Adisoft Technologies IPO

Adisoft Technologies builds factory-automation equipment for Indian manufacturers. It designs, procures, assembles, tests, installs and commissions automated assembly lines, material-handling machines, robotic work cells for tasks such as pick-and-place and sealing, and special-purpose machinery built to a single customer's specification. The work includes applying control systems that tie shop-floor equipment into the customer's IT layer, so steps previously done by hand run with less human intervention. Buyers are mainly automobile manufacturers, automotive OEMs and component and sub-component makers establishing, expanding, upgrading, repairing or reconfiguring production lines; the prospectus also names pharmaceutical, white goods and other industrial customers. The company operates from MIDC Chinchwad Industrial Area, Bhosari, Pune, and had 183 employees as on January 31, 2026.

Revenue is project-based: customers place purchase orders for a machine or a line, and Adisoft earns by designing, procuring, assembling and commissioning it, with no recurring licence or service annuity. Bought-in components dominate cost — PLCs, HMIs, drives, gearboxes, aluminium profiles and control-panel enclosures. Material purchased cost Rs 93.19 Cr in FY25, 83.57% of total expenses, and 90.93% of expenses in the seven months to October 31, 2025. EBITDA margin was 16.45% in FY25 against 10.76% in that stub period. The structural constraint is concentration without committed volume: the largest customer was 48.48% of FY25 revenue, automotive clients 78.61%, and the company has no long-term customer agreements, only purchase orders. Order book was Rs 44.33 Cr on April 15, 2026.