Altman Z″
Needs current assets and current liabilities, EBIT.
ENS · IT - Software · INE23ER01017
Analyst mean 0.00 · 0 analysts · 0% bullishThis company listed within the last twelve months, so its prospectus is still the primary source. The figures below were extracted from the DRHP and RHP before listing and scored then, and they are shown here as they stand in the IPO record rather than restated.
Each flag is a fact read in the filing, shown with the context that makes it meaningful.
Stated objects, as worded in the offer document. Deployment against them is tracked separately.
Claims made in the offer document, to be read against what the company has reported since.
ENS Enterprises Limited (formerly ENS Enterprises Private Limited) was incorporated on January 07, 2016, and specializes in custom e-commerce development, fintech, tourism, and media-tech solutions. Headquartered in Noida, Uttar Pradesh, the company operates from a leased registered office admeasuring approximately 7,000 square feet with a monthly rent of ₹0.00496 crore (₹4.96 lakhs). Since it is a pure software and services delivery business, traditional factory capacities and utilization metrics are not applicable; instead, its operations are powered by a skilled team of 148 employees (including 139 in the Engineering & Technology department). Its clients span major domestic and global enterprise brands in FMCG, telecom, and public sectors. The company reaches clients directly through dedicated enterprise account managers and key channel partnerships, leveraging its status as a certified Technology Service Provider (TSP) under the government-backed Open Network for Digital Commerce (ONDC). Geographically, while most operations are situated in India, the company maintains business footprints in the United States, Japan, Singapore, the United Kingdom, and Canada.
ENS Enterprises possesses a distinct operational moat as a certified Technology Service Provider (TSP) under the Open Network for Digital Commerce (ONDC), providing it a first-mover advantage. Additionally, it has deep strategic alliances with Google and Shopify (ranking as the #4 Shopify Plus Partner in Asia), which establishes robust platform capabilities and high customer retention.
ENS Enterprises Limited is an ISO 27001:2022 & ISO 9001:2015 certified technology company engaged in providing end-to-end digital commerce, custom e-commerce, and software-as-a-service (SaaS) solutions.
Source: p. 50, 122
The comparable set the company chose, which is itself a disclosure.
| Name | Margin | Pb | Pe | Roe | Source |
|---|---|---|---|---|---|
| ASM Technologies Limited | 155.69 | 15.08 | p. 396 | ||
| InfoBeans Technologies Limited | 32.1 | 16.09 | p. 396 | ||
| Silver Touch Technologies Limited | 0.76 | 17.35 | p. 396 |
As presented in the offer document. Post-listing figures are in the statements above.
| Basis | Period | Related party revenue cr | Pat cr | Ebitda cr | Pat margin | Revenue cr | Pat margin derived |
|---|---|---|---|---|---|---|---|
| standalone | H1-FY26 (6M ended Sep 30, 2025) | 0 | 4.023 | 5.788 | 14.19% | 28.3424 | yes |
| standalone | FY25 (ended March 31, 2025) | 0 | 3.704 | 5.765 | 13.07% | 28.3333 | yes |
| standalone | FY24 (ended March 31, 2024) | 0 | 0.9032 | 1.3951 | 8.93% | 10.1092 | yes |
| standalone | FY23 (ended March 31, 2023) | 0 | 0.5557 | 0.8792 | 7.55% | 7.3554 | yes |
Written before listing, answered from the document itself.
How are the fresh issue IPO proceeds being utilized?
The fresh issue proceeds are primarily allocated to soft capital expenditures: ₹17.02 Cr for hiring additional software engineering and technology manpower to upgrade existing products, ₹6.75 Cr for upgrading IT infrastructure, and ₹1.20 Cr for the repayment of outstanding borrowings.
p. 24, 25
Who are the promoters and what is their acquisition cost?
The promoters are Mr. Manish Kumar Srivastava, Mr. Avinash Kumar Singh, and Mr. Anupam Kumar Srivastava, holding 74.91% pre-issue. Due to early subscription at face value (₹10.00) in 2016 and subsequent sequential bonus issues of 667:10 in March 2025 and 269:100 in July 2025, their average acquisition cost per share is near nominal fractional levels.
p. 43, 207-211
Are there material related party transactions or core dependencies?
