Excelsoft Technologies Limited is gearing up for its public debut, and the IPO has already drawn attention because of its niche positioning in the vertical SaaS EdTech market. The company provides AI-enabled learning, assessment, and digital content solutions to global clients — a space that has seen rapid adoption across corporate, academic, and certification ecosystems.
With Swastika Investmart’s in-depth research backing the IPO note, this article breaks down the business fundamentals, valuation, risks, and whether investors should apply.
Excelsoft Technologies is a global vertical SaaS company specializing in the learning, assessment, and education technology ecosystem. Their products are used by academic institutions, corporates, government bodies, and certification agencies across multiple geographies.
A recurring-revenue, SaaS-driven platform model catering to global education and training markets — with long-term sticky clients.
IPO Size: ₹500 crore
Fresh Issue: ₹180 crore
OFS: ₹320 crore
Price Band: ₹114–₹120
Market Lot: 125 shares
Face Value: ₹10
Listing: BSE, NSE
Market Cap at Upper Band: ₹1,381.01 crore
Issue Opens: 19 Nov 2025
Issue Closes: 21 Nov 2025
Listing Date26 Nov 2025
Funds will be used for:
This signals expansion capacity and infrastructure strengthening — key for SaaS scale-ups.
The company is clearly moving toward improving profitability while scaling.
EdTech, assessments, and learning automation are gaining traction globally — especially post-digital transformation.
76 clients across multiple continents.
Long-term contracts promote predictable recurring revenue.
Experienced team and mature product suite — SARAS, OpenPage, EnablED — built on agile and flexible technology.
AI-enabled proctoring, remote assessment, and digital exams are now standard for institutions and certification bodies.
This is the biggest red flag.
Any renegotiation or loss of this client can materially impact revenue.
Operating across countries brings complex regulatory exposure.
Given sensitive student data and assessment records, any cyber breach can hurt trust & revenue.
Subscription-based revenue shifts can delay recognition.
Renewal risks remain — despite repeat business.
Conclusion:
The pricing looks aggressive, considering the:
Overall Verdict: Neutral
1. What is the size of Excelsoft Technologies’ IPO?
Total size is ₹500 crore including ₹180 crore fresh issue + ₹320 crore OFS.
2. What are the key strengths of the company?
Strong global SaaS presence, long-term client relationships, AI-enabled products, and a healthy financial profile.
3. What is the biggest risk of investing in this IPO?
Excelsoft depends heavily on one client — Pearson — contributing ~59% of revenue.
4. Is the IPO fairly priced?
At P/E ~35×, it appears on the expensive side relative to risk factors.
5. What is Swastika Investmart’s view?
A Neutral rating, indicating moderate prospects and valuation concerns.
For owners and promoters of successful, growing companies, seeking private capital often feels like a complicated and crucial process. You know your firm has tremendous potential, but turning that potential into a successful partnership with a Private Equity (PE) investor demands a clear strategy, not just strong performance.
This is the central promise of a specialized Boutique Investment Bank. It involves a step-by-step approach designed to boost your company's value, manage its presentation to the market, and guarantee long-term alignment with a new investor. Our Investment Banking experts explain this proven journey, from the initial planning stages to securing the necessary funds.
Every successful private equity deal starts by clearly defining a goal. The company, guided by an Investment Bank, must decide precisely what it wants to achieve: Is it raising capital for expansion, selling a portion of the company, or planning a full merger or sale?
This clear direction is formally captured in a mandate letter. This document ensures the promoter, management, and the investment bank are fully aligned on roles, timelines, and the ideal investor profile. This upfront agreement is vital, ensuring the process is focused on the company's long-term value creation, not just a quick cash injection.
Determining your company's worth, or Valuation, is the foundation of any transaction. A skilled investment banker uses rigorous financial analysis combined with real-time market knowledge to arrive at a fair and defensible value range.
We determine the basis of valuation using several standard approaches, including:
The final valuation figure is more than just a spreadsheet result; it is also influenced by industry outlook and how well the company aligns with major investor trends, such as deep-tech or sustainability. In fact, reports confirm that India has seen significant mid-market growth investments, proving that the opportunity for well-prepared companies is strong.
