Courtesy: https://www.chittorgarh.com/
Review By Dilip Davda on November 27, 2025
- This is the 2nd RI from the company since December 2024, and it has not paid any dividends from 2009 onwards.
• The company marked steady growth in its top and bottom lines for the reported periods.
• It is operating in a highly competitive and fragmented segment.
• The company is skipping dividend payments from 2009 onwards.
• Well-informed/cash surplus investors may park moderate funds for long term, as this offer is at a discount of 55.89%.
PREFACE:
The company is coming out with its 2nd RI within a year that raises big concern as well as a surprise. What is more, though the RI is opening on November 28, 2025, its offer documents were made available on BSE Web on the morning of November 27, 2025.
ABOUT COMPANY:
ACE Software Exports Ltd. (ASDEL) is primarily engaged in the business of document management, digital publishing, data conversion solutions and software and technology consulting employing efficient process engineering and adaptable conversion systems catering to clients at U.S. and Australia.
Further, the Company, through its Subsidiaries is also engaged in the business of product engineering, digital transformation, integrations, data analytics, machine learning, web/mobile application development, website development, platform migrations, ecommerce development, cloud development, software development, digital marketing, architectural CAD, Building Information Modeling (BIM), 3D modelling services, technology consulting, offering digital transformation, enterprise solutions, SaaS-based solutions and allied IT services to global clients. The offer document is silent on its employees’ strength.
ISSUE DETAILS:
The company is coming out with its Rights Issue (RI) of 5471101 equity shares of Rs. 10 each at a fixed price of Rs. 110 per share to mobilize Rs. 60.18 cr. The RI opens for subscription on November 28, 2025, and will close on December 15, 2025. The company is offering RI in the ratio of 3 for 7 to its eligible stakeholders as of the record date of November 20, 2025. The company is asking for Rs. 49.50 per share (45%) on application for the number of shares applied. Balance Rs. 60.50 (55%) will be called by one or more subsequent calls as determined by the company board. Post allotment, RI shares will be listed on BSE. The company is spending Rs. 0.39 cr. for this RI process, and from the net proceeds, it will utilize Rs. 10.00 cr. for investment in subscription of equity shares of QeMFG Pvt. Ltd., Rs. 10.00 cr. for investment in global market expansion, brand building, Rs. 4.00 cr. for development, marketing and execution of robotic automation solutions under new brand “QeMatic”., Rs. 7.04 cr. for acquisition of equity shares of Theia Education Pvt. Ltd., Rs. 3.40 cr. investment in organizational transformation program, Rs. 5.52 cr. for additional investment in Theia Education for additional equity shares, and Rs. 19.83 cr. for general corporate purposes and unidentified acquisitions.
The RI is self-managed by the company itself, and MUFG Intime India Pvt. Ltd. is the registrar to the issue.
Post-RI, company’s current paid-up equity capital of Rs. 12.77 cr. will stand enhanced to Rs. 18.24 cr. Based on the RI pricing, the company is looking for a market cap of Rs. 200.61 cr.
FINANCIAL PERFORMANCE:
On the financial performance front, for the last two fiscals, the company has (on a consolidated basis) posted total income / net profit, of Rs. 23.72 cr. / Rs. 5.35 cr. (FY24), and Rs. 31.55 cr. / Rs. 5.60 cr. (FY25). For H1 of FY26 ended on September 30, 2025, it earned a net profit of Rs. 3.05 cr. on a total income of Rs. 27.26 cr.
DIVIDEND POLICY:
The company has not paid any dividends for the reported periods. It will adopt a prudent dividend policy, based on its financial performance and future prospects.
SCRIP PERFORMANCE: BASED ON BSE WEBSITE DATA: SCRIP CODE: 531525 (FV Rs. 10).
The scrip last closed on cum-right basis at Rs. 336.90 on November 19, 2025, and opened on an ex-right basis at Rs. 269.00 on November 20, 2025. Since then, it has marked a high/low of Rs. 278.00 / Rs. 244.00. The scrip last closed at Rs. 249.40 as of November 27, 2025. For the last 52 weeks’ it has posted a high/low of Rs. 302.28 / Rs. 162.63. The counter is currently under ASM LT: Stage 1.
The promoters’ holding has marginally increased to 68.39% for the quarter ended with September 30, 2025, against 68.21% as of June 301, 2025. The counter is well maintained by operators. The RI is at a discount of around 55.89, considering it% based on its last traded price.
Conclusion / Investment Strategy
This is the 2nd RI from the company since December 2024, and it has not paid any dividends from 2009 onwards. The company marked steady growth in its top and bottom lines for the reported periods. It is operating in a highly competitive and fragmented segment. The company is skipping dividend payments from 2009 onwards. Well-informed/cash surplus investors may park moderate funds for long term, as this offer is at a discount of 55.89%.
Review By Dilip Davda on November 27, 2025
Review Author
DISCLAIMER: No financial information whatsoever published anywhere here should be construed as an offer to buy or sell securities, or as advice to do so in any way whatsoever. All matter published here is purely for educational and information purposes only and under no circumstances should be used for making investment decisions. My reviews do not cover GMP market and operators game plans. Readers must consult a qualified financial advisor before making any actual investment decisions, based the on information published here. With entry barriers, SEBI wants only well-informed investors to participate in such offers. With crazy listings in the recent past, SME IPOs drew the attention of investors across the board and lead to seer madness. However, as SME issues have entry barriers and continued low preference from the broking community, any reader taking decisions based on any information published here does so entirely at their own risk. The above information is based on information available as of date coupled with market perceptions. The Author has no plans to invest in this offer.
About Dilip Davda
Dilip Davda is veteran journalist associated with stock market since 1978. He is contributing to print and electronic media on stock markets/insurance/finance since 1985.
Dilip Davda is a leading reviewer of public issues and NCDs in the primary stock market in India. The knowledge he gained over 3 decades while working in the stock market and a strong relationship with popular lead managers makes his reviews unique. His detailed fundamental and financial analysis of companies coming up with IPOs helps investors in the primary stock market. Dilip Davda has a special interest in analyzing the SME companies and writing reviews about their public issues. His reviews are regularly published online and in news papers.
(Dilip Davda -SEBI registered Research Analyst-Mumbai,
Registration no. INH000003127 (Perpetual)
Email id: dilip_davda@rediffmail.com ).
Courtesy: https://www.chittorgarh.com/