Related party transactions are limited to standard executive and relative compensation. In H1-FY26, remuneration was paid to Manish Kumar Srivastava (₹0.225 Cr), Anupam Kumar Srivastava (₹0.225 Cr), Avinash Kumar Singh (₹0.1125 Cr), and relative Ruchika Kumari (₹0.1125 Cr). No core operations are outsourced to promoter-owned entities.
p. 82, 141, 432
Does operating cash flow align with reported profitability?
No. In the pre-IPO stub period (H1-FY26), despite reported standalone PAT scaling to ₹4.02 Cr, operating cash flow was deeply negative at ₹-1.69 Cr. This divergence was driven by uncollected trade receivables rising from ₹11.16 Cr in FY25 to ₹15.84 Cr in H1-FY26.
p. 56, 177, 186
What market structure parameters apply to this offer?
The offer is a 100% Fresh Issue of up to 3,602,400 equity shares listing on the BSE SME platform. Abhipra Capital Limited acts as the registrar, and Corporate Makers Capital Limited is the Book Running Lead Manager. The trading lot size and price band are to be determined.
p. 3, 25, 253
What the issue priced at, on the figures in the document.
The peer group chosen by the filing includes ASM Technologies Limited (P/E 155.69), InfoBeans Technologies Limited (P/E 32.10), and Silver Touch Technologies Limited (P/E 0.76). Silver Touch exhibits an anomalously low PE of 0.76 based on CMP of ₹13.68 and EPS of ₹17.89. Industry P/E average is printed as 78.23.
Source: p. 362, 393, 394, 396
| Date | Name | Shares | Price per share | Category | Issue type | Source |
|---|---|---|---|---|---|---|
| 2016-01-07 | Initial Subscribers (Mr. Manish Kumar Srivastava, Mr. Avinash Kumar Singh, Mr. Anupam Kumar Srivastava) | 30000 | 10 | promoter | initial | p. 43, 207, 211 |
| 2025-03-22 | Existing Shareholders (Bonus Issue 667:10 via capitalization of reserves) | 2001000 | promoter | bonus | p. 43, 208, 211 | |
| 2025-03-26 | Allottees of Rights Issue (Mr. Raman Talwar, Connect Fund) (1:3) | 676998 | 65 | other | rights | p. 43, 209, 211 |
| 2025-07-16 | Existing Shareholders (Bonus Issue 269:100 via capitalization of reserves) | 7284514 | other | bonus | p. 43, 199, 210 |
Ceo: Manish Kumar Srivastava (Whole-Time Director & CFO)
Pending GST and direct tax processed default demands against the Company totaling ₹0.3184 Cr (comprising 3 GST cases of ₹0.2541 Cr and 4 TDS default cases of ₹0.0643 Cr). Direct tax or material proceedings against Promoters and other Directors are Nil.
Auditor name: M/s. Prakash Sachin & Co., Chartered Accountants
Skin in game: 74.91%
Auditor rpt flags: None disclosed
Auditor changed last 3y: Yes
Source: p. 25, 143, 158, 202
What the numbers mean when read together — computed from the filings, not a score.
Borrowings rose 69% over 3 years, but only about -99% of the new debt shows up as productive assets — worth understanding what the rest funded.
Why this reading: Kept at caution rather than flagged: the disproportion is real but not extreme, and part of the borrowing may fund working capital or intangibles that this view doesn't capture.
New borrowing ₹125 cr against an asset build of ₹-124 cr. Some gap is normal (working capital, dividends); a persistent or widening gap is where it becomes a concern.
Free cash flow is negative — the business consumes more than it generates once capex is paid. Fine if it is deliberate growth investment; a problem if it is structural.
Why this reading: Noted with caution — worth watching, but not yet conclusive on its own. Business has ups and downs; one soft reading is not a verdict.
Latest free cash flow ₹-1,080 cr, negative in 2 of 12 years. Check whether the burn funds expansion (dark stores, plants, ports) or merely sustains operations.
Other income is 58% of pre-tax profit — a large share of the profit comes from outside the core operating business.
