ESDS Software Solution hit the 10% upper circuit for the fifth consecutive trading session today, with the stock touching ₹1,582.70 on the NSE
The rally has taken ESDS nearly 3.7X its ₹429 IPO price within five trading sessions and pushed the stock beyond Choice Institutional Equities’ ₹1,550 target price
ESDS touched ₹1,560.35 on the BSE, where its market capitalisation rose to ₹18,289 Cr
Shares of the enterprise cloud and AI company jumped 10% to touch the upper circuit of ₹1,582.70 on the NSE. The stock opened at ₹1,520 apiece and fell to an intraday low of ₹1,330 before recovering sharply.
On the BSE, ESDS shares climbed 10% to hit the upper circuit of ₹1,560.35. The stock opened at ₹1,525 and also touched an intraday low of ₹1,330. The rally took the company’s market capitalisation to ₹18,289 Cr (about $1.9 Bn) on the exchange.
At its NSE price, ESDS is now trading 268.9% above its IPO issue price of ₹429 per share. It has also risen 109% from its NSE listing price of ₹757.
On the BSE, the stock is up 263.7% from the issue price and 109.1% from its listing price of ₹746.30.
ESDS made its stock market debut on Friday (September 4) at a premium of 76.5% on the NSE and nearly 74% on the BSE. The shares subsequently hit their 20% upper circuits at ₹908.40 on the NSE and ₹895.55 on the BSE on the listing day.
The stock has continued to hit its upper circuit in every trading session since then. After being locked at the20% upper circuit for three consecutive sessions, its circuit filter was reduced to 10%.
The latest surge has also taken ESDS above the ₹1,550 target price set by Choice Institutional Equities. At ₹1,582.70 on the NSE, the stock is now 2.1% above the brokerage’s target.
Choice recently initiated coverage on ESDS with a ‘Buy’ rating, citing the company’s $1.25 Bn AI infrastructure contract with Australia-based Sharon AI as a key growth driver.
The brokerage expects ESDS’ operating revenue to increase nearly 9.7X from ₹472 Cr in FY26 to ₹4,581 Cr by FY28, largely driven by the ramp-up of its AI infrastructure business. However, it flagged the execution of the Sharon AI contract, customer concentration, capital-intensive expansion plans, and rising competition as key risks.
ESDS’ ₹720 Cr IPO, comprising entirely a fresh issue of shares, was subscribed 135.88X during its three-day bidding period. Qualified institutional buyers led the demand, subscribing to their reserved portion 261.51X.
Ahead of the IPO, the company raised ₹216 Cr from anchor investors by allotting 50.3 Lakh shares to 19 entities at ₹429 apiece.
On the financial front, ESDS’ consolidated net profit more than doubled to ₹120.8 Cr in FY26 from ₹55.6 Cr in the previous fiscal year. Its operating revenue increased 30.7% to ₹472.2 Cr from ₹361.3 Cr in FY25.
Founded in 2005, Nashik-based ESDS provides cloud computing, data centre, managed services, and AI-led digital solutions to government and enterprise customers.