ENS Enterprises IPO

Incorporated in January 2016, ENS Enterprises is a technology company focused on digital commerce enablement and software development, with operations spanning e-commerce, ONDC integration, custom software, mobile applications, cloud and DevOps, digital marketing and proprietary SaaS products.

The company operates with an asset-light business model and serves corporates, SMEs and government-linked initiatives and has built capabilities across the digital commerce value chain from technology consulting and platform development to deployment, maintenance and digital growth services. It was also empanelled as a Technology Service Provider under the Government of India’s ONDC initiative in 2022.

ENS follows a hybrid revenue model comprising one-time project fees, recurring retainers/managed services and subscription-based offerings. Project revenue is generally linked to the scope and complexity of digital commerce implementations, while recurring contracts cover areas such as hosting, maintenance, analytics and AI-enabled enhancements. The company also has a sizable focus on R&D and is working across AI/ML, generative AI, predictive analytics, IoT, blockchain and cloud-native technologies.

ENS primarily operates as a B2B technology service provider, with corporate clients forming the end-user base. Its target customers include FMCG companies, technology and consumer electronics companies, telecom and infrastructure players, public-sector and government-linked programmes, as well as e-commerce marketplaces and aggregators.

The top 10 customers accounted for ₹35.54 crore or 69.1% of revenue from operations in FY26, compared with 60.1% in FY25 and 87.1% in FY24. India remains the core market for ENS, contributing ₹45.69 crore or 88.9% of revenue from operations in FY26, although the international contribution has been increasing. Revenue from outside India stood at ₹5.68 crore or 11.1%, in FY26 compared with 8.9% in FY25 and 9.1% in FY24. Within the domestic business, Maharashtra was the largest contributor at ₹15.55 crore, accounting for 34.1% of total revenue, followed by Delhi at 18.8%, Uttar Pradesh at 15.9%, Tamil Nadu at 8.2%, and others. The top 10 suppliers accounted for ₹25.94 crore, or 90.8% of total cost of services in FY26, compared with 91.3% in FY25.