NOPAPERFORMS SOLUTIONS — UDRHP Analysis
Filed with SEBI on
NoPaperForms Solutions Limited provides AI-powered vertical SaaS and embedded payments infrastructure for the education sector, anchored by its Meritto student enrolment operating system and Collexo payment engine.
Central question
Can NoPaperForms sustain high growth and expand operating margins while diversifying beyond its core Meritto platform and mitigating top-vendor cloud infrastructure concentration?
The company exhibits robust top-line expansion and debt-free operations with healthy cash conversion, but remains highly dependent on higher education institutions and core cloud vendors.
Offer structure
| Total issue size | Not disclosed |
| Fresh issue | ₹375 Cr |
| Offer for sale | — |
| Price band | Not yet announced |
Fresh Issue proceeds to fund business operations and corporate objectives, along with secondary liquidity for the selling shareholder.
Primary proceeds to be deployed towards growth initiatives, cloud infrastructure, and general corporate purposes as specified in the issue objects.
What it sells
Who pays: Educational institutions, including higher education universities, colleges, and training organisations.. What it sells: Vertical SaaS platforms including Meritto for enrolment management, Collexo for embedded payments, and the Mio AI engagement layer.. How it delivers: Cloud-based multi-tenant software-as-a-service platforms and automated digital workflow suites.. How it earns: Dual-monetization through recurring software subscriptions and usage-based platform engagement fees..
Restated financials
| Period | Revenue | EBITDA | PAT | EPS | ROE |
|---|---|---|---|---|---|
| Fiscal 2024 | ₹70.36 Cr | ₹0.04 Cr | 0 | ||
| Fiscal 2025 | ₹92.34 Cr | ₹1.88 Cr | 0.09 | ||
| Fiscal 2026 | ₹115.65 Cr | ₹11.93 Cr | 0.58 |
Business model
NoPaperForms Solutions Limited operates as an AI-powered Vertical SaaS and embedded payments provider purpose-built for the education industry. The company monetizes through recurring software subscriptions and usage-based services, primarily driven by its student enrolment platform (Meritto), embedded payments engine (Collexo), and artificial intelligence layer (Mio AI).
- Meritto constitutes the predominant share of revenue from operations across the reported periods. (93.46%, Fiscal 2026) — Highlights revenue concentration in the core enrolment operating system. [1]
- The company monetizes through both software subscriptions and usage-based pricing models across enterprise, growth, and SMB clients. (Fiscal 2026) — Demonstrates operating leverage and pricing flexibility across institutional client tiers. [1]
- Higher education institutions generate the majority of service revenue. (77.34%, Fiscal 2026) — Reflects sector-specific customer concentration within tertiary education providers. [1]
Open questions: What is the breakdown between recurring fixed SaaS subscription fees and variable usage-based fees in the Meritto and Collexo product lines?
Growth thesis
Growth drivers center on expanding domestic educational customer penetration, accelerating international expansion (Middle East and Southeast Asia), and cross-selling the newly commercialized Mio AI and embedded payment cards (Pixi).
- Mio AI Voice usage grew rapidly following its December 2025 launch. (13.16 million calls, Three months ended June 30, 2026) — Demonstrates rapid institutional uptake of Agentic AI solutions. [1]
Open questions: What is the targeted timeline and revenue contribution expected from Mio AI Voice and Mio AI Coach in FY27?
Offer & ownership
The initial public offering comprises a Fresh Issue of up to ₹3,750.00 million and an Offer for Sale of up to 38,422,392 Equity Shares by Startup Investments (Holding) Limited (SIHL). Promoter Naveen Goyal holds a 30.19% fully diluted pre-offer equity stake.
- The Offer structure consists of a Fresh Issue aggregating up to ₹3,750.00 million and an OFS by SIHL. (₹3,750.00 million Fresh Issue / 38,422,392 OFS shares, Offer Details) — Establishes primary capital infusion into the issuer versus secondary divestment by the selling shareholder. [1]
- Promoter Naveen Goyal holds 64,999,870 Equity Shares prior to the offer. (30.19%, As of UDRHP-I date) — Identifies the core promoter equity holding on a fully diluted basis. [1]
Open questions: What is the final price band, aggregate issue size, and total post-issue diluted equity share count?
Financials
NoPaperForms has scaled revenue from operations from ₹703.59 million in FY24 to ₹1,156.48 million in FY26, with FY26 restated profit reaching ₹119.33 million. The company is net debt-free with zero borrowings as of June 30, 2026.
