Mobilise App SME IPO – Review
About the Company
Mobilise App Lab Ltd., incorporated in 2012, is a technology-driven enterprise software company focused on workflow automation and digital transformation solutions. The company develops scalable cloud-based platforms across facility management, HRMS, education ERP, supply chain management, IoT and AI-driven applications. Its key products include EduPro, OpsSuite, SCMPro and HRevO, catering to organisations seeking integrated enterprise solutions. The business model is asset-light with strong operating margins supported by software licensing and implementation services. With a workforce of around 95 employees, the company aims to scale through product development, marketing expansion and infrastructure investment funded by the IPO.
Financials and Key Parameters
Company Financials (Rs. crore – Restated)
| Period Ended | 31 Dec 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 15.84 | 11.92 | 6.50 | 3.39 |
| Total Income | 13.53 | 16.24 | 12.13 | 7.12 |
| Profit After Tax | 4.01 | 4.71 | 3.10 | 1.76 |
| EBITDA | 6.40 | 6.92 | 4.38 | 2.30 |
| Net Worth | 12.06 | 8.26 | 3.58 | 2.07 |
| Reserves & Surplus | 5.06 | 6.26 | 3.58 | — |
| Total Borrowings | 0.19 | 0.11 | 0.35 | 0.06 |
Key Performance Indicators
| KPI | Dec 31, 2025 | Mar 31, 2025 |
|---|---|---|
| ROCE | 45.65% | 75.40% |
| Debt / Equity | 0.02 | 0.01 |
| RoNW | 33.27% | 57.05% |
| PAT Margin | 30.32% | 29.20% |
| EBITDA Margin | 48.34% | 42.90% |
| Price to Book Value | 1.94 | 1.94 |
Valuation (Pre / Post IPO)
| Particulars | Pre IPO | Post IPO |
|---|---|---|
| EPS (Rs.) | 262.96 | — |
| P/E (x) | 0.30 | — |
| Market Cap | Rs. 76.10 Cr | Rs. 76.10 Cr |
Peer Comparison
Mobilise App Lab operates in the SME enterprise software and ERP solutions segment where peers generally include small IT services and SaaS-based workflow automation companies. Compared with traditional IT service providers, the company shows significantly higher EBITDA margins due to a product-led model. Low debt levels and strong RoNW compare favourably with many SME tech peers, although revenue scale remains relatively small. Valuation metrics appear moderate within the SME software space, but sustainability of growth and client diversification will remain key differentiators against established IT product companies.
Plus Points
• High-margin enterprise software business with EBITDA margins above 40%.
• Very low leverage with Debt/Equity near zero.
• Strong RoNW and ROCE reflecting efficient capital utilisation.
• Product-led model with recurring digital transformation demand across sectors.
Minus Points
• Small revenue base compared to larger IT peers.
• Client concentration and deal pipeline visibility remain monitorables.
• SME liquidity risks and high volatility post listing.
• Growth dependent on continuous product innovation and marketing execution.
Industrial Scenario
India’s enterprise software and digital transformation market continues to expand rapidly driven by automation demand, cloud adoption and AI integration across industries. SMEs and mid-sized enterprises are increasingly investing in ERP and workflow platforms to improve productivity and data-driven decision-making. High-margin SaaS and platform-led models are gaining traction, though competition from established IT companies and global software providers remains intense. While structural growth prospects remain strong, smaller SME tech companies must continuously innovate and scale client acquisition to sustain growth momentum.
Chanakya IPO Review – Observation
Mobilise App Lab represents a niche enterprise software player with strong profitability ratios, low leverage and scalable digital products. IPO proceeds aimed at product development and market expansion could support future growth. However, given SME liquidity risks and execution dependency typical in small IT companies, the IPO appears suitable for investors comfortable with higher risk and technology-sector volatility rather than conservative investors seeking stability.
Quicklinks
- Market Analysis by Nagaraj Shetti
- Stock Market today by Vaishali Parekh
- Analysis by Kotak Securities
- Market Analysis by HDFC Securities
- Technical Analysis by Kotak Securities
- Technical Analysis by Samco Securities
- Reliance, Target & Stoploss
- Gold Analysis
- FII buy-Sell
- Technical Analysis
- Calls for the Day
- Currency Analysis
Disclaimer
This IPO coverage is for informational and educational purposes only. Chanakya Ni Pothi does not recommend investments based on GMP data. Investors should read the RHP carefully and consult a SEBI-registered investment advisor before investing.