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10 Yrs X-Ray 
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Analyst Note 
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About
Dove Soft Ltd (544975)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544975 NSE: IT - Software | Small Cap | Dove Soft Share Price
₹94.95 -4.95 (-4.95%)
As on 12-Oct'26 16:59
Dove Soft Ltd (544975)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544975 NSE: IT - Software | Small Cap | Dove Soft Share Price
₹94.95 -4.95 (-4.95%)
As on 12-Oct'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹244 Cr.
Current Price
₹95
52-Week Low / High
₹100 / 111
TTM EPS
₹9.4
TTM Sales
₹274 Cr.
Book Value per Share
₹60.6
P/E Ratio
10.64
Industry PE
20.1
Price to Book (P/B)
1.65
Price to Sales (P/S)
0.89
EV/EBITDA
7.45
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
30.13%
Outperforms industry median
Return on Capital Employed (ROCE)
36.44%
Outperforms industry median
Return on Assets (ROA)
17.20%
Operating Profit Margin
12.3%
Net Profit Margin
8.54%
Gross Profit Margin
11.8%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
59.78%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
36.5%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
41.48%
Asset Quality
Promoter Holding
%
Pledged shares (%) of Promoter's holding (%)
%
Reserves
₹123 Cr.
Equity
₹24.4 Cr.
Face Value
₹10
All Time Low / High
₹104.80 / 111.00
Check Before You Invest
Quality
Somewhat GoodValuation
NACheck Valuation charts
Price Trend
Weak
Is Dove Soft Ltd a good quality company?
Dove Soft Ltd is a quality company, based on a multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Dove Soft Ltd performance compare with that of its Peers?
Revenue growth of Dove Soft Ltd vs industry peers?
Dove Soft Ltd revenue CAGR is 64.62%, compared to the industry median CAGR of 0%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Dove Soft Ltd?
Promoters hold % of the Dove Soft Ltd, with % of their stake pledged, indicating no pledge risk.
Stock return of Dove Soft Ltd over the last decade?
Over the last - year(s), the stock has delivered a CAGR of N/A% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Dove Soft Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good
Value Creation ⓘ
| Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | TTM | |
|---|---|---|---|---|---|---|
| ROCE % ⓘ | 23.7% | 40.1% | 29.4% | 41.7% | 31.5% | - |
| Value Creation Index ⓘ | 0.7 | 1.9 | 1.1 | 2.0 | 1.3 | - |
Growth Parameters ⓘ |
||||||
| Sales ⓘ | 22.7 | 32.7 | 53.2 | 98 | 157 | 157 |
| Sales YoY Gr. | - | 44.4% | 62.5% | 84.3% | 59.8% | - |
| Adj EPS ⓘ | 206.5 | 173 | 1.8 | 5 | 5.4 | 4.3 |
| YoY Gr. | - | -16.2% | -99% | 183.5% | 9% | - |
| BVPS (₹) ⓘ | 1,095 | 1,488.2 | 12.2 | 17 | 30.6 | 0 |
| Adj Net Profit ⓘ | 0.8 | 1.3 | 3.2 | 9 | 10.4 | 11 |
| Cash Flow from Ops. ⓘ | 2.4 | 0.5 | 2.1 | -4.2 | -15.2 | - |
| Debt/CF from Ops. ⓘ | 1.2 | 7.4 | 1.8 | -0.5 | -0.5 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | NA | NA | 68.5% | 59.8% | ||||
| Adj EPS ⓘ | NA | NA | -68.4% | 9% | ||||
| BVPSⓘ | NA | NA | -72.6% | 80.2% | ||||
| Share Price | - | - | - | - | ||||
Key Financial Parameters ⓘ
| Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | TTM | |