Once the valuation is clear, the focus shifts to Deal Structuring. This means deciding on the best type of capital to raise—such as common shares or preferred shares—to balance the new investor’s returns with the promoter’s continued control and operational freedom. A smart structure significantly impacts the partnership's success.
With the groundwork laid, the Investment Bank begins presenting the company's compelling story to the market. This phase goes beyond simple marketing; it is a focused campaign to find the perfect strategic partner.
The main document used, often called an Information Memorandum (IM), details the business model, financial results, management team quality, and the value creation plan. This step outlines how Investor Outreach is done by finding investors who are truly the right fit.
The Investment Bank identifies and contacts a select group of potential investors, including dedicated private equity funds and family offices, who have a track record of investing in companies of the client's size and sector. Effective outreach relies on:
When a serious investor expresses interest, they issue a Term Sheet, and the process moves into the critical negotiation game in equity. While the purchase price attracts the most attention, the most defining aspects of the partnership are found in the detailed clauses covering governance and rights.
The Investment Bank acts as an essential transaction advisor here. They help the promoter navigate complex issues like board composition, special rights for the investor, how the founders are incentivized, and plans for the eventual exit. Key elements under negotiation include:
The banker’s main job is to broker a balanced agreement that protects the promoter’s long-term vision while meeting the institutional investor’s requirements for a strong return, leading to a successful, aligned partnership.
The final phase involves legally documenting the deal, turning the agreed-upon Term Sheet into a legally binding contract. This execution stage demands extreme focus on detailed paperwork and regulatory adherence.
The importance of Compliance in Equity is paramount, especially in a regulated market. Legal teams draw up final agreements, the investor completes their final due diligence and finalises the Shareholder’s Agreement (SHA)& Shareholders Share Subscription Agreement (SSA), and all required documents are filed with government & regulatory authorities and signed by involved parties to finalise and seal the deal. Accuracy is key, as small compliance errors can significantly delay the final closure.
Closing the transaction is a milestone, not an end. A good Boutique Investment Bank continues to provide advice after the deal is done, offering crucial support in areas like new board governance, investor communication, and long-term strategic planning.
Maintaining a relationship with a trusted Investment Bank ensures a company is positioned for ongoing success. It facilitates future funding rounds, supports strategic acquisitions (bolt-ons), and prepares the company for a maximum-value exit later on—a true demonstration of partnership and sustained value creation..
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We’ve entered an era where algorithms predict market moves, AI tools build personalized portfolios, and data-driven insights guide investment decisions.
Yet, at the center of this high-tech transformation lies a humble yet vital foundation the Demat Account.
A Demat (Dematerialized) Account is more than a place to hold your shares digitally it’s the gateway to AI-powered wealth creation, offering security, automation, and integration with new-age trading tools.
Let’s explore why every investor beginner or seasoned needs one in the AI-driven era of investing.
A Demat Account stores shares, ETFs, bonds, and mutual fund units in electronic form, eliminating the need for physical certificates.
It’s regulated by SEBI and maintained through depositories like NSDL (National Securities Depository Limited) and CDSL (Central Depository Services Limited).
In simpler terms, it’s your digital locker where all your investments live securely.
You can open one through SEBI-registered brokers like Zerodha, Groww, Angel One, Upstox, or Swastika Investmart, each connected to NSDL/CDSL systems.
In the past, investors tracked stock certificates manually. Today, everything from IPOs to ETFs happens digitally.
Without a Demat account, you can’t even buy or sell listed securities on Indian exchanges.
But in 2025, the importance goes beyond compliance it’s about unlocking AI-powered efficiency.
Here’s why 👇
AI systems analyze your holdings to recommend rebalancing, risk management, and tax-efficient moves all possible through your linked Demat data.
Modern trading platforms use machine learning to monitor price movements and auto-trigger stop-loss or alerts based on your Demat positions.
AI-powered brokers use predictive analytics to optimize entry/exit points, saving time and reducing emotional bias.
AI dashboards visualize your holdings in real time across stocks, mutual funds, ETFs, and bonds all synced to your Demat account.
AI algorithms track unusual transactions, flagging unauthorized access, and protecting investors under SEBI’s investor protection framework.
