IPO-bound edtech SaaS firm NoPaperForms has announced a remarkable financial performance for the fiscal year ending March 2026. The company reported a staggering 6.3-fold increase in its profit after tax, which surged to ₹11.9 Cr from ₹1.9 Cr in the previous year. This impressive profitability was accompanied by a solid 25% growth in operating revenue, reaching ₹115.7 Cr.
Detailed Financial Performance
The company's total income for FY26 stood at ₹119.7 Cr, which includes ₹4 Cr from other income sources. While revenue grew substantially, total expenses saw a more moderate increase of 18%, rising to ₹111.5 Cr from ₹94.2 Cr in the prior fiscal year. This controlled expenditure demonstrates a disciplined approach to investment and operational management as the company scales.
NoPaperForms' bottom line was significantly bolstered by a net tax credit of ₹3.7 Cr during the financial year. This contributed to a doubling of its adjusted EBITDA, which reached ₹12.9 Cr with a healthy margin of 11.16%. These figures underscore the company's strengthening financial health and operational efficiency ahead of its public market debut.
Operational Expansion and Core Offerings
Founded in 2017, NoPaperForms has established itself as a key player in the education technology space. The company provides a suite of software solutions designed to help educational institutions streamline critical processes. These services cover the entire student lifecycle, including acquisition, enrolment management, fee payments, and ongoing engagement.
The firm's offerings are centered around three main products: Meritto for admissions, Collexo for fee management, and the Mio AI suite. These platforms cater to a diverse client base, including universities, K-12 schools, and edtech companies. In FY26, NoPaperForms successfully served 1,183 customers across both Indian and international markets.
The scale of its operations is evident in its key performance metrics, with the value of fees processed through its platforms reaching ₹3,179.5 Cr. CEO Naveen Goyal highlighted this growth, noting it reflects the increasing adoption of their core platforms. The company also facilitated 1.86 billion personalized communications, showcasing its deep integration into its clients' operations.
Navigating the Path to an IPO
These robust financial disclosures are strategically timed as NoPaperForms prepares for its initial public offering. The company confidentially filed its draft IPO papers with the Securities and Exchange Board of India (SEBI) in November 2025. It subsequently received regulatory approval for the public listing in March of this year.
NoPaperForms is reportedly aiming to raise between ₹500 Cr and ₹600 Cr through the IPO, targeting a valuation of around ₹2,000 Cr. To manage the public issue, the company has appointed IIFL Capital Services and SBI Capital Markets as its book-running lead managers. The firm has yet to file its updated Draft Red Herring Prospectus with the market regulator.
NoPaperForms' exceptional growth in profitability and revenue provides a strong foundation as it approaches the public markets. The company's disciplined financial management and expanding operational scale signal a mature business model ready for its next phase of growth. This upcoming IPO will be a significant event for the Indian edtech SaaS sector, reflecting its increasing investor appeal.