Intellius Recode Limited IPO

IPO Details

• Open date: TBA
• Close Date: TBA
• Minimum Investment: To be updated
• Lot Size: TBA
• Price Range: TBA
• Listing: BSE, NSE
• Issue Size: ₹1,170 million (Fresh) + OFS of 12,90,000 equity shares
• Listing Date: TBA

IPO Timeline

• Bidding Start: TBA
• Bidding Ends: TBA
• Allotment Finalisation: TBA
• Refund Initiation: TBA
• Demat Transfer: TBA
• Listing: TBA

About Intellius Recode Limited

Incorporated in 2018, Intellius Recode Limited is an Indian information technology company operating in the IT consulting and digital transformation space. The company offers technology-driven solutions including data analytics, automation, enterprise integration, quality assurance, and digital commerce. A key highlight is its AI-led solutions, particularly “Agentic AI” digital workers—software systems designed to act like virtual employees and automate business processes across organizations. The company’s technology consulting vertical comprises data & analytics, enterprise robotic process automation, integration, development & operation services, quality assurance, and digital commerce solutions, delivered through custom programming and select third-party enterprise platforms.

Intellius Recode Limited IPO Overview

Intellius Recode Limited filed its DRHP with SEBI on March 27, 2026, for a book-built IPO comprising a fresh issue of up to ₹1,170 million and an offer for sale (OFS) of up to 12,90,000 equity shares by selling shareholders. The company may consider a pre-IPO placement. Net proceeds from the fresh issue will be utilized for funding cost for development of Digital Workers (₹431.33 million), payment of sub-contracting fees for development of Digital Workers (₹384.81 million), and general corporate purposes. Lead manager: Inga Ventures Pvt. Ltd. Registrar: MUFG Intime India Pvt. Ltd. Listing on BSE and NSE. IPO dates, price band, and lot size are yet to be announced.

Intellius Recode Limited Upcoming IPO Details

Category	Details
Issue Type	Book Built Issue IPO
Total Issue Size	₹1,170 million (Fresh) + OFS of 12,90,000 shares
Fresh Issue	Up to ₹1,170 million
Offer for Sale (OFS)	12,90,000 equity shares
IPO Dates	TBA
Price Bands	TBA
Lot Size	TBA
Face Value	₹10 per share
Listing Exchange	BSE, NSE
Shareholding pre-issue	1,00,10,000 shares
Shareholding post-issue	TBA

Intellius Recode Limited IPO Lots

Application	Lots	Shares	Amount
Retail (Min)	TBA	TBA	TBA
Retail (Max)	TBA	TBA	TBA
S-HNI (Min)	TBA	TBA	TBA
S-HNI (Max)	TBA	TBA	TBA
B-HNI (Min)	TBA	TBA	TBA

Intellius Recode Limited IPO Reservation

Investor Category	Shares Offered
QIB Shares Offered	Not less than 75% of the Offer
Retail Shares Offered	Not more than 10% of the Offer
NII (HNI) Shares Offered	Not more than 15% of the Offer

 Intellius Recode Limited IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS)	₹2.41
Price/Earnings (P/E) Ratio	TBD
Return on Net Worth (RoNW)	21.93%
Net Asset Value (NAV)	₹13.18
Return on Equity (RoE)	21.93%
Return on Capital Employed (RoCE)	26.53%
EBITDA Margin	15.07%
PAT Margin	8.32%
Debt-to-Equity Ratio	0.80x

 Objectives of the IPO Proceeds

The net proceeds from the Fresh Issue are intended to be utilised as follows:

Particulars	Amount (₹ in million)
Funding cost for development of Digital Workers	431.33
Payment of sub-contracting fees for development of Digital Workers	384.81
General corporate purposes*	[●]

*To be determined upon finalisation of the Offer Price. General corporate purposes shall not exceed 25% of gross proceeds.

Intellius Recode Limited Financials (₹ in million)

Particulars	30 Sep 2025	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	397.05	442.61	352.25	286.34
Revenue from Operations	290.17	707.90	798.79	695.60
Profit After Tax	24.15	81.80	92.46	41.38
Reserves and Surplus	28.98	99.26	47.16	45.72
Total Borrowings	83.45	58.20	1.71	—
Total Liabilities	277.07	342.35	304.09	239.62

