Dove Soft IPO

SME • BSE SME • Fresh capital cum OFS

LISTEDSMEBSE SME

Dove Soft

Price band

₹104 – ₹111

Lot size

1200 shares

Min investment

₹1,33,200

Issue size

₹73.26 Cr

About the company

Dove Soft Limited was started in August 2011. It provides cloud communication services, meaning the systems businesses use to send messages to their customers at scale, across SMS, RCS, voice, WhatsApp, email and other digital channels. Its enterprise messaging covers bulk SMS, transactional and promotional SMS and one-time passwords. Its voice solutions cover automated IVR, outbound dialling and missed call alerts. It also runs high-volume email delivery and offers the WhatsApp Business API for notifications, support and marketing. Its clients are enterprises and OTT platforms across telecom, IT, travel, entertainment, media, advertising, retail, real estate, healthcare, banking and finance, automobile, e-commerce and food and beverages. Its cloud platform lets clients build and run communication applications without managing their own infrastructure.

Dove Soft Limited provides cloud communication services to enterprises and OTT platforms through bulk and transactional SMS, RCS, voice and IVR, WhatsApp Business API and email. It serves clients across telecom, IT, BFSI, retail, e-commerce, healthcare and media.

IPO details

Issue price: ₹111
Price band: ₹104 – ₹111
Face value: ₹10
Lot size: 1200
Min investment: ₹1,33,200
Issue size: ₹73.26 Cr
Sale type: Fresh capital cum OFS
Listing on: BSE SME
BSE scrip code: 8015
NSE symbol: DSL.BO

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	1,200	₹1,33,200
Retail (Max)	1	1,200	₹1,33,200
HNI (Min)	2	2,400	₹2,66,400

Investor reservation

CATEGORY	RESERVED
QIB	64,800 shares (1.03% of the Offer)
NII	30,70,800 shares (48.98% of the Offer)
Retail	31,34,400 shares (49.99% of the Offer)

Objects of the issue

1Funding working capital requirements of the Company46.00

2General Corporate Purposes

Financials

Rs. Crore • restated

METRIC	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	164.40	108.99	85.56
Total Income	274.74	188.26	119.79
Profit After Tax	23.40	16.54	10.27
EBITDA	32.78	24.13	14.77
NET Worth	70.69	58.28	29.99
Reserves and Surplus	70.18	47.04	14.80
Total Borrowing	6.29	2.49	2.54

Key performance indicators

P/E Ratio

11.56

EPS (₹)

9.60

✓ Strengths

• Sales have more than doubled in two years, from Rs 119.79 crore in FY2024 to Rs 188.26 crore in FY2025 and Rs 274.74 crore in FY2026.

• Profit has more than doubled over the same period, from Rs 10.27 crore to Rs 23.40 crore.

• The company carries very little debt, with borrowing of Rs 6.29 crore against a net worth of Rs 70.69 crore.

• The issue is priced at about 11.56 times earnings on an EPS of Rs 9.60, which is modest for this growth.

• It serves clients across many industries, so it is not dependent on one sector.

• Messaging such as OTPs and transaction alerts is essential and recurring, since businesses send it every day regardless of conditions.

• It offers several channels together, SMS, RCS, voice, WhatsApp and email, so a client can move between channels without changing provider.

⚠ Risks

• Cloud messaging is a thin margin business. The profit of Rs 23.40 crore on income of Rs 274.74 crore is about 8.5%, because most of the price goes to telecom operators.

• The company depends on telecom operators for SMS delivery and on Meta for WhatsApp. Changes in their pricing or rules directly affect its margin.

• Messaging is closely regulated through TRAI rules on commercial communication and sender registration, which change periodically.

• Competition is intense from large listed and global communication platforms, and clients switch providers on price.

• Return on equity, return on capital employed and return on net worth are not stated in the data available to us, so capital efficiency cannot be checked against peers.

• Rs 46 crore of the Rs 73.26 crore issue goes into working capital, which is high for a platform business.

• Promoter holding falls from 74.32% to 52.86%, and the promoter group includes a corporate entity. This is also a fresh issue combined with an offer for sale.

• This is an SME issue. One lot is 1,200 shares, which is about Rs 1.33 lakh at the upper band of Rs 111, and SME shares usually trade in low volume after listing.

Promoters & holding

Kurjibhai Rupareliya, Rahul Bhanushali and Sky Occean Infrastructure Ltd

Pre-issue promoter holding

74.32%

Post-issue promoter holding

52.86%

Promoters hold 74.32% before the issue and will hold 52.86% after it.

Data refreshed 07 Nov 2026, 04:41 pm IST. GMP is unofficial market sentiment, not investment advice.