Results · Enterprise Software & IT

NoPaperForms posts 6.3x profit jump in FY26

By Startup Enthusiast · 18 August 2026

What they do

NoPaperForms provides software for student acquisition, enrolments, fee payments and engagement

FY26 net profit rose to ₹11.9 crore from ₹1.9 crore; operating revenue grew 25% to ₹115.7 crore

The company has SEBI approval for an IPO of ₹500–600 crore at about ₹2,000 crore valuation

NoPaperForms reported its FY26 financial results.
Net profit after tax (PAT) was ₹11.9 crore, up 6.3 times from ₹1.9 crore in FY25.
Operating revenue reached ₹115.7 crore, a 25% increase from ₹92.3 crore.
Total income including other income of ₹4 crore was ₹119.7 crore.
Total expenses rose 18% to ₹111.5 crore.
Adjusted EBITDA (earnings before interest, tax, depreciation and amortisation) doubled to ₹12.9 crore, with an 11.16% margin.
The company has SEBI approval for an IPO, filed confidentially in November 2025.

The profit jump shows strong operating leverage as expenses grew slower than revenue.
The IPO target of ₹500–600 crore at a ~₹2,000 crore valuation signals confidence in continued growth.
Book-running lead managers are IIFL Capital Services and SBI Capital Markets.

NoPaperForms is a SaaS (software-as-a-service) company for educational institutions.
It has three products: Meritto (admissions & enrolment, subscription/consumption revenue), Collexo (fee management & payments, subscription/transaction revenue), and Mio AI (AI suite, subscription/consumption).
In FY26 it served 1,183 customers across India and international markets.
It processed ₹3,179.5 crore in fee payments and facilitated 1.86 billion personalised communications.
Customers include universities, colleges, preschools, K-12 schools, coaching centres, edtech companies, education consultants and examination bodies.

The company plans to launch an IPO of ₹500–600 crore at about ₹2,000 crore valuation.
It has SEBI approval but has not yet filed an updated DRHP (draft red herring prospectus).