|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 18.9 | 16.9 | 19.3 | 34.3 | 23.3 | 28.3 |
| Op. Profit Mgn % ⓘ | 11.7 | 8 | 11.4 | 13.1 | 10.5 | NAN |
| Net Profit Mgn % ⓘ | 3.4 | 3.9 | 6 | 9.2 | 6.6 | 6.7 |
| Debt to Equity ⓘ | 0.7 | 0.3 | 0.2 | 0.1 | 0.1 | - |
| Working Cap Days ⓘ | 0 | 135 | 127 | 157 | 165 | 0 |
| Cash Conv. Cycle ⓘ | 0 | 33 | 30 | 36 | 69 | 0 |
Valuation of Dove Soft - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
No Data To Display
Promoter's Holding & Share Pledging
Financials
| PARTICULARS | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|
| Sales | 23 | 36 | 76 | 120 | 188 | 274 |
| Operating Expenses > ⓘ + | 20 | 33 | 68 | 105 | 164 | 241 |
| Operating Profit > ⓘ | 2 | 2 | 8 | 15 | 24 | 33 |
| Operating Profit Margin (%) | 10.9% | 6.2% | 10.4% | 12.3% | 12.9% | 12.0% |
| Other Income > ⓘ + | 0 | 2 | 0 | 0 | 1 | 1 |
| Interest > ⓘ | 1 | 1 | 1 | 0 | 1 | 1 |
| Depreciation > ⓘ | 1 | 1 | 1 | 1 | 1 | 2 |
| Profit Before Tax > ⓘ | 1 | 3 | 6 | 14 | 22 | 30 |
| Tax > ⓘ | 0 | 1 | 2 | 3 | 6 | 7 |
| Profit After Tax | 1 | 2 | 4 | 10 | 17 | 23 |
| PAT Margin (%) | 2.9% | 7.0% | 5.9% | 8.6% | 8.8% | 8.5% |
| Adjusted EPS (₹) | 176.4 | 335.9 | 2.4 | 5.6 | 8.5 | 12.0 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 4 | 10 | 22 | 33 | 66 | 89 | |||||
| Debt + | 1 | 3 | 4 | 3 | 6 | 6 | |||||
| Minority Interest | 0 | 0 | 0 | 0 | 1 | 1 | |||||
| Trade Payables | 5 | 9 | 18 | 46 | 31 | 59 | |||||
| Others Liabilities ⓘ | 3 | 3 | 4 | 3 | 4 | 8 | |||||
| Total Liabilities ⓘ | 13 | 24 | 48 | 85 | 108 | 164 | |||||
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 1 | 3 | 2 | 3 | 6 | 5 | |||||
| CWIP ⓘ | 1 | 0 | 8 | 8 | 0 | 3 | |||||
| Investments ⓘ | 0 | 5 | 4 | 3 | 10 | 10 | |||||
| Inventories | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Trade Receivables | 8 | 13 | 26 | 68 | 87 | 138 | |||||
| Cash Equivalents | 0 | 0 | 0 | 0 | 1 | 2 | |||||
| Others Assets ⓘ | 2 | 3 | 7 | 2 | 4 | 6 | |||||
| Total Assets ⓘ | 13 | 24 | 48 | 85 | 108 | 164 | |||||
| PARTICULARS | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 2 | 1 | 2 | 0 | -17 | 4 |
| Cash Flow From Investing Activity ⓘ + | -1 | -5 | -9 | 0 | -3 | -3 |
| Cash Flow From Financing Activity ⓘ + | -1 | 4 | 7 | -1 | 22 | -1 |
| Net Cash Flow ⓘ | 0 | 0 | -0 | 0 | 1 | 0 |
| PARTICULARS | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | ||||
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 18.49 | 36.39 | 27.76 | 37.4 | 33.43 | 30.13 | ||||
| ROCE (%) | 22.62 | 38.92 | 35.77 | 45.28 | 41.99 | 36.44 | ||||
| Asset Turnover Ratio | 1.76 | 1.92 | 2.11 | 1.81 | 1.94 | 2.01 | ||||
| PAT to CFO Conversion(x) | 2 | 0.5 | 0.5 | 0 | -1 | 0.17 | ||||
| Working Capital Days | ||||||||||
| Receivable Days | 123.80 | 105.30 | 94.90 | 144.40 | 150.80 | 149.50 | ||||
| Inventory Days | 0 | 0 | 0 | 0 | 0 | 0 | ||||
| Payable Days | 0 | 0 | 0 | 0 | 0 | 0 | ||||
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Dove Soft Ltd FAQs
The current trading price of Dove Soft on 12-Oct-2026 16:59 is ₹94.95.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 11-Oct-2026 the market cap of Dove Soft stood at ₹243.6 Cr
The latest P/E ratio of Dove Soft as of 11-Oct-2026 is 23.08.