Why this reading: Noted with caution — worth watching, but not yet conclusive on its own. Business has ups and downs; one soft reading is not a verdict.
Trailing other income ₹2,178 cr against pre-tax profit ₹3,760 cr. High other-income dependence means the headline profit is flattered by treasury, one-offs, or non-operating items rather than the core business.
Borrowings rose 75% over two years while the company also carries ₹1 cr in investments. Why borrow at interest while parking money elsewhere is a fair question.
Why this reading: Noted with caution — worth watching, but not yet conclusive on its own. Business has ups and downs; one soft reading is not a verdict.
Borrowings moved to ₹307 cr from ₹175 cr. Simultaneous large investments can be legitimate treasury management, or a sign that reported cash is not freely available.
Both revenue and profit grew over the last year (13.2% and 33.7%) — growth is translating to the bottom line.
Why this reading: A positive signal in the numbers, shown for balance alongside the concerns.
Trailing revenue ₹18,063 cr, trailing profit ₹3,276 cr. Profit growing at least as fast as revenue indicates operating leverage or pricing power.
Net margin improved from 7.3% to 18.1% year-on-year — the business is keeping more of each rupee.
Why this reading: A positive signal in the numbers, shown for balance alongside the concerns.
Quarter net margin 18.1% vs 7.3% four quarters earlier. Expansion from operating leverage is healthy; verify it is not a one-off gain.
Every score below is calculated here from the reported numbers — none of it is asserted. Open the notebook at the foot of the section to see each formula with this company's figures in it.
Needs current assets and current liabilities, EBIT.
Needs more balance-sheet detail (only 3 of 9 signals testable).
Needs trade receivables, revenue, current assets, depreciation, other expenses, net profit.
Free cash flow negative in 2 of 12 years.
cumulative operating cash flow ÷ cumulative net profit
₹9,816 cr ÷ ₹15,909 cr, over 11 years
0.62×
Below 1.0 and persistent means profit is being recognised before the cash arrives.borrowings ÷ net worth
₹307 cr ÷ ₹13,840 cr
0.02×
Read against the sector — infrastructure carries more than software.Needs more balance-sheet detail (only 1 of 6 flags testable).
Models that need these lines are withheld rather than estimated: net worth, current assets, current liabilities, trade receivables, inventory, net block. Nothing on this page is back-solved from a figure the company did not publish.
Each framework below is a set of stated, mechanical criteria from published work, run against this company's own filed numbers. Passing or failing a screen is not a verdict — different frameworks disagree by design, and that disagreement is itself informative.
Benjamin Graham's stated criteria for a defensive stock, applied to the filed numbers. A company failing several is not disqualified — Graham designed these to be deliberately strict.
Two ratios only: what the business earns on its capital, and what you pay for those earnings. Designed to be ranked across a universe rather than read in isolation.
The fundamental half of William O'Neil's framework. The market and leadership components are judgement calls and are not scored here.
The characteristics long-term holders commonly look for: cash-backed earnings, high returns on capital, and debt that never forces a decision.
Bars are revenue; the line is net margin. Revenue rising while the line falls is the shape worth noticing.
Operating cash first, then what the business spent and raised.
One year is a snapshot. These are the two lines that matter across a cycle.
Rising debtor or inventory days against flat sales is the earliest visible sign of stress.
Set your own assumptions and watch the numbers move. A scenario calculator — the outputs are the arithmetic of your inputs.
One canonical set of figures — the same numbers used everywhere else on this page and on the screener.
How the register has moved over recent quarters — the direction matters more than the level.
Promoter held steady from 55.13% to 55.13% across these quarters.
FII held steady from 3.77% to 3.77% across these quarters.
Other held steady from 41.10% to 41.10% across these quarters.
