1. Business Profile: The Architects of Enterprise Automation
Incorporated in 2013 and based in Faridabad, Mobilise App Lab Limited has transitioned from a software consultancy into a full-scale SaaS (Software-as-a-Service) provider. They help businesses digitize complex operations through cloud-based platforms.
Core Product Suite:
EduPro: A comprehensive ERP for educational institutions (admissions, exams, academics).
OpsSuite: A maintenance management system (CMMS) for asset tracking and predictive maintenance.
SCMPro: An automated supply chain and procurement platform.
AI & IoT: Utilizing advanced models (like GPT and Gemini) to offer customized AI Studio solutions for predictive analytics.
2. IPO Details & Subscription Window
Mobilise is a 100% Fresh Issue, meaning the company is raising capital specifically to fuel its next phase of growth rather than providing an exit for early investors.
| Event / Detail | Information |
|---|---|
| IPO Opening Date | Monday, February 23, 2026 |
| IPO Closing Date | Wednesday, February 25, 2026 |
| Price Band | ₹75 to ₹80 per share |
| Minimum Lot Size | 1,600 Shares |
| Min. Retail Investment | ₹2,56,000 (2 Lots / 3,200 shares) |
| Total Issue Size | ₹20.10 Crore |
| Allotment Date | Thursday, February 26, 2026 |
| Tentative Listing Date | Monday, March 2, 2026 |
| Listing Exchange | NSE SME (NSE Emerge) |
3. Financial Health: High Margins & Debt-Free Scaling
The company’s financials reflect a highly efficient, tech-first model:
Revenue Momentum: Revenue grew from ₹7.12 Cr (FY23) to ₹16.24 Cr (FY25), a CAGR of approximately 52%.
Profitability: Net Profit (PAT) increased from ₹1.76 Cr (FY23) to ₹4.71 Cr (FY25).
Exceptional Margins: Reported an EBITDA margin of 48.3% and a PAT margin of 30.3% in the latest period.
Valuation: The IPO is priced at a post-issue P/E of 14.22x, which is attractive given its high ROE (57%) and ROCE (75%).
4. Grey Market Premium (GMP) Update (Feb 18, 2026)
Current GMP: ₹11.
Estimated Listing Gain: Roughly 14%.
Market Outlook: Despite the niche SME segment, the initial GMP is positive, driven by the high profit margins and the absence of any "Offer for Sale" by promoters.
5. Strategic "Use of Proceeds"
Mobilise is targeting three core areas to scale its SaaS business:
Product Development (₹5.54 Cr): Hiring top-tier tech talent to enhance their AI and IoT capabilities.
Business Development (₹3.03 Cr): Marketing and sales expansion to move beyond their current domestic strongholds.
Infrastructure (₹5.47 Cr): Upgrading hardware and cloud infrastructure to handle increased enterprise data loads.
6. Investor Analysis: Pros & Cons
Strengths:
Proven SaaS Model: High recurring revenue through software license-cum-service agreements.
Debt-Free Growth: Total borrowings are negligible (₹0.11 Cr), allowing almost all earnings to be reinvested.
Diverse Industry Exposure: Not reliant on a single sector; they serve healthcare, education, logistics, and government.
Risks:
Talent War: The company’s success depends heavily on its ability to retain specialized software engineers.
Market Competition: They face competition from both large global ERP providers and smaller local tech firms.
Client Concentration: While diversifying, a large portion of revenue still comes from a few key long-term contracts.
7. Conclusion: A Compact Tech Gem
Mobilise App Lab represents the new wave of Indian SME tech firms—asset-light, high-margin, and highly specialized. While the entry price for retail investors (₹2.56 lakh) is high, the financial metrics and reasonable P/E valuation make it a strong candidate for those looking for growth in the enterprise software space.