1. At a Glance
Ladies and gentlemen, presenting the Ludhiana-based code factory that’s moonlighting as a cash generator —Logiciel Solutions Ltd.With an IPO size of ₹39.9 crore, this tech upstart has decided to jump straight from coding software to coding wealth. The issue is priced between ₹183 and ₹193 per share, making it one of those SME tech stories where the only “bug” investors fear is the market mood itself.
Market cap? ₹144 crore. PAT margin? 26.19%. EBITDA margin? A juicy 38.95%. And yes, zero debt — because apparently, Logiciel’s balance sheet doesn’t believe in EMIs.
From ₹1.34 crore profit in FY23 to ₹5.47 crore in FY25, this startup turned scale-up seems to be bootstrapping like a seasoned capitalist. Subscription opened on November 28, 2025, and as of Day 1, retail investors were already flexing — 1.65x subscribed while QIBs were still pretending to “analyze” it.
If this pace continues, Logiciel might just do what half of India’s SaaS startups couldn’t — make real profitsandgo public.
2. Introduction
In the land where software engineers dream of Silicon Valley exits but end up debugging government portals,Logiciel Solutionsarrives with a clean codebase and cleaner financials. Founded in July 2011, the company began as an offshore development partner for startups, but now it’s turning into a tech consultancy with enough swagger to raise ₹39.9 crore from the public.
Logiciel’s playbook? Build digital products for global clients in AI, cloud, and UI/UX — basically, all the buzzwords that make VCs nod violently in agreement. But here’s the twist: unlike half the “AI companies” who are still figuring out what AI means, Logiciel actually builds working software.
The promoters — Umesh Sharma, Ajay Sharma, Prem Lal Sharma, and Lateesh Sharma — are the real Sharmaji ka Beta quartet, now coding their way to Dalal Street. Pre-IPO, they held a cool 82.78% stake; post-IPO, they’ll still command 59%, which means they’re confident enough to stay onboard even after the listing pop.
If Ludhiana is known for wool, Logiciel might soon make it famous for cloud too.
3. Business Model – WTF Do They Even Do?
Alright, so what does Logiciel actually do besides sounding fancy in investor decks?
They are your outsourced tech brain — the “partner” who writes the code while startups raise the money. Their services include:
- Custom Software Development– You dream it, they code it.
- Cloud & Infrastructure– Because your AWS bill isn’t scary enough.
- Big Data & Analytics– Turning your customer clicks into graphs nobody reads.
- UI/UX Design– Making apps look pretty while the backend screams.
- Software Testing & QA– The necessary evil.
- AI/ML Services– Because every PPT must mention “Machine Learning”.
- MVP Development– For startups who want to show investors “something” before running out of cash.
- Mobile App Development– The bread and butter.
Their clientele spans industries — from home improvement to retail, marketing tech, and energy — basically, wherever a digital transformation PowerPoint exists, Logiciel has a foot in.
And yes, with just 107 employees, they’re doing what 1,000 people firms brag about on LinkedIn. Efficiency level: Thanos with a keyboard.
4. Financials Overview
Let’s see the numbers — the real script behind the software.
| Metric | Latest Period (Sep 2025) | FY25 | FY24 | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue (₹ Cr) | 12.83 | 21.20 | 17.10 | 24% | — |
| EBITDA (₹ Cr) | 5.03 | 8.14 | 6.16 | 32% | — |
| PAT (₹ Cr) | 3.56 | 5.47 | 3.97 | 38% | — |
| EPS (₹) | 9.52 (Post-issue) | 9.48 (Pre) | 7.3 (est.) | 30% | — |
Commentary:Logiciel isn’t just growing, it’s compounding faster than your Netflix watchlist. The PAT jumped 38%, which in startup land is basically a miracle. The EBITDA margin of 39% screams “we know how to price
code right”.
Annualized EPS at ₹9.5 on a ₹193 issue price gives aP/E of ~20x, which is aggressive for SME, but fair for tech with this growth.
5. Valuation Discussion – Fair Value Range (Educational Purpose Only)
Let’s decode the valuation three ways:
(A) P/E Method:
- EPS (Post issue): ₹9.52
- Peer P/E (SME IT avg): ~18–24x
- Fair Value Range = ₹171 – ₹229
(B) EV/EBITDA Method:
- EBITDA FY25 = ₹8.14 Cr
- Net Debt = 0
- EV = Market Cap = ₹144 Cr
- EV/EBITDA = 17.7xIf normalized to 14–18x, range = ₹114 – ₹147 Cr market cap = ₹155 – ₹200/share
(C) DCF (Simplified):Assume PAT growth 20% for 3 years, discount rate 12%, terminal growth 4%.→ Fair Value Range (Educational) = ₹175 – ₹215
Conclusion:Fair Value (educational range) =₹175 – ₹215 per share
⚠️ This fair value range is for educational purposes only and not investment advice.
6. What’s Cooking – News, Triggers, Drama
Logiciel’s RHP reads like a productivity manual. No loans, steady margins, and a fresh issue meant primarily for scaling talent and tech — not repaying some mysterious “related party advances” (a rare sight in SME land).
They’re deploying ₹15.28 crore intohuman resources and product development, which is code for “we need more engineers to survive the AI apocalypse.” Another ₹4.17 crore goes into upgrading IT infrastructure — because apparently, even software companies use old servers till they catch fire.
With India now being the world’s “IT outsourcing nursery,” Logiciel’s model of AI-driven software services could attract global SaaS players hunting for offshore partners.
However, the Dilip Davda review dropped a truth bomb: “Aggressively priced.” Translation: solid business, but not your ₹100→₹1,000 overnight meme stock.
7. Balance Sheet
| Particulars (₹ Cr) | Sep 2025 | Mar 2025 | Mar 2024 |
|---|---|---|---|
| Total Assets | 30.49 | 27.40 | 12.98 |
| Net Worth | 27.28 | 23.72 | 9.66 |
| Borrowings | — | 0.02 | 0.52 |
| Other Liabilities | 3.21 | 3.66 | 2.80 |
| Total Liabilities | 30.49 | 27.40 | 12.98 |
