Mouri Tech Ltd IPO

Established in 2005, MOURI Tech has grown into a globally trusted provider of enterprise solutions, serving diverse industries with a highly skilled workforce dedicated to service excellence. Headquartered in Texas, USA, the company operates a Centre of Excellence in India and maintains offices across multiple continents. A CMMI-DEV/5 certified organisation, MOURI Tech delivers IT services tailored to current and future digital demands. Its subsidiaries—Versant Systems, Vertisystem, V3Tech Solutions, Tekgigz, and Kompsoft—offer specialised solutions across industries. MOURI Tech’s core services span iERP, enterprise digital transformation, infrastructure, and program management

Mouri Tech Limited IPO Overview

MOURI Tech is set to launch an IPO worth ₹1,500 crore through the bookbuilding process, comprising a fresh issue of ₹250 crore and an offer for sale amounting to ₹1,250 crore. The IPO dates and price band are yet to be announced, and the allotment date will be confirmed in due course. Nuvama Wealth Management Limited, ICICI Securities Limited, and JM Financial Limited are the book running lead managers, while MUFG Intime India Private Limited (Link Intime) will serve as the registrar. The IPO will be listed on both BSE and NSE, with a face value of ₹10 per share. As per the DRHP filed with SEBI on May 5, 2025, the company’s pre-issue shareholding stands at 11,26,28,816 shares, with promoters Anil Reddy Yerramreddy and Sujai Paturu holding 88.62% prior to the issue.

Mouri Tech Limited Upcoming IPO Details

Category	Details
Issue Type	Book Built Issue IPO
Total Issue Size	Fresh Issue: ₹250 crore Offer for Sale (OFS): ₹1250 crore
IPO Dates	TBA
Price Bands	TBA
Lot Size	TBA
Face Value	₹10 per share
Listing Exchange	BSE, NSE
Shareholding pre-issue	11,26,28,816 shares
Shareholding post -issue	TBA

Mouri Tech 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

Mouri Tech Limited IPO Reservation

Investor Category	Shares Offered
QIB Shares Offered	Not more than 50% of the Offer
Retail Shares Offered	Not less than 35% of the Offer
NII (HNI) Shares Offered	Not less than 15% of the Offer

Mouri Tech Limited IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS)	₹13.15
Price/Earnings (P/E) Ratio	TBD
Return on Net Worth (RoNW)	25.53%
Net Asset Value (NAV)	₹54.98
Return on Equity	25.36%
Return on Capital Employed (ROCE)	26.85%
EBITDA Margin	16.62%
PAT Margin	8.94%
Debt to Equity Ratio	0.52

Objectives of the IPO Proceeds

The Net Proceeds are intended to be utilised as per the details provided in the table below:

Particulars	Amount (in ₹ million)
Investment in one of our Material Subsidiaries, MT USA, for the repayment / prepayment, in full or in part, of certain outstanding borrowings availed by it, including payment of the interest accrued thereon	1650
Funding inorganic growth through unidentified acquisitions and general corporate *	[●]

Note: *To be determined upon finalisation of the Offer Price and updated in the Prospectus prior to filing with the RoC

Mouri Tech Limited Financials (in million)

Particulars	31 March 2025	31 Mar 2024	31 Mar 2023
Assets	13,059.47	7360.29	5861.01
Revenue	17,666.75	11,413.00	10,997.80
Profit After Tax	1580.13	1672.53	1599.47
Reserves and Surplus	5063.67	4356.61	(168.52)
Total Borrowings	2,890.01	358.08	296.29
Total Liabilities	6790.24	1876.44	1983.02

Financial Status of Mouri Tech Limited

Mouri Tech Limited IPO Strengths

Portfolio of IT Solutions and Services in iERP and Enterprise Digital Transformation

Mouri Tech Limited leverages deep expertise in AI-powered iERP and enterprise digital transformation, offering end-to-end services from advisory to deployment and support. The company’s strategic partnerships with leading ISVs enhance its ability to deliver customized solutions across industries. With India’s IT outsourcing market growing rapidly and the global tech market projected to reach USD 8,581 billion by 2030 (CAGR 8.3%), Mouri Tech’s AI-first approach and multi-level ISV engagements position it strongly to capture rising demand in intelligent ERP, cloud, automation, and digital transformation services.

Diversified Marquee Customer Base with Longstanding Customer Relationships

Mouri Tech Limited has cultivated a diverse and loyal customer base through consistent delivery of IT solutions and services across industries. Their customer-centric approach, innovation, and reliability foster enduring relationships reflected in recurring revenues. Serving over 554 active accounts globally, they mitigate industry risks and maintain strong ties with key customers over multi-year contracts.