Where cash gets stuck. A rising inventory or debtor line against flat sales is the earliest sign of trouble in the numbers.
| Measure | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2026 |
|---|---|---|---|---|---|---|---|---|
| Debtor days
How long customers take to pay | 105 | 106 | 115 | 102 | 86 | 71 | 106 | 57 |
| Inventory days
How long stock sits before it sells | 74 | 73 | 101 | 104 | 99 | 95 | 101 | 60 |
| Payable days
How long the company takes to pay suppliers | 196 | 215 | 251 | 214 | 186 | 152 | 180 | 94 |
| Cash conversion cycle
Debtor + inventory − payable days | -17 | -36 | -36 | -8 | 0 | 14 | 27 | 23 |
| Working capital days | 49 | 44 | 42 | 31 | 16 | 31 | 40 | 71 |
| ROCE %
Return on capital employed | 18.0% | 19.0% | 11.0% | 14.0% | 16.0% | 21.0% | 17.0% | 21.0% |
The shape of the business over time (annual) — read the direction, not the single print.
| Line | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|---|---|
| Revenue from operations | 13,084 | 9,946 | 13,198 | 16,138 | 19,554 | 15,146 |
| Other income | 398 | 315 | 321 | 487 | 496 | 1,633 |
| Depreciation | 199 | 252 | 297 | 317 | 321 | 246 |
| Finance cost | 12 | 30 | 24 | 36 | 23 | 70 |
| Profit before tax | 1,678 | 1,036 | 1,452 | 1,993 | 2,640 | 3,375 |
| Net profit (owners) | 1,099 | 769 | 1,089 | 1,543 | 1,962 | 2,718 |
| EPS (₹) | 30.87 | 21.58 | 30.57 | 43.33 | 55.07 | 76.29 |
Exceptional items, total income and EBITDA are read from the filed statements.
| Metric | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Mar 2026 18m |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 3,710 | 4,152 | 3,763 | 4,457 | 3,360 | 4,029 | 4,108 | 4,900 | 3,831 | 4,618 | 4,714 | 24,846 |
| Other Income | 256 | 479 | 298 | 544 | 423 | 341 | 125 | 126 | 19 | 116 | 1,917 | 1,149 |
| Expenses | 3,256 | 3,516 | 3,277 | 3,912 | 2,974 | 3,584 | 3,590 | 4,291 | 3,409 | 4,174 | 4,283 | 21,982 |
| Depreciation | 60 | 63 | 70 | 62 | 66 | 66 | 69 | 69 | 71 | 74 | 78 | 415 |
| Finance cost | 3 | 21 | 5 | 18 | 3 | 2 | 5 | 4 | 6 | 14 | 7 | 73 |
| Profit before tax | 646 | 1,032 | 709 | 1,009 | 740 | 718 | 569 | 662 | 364 | 472 | 2,262 | 3,525 |
| Net Profit | 506 | 803 | 578 | 831 | 615 | 582 | 423 | 485 | 278 | 370 | 2,143 | 2,754 |
| EPS | 14.19 | 22.54 | 16.22 | 23.33 | 17.25 | 16.34 | 11.88 | 13.62 | 7.79 | 10.39 | 60.18 | 77.27 |
| Item | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 71 | 71 | 71 | 71 | 71 | 71 |
| Reserves | 9,421 | 10,276 | 11,539 | 13,016 | 15,286 | 13,769 |
| Borrowings | 0 | 4 | 182 | 175 | 279 | 307 |
| Net block | 1,196 | 3,264 | 3,107 | 3,038 | 3,112 | 2,785 |
| CWIP | 88 | 35 | 52 | 50 | 103 | 250 |
| Investments | 0 | 3 | 1 | 1 | 1 | 1 |
| Total Assets | 15,860 | 18,015 | 20,109 | 21,646 | 25,170 | 21,213 |
| Line | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 720 | 1,422 | 978 | 1,400 | 1,655 | -535 |
| Cash from investing | 871 | -2,389 | -34 | -759 | -502 | 3,695 |
| Cash from financing | -386 | -502 | -392 | -450 | -508 | -3,302 |
| Free cash flow | 710 | 1,315 | 847 | 1,334 | 1,552 | -1,080 |
| Net change in cash | 1,205 | -1,469 | 552 | 191 | 644 | -142 |
Cash from operations is the number profit has to answer to. Free cash flow is what remains after the business pays for its own growth.
These are coverage counts, not ratings. Each one asks a fixed set of questions of the filings and reports how many the company answered. A company that discloses nothing counts nothing here — that is a statement about the disclosure, not about the business.
The same read, applied to the companies this one competes with.