The latest P/B ratio of Dove Soft as of 11-Oct-2026 is 0.00.
The 52-week high of Dove Soft is ₹111.0 and the 52-week low is ₹99.60.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Dove Soft is ₹157 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that Dove Soft Ltd is a average quality company.
No data found
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Dove Soft Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
About Dove Soft Ltd
Dove Soft was incorporated as private limited Company under the name ‘Dove Soft Private Limited’, under the provisions of the Companies Act, 1956 and Certificate of Incorporation was issued by the Registrar of Companies, Maharashtra, Mumbai on August 19, 2011. The status of the Company was changed to public limited and the name of the Company was changed to “Dove Soft Limited” vide Special Resolution dated August 17, 2022. The fresh certificate of Incorporation consequent to conversion was issued on September 19, 2022, by the Registrar of Companies, Mumbai.
Dove Soft is an integrated provider of cloud communications solutions in India, commonly known as a CPaaS (Communications Platform as a Service) provider. It offers a wide range of services through channels such as SMS, RCS, Voice, WhatsApp, Email, and other digital platforms. Its solutions enable businesses to communicate efficiently with their customers through reliable and scalable messaging and engagement tools. It provides services to enterprises as well as over-the-top (OTT) platforms, including transactional SMS, WhatsApp messaging solutions, voice services, automated voice call solutions, email communication, and various digital products. Its organization acts as an aggregator between telecom operators and clients, ensuring seamless connectivity and delivery of communication services.
It serves clients across multiple industries, including Telecom, Information Technology, Travel & Tourism, Entertainment, Media, Advertising & Events, Retail, Real Estate, Healthcare & Cosmetics, Banking, Financial Services & Insurance (BFSI), Automobile, E-commerce, and Food & Beverages. Its solutions help businesses effectively manage customer communication, enhance engagement, and streamline their operational processes. Its sales team actively engages with existing and potential clients to promote its range of communication solutions.
Business area of the company
The company is cloud-communication platform service provider to enterprises, OTT players and mobile network operators. Range of services include SMS, WhatsApp, Voice, IVR, OBD solution, Virtual Number (Long Code), Short Code E-mail & Digital Products. It offers a range of cloud-communication services to clients across diverse sectors including BFSI, Media and Entertainment, Tourism, Retail, FMCG, E-commerce, Logistics, Healthcare, Hospitality, Pharmaceuticals etc.
Services of the company
- SMS services
- Wholesale voice services
- Digital services
- Whatsapp services
- Email services
- Rich Communication Services (RCS)
Awards & recognitions
- 2019: Awarded by CIOReviewIndia as “20 Most Promising Unified Communications Solutions Providers- 2019”.
- 2023: Awarded by Outlook Business Spotlight as Visionary Leader Awards 2023.
- 2024: Awarded by Antonio Meucci Global Telco as second place in the category of ‘Best Asia Provider, 2024’.
- 2024: Awarded by Business Connect as ‘Acclaimed Brand to Watchout Award’, 2024.
- 2024: Participation in MEF Leadership Forum India, 2024 for Generative AI – Impact on Messaging ecosystem.
History and milestones
- 2011: Incorporation of the company in the name style of ‘Dove Soft Private Limited’.
- 2016: Topline of the company crossed Rs 10 crore.
- 2022: Change in constitution of the company from Private to Public Limited.
- 2023: Topline of the company crossed Rs 50 crore.
- 2025: Topline of the company crossed Rs 100 crore.
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