, with 92 of its 100 employees working in engineering and technology.
Risks
- The growth is from a very small base and is unusually fast. Income went up five times in two years, from Rs 10.12 crore to Rs 51.77 crore, and such a pace is hard to maintain.
- The largest part of the issue money, Rs 17.02 crore, will be spent on hiring manpower. Salary is a recurring cost and not an asset, so this money will not create anything that can be sold later.
- IT services companies of this size usually depend on a few clients. Losing one large client can affect a big share of revenue.
- The company is small with only 100 employees, and in IT services people can leave for better offers, taking client knowledge with them.
- A good part of the story rests on ONDC, which is still a developing government initiative, and its future volume is not certain.
- Promoter holding falls from 75% to 55.13% after the issue, which is not far above the halfway mark.
- The registrar for this issue is Abhipra Capital Limited, whose allotment portal is not integrated on our site, so allotment will have to be checked on the registrar website directly.
- This is an SME issue. One lot is 1,200 shares, which is about Rs 1.10 lakh at the upper band of Rs 92, and SME shares usually trade in low volume after listing.
Valuation & Key Ratios
Financials (Rs. Crore)
| Metric | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 32.46 | 20.24 | 3.35 |
| Total Income | 51.77 | 28.62 | 10.12 |
| Profit After Tax | 8.40 | 3.70 | 0.90 |
| EBITDA | 11.71 | 5.48 | 1.38 |
| NET Worth | 18.44 | 10.04 | 1.90 |
| Reserves and Surplus | 8.45 | 7.33 | 1.87 |
| Total Borrowing | 3.97 |
About The Company
ENS Enterprises Limited was started in January 2016. It is a technology company that provides digital commerce and software solutions. It is certified under ISO 27001:2022 for information security and ISO 9001:2015 for quality. Its head office is in Uttar Pradesh and it serves clients in more than 12 countries.
The company offers e-commerce platforms, ONDC integrations, software and mobile app development, cloud and DevOps work, digital marketing, blockchain solutions and technology consulting. It also builds its own SaaS products which earn regular subscription income.
Its business model is a mix of two things. One part is project work billed as per the job, and the other part is recurring income from SaaS subscriptions and support contracts, which gives more predictable cash flow. The company has been empanelled as a Technology Service Provider for the Government of India ONDC programme since 2022. It also spends on research in areas such as AI and machine learning, generative AI, predictive analytics, IoT, blockchain and cloud architecture. As on 30 June 2026 it had 100 employees, of which 92 were in engineering and technology.
Company & Registrar
Subscription By Category
| Category | Subscribed | Shares Offered | Shares Bid For |
|---|---|---|---|
| Qualified Institutional Buyers (QIB) | 9.44× | 684,000 | — |
| Non-Institutional Investors (NII) | 17.18× | 694,800 | — |
| Retail Individual Investors (RII) | 11× | 1,197,600 | — |
| Employee | 0× | 0 | — |
| Shareholder | 0× | 0 | — |
| Total | 12.25× | 2,576,400 | — |
GMP History
| Date | GMP | % Over Issue Price |
|---|
Anchor Investors
| Investor | Category | Shares Allotted | Value |
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