ESDS Unlisted Shares
Last unlisted trade price · 25 Aug 2026
52W High
₹555
52W Low
₹385
Market cap
₹4,308 Cr
IPO stage
No DRHP filed
Risk level
Moderate
CIN
U72200MH2005PLC155433
Price History
52W High
₹555
52W Low
₹385
About ESDS Unlisted Shares
ESDS is a Nashik-headquartered cloud infrastructure and managed services provider running 5 data centers with roughly 8.9 MW of capacity, serving 2,516 customers with over 95% net revenue retention. FY26 revenue grew 30.7% to ₹472.2 Cr, EBITDA margin expanded to 50.8% and PAT more than doubled to ₹120.8 Cr. The company has moved into AI infrastructure through ring-fenced SPVs, anchored by a $1.95 Bn, five-year GPUaaS contract with Australia's Sharon AI going live in October 2026. Its DRHP was filed in March 2025; the RHP is yet to follow, and an Insights pillar and event note are in preparation.
Why It Trades Where It Does
As of 18th August 2026, ESDS traded at roughly 42.8x FY26 earnings and an estimated 9.6x book value at the desk price, against a return on equity of 25.1% and a net-cash balance sheet (debt-to-equity of -2.13x). Its closest listed comparable, E2E Networks, another Indian GPU-cloud operator, traded at a far steeper roughly 437x earnings as of 17th August 2026, though that multiple reflects a momentum re-rating on hyper-growth revenue rather than a stable earnings base, making it an unreliable earnings comp right now. On margin trajectory alone, ESDS's EBITDA margin expanded from 35.6% to 50.8% and PAT margin from 4.8% to 25.6% over three years, a cleaner signal of improving quality than either multiple in isolation.
Top Risks
The Sharon AI GPUaaS contract, worth $1.95 Bn over five years, is large relative to ESDS's core business; October 2026 go-live execution and GPU supply timing both carry delivery risk concentrated in a single anchor partner.
Revenue mix has shifted meaningfully year to year: BFSI customer share swung from 30.9% in FY25 to 17.5% in FY26, and government customer share declined from 34% in FY24 to 27.4% in FY26.
The DRHP was filed in March 2025 and the RHP has not followed as of this page; there is no confirmed IPO timeline, and ownership or capital structure details may have shifted since filing.
Top Opportunities
India's DPDP Act 2023 and data localisation mandates favour sovereign, India-based platforms like ESDS over global neocloud operators for government and regulated-sector AI workloads.
Margin expansion has been consistent and broad-based: EBITDA margin rose from 35.6% to 50.8% and PAT margin from 4.8% to 25.6% across FY24 to FY26, with RoCE reaching 33.7%.
A further roughly 16,000 GPUs are reportedly in final-stage discussion beyond the contracted 8,192, which would roughly triple committed AI infrastructure capacity if converted.
Disclaimer
Priveq.in is an informational platform for unlisted and pre-IPO shares, operated by Priveq Investech Private Limited (the named counterparty on platform transactions). Unlisted shares carry risks including illiquidity, valuation uncertainty, and limited regulatory disclosure. This page is informational only and does not constitute investment advice.
Company Details
Industry
Cloud Infrastructure & Data Centre Services
Founded
2005
Headquarters
Nashik, Maharashtra, India
Face Value
₹1.00
Total Shares
100427753
Regulatory Information
Corporate Identity Number (CIN)
U72200MH2005PLC155433
PAN Number
AABCE4981A
ISIN
INE0DRI01029
Depository
NSDL & CDSL
Registrar & Transfer Agent (RTA)
MUFG Intime
Key Valuation Ratios
Valuation
Market Cap
₹4,308.35 Cr
P/E Ratio
76.93×
P/S Ratio
11.93×
P/B Ratio
10.31×
EV / EBITDA
25.34×
Returns & Per Share
ROE
13.40%
EPS
₹5.58
Book Value / Share
₹41.62
Solvency
Debt / Equity
—
Interest Coverage
4.32×
Company Fundamentals
As of FY2025 Annual · updated 18 Aug 2026Gross Profit
₹361.00 Cr
EBITDA
₹170.00 Cr
Revenue Growth
25.78%
Profit Margin
15.51%
Performance Trends
4 annual periods · derived from filed statements
Revenue
₹ Cr
Net Profit
₹ Cr · losses in red
Earnings Per Share
₹ per share
Return on Equity
ROE %
Return on Capital Employed
ROCE %
EBITDA Margin
47.09%
Interest Coverage
4.32×
Financial Statements
| Line item | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Total Income | ||||
| Revenue from operationsDisclosed | 195 | 207 | 287 | 361 |
| Other incomeDisclosed | 4 | 0 | 4.6 | 15 |
| Total IncomeDerived | 199 | 207 | 291.6 | 376 |
| Expenses | ||||
| Cost of goods soldDisclosed | 0 | 0 | 0 | 0 |
| Changes in inventoriesDisclosed | 0 | 0 | 0 | 0 |