The integration of Artificial Intelligence with Demat systems has revolutionized how investors interact with markets.
As AI grows, your Demat account becomes the central nervous system of your financial profile, connecting multiple apps, analytics, and strategies in one ecosystem.
Even in this high-tech world, SEBI remains the ultimate safeguard.
It ensures brokers, platforms, and AI tools adhere to transparency, risk disclosure, and investor data protection norms.
Key measures include:
This ensures that technology serves investors not the other way around.
While fintech startups focus on automation, Swastika Investmart combines the best of both worlds human expertise + artificial intelligence.
Here’s why it stands out in 2025:
In short, Swastika isn’t just offering a Demat account it’s offering a secure, intelligent, and intuitive investing experience.
Let’s take Riya, a 27-year-old new investor from Pune.
She opens a Swastika Demat account, links it to an AI-driven app, and starts her first SIP in ETFs.
The AI platform analyzes her portfolio:
Her investments are safe (SEBI-regulated), accessible (24/7 dashboard), and optimized (AI-driven).
That’s the future where AI and Demat work hand-in-hand for wealth creation.
1. Why is a Demat account important in the AI era?
Because AI-driven platforms depend on Demat-linked data to analyze, automate, and execute smart investment decisions securely.
2. Can AI trade using my Demat account automatically?
Yes, through SEBI-approved APIs and eDIS authorization, AI platforms can execute trades with your consent.
3. Is my data safe in an AI-linked Demat account?
Absolutely. SEBI, NSDL, and CDSL enforce data encryption and dual-factor authentication to ensure safety.
4. Which broker offers the best AI-integrated experience?
Swastika Investmart stands out with its AI tools, transparent advisory, and regionally personalized investor support.
5. Can beginners benefit from AI-driven investing?
Yes. AI tools simplify analysis, automate risk alerts, and guide SIPs, making it easier for new investors to start smartly.
In an age where AI analyzes trillions of data points before a single trade is placed, your Demat account becomes the bridge between human intelligence and machine precision.
From real-time insights to fraud detection, it powers the next generation of smart investing.
By choosing a SEBI-regulated broker like Swastika Investmart, you combine AI innovation, research-backed strategy, and old-school trust exactly what investors need in this digital era.
Because the future of investing isn’t just about returns it’s about intelligence, safety, and evolution.
👉 Open your Demat & Trading Account with Swastika Investmart — trusted SEBI-registered broker with expert research, powerful tools, and dedicated customer support.
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If you’ve ever worn a helmet in India, chances are high it carried the Studds logo. Incorporated in 1975 and established in 1983, Studds Accessories Limited is headquartered in Faridabad, Haryana. Over the last four decades, it has transformed from a small manufacturer to India’s largest two-wheeler helmet company by revenue and the world’s largest by volume.
The company designs, manufactures, and markets helmets and two-wheeler accessories under two strong brands —
With over 9 million units annual manufacturing capacity and exports to 70+ countries, Studds stands as a global face of Indian safety gear innovation.
Studds has maintained consistent top-line growth with rising profitability. Its PAT margin improved from 6.6% in FY23 to 11.9% in FY25, reflecting strong cost efficiency and better product mix.
The company’s Return on Capital Employed (ROCE) stands at 20.25%, signaling efficient utilization of capital resources.
At the upper price band of ₹585, Studds is valued at a P/E of 33.05x based on FY25 earnings. This makes the issue fully priced, but justified considering its steady growth trajectory, brand dominance, and future expansion plans — including a new high-capacity manufacturing facility in Telangana.
Swastika Investmart’s research team has given a “Subscribe for Long-Term” rating, citing stable profitability, market leadership, and scalability potential.
India’s two-wheeler market continues to grow, driven by rising urban mobility and affordable financing. With stricter helmet safety norms and increasing awareness, demand for certified helmets is surging. Studds, already a trusted household name, is well-positioned to capitalize on this long-term shift.
Its IPO not only represents a growth opportunity for investors but also signals the maturing of India’s protective gear manufacturing ecosystem — aligning perfectly with the Make in India and Atmanirbhar Bharat initiatives.
1. What is the price band for Studds Accessories IPO?
The price band is set between ₹557 and ₹585 per share.
