Exim Routes Limitedbusiness model
Tap any area to jump to its detail.
Is it a good business, and why? We read the Prospectus through the seven domains of John Mullins' framework: the market, the industry, the company's edge and the team behind it. Every rating follows a stated rule, with the evidence shown.
Each domain has its own score; there is no overall score and no buy or sell verdict. Based on the filing dated 11 Jun 2026. This is not investment advice.
Macro-market
Is the overall market big, growing and supported by trends?
Market domain · macro level
The filing and the sources we checked say too little about this to judge it.
How it was scored: Fewer than two facts found for this domain.
Outside facts: 4 facts found about its market and industry that the filing does not give.
Evidence (0 from the filing, 4 independent)
What credible outside sources say
Found independently, about India
FDI equity inflows in India's manufacturing sector increased by 69% from Rs. 8,37,191 crore (US$ 97.7 billion) during 2004-14 to Rs. 14,14,742 crore (US$ 165.1 billion) during 2014-24.
“The government reports indicate a 69% increase in FDI equity inflows in the manufacturing sector from Rs. 8,37,191 crore (US$ 97.7 billion) during 2004-14 to Rs. 14,14,742 crore (US$ 165.1 billion) during 2014-24.”
IBEF · Primary source · checked 2026-10-31Found independently, about India
India has 133 unicorn startups as of October 2026, with eight new entrants in 2026.
“India has 133 unicorn startups as of October 2026, with eight new entrants in 2026, marking a 25% increase over the same period last year.”
IBEF · Primary source · checked 2026-10-31Found independently, about India
Indian exports are expected to reach US$ 1 trillion by 2030.
“According to Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles Mr. Piyush Goyal, Indian exports are expected to reach US$ 1 trillion by 2030.”
IBEF · Primary source · checked 2026-10-31Found independently, about Information Technology
India's IT sector achieved exports worth Rs. 2.68 lakh crore (US$ 32.2 billion) in FY24 with a workforce of 9.46 lakh employees.
“prominence in the IT sector, achieved exports worth Rs. 2.68 lakh crore (US$ 32.2 billion) in FY24, with a workforce of 9.46 lakh employees.”
IBEF · Primary source · checked 2026-10-31
Micro-market
Is the target customer segment attractive, and does the product beat the alternatives?
Market domain · micro level
0 fact(s) in the filing, 2 healthy and 0 to watch on the numbers; not enough measured evidence to rate it strong.
How it was scored: 0 fact(s) in the filing, 2 healthy and 0 to watch on the numbers; not enough measured evidence to rate it strong.
Outside facts: 3 facts found about its market and industry that the filing does not give.
Worked out from its numbers
- Sales growth
- +67.9%
- Sales CAGR, 2 years
- +82.0%
FY25 on the year before
FY23 to FY25
Evidence (0 from the filing, 3 independent)
What credible outside sources say
Found independently, about Software Products
India's IT sector revenue is estimated to reach US$ 315.4 billion by FY26.
“As per NASSCOM, industry revenue rose from US$ 167 billion (Rs. 10,42,915 crore) in FY18 to an estimated US$ 315.4 billion (Rs. 27,87,110 crore) in FY26 (till February 2026), with exports at US$ 246.4 billion (Rs. 21,77,829 crore).”
IBEF · Primary source · checked 2026-11-01Found independently, about Software Products
IT spending in India is expected to rise 11.1% year-on-year to US$ 161.5 billion in 2025.
“IT spending in India is expected to rise 11.1% year-on-year to US$ 161.5 billion in 2025, up from US$ 145.4 billion in 2024, according to Gartner.”
IBEF · Primary source · checked 2026-11-01Found independently, about Software Products
The data annotation market in India is projected to surge from US$ 250 million in FY20 to US$ 7 billion by 2030.
“In parallel, the data annotation market, valued at US$ 250 million in FY20, is expected to surge to US$ 7 billion by 2030, driven by accelerated domestic demand for AI and can engage workforce up to 1 million, even though the US continues to account for the bulk of current demand.”
IBEF · Primary source · checked 2026-11-01
Industry
Is the industry structurally attractive: suppliers, buyers, rivals, new entrants and substitutes?
Industry domain · macro level
0 fact(s) in the filing, 0 healthy and 0 to watch on the numbers; not enough measured evidence to rate it strong.
