Severeconcentrationpage 29
Extreme service provider concentration
We primarily rely on our top 10 service providers... Top 1 71.00%... 59.69%... 50.40%
ListedSMEDSL
Dove Soft IPO
Dove Soft IPO is an SME IPO raising ₹73 Cr at ₹104 – ₹111 a share. It listed on 8 Oct 2026 at ₹110, −0.6% against its issue price of ₹111, and trades at ₹101 today (−9.1% since issue). It was subscribed 1.36× in total.
₹111
Issue price
₹101
Price now
−9.1%
Since issue price
8 Oct 2026
Listed on
1.36×Subscribed (final) · all exchanges
Just covered — bids slightly exceed the shares on offer
populated partly populated we hold nothing here — the tab says why
What the prospectus says could go wrong
Read from the 387-page prospectus. Indian prospectuses list hundreds of risk factors, most of them generic boilerplate. These are the 14 specific to this company; 176 generic ones were skipped. Every one is quoted verbatim with its page, so you can check it against the document.
Severeconcentrationpage 28
Heavy customer concentration in single client
one of our major customer contributed 37.60%, 30.61% and 54.82%, of our revenue from operations for the Fiscal Year March 31, 2026, March 31, 2025, and March 31, 2024
Severepromoterpage 41
KMP and Promoter lack education and experience documents
Kurjibhai Rupareliya does not have any documentation verifying his educational qualifications. Additionally, Rahul Bhanushali, Pankaj Bhanushali and Kurjibhai Rupareliya lack certain documents substantiating aspects of their work experience.
Severefinancialpage 31
Negative operating cash flow in FY25
Net cash (used in)/ Generated from operating activities 430.48 -1,747.90 34.74
Highlitigationpage 25
Income tax demand alleging accommodation entries
raised a demand of ₹ 125.57 Lakhs against the Company. Penalty proceedings under Section 271AAC(1) have also been initiated
Highfinancialpage 40
Trade receivables at ~50% of revenue, 146-day cycle
Closing Trade Receivables (₹ in lakhs) 13,764.47 8,681.09 6,826.79 ... Revenue from Operations (A) (₹ in lakhs) 27,398.01 18,773.86 11,972.69
Highoperationalpage 28
Conflict of interest with subsidiary in same business
Our Subsidiary namely, Dove Soft Technologies Private Limited, our Group company, MOS Utility Limited... are authorized to engage in businesses similar to our own operations
Highoperationalpage 38
Severe attrition especially in sales team
For the period ended Fiscal 2026, 2025, and 2024, our attrition rates were 31.65%, 62.30% and 62.71%, respectively. While we have a range of departments, the most significant attrition has occurred within the Sales Department. The high attrition within the sales team was due to their underperformance.
Highoperationalpage 39
Revenue entirely pay-per-use with no minimum commitments
Most of our agreements with enterprise clients are structured on a pay-per-use model ... These agreements generally do not include fixed or minimum recurring payments or guaranteed traffic volumes, making our revenue highly dependent on the ongoing usage of our services by enterprise clients.
Highpromoterpage 54
Promoters exiting via Offer for Sale of ~48.58% stake
Rahul Bhanushali... 71,31,034... Up to 6,36,000... 37.42%; Sky Occean Infrastructure Limited... 21,26,703... Up to 6,36,000... 11.16%
Highregulatorypage 31
Multiple pending ROC adjudication applications for non-compliances
Adjudication applications were filed with the RoC in respect of Form AOC-4/23ACA (Form GNL-2) vide SRN AC2616225 dated March 13, 2026, and Form MGT-7/20B vide SRN AC2616320 dated March 12, 2026
Highfinancialpage 47
Company receives no proceeds from the Offer for Sale
Our Company will not receive any proceeds from the Offer for Sale, and may not receive proceeds from the Offer. The Offer includes an Offer for Sale, and the proceeds from this portion will be received by the selling shareholders.
Highregulatorypage 41
Promoter Group missing PAN and death certificates
certain members of our Promoter Group have not been able to provide their PAN details, and in respect of certain deceased members of the Promoter Group, death certificates are currently not available.
Highmarketpage 28
Geographic revenue concentration in North and West India
North Zone 16,459.04 60.07% ... Western Zone 8,036.53 29.33%
Extracted from the issuer’s own prospectus and ranked by how specific and material each risk is to this company. Severity is our assessment of the disclosure, not a prediction — and nothing here is a recommendation to apply to this issue.
What’s in court
The issuer’s own summary of outstanding legal proceedings — SEBI requires this table in every prospectus. Counts and amounts are as disclosed; the disclosed aggregate at stake is ₹47 Cr.
| Against | Criminal | Tax | Other material | Amount at stake |
|---|---|---|---|---|
| The company | 1 | 5 | 0 | ₹1.4 Cr |
| Promoters | 0 | 4 | 0 | ₹8.1 Cr |
| Directors | 0 | 1 | 0 | ₹0.0 Cr |
| Subsidiaries | 0 | 0 | 0 | — |
| Group companies | 0 | 5 | 0 | ₹37 Cr |
| senior_management_kmp | 0 | 2 | 0 | ₹0.0 Cr |
case₹34 Crpage 272
E Trav Tech Ltd (Group Co) AY 2023-24: demand of Rs 34 crore (Rs 12 crore added as unexplained credit u/s 68 for share capital increase); appeal pending before CIT(A)
case₹4.6 Crpage 268
Promoter Rahul Bhupendra Bhanushali AY 2019-20: demand of Rs 460 lakhs — Rs 50 lakhs added u/s 68 (alleged fictitious accommodation entry via Jignesh Shah/TaruPallav) and Rs 292 lakhs added u/s 69 (unexplained property purchase from Macrotech Developers); appeal pending before CIT(A)
case₹3.3 Crpage 269
Promoter Sky Occean Infrastructure Ltd AY 2019-20: ex-parte assessment u/s 147/144 adding Rs 200 lakhs u/s 69C (unexplained expenditure on immovable property); total demand Rs 331 lakhs; consequential penalty of Rs 15.60 lakhs u/s 271AAC
case₹2.1 Crpage 272
E Trav Tech Ltd (Group Co) AY 2020-21: demand of Rs 207 lakhs — Rs 200 lakhs unsecured loans treated as unexplained cash credit u/s 68; CIT(A) dismissed appeal on March 29, 2024
case₹0.0 Crpage 268
Company (Dove Soft Ltd) vs Aditek Systems Pvt Ltd & others: criminal complaint u/s 138 NI Act, Case No. SS/4377/2017 before 43rd Metropolitan Magistrate, Borivali, for dishonour of three cheques totalling Rs 52,190; next hearing October 29, 2026 — only criminal matter on record
Conversion: 1 crore = 100 lakhs. All figures taken from the SEBI summary table at p273-274, which states amounts 'to the extent quantifiable' in Rs lakhs. Aggregate totals computed from disclosed per-bucket amounts (Total = 142.21 + 0.52 + 806.90 + 0.11 + 1.35 + 3,664.65 + 58.00 = 4,673.74 lakhs = Rs 46.7374 crore). Tax column combines direct tax and indirect tax counts as listed in the summary table; criminal count for the Company reflects one Section 138 NI Act case (cheque amounts aggregating Rs 0.52 lakhs). The summary table lists no subsidiaries, group-criminal, or promoter-criminal matters.. Outstanding means unresolved — a listed case is an exposure, not a verdict.
Source documents
What the issuer and the exchanges published. Everything else on this tab is read out of these.