| Employee benefits expenseDisclosed | 71 | 77 | 85 | 94 |
| Finance costsDisclosed | 18 | 26 | 31.5 | 25 |
| Depreciation and amortization expenseDisclosed | 43 | 49 | 52.5 | 62 |
| Other expensesDisclosed | 66 | 83 | 100 | 112 |
| Total ExpensesDerived | 198 | 235 | 269 | 293 |
| Profit | ||||
| Profit before taxDerived | 1 | -28 | 22.6 | 83 |
| Tax expenseDisclosed | 0.5 | -5 | 8.6 | 27 |
| Profit After TaxDerived | 0.5 | -23 | 14 | 56 |
| Total Comprehensive IncomeDerived | 0.5 | -23 | 14 | 56 |
Documents Library
Access all financial reports and filings
Annual Report
ESDS's EOGM notice to increase IPO size others EOGM notice proposing to increase its IPO size from ₹600 crore to ₹750 crore
ESDS's EOGM notice to increase IPO size others EOGM notice proposing to increase its IPO size from ₹600 crore to ₹750 crore
ESDS's EOGM notice to increase IPO size others EOGM notice proposing to increase its IPO size from ₹600 crore to ₹750 crore
ESDS's EOGM notice to increase IPO size others EOGM notice proposing to increase its IPO size from ₹600 crore to ₹750 crore
ESDS Filed DRHP for IPO others Company is planning to raise up to Rs 700 crore through an IPO
ESDS Filed DRHP for IPO others Company is planning to raise up to Rs 700 crore through an IPO
ESDS Filed DRHP for IPO others Company is planning to raise up to Rs 700 crore through an IPO
ESDS Filed DRHP for IPO others Company is planning to raise up to Rs 700 crore through an IPO
ESDS Fund Raise and IPO Planning corporate_action ESDS Raising Funds at INR 225/share
ESDS Fund Raise and IPO Planning corporate_action ESDS Raising Funds at INR 225/share
ESDS Fund Raise and IPO Planning corporate_action ESDS Raising Funds at INR 225/share
ESDS Fund Raise and IPO Planning corporate_action ESDS Raising Funds at INR 225/share
ESDS Private Placement corporate_action ESDS Raised INR 76 cr at INR 164
ESDS Private Placement corporate_action ESDS Raised INR 76 cr at INR 164
ESDS Private Placement corporate_action ESDS Raised INR 76 cr at INR 164
ESDS Private Placement corporate_action ESDS Raised INR 76 cr at INR 164
Mukul Agrawal-backed ESDS Software Solution sets price band for Rs 720 crore IPO. Check key details - The Economic Times
Mukul Agrawal-backed ESDS Software Solution sets price band for Rs 720 crore IPO. Check key details The Economic Times
Our research on this company
Listed on exchange
Last unlisted trade price
₹429as of 25 Aug 2026
This company is now listed on the exchange. Shares are no longer traded through Priveq — the price shown is its last unlisted trade, for reference.
Ask us about this companyUnlisted shares are illiquid and carry higher market risks. Please read the Risk Disclosure before investing.
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About ESDS Unlisted Shares unlisted shares
Indicative · updated dailyESDS last unlisted share price
ESDS is now listed on the exchange. Its last unlisted share price was ₹429 on 25 August 2026.
ESDS Unlisted Shares — frequently asked questions
- What is the grey market price for ESDS?
No IPO is currently announced for ESDS, so no grey market exists; the price above reflects Priveq's own desk valuation.
- Has ESDS filed for an IPO, and when might it list?
ESDS has not filed a draft red herring prospectus, so no IPO is currently announced and no listing date has been set.
- How does ESDS compare to its listed peers?
There is no closely comparable listed company for ESDS in India today.
- Is ESDS on the SME or Mainboard IPO track?
ESDS has not filed a draft red herring prospectus, so no IPO track is set yet.
- What is ESDS's CIN and registered office?
ESDS's Corporate Identity Number is U72200MH2005PLC155433, registered at Nashik, Maharashtra, India.
- What is ESDS's market capitalisation?
ESDS's market capitalisation is approximately ₹4,308 crore, based on its current unlisted share price.
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Buying, selling and holding unlisted shares
Applies to every company on Priveq- How do I buy ESDS unlisted shares?
Priveq Investech Private Limited is the named counterparty on every transaction. To buy ESDS unlisted shares: complete KYC once (PAN, Aadhaar, bank details, and demat account information — SEBI-compliant, typically approved within 24 hours), then submit your order through your Priveq dashboard specifying quantity. Our team confirms price and payment details with you directly. Once payment is confirmed, ESDS shares are transferred off-market straight to your demat account, with no pooling and no middlemen.
