IPO-Bound NoPaperForms’ FY26 Profit Surges To ₹11.9 Cr, Revenue Up 25%

Education-focused SaaS startup NoPaperForms, which secured SEBI's permission to launch its IPO in March 2026, reported a remarkable surge in profit after tax to ₹11.9 Cr for the financial year ending March 2026. This represents a staggering six-fold increase from ₹1.9 Cr in the previous fiscal year. Concurrently, operating revenue expanded by 25% to ₹115.7 Cr from ₹92.3 Cr in FY25, bolstering the company's overall financial performance.

Including other income of ₹4 Cr, the parent entity behind Meritto generated a total income of ₹119.7 Cr during the year. Despite a 18% rise in total expenses to ₹111.5 Cr from ₹94.2 Cr in FY25, NoPaperForms' bottom line was propelled by a net tax credit of ₹3.7 Cr and a deferred tax credit of ₹5.8 Cr. However, it incurred additional expenses amounting to ₹94 Lakh due to the implementation of labor codes and paid ₹1.1 Cr in current tax.

The company's adjusted EBITDA doubled year-over-year to ₹12.9 Cr, with an adjusted EBITDA margin of 11.16%. NoPaperForms, founded in 2017, offers a suite of software solutions designed to streamline student acquisition, enrolments, fee payments, and student engagement for various educational institutions. These include Meritto (admissions and enrolment software), Collexo (fee-management and payments product), and Mio AI (AI products).

The company has served 1,183 customers across India and international markets, processing fee payments totaling ₹3,179.5 Cr. CEO Naveen Goyal highlighted the company's growth, noting the facilitation of 1.86 billion personalized communications and processing of ₹3,179.5 Cr in education fees. NoPaperForms, set to go public, is aiming to raise ₹500 Cr to ₹600 Cr through its IPO at a valuation of approximately ₹2,000 Cr, with IIFL Capital Services and SBI Capital Markets acting as book-running lead managers.