2. What are the IPO opening and closing dates?
It opens on October 30, 2025 and closes on November 3, 2025.
3. How is Studds financially performing?
The company reported ₹595.89 crore in revenue for FY25 with a 20% EBITDA margin and 11.9% PAT margin.
4. Is the IPO fairly priced?
At a P/E of 33.05x, it’s fully priced but supported by strong fundamentals and long-term growth potential.
5. Should investors apply for this IPO?
Swastika Investmart recommends Subscribe for Long-Term given the company’s brand strength and consistent performance.
Studds Accessories Ltd. brings a blend of brand legacy, consistent financial growth, and innovation to the Indian stock market. While valuations appear on the higher side, its leadership position and robust expansion strategy justify investor confidence.
If you’re a long-term investor seeking exposure to India’s rising safety gear and auto accessory sector, this IPO could be a solid pick.
👉 Open your Demat & Trading Account with Swastika Investmart — trusted SEBI-registered broker with expert research, powerful tools, and dedicated customer support.
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Orkla India, incorporated in 1996, is a multi-category Indian food company with a portfolio spanning breakfast, snacks, ready-to-cook mixes, beverages and desserts. Its flagship heritage brands — MTR, Eastern and Rasoi Magic — give the company strong consumer recall and distribution reach.
The IPO opens on 29 October 2025 and closes on 31 October 2025, with a price band of ₹695–₹730 and a total issue size of ₹1,667.54 crore. Listing is planned on BSE and NSE.
Orkla India’s listing is significant for two reasons. First, it brings well-known Indian heritage FMCG brands to the public markets, giving retail investors direct access to home-grown food staples. Second, the offering arrives at a time when FMCG valuations are under scrutiny — investors are weighing brand strength against growth momentum and raw-material cost pressure.
In the broader market, FMCG companies with clear growth levers and steady margin profiles tend to attract long-term investors. Orkla India has brand and distribution strength, but the IPO note flags limited revenue and profit growth over the last three years, which tempers the upside expectation.
Strengths
Key risks
The report’s Neutral rating reflects a balanced view: strong brands and wide distribution versus muted growth and valuation that looks tight relative to recent performance. The IPO may suit investors who value brand equity and steady cash flows, but those seeking aggressive growth or quick listing pops may find the risk-reward limited.
Think of Orkla India as a beloved regional restaurant chain that has mastered its recipes and built loyal customers but has only slowly expanded footprint and average spend per customer. The brand gives trust, but without faster store openings or higher per-store sales, revenue growth remains modest. The IPO offers a chance to own that brand, but returns will depend on execution — expanding penetration, new products, cost management — all points flagged in the IPO note.
Q: When is the Orkla India IPO open?
A: The IPO opens on October 29, 2025 and closes on October 31, 2025.
Q: What is the price band and issue size?
A: Price band is ₹695–₹730 per share; total issue size is ₹1,667.54 crore.
Q: Is Orkla India profitable?
A: Yes. FY25 net profit was ₹255.69 crore and EBITDA margin improved to 16.15% in FY25.
Q: What are the main risks?
A: Major risks include commodity cost volatility (raw & packaging materials), supplier dependence, and execution risks around scaling distribution.
Orkla India brings established brands and wide distribution to the IPO market. The company’s FY25 improvements in margin and steady revenue base are positives, but muted three-year growth and commodity-linked cost structure justify a cautious stance. Hence, we assign a Neutral rating.
If you want research, easy online account opening, and tech-enabled trading to act quickly on IPOs, Swastika Investmart offers SEBI-registered services, strong research tools, responsive customer support, and investor education to help you decide.
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The Indian financial landscape witnessed another major corporate development as Dhani Services and Yaari Digital Integrated Services officially merged into Indiabulls Enterprises Limited (IEL), effective October 14, 2025.
This merger is being seen as part of Indiabulls Group’s broader strategy to consolidate its diversified businesses under one umbrella — bringing digital finance, technology services, and investments together. The aim is to simplify the group’s structure, improve capital allocation, and drive long-term growth.
For a group that has seen multiple transitions — from housing finance to diversified digital ventures — this move could mark the beginning of a new growth chapter.