- Revenue from operations expanded at a solid trajectory over FY24-FY26. (₹1,156.48 million, Fiscal 2026) — Reflects continuous historical top-line expansion. [1]
- Restated profit for the year rose significantly in Fiscal 2026. (₹119.33 million, Fiscal 2026) — Demonstrates operating leverage and net profitability gains. [1]
- The company has zero outstanding borrowings as of June 30, 2026. (₹0.00 million, As at June 30, 2026) — Indicates a debt-free balance sheet profile ahead of the public listing. [1]
- Net cash generated from operating activities stood positive across all historical periods. (₹259.25 million, Fiscal 2026) — Confirms healthy underlying cash generation supporting working capital requirements. [1]
- Total assets stood at ₹1,245.03 million as at June 30, 2026. (₹1,245.03 million, As at June 30, 2026) — Discloses the total asset base of the company as of June 30, 2026. [1]
- Total assets stood at ₹1,103.74 million as at March 31, 2026. (₹1,103.74 million, As at March 31, 2026) — Discloses the total asset base of the company as of FY26 year-end. [1]
- Total assets stood at ₹807.53 million as at March 31, 2025. (₹807.53 million, As at March 31, 2025) — Discloses the total asset base of the company as of FY25 year-end. [1]
- Total assets stood at ₹646.50 million as at March 31, 2024. (₹646.50 million, As at March 31, 2024) — Discloses the total asset base of the company as of FY24 year-end. [1]
- Total equity stood at ₹532.85 million as at June 30, 2026. (₹532.85 million, As at June 30, 2026) — Discloses the net worth / equity base of the company as of June 30, 2026. [1]
- Total equity stood at ₹463.21 million as at March 31, 2026. (₹463.21 million, As at March 31, 2026) — Discloses the net worth / equity base of the company as of FY26 year-end. [1]
- Total equity stood at ₹257.44 million as at March 31, 2025. (₹257.44 million, As at March 31, 2025) — Discloses the net worth / equity base of the company as of FY25 year-end. [1]
- Total equity stood at ₹191.26 million as at March 31, 2024. (₹191.26 million, As at March 31, 2024) — Discloses the net worth / equity base of the company as of FY24 year-end. [1]
Open questions: What was the specific breakdown of deferred tax credit of ₹57.45 million in FY26 and its recurring cash-tax impact?
Moat & defensibility
The company's defensibility is supported by high customer retention, integration into core institutional workflows, and vertical software specialization in the education sector. However, high reliance on third-party cloud infrastructure and vendor concentration pose key risks to durability.
- The company relies heavily on top third-party vendors for its cloud infrastructure and Student Engagement suite. (69.61%, Fiscal 2026) — Represents a potential operational bottleneck and margin risk if vendor terms deteriorate. [1]
Open questions: What are the contractual durations and switching costs associated with shifting cloud infrastructure away from the top three vendors?
Governance
The Board comprises six Directors, including two Executive Directors and four Independent Directors, chaired by Promoter Naveen Goyal. Info Edge (India) Limited exercises significant influence and operates as a related group company.
- The Board of Directors consists of two Executive Directors and four Independent Directors. (6 Directors (4 Independent), As of UDRHP-I date) — Satisfies corporate governance independence norms under SEBI Listing Regulations. [1]
- Info Edge (India) Limited and SIHL are categorized as Group Companies exercising significant influence. (As of UDRHP-I date) — Highlights key investor relationship and strategic group affiliations. [1]
Open questions: Are there any shareholder agreement veto rights or governance covenants that terminate upon completion of the IPO?
Risks
Key business risks include high revenue concentration in Meritto, heavy dependence on the education sector, cloud hosting partner outages, and international execution headwinds.
- The business faces acute product concentration risk with Meritto contributing over 93% of revenue. (93.46%, Fiscal 2026) — Any adverse decline in Meritto's adoption or pricing directly harms operational viability. [1]
Open questions: What specific multi-region disaster recovery SLAs and redundancies have been established post the March 2026 Middle East outage?
Valuation framework
Valuation metrics are currently awaiting price inputs as the Price Band, Cap Price, and total post-issue equity share count are not disclosed in this UDRHP-I. Restated FY26 diluted EPS was ₹0.58, with a Net Asset Value per share of ₹2.15.
- Restated Diluted EPS for Fiscal 2026 is ₹0.58 per share. (₹0.58, Fiscal 2026) — Provides the historical per-share earnings baseline for valuation upon price band disclosure. [1]
- There are no listed peer entities in India or globally that are directly comparable in scale and business model. (Fiscal 2026) — Prevents direct benchmark P/E or EV/EBITDA multiple comparisons against domestic listed peers. [1]
Open questions: What will be the final Price Band and implied market capitalisation at the Cap Price when disclosed in the Red Herring Prospectus?
What the filing leaves open
- This analysis is based strictly on the provided UDRHP-I excerpt packet; the Price Band, issue pricing, and post-issue share capital remain undisclosed.
- No forward financial guidance (revenue, EBITDA, PAT, or EPS) is provided by the issuer, and no earnings estimates have been derived or assumed.