ESDS Software Solution Ltd(ESDS)

NSE: ESDSBSE: 544898

₹ 1,230-5.00%refreshed 23 Oct, 03:50 pm ISTMarket cap: ₹ 14,417 crWebsite: www.esds.co.in/Updated: 24 Oct 2026

About

ESDS Software Solution Ltd is an Indian cloud infrastructure and SaaS company offering IaaS, managed services, and proprietary cloud software under the Swaraj Cloud platform. In Q1 FY27 the company reported revenue of INR 133.66 crores and is expanding into GPU-based AI factory services domestically and internationally.^[1]

Revenue mix by service line

IaaS contributed 51% of revenue in Q1 FY27.^[1]
Managed Services contributed 31.31% of revenue in Q1 FY27.^[1]
SaaS contributed 17.55% of revenue in Q1 FY27; management expects this mix to remain broadly steady.^[1]

Products and platform

Services are delivered under the Swaraj Cloud platform, which spans IaaS, managed services, and SaaS offerings.^[1]
In Q1 FY27 ESDS launched Swaraj Garuda for application performance monitoring and observability.^[1]
In Q1 FY27 ESDS launched Swaraj Jatayoo for database activity monitoring.^[1]

Key operating numbers

Headcount stood at 993 in Q1 FY27.^[1]
EBITDA margin was 42% in Q1 FY27.^[1]
Domestic order book was approximately INR 3,000 crores as of Q1 FY27, with a 3-year duration.^[1]
International GPU demand funnel exceeded 50,000 GPUs as of Q1 FY27.^[1]

Customers and distribution

International customers are offering 12 - 18 months of advances for GPU capacity and described as better margin contributors than domestic customers as of Q1 FY27.^[1]
Domestic business CAGR guidance is 30 - 40%; management describes the international pipeline as much larger than the domestic order book.^[1]

Expansion and capex

Sharon AI GPU factory in Sydney involves 8,200 B300 GPUs; go-live slipped to early November 2026, with revenue recognition expected from Q3 FY27.^[1]
An approximately INR 1,100 - 1,200 crore customer advance for the Sharon AI deal will amortise over the contract period once the facility is live.^[1]
ESDS plans to deploy its own GPU capacity of 1,500 units in India by January - February 2027, with billing to begin from Q1 FY28.^[1]
FY27 capex target is approximately INR 1,500 crores additional, funded by customer advance, IPO proceeds, and partial debt.^[1]
International AI factory build-out is planned in markets with access to green or clean power, partnering with local companies.^[1]

Recent developments

India Ratings upgraded ESDS's bank loan facilities from IND A/Stable to IND A1 on 29 September 2026.^[2]
ESDS shifted to a capacity-first model in FY27, building GPU capacity ahead of signed contracts to lock supply before anticipated price increases.^[1]

Market Cap

₹14,417 Cr

High / Low

₹1,864 / 746

No. of Shares

11.72 Cr

Promoter holding

39.5%

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