Fast Growing Digital IT Services & Solutions Portfolio

Mouri Tech Limited partners with leading ISVs to deliver tailored enterprise software, AI-infused analytics, cloud and infrastructure services, CRM integration, and digital transformation solutions. Their expertise spans generative, conversational, and agentic AI, immersive technologies, IIoT, hyper-automation, and advanced analytics—empowering industries to optimize operations and innovate confidently.

Well Recognized Service Delivery Organization with Strong Offshore Capabilities

Mouri Tech Limited is a reputed service delivery firm with offices across India, the USA, Canada, Singapore, and subsidiaries in South Africa, Germany, the UK, Australia, and the UAE. Leveraging a skilled workforce of nearly 3,000, it excels in offshore IT services, managed projects, and maintains top certifications like CMMI Level 5 and ISO standards.

Strong R&D Capabilities with Large Portfolio of Digital Assets

Mouri Tech Limited invests heavily in R&D, creating over 2,600 digital assets by December 2024. These assets, developed from deep industry and technology expertise, include tools, frameworks, and products that enhance service delivery, drive innovation, reduce costs, and support customer digital transformation across diverse sectors.

Experienced Management Team

Mouri Tech Limited is led by seasoned executives with over 20 years of industry experience, including Promoter Anil Reddy Yerramreddy and CTO Srinivasu Rao Sandaka. With a strong leadership team and nearly 3,000 skilled employees, the company fosters a positive work culture, earning Great Place to Work certifications and top workplace rankings in India.

More About Mouri Tech Limited

Mouri Tech Limited is a global IT solutions and services company that embraces an “AI-first” philosophy. It delivers end-to-end capabilities focusing on intelligent enterprise resource planning (iERP) and comprehensive digital transformation. The company operates through four core practice areas: iERP, enterprise digital transformation, infrastructure services, and program management. These are reinforced by its AI Center of Excellence (AI COE), which drives research, development, and AI-powered innovation.

Practice Areas

I. iERP Solutions:
Mouri Tech offers advanced iERP solutions that integrate artificial intelligence, machine learning, generative AI, and advanced analytics. These solutions automate and optimize business processes across finance, human capital management, supply chain, CRM, sales, procurement, and more. Their cloud-enabled ERP systems serve diverse industries such as manufacturing, chemicals, life sciences, energy, logistics, and transportation. Services include advisory, implementation, modernization, migration, and custom application development tailored to specific business needs.

II. Enterprise Digital Transformation:
The company helps clients embrace modern digital technologies to enhance operational efficiency and user experience. Services cover AI/ML, generative and agentic AI, cloud computing, advanced analytics, IIoT, e-commerce, intelligent quality engineering, and hyper-automation. Mouri Tech’s AI-augmented software development life cycle incorporates proprietary AI tools and accelerators to boost productivity and quality.

III.Infrastructure Services:
Mouri Tech delivers cloud engineering, cybersecurity, IT service management, network operations, and identity management. AI-driven tools support monitoring, alert management, and automation, reducing manual effort and operational costs.

IV. Program Management:
Its enterprise program management office (E-PMO) focuses on project planning, governance, risk reduction, compliance, and data-driven decision-making. This helps clients execute projects efficiently and maximize outcomes.

Global Footprint and Workforce

Mouri Tech serves customers globally, with delivery centers in India (Hyderabad, Bengaluru, Chennai, Visakhapatnam, Kolhapur, Indore) and offices across the USA, Canada, Europe, South Africa, Singapore, and the Middle East. With over 2,500 IT professionals worldwide, the company balances offshore delivery with onshore customer engagement, ensuring seamless service and strong client relationships.

Innovation and Competitive Edge

The company invests heavily in R&D through its AI COE, developing proprietary digital assets including accelerators, AI agents, frameworks, and methodologies. These assets foster innovation, improve project efficiency, and enable Mouri Tech to offer customized, cutting-edge solutions, maintaining a competitive advantage in a dynamic technology landscape.

Industry Outlook

The Indian IT services and enterprise software industry remains a pivotal growth engine for the country’s economy. With rapid digital adoption, the sector is expected to sustain strong momentum over the next several years.

Growth Prospects & CAGR

The Indian IT-BPM (Information Technology – Business Process Management) industry is projected to grow at a CAGR of around 8-10% during 2023-2028, driven by increased enterprise digital transformation initiatives and cloud adoption. The enterprise software market, including ERP and iERP solutions, is forecasted to grow at a slightly higher CAGR of 10-12%, reflecting businesses’ push for automation and AI integration.

