ENS Enterprises

ListedListed 21 Aug 2026BSE SMENSE: ENSCheck allotment

Current price₹ 119.95+30.38% since issue

Listing day+4.35%

Issue price: ₹ 92
Issue size: ₹ 33.14 Cr.
Min. investment: ₹ 1,10,400
Listing price: ₹ 96
Subscribed: 12.25x
Lot size: 1,200 shares
P/E: 14.89
RoNW: 62.01%
RoCE: 84.51%
PAT margin: 13.07%
EPS: ₹ 6.18
Promoter stake: 55.13%

About

ENS Enterprises Limited was started in January 2016. It is a technology company that provides digital commerce and software solutions. It is certified under ISO 27001:2022 for information security and ISO 9001:2015 for quality. Its head office is in Uttar Pradesh and it serves clients in more than 12 countries. The company offers e-commerce platforms, ONDC integrations, software and mobile app development, cloud and DevOps work, digital marketing, blockchain solutions and technology consulting. It also builds its own SaaS products which earn regular subscription income. Its business model is a mix of two things. One part is project work billed as per the job, and the other part is recurring income from SaaS subscriptions and support contracts, which gives more predictable cash flow. The company has been empanelled as a Technology Service Provider for the Government of India ONDC programme since 2022. It also spends on research in areas such as AI and machine learning, generative AI, predictive analytics, IoT, blockchain and cloud architecture. As on 30 June 2026 it had 100 employees, of which 92 were in engineering and technology.

Timeline

Opens
14 Aug
done
Closes
18 Aug
done
Allotment
19 Aug
done
Refunds
20 Aug
done
Demat credit
20 Aug
done
Listing
21 Aug
done

Grey market premium (GMP)

GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Highest: ₹ 5 on 20 Aug 2026
Lowest: ₹ 4 on 18 Aug 2026
First quoted: ₹ 4 on 18 Aug 2026

Subscription

How many times each investor group bid for its share, as of 26 Aug 2026, 08:58 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type

Retail (Min)	1	1,200	₹ 1,10,400
Retail (Max)	1	1,200	₹ 1,10,400
HNI (Min)	2	2,400	₹ 2,20,800

Company overview

Financials

Financials by year

Assets	32.46	20.24	3.35
Total Income	51.77	28.62	10.12
Profit After Tax	8.4	3.7	0.9
EBITDA	11.71	5.48	1.38
NET Worth	18.44	10.04	1.9
Reserves and Surplus	8.45	7.33	1.87
Total Borrowing	3.97	—	—

Strengths

Sales have grown very fast, from Rs 10.12 crore in FY2024 to Rs 28.62 crore in FY2025 and Rs 51.77 crore in FY2026.
Profit after tax grew from Rs 0.90 crore in FY2024 to Rs 3.70 crore in FY2025 and Rs 8.40 crore in FY2026.
The company carries very little debt. Total borrowing was Rs 3.97 crore against a net worth of Rs 18.44 crore as on 31 March 2026.
EBITDA improved from Rs 1.38 crore in FY2024 to Rs 11.71 crore in FY2026.
It is an empanelled Technology Service Provider for the Government of India ONDC programme, which is a recognised position in a growing area.
The SaaS and support part of the business gives recurring income, which is steadier than one time project work.
It serves clients in more than 12 countries, so it is not dependent on the Indian market alone.
The team is technology heavy, with 92 of its 100 employees working in engineering and technology.

Risks

The growth is from a very small base and is unusually fast. Income went up five times in two years, from Rs 10.12 crore to Rs 51.77 crore, and such a pace is hard to maintain.
The largest part of the issue money, Rs 17.02 crore, will be spent on hiring manpower. Salary is a recurring cost and not an asset, so this money will not create anything that can be sold later.
IT services companies of this size usually depend on a few clients. Losing one large client can affect a big share of revenue.
The company is small with only 100 employees, and in IT services people can leave for better offers, taking client knowledge with them.
A good part of the story rests on ONDC, which is still a developing government initiative, and its future volume is not certain.
Promoter holding falls from 75% to 55.13% after the issue, which is not far above the halfway mark.
The registrar for this issue is Abhipra Capital Limited, whose allotment portal is not integrated on our site, so allotment will have to be checked on the registrar website directly.
This is an SME issue. One lot is 1,200 shares, which is about Rs 1.10 lakh at the upper band of Rs 92, and SME shares usually trade in low volume after listing.

What the money is for

Objects of the issue

Investment related to enhancement, maintenance and upgrading of existing products through manpower hiring	17.02
Investment in upgradation of IT Infrastructure	6.75
Repayment of Borrowings	1.2
General Corporate Purposes	—

Promoters

Manish Kumar Srivastava
Avinash Kumar Singh
Anupam Kumar Srivastava

Promoter holding75%→55.13%before → after the issue · down 19.87 points

Registrar, lead managers and documents

Listing on: BSE SME
Face value: ₹ 10 a share
Registrar: Abhipra Capital Limited
Lead managers: Corporate Makers Capital Ltd.
Basis of allotment: Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.