Financial Status of Intellius Recode Limited

SWOT Analysis of Intellius Recode Limited

Strengths and Opportunities	Weaknesses and Threats
Comprehensive portfolio of AI-led digital platforms and solutions	High customer concentration: top customer contributed 35.41% of FY2025 revenue
Long-standing relationships with marquee global clients including Fortune 500 companies	Revenue declined from ₹798.79 million (FY2024) to ₹707.90 million (FY2025)
Robust financial performance with PAT growing at 40.60% CAGR from FY23-FY25	Small scale compared to listed peers like Birlasoft and Sonata Software
Comprehensive expertise across technical, domain, and functional areas	Geographic concentration with major focus on US market
Qualified and experienced promoters with over five decades of cumulative experience	High dependence on time-and-material contracts (34.32% of FY2025 revenue)
Agentic AI market projected to grow from USD 7.7 billion to USD 49.3 billion by 2030 at 45% CAGR	Limited track record: incorporated only in 2018
Global IT spending expected to reach USD 8.60 trillion by 2030 at 8.30% CAGR	Intense competition from larger global system integrators
Expansion into life sciences, pharmaceuticals, manufacturing, and utilities sectors	Currency fluctuations affecting overseas revenue
Strategic partnerships with global system integrators for broader market reach	Talent retention challenges in competitive IT services market

Intellius Recode Limited IPO Strengths

Comprehensive Portfolio of AI-Led Digital Platforms and Solutions

Intellius Recode Limited offers a comprehensive portfolio of artificial intelligence-led digital platforms, solutions, and assets that position the company well to address the needs of regulated and process-intensive industries. The company’s Digital Workers, including ChemPro (product safety and regulatory affairs), NetOps (IT operations automation), BackTrack (back-office digitisation), TransMove (SAP S/4HANA migration), FlowMaster (SAP workflow automation), and VisionAI (computer vision-led industrial automation), provide end-to-end automation capabilities across enterprise value chains.

Long-Standing and Growing Relationships with Marquee Global Clients

Intellius Recode Limited maintains long-standing relationships with a portfolio of large, globally recognised enterprises across manufacturing, automotive, consumer goods, financial services, infrastructure, and other process-intensive sectors. Clients include Fortune 500 companies, multinational industrial groups, SEGHolding LLC, Toyoda Gosei South India Private Limited, BPS Global (Aus) Pty Ltd, and Toyota Tsusho Corporation. Client engagements typically start with a single statement of work but progressively increase across functions and geographies.

Robust Financial Performance Supported by Cash Flows and Access to Capital

Intellius Recode Limited has demonstrated a consistent track record of delivering profitability. EBITDA grew from ₹73.94 million in Fiscal 2023 to ₹110.93 million in Fiscal 2025, representing a CAGR of 22.49%, with EBITDA margin expanding from 10.63% to 15.67%. Profit after tax increased from ₹41.38 million to ₹81.80 million, a CAGR of 40.60%. PAT margin improved from 5.95% to 11.55%. Net debt-to-equity ratio improved from 2.10x in Fiscal 2023 to 0.72x as of September 30, 2025.

Comprehensive Expertise Across Technical, Domain, and Functional Areas

Intellius Recode’s team has experience in designing and implementing end-to-end AI and automation solutions across multiple industries. Technical capabilities span generative AI, machine learning, computer vision, robotic process automation, and cloud and data engineering. Employees hold over 160 technical certifications across platforms. Domain experience spans retail, consumer packaged goods, chemical manufacturing, and utilities. Functional expertise covers sales and marketing, e-commerce, supply chain, logistics, manufacturing, finance, and accounting.

Qualified and Experienced Individual Promoters with Strong Management Team

Intellius Recode is led by qualified and experienced Individual Promoters with over five decades of cumulative experience in the AI and automation industry. Their expertise spans AI, machine learning, computer vision, enterprise automation, and digital transformation. The management team comprises senior professionals with diverse experience across AI consulting, enterprise systems integration, cloud architecture, cybersecurity, product engineering, and global operations. Managing Director Pradeep Jeyaraj has over 21 years of experience in the IT industry.

Other IPO Pages Linking

More About Intellius Recode Limited

Intellius Recode Limited, incorporated in 2018, has emerged as a niche player in the AI-led digital transformation and IT consulting space, specializing in Agentic AI digital workers and enterprise automation solutions.

Product and Service Portfolio

• Digital Workers: AI-enabled software systems designed to act like virtual employees, automating business processes across organizations. Key categories include:
  • ChemPro: AI-enabled Digital Workers for Product Stewardship and Regulatory Affairs in the chemical manufacturing industry.
  • NetOps: Automating routine IT operations, monitoring and support to reduce system downtime.
  • BackTrack: Back-office process digitisation across industries including finance, HR, and administrative workflows.
  • TransMove: Supporting enterprises in transitioning from legacy SAP ERP systems to SAP S/4HANA.
  • FlowMaster: End-to-end automation of SAP workflows across core enterprise functions.
  • VisionAI: Computer vision-driven Digital Workers for industrial environments enabling visual inspection, anomaly detection, and safety monitoring.
• Technology Consulting Vertical: Data & analytics, enterprise RPA, integration, development & operation services, quality assurance, and digital commerce solutions.