Key Growth Drivers

I. Accelerated adoption of AI, machine learning, and generative AI technologies across sectors

II. Increasing cloud migration and hybrid cloud strategies

III. Rising demand for intelligent ERP solutions to optimize operations and supply chains

IV. Government initiatives promoting Digital India and industry 4.0 transformations

V. Growing mid-sized enterprises investing in scalable ERP and digital platforms

VI. Expansion in sectors like manufacturing, logistics, energy, and life sciences adopting digital solutions

Industry Value & Size

The Indian IT services industry was valued at approximately USD 227 billion in 2024, with enterprise software contributing a significant share due to cloud ERP, automation, and analytics services. Domestic software product companies are witnessing growth as enterprises seek localized, scalable solutions with AI capabilities.

Emerging Trends:

I. Shift from traditional ERP to intelligent ERP (iERP) integrating AI for predictive analytics and automation

II. Increased focus on hyper-automation and AI-driven software development life cycle tools

III. Growing demand for cybersecurity and infrastructure services to support digital ecosystems

IV. Emphasis on program management to deliver complex digital projects efficiently

How Will Mouri Tech Limited Benefit

I. Mouri Tech’s AI-first iERP solutions align perfectly with the rising demand for intelligent, cloud-enabled ERP systems driven by automation and AI integration.

II. The company’s focus on digital transformation and advanced technologies like generative AI and machine learning positions it to capture growth in enterprises adopting Industry 4.0 and Digital India initiatives.

III. With its broad service portfolio across iERP, infrastructure, and program management, Mouri Tech can address the growing need for end-to-end digital solutions across sectors such as manufacturing, logistics, and life sciences.

IV. Its AI Center of Excellence enables rapid innovation and customized offerings, giving Mouri Tech a competitive edge as enterprises seek scalable, AI-powered software products.

V. Mouri Tech’s global delivery model, combined with a strong Indian talent base, allows cost-effective service delivery that appeals to both domestic and international clients.

VI. Growing emphasis on cybersecurity and infrastructure services aligns well with Mouri Tech’s capabilities, expanding its market potential.

Peer Group Comparison

Name of the Company	Face Value (₹/Share)	Revenue from (₹)	EPS (₹)	NAV (₹)	P/E (x)	RoNW (%)
Mouri Tech Limited	10.00	11,413.00	15.39	47.47	NA	31.39
Peer Groups
Persistent Systems Limited	5.00	98,215.87	72.44	320.95	72.35	22.12
Mphasis Limited	10.00	132,785.15	82.42	459.01	30.25	17.92
Coforge Limited	10.00	91,790.00	131.56	581.19	55.94	22.49
Birlasoft Limited	2.00	52,781.45	22.54	109.24	17.74	20.69
Sonata Software Limited	1.00	86,130.60	11.12	49.92	31.65	22.04
Zensar Technologies Limited	2.00	49,019.00	29.36	156.13	24.10	18.81
Happiest Minds Technologies Limited	2.00	16,246.60	16.73	99.52	35.81	6.71

Key Strategies for Mouri Tech Limited

Expanding Customer Base and Strengthening Relationships

Mouri Tech Limited focuses on increasing its customer base by targeting clients with contracts exceeding USD 1 million globally. Leveraging its presence across multiple regions, it deepens existing client ties through expanded service offerings like automation and analytics, while optimizing cost advantages via its India-centric delivery model.

Enhancing Sales, Marketing, and Brand Presence

The company invests in strengthening its sales and marketing teams to boost customer acquisition and retention. It leverages inbound inquiries, referrals, and industry events, while promoting its reputation in intelligent iERP and digital transformation, supported by awards and recognition in workplace culture and innovation.

Investing in Technology Platforms and Digital Innovation

Mouri Tech Limited prioritizes ongoing investment in emerging technologies such as AI, machine learning, hyper-automation, and cybersecurity. By developing proprietary accelerators, AI agents, and industry-specific cloud solutions, it aims to enhance customer loyalty, scalability, and productivity while addressing unique industry challenges.

Broadening Solutions and Industry Expertise

The company expands its solution portfolio beyond core technology to specialized services in automotive, healthcare, energy, and more. Emphasizing AI enablement, cybersecurity, and compliance, Mouri Tech strengthens partnerships with ISVs and aims to deliver sustainable, innovative, and industry-tailored offerings for evolving client needs.

Pursuing Inorganic Growth Through Acquisitions

Mouri Tech evaluates mergers and acquisitions to expand market share, geographic reach, and product offerings. Recent acquisitions include firms specializing in cloud, analytics, staffing, and software solutions, enhancing its expertise and operational efficiency while deepening its presence across diverse sectors globally.