- How do I sell ESDS unlisted shares?
Submit an Express Sell Interest for ESDS through your Priveq dashboard, specifying quantity, the same way a buy order is placed. Priveq quotes you a bid price, which may differ from the live Buy price shown to buyers, since unlisted-share pricing works on a bid-ask basis rather than a single quote. Once you accept, you'll need to provide your Client Master List (CML), a cancelled cheque or bank details, and PAN. If you hold shares with CDSL, transfer can also be completed digitally via CDSL Easiest. You transfer ESDS shares to Priveq first, and payment follows once the transfer is confirmed received, typically the same day, T+1, or occasionally T+2, communicated to you directly. For sizeable transactions worth crores of rupees, an escrow arrangement can be used instead, at the sole consent of both parties.
- What is the minimum investment for ESDS unlisted shares?
Minimum investment varies by company and is shown as the Min Investment figure on this page.
- Is there a maximum investment limit?
There's no fixed maximum investment limit for ESDS unlisted shares. For sizeable transactions worth crores of rupees, an escrow arrangement can be used at the sole consent of both parties, the same mechanism available on the sell side.
- Is buying ESDS unlisted shares legal in India?
Yes. Buying and selling unlisted shares in India is legal and is subject to relevant SEBI regulations, including the mandatory lock-in period after listing, stamp duty, and depository participant charges on each transaction. Priveq's own KYC process is built to be SEBI-compliant.
- What is the lock-in period for ESDS unlisted shares?
ESDS has not filed a DRHP yet, so no listing date or lock-in period applies at this stage. Once an IPO is filed, this answer updates to reflect the applicable SME or Mainboard lock-in.
- What happens if ESDS's IPO is delayed or withdrawn?
If an IPO is delayed, shares remain unlisted and continue to trade on the desk at Priveq's indicative price, with no lock-in in effect until an actual listing happens. If a company formally withdraws its DRHP, the same applies: shares stay unlisted, with no lock-in period until and unless a fresh IPO process begins.
- How are capital gains on ESDS unlisted shares taxed?
If you sell unlisted shares, including ESDS, within 24 months of purchase, the gain is taxed as short-term capital gain at your applicable income tax slab rate. Beyond 24 months, it is taxed as long-term capital gain at 12.5 percent, without indexation benefit, under the rules effective from 23 July 2024. If ESDS lists and you sell after listing, the applicable tax treatment shifts to listed-security rates, with the holding period still measured from your original unlisted purchase date. This is general information, not tax advice; investors should confirm their specific position with a tax advisor.
- Can NRIs invest in ESDS unlisted shares?
Yes, on a non-repatriable basis. NRIs can invest using funds from an NRO account; sale proceeds stay within India unless repatriated separately under RBI's own limits. Priveq does not currently support repatriable investment (NRE/FCNR-funded), which would require the investee company to file additional RBI paperwork as foreign direct investment.
- Does Priveq charge a platform fee on top of the share price?
No. The price quoted to you is all-in; there is no separate platform fee or brokerage added on top.
- How does Priveq determine the desk price for ESDS?
Priveq's desk price reflects several inputs together, not a single formula: the seller's ask price at the time, current demand and supply on the platform for ESDS specifically, broader sentiment in the unlisted and pre-IPO market, how ESDS's sector and listed peers are trading, the company's own recent financial performance and IPO-stage developments, and recent transaction history where deals have actually closed.
Because unlisted shares trade over the counter rather than on an exchange, this price is indicative, not a continuously live quoted market price, and the actual deal price is confirmed with you directly before a transaction closes.
- Is Priveq SEBI-registered? Does it give investment advice?
Priveq is not a SEBI-registered stock exchange and not a SEBI-registered investment adviser. Priveq Investech Private Limited operates Priveq.in as a research and information platform for unlisted and pre-IPO shares, and is the named counterparty on transactions executed through the platform. Nothing on this page is investment advice; it's information to help you evaluate a company and decide for yourself.
- Am I eligible to invest through Priveq if I'm not an HNI?
Yes. Priveq isn't a stock exchange with membership restrictions, and investing isn't limited to HNIs. Depending on the company, entry points can start as low as ₹20,000, though the minimum for any specific company is shown as the Min Investment figure on its page.
- What documents do I receive after buying unlisted shares?
You receive an email acknowledging and confirming your order, along with a deal note or invoice recording the transaction details.
- What happens to my shares or money if a deal falls through?
Because Priveq is the direct counterparty on every transaction rather than just connecting a buyer and seller, this risk sits with Priveq, not with you. If a deal falls through after you've committed funds or shares, they remain safe, and Priveq guarantees a refund.