ENS Enterprises IPO

The global IT market is projected to grow from US$9.61 trillion in 2025 to US$13.18 trillion by 2029, at a CAGR of 8.2%. 

The global IT Services market is expected to reach US$1.51 trillion in 2025 and grow to US$1.88 trillion by 2029. IT Outsourcing is projected to account for US$591.24 billion in 2025. 

The US, UK and Canada are expected to remain important IT services markets, with projected 2025 revenues of US$563.94 billion, US$113.46 billion and US$30.46 billion, respectively. 

India’s IT and BPM sector accounted for around 7.5% of GDP in FY23, with the industry expected to reach US$350 billion by 2026. IT exports remain a major contributor, supported by demand from the US and UK. 

India’s public cloud services market is projected to reach US$17.8 billion by 2027, supported by increasing adoption of cloud computing, data analytics and digital technologies. 

The Indian data annotation market is projected to grow from US$250 million in FY20 to US$7 billion by 2030, reflecting rising demand for AI-related services. 

The global IT consulting services market is projected to grow at a CAGR of 6.5% from 2023 to 2032, driven by digital transformation, cloud adoption, IoT, data analytics, and cybersecurity requirements. 

Government initiatives such as the IndiaAI Mission, Digital India Programme and IT Hardware PLI Scheme 2.0 are supporting the development of India’s digital and technology ecosystem. 

IT service providers continue to face risks from rapid technological changes, talent shortages, intense competition, clients developing in-house capabilities and geopolitical or economic uncertainties. 

EEL is an empanelled Technology Service Provider (TSP) under the Government of India’s Open Network for Digital Commerce (ONDC), supporting brands with digital commerce integrations.  

The company has completed more than 4,200 projects for over 3,100 clients across 12 countries, covering e-commerce, software development, and digital solutions.  

EEL serves enterprise clients across sectors such as FMCG, telecommunications and retail, along with government-backed digital initiatives.  

The company combines project-based income with recurring revenue from SaaS subscriptions, maintenance contracts, and digital marketing retainers.  

EEL has a workforce of more than 140 professionals and focuses on technologies such as AI/ML, Generative AI, IoT, blockchain, and cloud computing.  

Growing adoption of digital platforms by small and medium-sized businesses, supported by initiatives such as ONDC and Digital India, could create opportunities for EEL’s digital services.  

The company can expand its presence in markets such as the US, UK, MENA, and Southeast Asia through international business development and partnerships.  

Expansion of proprietary SaaS and PaaS products could help EEL increase its recurring software revenue.  

Participation in government-led e-commerce and digital transformation initiatives could provide opportunities to secure larger projects.  

Partnerships with payment gateways, logistics providers and ERP companies could help EEL offer integrated digital solutions and expand its client base. 

The top 10 customers contributed 69.17% of operating revenue in FY26, compared with 60.12% in FY25 and 87.09% in FY24.  

EEL does not have long-term or exclusive contracts with its customers. Loss of major clients, order cancellations, or lower order volumes could affect revenue and operations.  

International revenue accounted for 11.05% of FY26 revenue. The company is exposed to foreign exchange fluctuations as well as overseas tax, legal and regulatory requirements.  

EEL reported negative net cash flow from operating activities of ₹11.00 crore in FY26. Continued negative cash flows could affect liquidity and business expansion. 

Trade receivables increased to ₹171.08 crore in FY26 from ₹111.62 crore in FY25 and ₹20.20 crore in FY24. Delays in collecting payments could put pressure on cash flows.  

The company had secured borrowings of ₹3.97 crore as of March 31, 2026, backed by charges on movable assets and personal guarantees from promoters.  

EEL has reported delays in filing various statutory forms with the Registrar of Companies, which could result in penalties or regulatory action.  

The company has GST and direct tax disputes involving an aggregate disputed demand of ₹8.62 crore.  

EEL has had delays in depositing statutory dues, including Income Tax, GST, Provident Fund, ESIC, and Professional Tax. Outstanding TDS payable stood at ₹6.35 crore as of March 31, 2026.  

EEL does not currently hold a registered trademark in its name. Its trademark application is pending, which may limit protection of its brand identity.  

Software defects, cybersecurity incidents, server outages or failures involving third-party cloud and data centre providers could disrupt service delivery.  

The IT services business depends heavily on skilled employees. High attrition could increase hiring and training costs and affect project delivery.  

EEL operates from a leased office in Noida. Non-renewal or higher rental costs could result in relocation expenses and operational disruption.  

Geopolitical conflicts, public health emergencies, and economic disruptions could affect client budgets and demand for IT services.  

As this is EEL’s first public issue, there is no assurance of an active or sustained trading market for its shares after listing on the BSE SME platform. 

ENS Enterprises IPO DRHP 

ENS Enterprises IPO RHP 

Corporate Makers Capital Limited 

Contact Number: 011-42390700 

Email Address: cs@abhipra.com