India’s financial ecosystem has evolved rapidly, with increasing regulatory scrutiny and technological disruption. The merger of Dhani and Yaari into Indiabulls Enterprises is not just an internal reshuffle — it signals the Group’s intent to reinvent itself.
Dhani Services Limited made a name for itself in the digital lending and healthcare space, offering consumer credit and telemedicine through its app. On the other hand, Yaari Digital Integrated Services functioned as a digital community platform, connecting users and small businesses through a tech-driven ecosystem.
Indiabulls Enterprises, the new combined entity, is expected to leverage Dhani’s financial services technology and Yaari’s digital platform to create a robust, integrated ecosystem — blending fintech, e-commerce, and enterprise solutions under one brand identity.
Following the merger announcement, investors have shown cautious optimism. While the stock movement of Indiabulls-linked entities has been modest, the consolidation signals a strategic intent to rebuild value.
Market analysts believe that Indiabulls’ move is timely, especially given the RBI’s focus on governance, capital adequacy, and simplified corporate structures in NBFCs and fintech firms. This merger positions IEL to align with these evolving regulatory standards while enhancing efficiency.
Moreover, with global and domestic investors showing renewed interest in India’s financial sector, such consolidations could help the group attract fresh capital and partnerships.
This merger also reflects a larger trend in India’s corporate world — streamlining for scale. Over the last few years, several conglomerates like Aditya Birla Capital, Tata Digital, and Reliance Retail Ventures have adopted similar consolidation models to improve efficiency and brand synergy.
For the Indian capital markets, such reorganizations are generally viewed positively, as they:
In this sense, the Dhani–Yaari–Indiabulls merger aligns perfectly with India’s shift towards simplified, tech-driven business models.
While the move brings promise, challenges remain:
Yet, if executed effectively, Indiabulls Enterprises could emerge as a leaner, more focused, and digitally strong financial enterprise.
Much like HDFC’s merger with HDFC Bank or L&T’s consolidation of its tech and finance arms, Indiabulls’ move echoes the ongoing transformation in Indian corporate strategy — where simplification drives scalability.
Such restructuring may also help the group align better with SEBI’s disclosure norms, RBI’s compliance frameworks, and investor expectations for transparency and governance.
1. What happened to Dhani Services and Yaari Digital?
Both companies were merged into Indiabulls Enterprises Limited effective October 14, 2025, as part of the group’s internal restructuring.
2. Why did Indiabulls go for this merger?
The merger aims to streamline operations, enhance efficiency, and create a unified digital and financial ecosystem under one entity.
3. Will this merger affect existing shareholders?
Shareholders of Dhani and Yaari will receive shares in Indiabulls Enterprises as per the approved swap ratio, consolidating their ownership in the merged entity.
4. What is the future outlook for Indiabulls Enterprises?
If the integration succeeds, the company could benefit from cost synergies, better governance, and renewed investor confidence.
5. How does this impact India’s financial market?
The merger signals continued consolidation in India’s financial services and fintech space — a positive sign for efficiency and compliance-driven growth.
The merger of Dhani Services and Yaari Digital into Indiabulls Enterprises marks a strategic move toward simplification, efficiency, and renewed focus. It highlights how Indian corporates are adapting to regulatory evolution and competitive fintech disruption.
As this integration unfolds, investors should watch for execution consistency, profitability metrics, and governance transparency — key factors that will define the group’s next growth phase.
For investors looking to stay ahead in India’s evolving financial market, Swastika Investmart offers SEBI-registered research insights, strong customer support, advanced tech tools, and educational resources to help you make informed investment decisions.
👉 Open your trading account today and be part of India’s financial transformation story.
India’s commodity markets just achieved a historic milestone. On 27th October 2025, the Multi Commodity Exchange of India (MCX) unveiled the country’s first-ever Commodity Index Option — the MCXBULLDEX Option.
This innovative financial instrument represents a breakthrough for traders, hedgers, and investors seeking efficient exposure to the precious metals segment. Built on a composite of Gold and Silver futures, the MCXBULLDEX Option ushers in a new era of portfolio diversification, risk management, and market depth in India’s commodity derivatives landscape.