Customer Base and Revenue Mix

• Clients include Fortune 500 companies and large global enterprises across manufacturing, automotive, consumer goods, and financial services.
• Top 10 customers contributed 93.97% of revenue in Fiscal 2025.
• Repeat customers accounted for 93.59% of revenue in Fiscal 2025.
• Revenue mix: Managed services 45.89%, Hourly services 34.32%, Resale of software products 19.79% (Fiscal 2025).

Strategic Developments

• Acquired KamerAI’s computer vision-based automation capabilities through the KamerAI BTA.
• Completed development of seven Digital Workers under ChemPro platform; developing seven more across NetOps and BackTrack platforms.
• Plans to develop 35 additional Digital Workers by Fiscal 2028 using IPO proceeds.

Geographic Presence

• Solutions deployed across Asia, USA, and Australia.
• Expanding into North America, Japan, South Korea, the Middle East, Africa, and Europe.

Industry Outlook

The global IT services and AI-driven automation market is poised for significant growth. According to the Frost & Sullivan Report cited in Intellius Recode’s DRHP, global IT spending across industry verticals is expected to rise from USD 4.10 trillion to about 5.70 trillion in 2025 and US$ 8.60 trillion in 2030, implying an overall 2025–2030 CAGR of 8.30%.

Key Growth Drivers:

• Agentic AI Market: The global market for agentic AI and AI-enabled digital workers is poised for explosive growth. The agentic AI market was valued at USD 1.2 billion in 2020 and USD 5.3 billion in 2024, and is projected to jump from USD 7.7 billion to USD 49.3 billion by 2030, growing at a CAGR of approximately 45% during 2025-2030.
• Enterprise Automation Programmes: Large-scale enterprise automation programmes, rapid adoption of AI (including agentic and computer-vision-based platforms), and sustained investment in technology consulting for data & analytics, integration, digital commerce, quality assurance, and development operations are driving growth.
• Digital Transformation: Enterprises across industries are accelerating digital transformation initiatives, creating demand for AI-led automation, cloud migration, and enterprise application integration.
• SAP S/4HANA Migration: The transition from legacy SAP ERP systems to SAP S/4HANA is creating significant opportunities for automation and migration services.

Indian IT Services Outlook:

• India’s IT services sector continues to be a global leader in technology consulting and outsourcing.
• The domestic IT services market is growing driven by digital transformation initiatives across government and private sectors.
• Emerging technologies, particularly edge computing, AI, agentic AI, and computer vision, are becoming integral to business strategies and technology spending.

How Will Intellius Recode Limited Benefit

• Intellius Recode is strategically positioned to benefit from the Agentic AI market growing at 45% CAGR to USD 49.3 billion by 2030, with the company’s Digital Workers portfolio directly addressing this high-growth segment.
• The company’s ChemPro platform, focused on product safety and regulatory affairs in the chemical industry, addresses a critical compliance need in process-intensive sectors where enterprises are increasingly adopting AI-led automation.
• With global IT spending expected to reach USD 8.60 trillion by 2030 at 8.30% CAGR, Intellius Recode’s integrated technology consulting and Digital Worker model positions it to capture a share of enterprise technology spend.
• The acquisition of KamerAI’s computer vision capabilities expands the company’s addressable market into industrial automation, visual inspection, and safety monitoring use cases across manufacturing and utilities.
• Intellius Recode’s strategy to transition clients from hourly consulting to managed services, which already accounted for 45.89% of revenue in Fiscal 2025, is expected to improve revenue visibility and margin expansion.
• The company’s focus on developing 35 additional Digital Workers using IPO proceeds will expand its product portfolio across NetOps, BackTrack, and other platforms, enabling cross-selling to existing Fortune 500 clients.
• With repeat customers accounting for 93.59% of revenue in Fiscal 2025 and long-standing relationships with marquee clients, the company has a stable base for upselling and cross-selling new Digital Worker solutions.

