Severeconcentrationpage 26
Extreme customer concentration with 87% revenue from top 10
Top 10 customers contributed to 69.17%, 60.12% and 87.09% respectively of our revenues from operations
ListedSMEIT - SoftwareENS
ENS Enterprises IPO
ENS Enterprises IPO is an SME IPO raising ₹33 Cr at ₹87 – ₹92 a share. It listed on 21 Aug 2026 at ₹96, +4.3% against its issue price of ₹92, and trades at ₹102 today (+10.9% since issue). It was subscribed 12× in total.
₹92
Issue price
₹102
Price now
+10.9%
Since issue price
21 Aug 2026
Listed on
12×Subscribed (final) · all exchanges
12.3 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What the prospectus says could go wrong
Read from the 311-page prospectus. Indian prospectuses list hundreds of risk factors, most of them generic boilerplate. These are the 13 specific to this company; 37 generic ones were skipped. Every one is quoted verbatim with its page, so you can check it against the document.
Severepromoterpage 43
Promoters' average acquisition cost only ₹0.04 per share
Our promoters Average cost of acquisition of Equity shares in our Company is lower than the Issue Price of Equity shares... Manish Kumar Srivastava 24,94,440 0.04
Severeregulatorypage 27
Severe RoC filing delays including a 3,447-day gap
ADT-1 ... 05-02-2016 Delayed 2016-17 14-07-2025 3447
Highfinancialpage 31
Negative operating cash flow in latest financial year
Net Cash Flow from/ (used in) Operative activities (11,003.60) 24,997.86 1,095.39
Highfinancialpage 33
Trade receivables surged 8.5x in two years
our trade receivables were ₹ 1,71,075.15 thousands, ₹ 1,11,615.46 thousands, and ₹ 20,201.05 thousands
Highregulatorypage 28
Repeated delays in GST, TDS, EPF and ESI payments
There have been certain instances on delay in payment of statutory dues ... which inter-alia include, income-tax, goods and services tax, provident fund, employees' state insurance, professional tax
Highpromoterpage 32
Promoter resigned as Whole-Time Director effective Dec 2025
Mr. Anupam Kumar Srivastava ... has resigned from the office of Whole-Time Director with effect from December 01, 2025
Highpromoterpage 45
Promoters and Promoter Group retain 75% pre-issue control
our Promoters and Promoter Group hold 75.00% of pre-issue share capital of our Company... our Promoters and Promoter Group will continue to exercise significant control over us
Highfinancialpage 43
Foreign currency revenue without disclosed hedging
our revenues is denominated in foreign currencies other than the Indian Rupee... There is no assurance that we can consistently manage or hedge our currency exposure effectively
Highlitigationpage 28
Outstanding tax and GST proceedings of ₹86.2 lakh
Against our Company ... Direct Tax 5 GST 5 ... Amount Involved (₹ in thousands) 8,621.95
Highoperationalpage 40
No firm orders for equipment capex from Issue proceeds
we have not placed any firm orders for any of them... We cannot assure that there will not be cost escalations over and above the contingencies proposed to be funded out of the Net Proceeds
Highfinancialpage 40
No alternate funding arranged for Objects of the Issue
we have not made any alternate arrangements for meeting our capital requirements for some of the objects of the Issue... Further we have not identified any alternate source of funding
Highpromoterpage 32
Promoters' personal guarantees on company borrowings
Our Promoters have extended their personal guarantees in favour of certain facilities availed by our Company from Banks & Financial Institutions
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.
Source documents
What the issuer and the exchanges published. Everything else on this tab is read out of these.