Let’s understand why this launch is being hailed as a game-changer for India’s commodity ecosystem.
The MCXBULLDEX Option contract is a derivative product linked to the MCX BULLDEX Index—an index that tracks a blend of gold and silver futures prices.
This means traders can now take a position on the combined performance of gold and silver, rather than trading each metal separately. The contract is cash-settled, eliminating the need for physical delivery.
MCX has designed this product to simplify commodity trading, expand retail participation, and strengthen the derivatives ecosystem.
The MCXBULLDEX Option isn’t just another contract—it’s a strategic innovation with far-reaching implications for India’s financial markets. Here’s why it matters:
This is a first-of-its-kind development in India’s derivatives space. Until now, commodity options existed only on individual products like gold, silver, or crude oil.
With the MCXBULLDEX Option, traders get exposure to two major commodities through one index, making it a milestone in market sophistication.
Unlike traditional futures, which can involve physical delivery, this contract is cash-settled. This means that on expiry, differences are settled in cash—simplifying operations for traders and investors.
The option expires on the same day and time as its underlying BULLDEX Futures contract. This synchronized expiry removes devolvement complexities and ensures a seamless trading experience.
The lower premium structure and smaller contract size make the MCXBULLDEX Option an affordable entry point for retail investors.
This democratizes commodity investing, allowing even small traders to hedge against metal price fluctuations.
With portfolio-based margining, clients enjoy reduced margin requirements, improving capital efficiency.
By combining gold and silver exposure, the contract also offers built-in diversification, balancing risk between two correlated assets.
For years, Indian investors looking to hedge or speculate on metals had to manage separate gold and silver positions—doubling effort, cost, and margin requirements.
The MCXBULLDEX Option simplifies this process dramatically:
By enhancing convenience, MCX has effectively made precious metals trading more inclusive and efficient.
India’s commodity derivatives ecosystem has evolved rapidly, especially after SEBI’s regulatory reforms that unified securities and commodity markets.
The MCXBULLDEX Option aligns perfectly with SEBI’s broader vision:
This launch will likely deepen liquidity, attract foreign participants, and increase hedging volumes, making India’s commodity markets globally competitive.
Globally, index-based commodity options like the S&P GSCI or Bloomberg Commodity Index Options have long offered investors efficient diversification.
By introducing the MCXBULLDEX Option, India joins this elite group, providing domestic traders an instrument that mirrors global best practices—but customized for India’s precious metals market.
This move is also expected to pave the way for future launches of energy and agri-based index options in India.
The launch aligns with SEBI’s progressive stance toward product innovation and risk management. Over the past few years, SEBI has supported the introduction of options on futures, commodity ETFs, and now index-based options.
MCX, as the country’s leading commodity exchange, continues to play a pioneering role in:
This synergy of regulation, innovation, and technology makes India’s commodity markets more resilient and accessible than ever before.
Q1. What is the MCXBULLDEX Option contract?
A1. It’s India’s first commodity index option based on the MCX BULLDEX Index—a composite of Gold and Silver futures—launched on 27th October 2025.
Q2. How is it different from regular gold or silver options?
A2. Unlike single-commodity options, it provides exposure to both gold and silver, offering diversification and efficient hedging.
Q3. Do traders need to take physical delivery?
A3. No. The contract is cash-settled, so positions are settled monetarily upon expiry.
Q4. Who can trade the MCXBULLDEX Option?
A4. Both retail and institutional participants can trade, with lower premiums making it highly accessible.
Q5. Why is this launch significant for India’s markets?
A5. It enhances product diversity, improves hedging tools, and represents India’s entry into advanced global commodity derivatives practices.
The MCXBULLDEX Option is more than just a new product—it’s a symbol of India’s financial market maturity.
By combining innovation, accessibility, and efficiency, MCX has taken a bold step toward transforming India’s commodity derivatives landscape.
For traders and investors, this opens the door to smarter hedging, diversified exposure, and efficient capital use.
In a fast-evolving market, staying ahead with trusted insights is essential.
👉 Open your Swastika Investmart account to explore opportunities in commodities, equities, and derivatives with expert research and guidance from a SEBI-registered, tech-enabled, and investor-focused platform.
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