Peer Group Comparison

Name of Company	Total Revenue (₹ in million)	Face Value (₹)	P/E Ratio	Diluted EPS (₹)	RoNW (%)	NAV (₹)
Intellius Recode Limited	707.90	10	[●]	8.17	110.23%	10.02
Birlasoft Ltd	53,752.39	2.00	21.11	18.48	15.60	125.17
Sonata Software Ltd	1,01,572.50	1.00	17.54	15.29	27.00	61.45
Happiest Minds Technologies Ltd	20,608.40	2.00	29.35	12.26	11.90	104.94
Coforge Ltd	1,20,507.00	10.00	9.72	122.03	11.70	1,245.39
Fractal Analytics Ltd	27,654.00	1.00	11.65	66.82	NA	562.91

 

Key Strategies for Intellius Recode Limited

Enhance Cross-Selling, Upselling and Expansion of Industry-Specific AI Solutions

Intellius Recode intends to enhance cross-selling and upselling within its existing client base while expanding across additional industry verticals. The strategy focuses on leveraging industry-specific digital assets, proprietary AI platforms, and integrated service offerings to increase wallet share with existing customers. The VisionAI suite is being marketed to existing customers and new prospects in process manufacturing industries, while standardised usage guides for horizontal use cases such as invoice processing are being developed to improve replicability.

Leveraging Domain Knowledge to Expand and Scale Digital Workers Portfolio

Intellius Recode intends to leverage domain knowledge and reusable development frameworks to expand Digital Workers across industries and enterprise functions. The company has completed seven Digital Workers under ChemPro and is developing seven more across NetOps and BackTrack platforms. The company proposes to develop 35 additional Digital Workers by Fiscal 2028, focusing on role-based and configurable solutions that can be deployed across multiple customers, enhancing scalability and reducing incremental development costs.

Integrated Technology Consulting and Digital Worker-Led Delivery\

Intellius Recode intends to combine technology consulting services with category-specific Digital Workers to offer integrated solutions. The technology consulting vertical covers automation, data analytics, enterprise application integration, and digital commerce. With the introduction of NetOps, Digital Workers now form part of enterprise application development and support solutions. By combining consulting with Digital Workers, the company provides solutions that include both human-led services and automated capabilities, enhancing efficiency and competitive positioning.

Partnerships with Global System Integrators for Deployment of Digital Workers

Intellius Recode is establishing and expanding go-to-market partnerships with global system integrators (GSIs) as a key element of its enterprise growth strategy. Under this strategy, Digital Workers are intended to be integrated into GSI-led consulting and transformation engagements, enabling deployment as part of broader automation initiatives. This approach is expected to allow the company to scale deployments across complex enterprise environments without proportionately expanding direct sales and implementation teams.

Streamlining and Optimizing Service Lines to Enhance Profitability

Intellius Recode intends to continue prioritising enterprise RPA and data & analytics as key growth drivers within its technology consulting business. The strategy aims to increase revenue contribution from these service lines by expanding the scope of engagements with existing customers, pursuing larger and multi-phase automation programmes, and aligning service delivery with enterprise-wide transformation initiatives. This focus is expected to support growth in service lines experiencing sustained demand.

Strategic Market Expansion Under Experienced Leadership

Intellius Recode intends to expand geographical presence by targeting existing and new markets across North America, Japan, South Korea, the Middle East, Africa, and Europe. The company also proposes to diversify sectoral presence beyond chemicals, retail, and logistics into manufacturing, utilities, life sciences, and pharmaceuticals, where regulatory compliance and data-intensive operations create natural demand for AI-enabled Digital Workers. The management team’s experience in scaling digital businesses supports this expansion.

FAQs

How can I apply for Intellius Recode Limited IPO?

You can apply via HDFCSky using UPI-based ASBA (Application Supported by Blocked Amount).

What is the total issue size of the Intellius Recode Limited IPO?

The IPO comprises a fresh issue of up to ₹1,170 million and an OFS of 12,90,000 equity shares.

When is the Intellius Recode Limited IPO opening?

IPO dates including open, close, and listing are yet to be announced by the company.

On which exchanges will Intellius Recode Limited shares be listed?

The equity shares will be listed on both BSE and NSE.

How will Intellius Recode Limited use the IPO proceeds?

Proceeds will be used for development of Digital Workers (₹431.33 million), sub-contracting fees (₹384.81 million), and general corporate purposes.

Infographic Content

Intellius Recode Limited IPO Highlights

Intellius Recode Limited is an AI-led digital transformation company offering Agentic AI digital workers, technology consulting, and enterprise automation solutions to Fortune 500 clients across manufacturing, automotive, and consumer goods sectors.

• Offer Size:Fresh Issue up to ₹1,170 million; OFS of 12,90,000 equity shares
• Purpose:Net proceeds will be used for development of Digital Workers (₹431.33 million), sub-contracting fees (₹384.81 million), and general corporate purposes.
• Financials (FY March 2025):Revenue ₹707.90 million; Profit After Tax ₹81.80 million; EPS ₹8.17
• Listing:Mainboard IPO on BSE & NSE