1. At a Glance – SaaS in Kurta-Pyjama Mode
Excelsoft Technologies is that rare IT company which doesn’t shout on Twitter, doesn’t hire influencers, doesn’t do ESG poetry — and still quietly prints cash.
Market cap is ₹855 Cr, current price ₹74.3, down massively from the ₹143 high, meaning Mr Market has already punished it like a strict tuition teacher. Meanwhile, Q3 FY26 PAT grew 42% YoY, quarterly sales grew 30%, and 9M FY26 PAT jumped 110% YoY.
Operating margins are sitting at a juicy 28–31% range, ROCE at 16.4%, debt almost vanishing at ₹44.9 Cr, and EV/EBITDA just 7.38x — which in SaaS land is basically roadside pani-puri pricing.
And the best part?
They killed a ₹300 Cr corporate guarantee, slashed contingent liabilities from ₹472 Cr to ₹3.43 Cr, and still nobody noticed.
So the question is simple:
Is Excelsoft boring… or is it silently dangerous?
2. Introduction – The IPO Nobody Talked About
Excelsoft listed in Nov 2025 at ₹120, and within months the stock said, “IPO honeymoon over, reality check please.” Prices cooled, sentiment chilled, and suddenly nobody cared — classic Indian market behaviour.
But under the hood, Excelsoft is not a services IT bodyshop. It’s a vertical SaaS company focused on learning, assessments, digital testing, and proctoring — basically the plumbing behind exams, certifications, and digital education systems used by governments, universities, and global publishers.
While flashy edtech companies were busy burning VC money on IPL ads, Excelsoft was doing the boring
stuff:
- Building assessment engines
- Running high-volume exams
- Locking in long-term global clients
- Generating real operating cash
The result?
A company with 31% operating margins, ₹50 Cr annual operating cash flow, and no dividend drama because it’s still in reinvest mode.
Before we judge it, let’s understand what this business actually does.
3. Business Model – WTF Do They Even Do?
Excelsoft lives in a niche most investors don’t understand until UPSC results come out.
Core Segments:
Assessment & Proctoring
- SARAS e-Assessments
- EasyProctor
Used by universities, governments, defence organisations, and certification bodies.
Learning & Student Success
- SARAS LMS
- EnablED LXP
- OpenPage digital books
- CollegeSparc
- LearnActiv (K-12)
In simple terms:
If an exam happens online, is proctored, evaluated, stored, audited, and needs to not crash — Excelsoft is probably somewhere in the backend.
Clients include Pearson, AQA, universities in the US & UK, defence bodies, and governments. These are not “pay-₹999-cancel-anytime” customers. These are sticky, regulated, multi-year contracts.
That explains why:
- Margins are high
- Revenue growth is steady, not explosive