How it was scored: 0 fact(s) in the filing, 0 healthy and 0 to watch on the numbers; not enough measured evidence to rate it strong.
Outside facts: No facts about its market and industry have been found from outside sources yet.
Compared with: the listed companies in its industry group. Classified as Information Technology › IT - Software › Software Products, 136 listed companies.
Worked out from its numbers
- Listed companies in its industry group
- 136
- Operating margin across the industry group
- 15.4% middle
IT - Software
2.1% to 21.0% for the middle half of 117 companies
Competitive advantage
Can the company keep an edge, and does the business model make economic sense?
Industry domain · micro level
The filing states the company's FY25 operating margin of 8.2% and net profit margin of 6.3% are below sub-industry peers, while its debt-to-equity of 0.22x is higher than the peer median of 0.00x.
How it was scored: 0 fact(s) in the filing, 2 healthy and 2 to watch on the numbers; not enough measured evidence to rate it strong. One measure is weak (Cash conversion); a second would make it weak.
Compared with: the listed companies in its industry group. Classified as Information Technology › IT - Software › Software Products, 136 listed companies.
Worked out from its numbers
- Operating margin
- 8.2%
- Net profit margin
- 6.3%
- Return on equity
- 35.5%
- Debt to equity
- 0.22x
- Cash conversion
- -65% of profit
- Operating margin against listed peers
- 8.2%
- Net profit margin against listed peers
- 6.3%
- Debt to equity against listed peers
- 0.22x
- Cash conversion against listed peers
- -0.65x
FY25; +1.9 points on the year before
FY25
FY25
FY25
operating cash flow ₹-4.9 Cr against net profit ₹7.6 Cr, FY25
19 of 40 against its sub-industry; their middle value is 7.9%
19 of 33 against its sub-industry; their middle value is 7.8%
33 of 42 against its sub-industry; their middle value is 0.00x
18 of 25 against its sub-industry; their middle value is 0.92x
Team: aspirations
What do the promoters want from this IPO: to sell down or to grow the company?
Team domain
The filing states the promoters intend to grow the company, with 100% of the fresh issue and ₹7.1 Cr of proceeds allocated to growth rather than debt repayment.
How it was scored: 2 measure(s) are healthy and none flagged.
Worked out from its numbers
- Fresh issue share
- 100% of the issue
- Promoter holding before the IPO
- 63.4%
- Proceeds used to repay debt
- -0%
₹43.7 Cr goes to the company; no promoter sell-down
₹7.1 Cr of ₹37.2 Cr for growth (capex, acquisitions, technology, marketing)
Team: execution
Can the team deliver what the industry demands?
Team domain
The filing and the sources we checked say too little about this to judge it.
How it was scored: Fewer than two facts found for this domain.
Team: connections
Does the team have the ties across the value chain: customers, suppliers, partners?
Team domain
The filing and the sources we checked say too little about this to judge it.
How it was scored: Fewer than two facts found for this domain.
How to read this
What the ratings mean, where the evidence comes from, and what this page is not.
Three kinds of evidence, always labelled
What the company says comes from its own offer document, with the page it came from. It is a claim, not a finding. Worked out from its numbers is arithmetic on the filing's own financial statements and issue terms. Independent sources are outside publications we trust, with the name, tier and date.
How a rating is set
- Every piece of evidence points one way: favourable (+1), neutral (0) or unfavourable (-1). The score is the average of those, times ten, so it runs from -10 to +10.
- It is an average, not a total: twelve favourable facts score the same as four. Only their balance counts.
- Figures worked out from the filing's numbers count double: healthy is +1, to watch is -0.5, weak is -1. A figure and its peer comparison count once.
- The company's own statements and the outside facts about its market and industry are each read by the model, which only says which way a sentence points; every sentence stays visible.
- “Not enough evidence” appears only when nothing at all was found for the domain.
Which outside sources count
Facts about a company's market and industry come from a fixed list: regulators and exchanges (SEBI, NSE, BSE, MCA, RBI), government and industry bodies, credit-rating agencies, and established business press. Blogs, forums, social media and Wikipedia are excluded. Each is kept with the exact sentence it rests on. We do not check what the offer document itself says against the web: that is SEBI's job.
About the framework
The seven domains come from John Mullins' The New Business Road Test, written for new ventures. We adapt each domain to what an IPO document can show. The author has not reviewed or endorsed this analysis. Read it with the filing, not instead of it.