# Nopaperforms Solutions Limited: IPO analysis > Nopaperforms Solutions Limited (CIN U72900HR2017PLC137142) has filed a Updated Draft Red Herring Prospectus with SEBI for an IPO comprising a fresh issue of ₹375 Cr and an offer for sale of 3.84 Cr shares. In FY26 it reported revenue of ₹116 Cr (+25.2% on FY25) and a net profit of ₹12 Cr. Promoters hold 30.2% before the IPO. Our earlier look-up of its claims found 2 medium or high concerns across 48 claims looked up. - Page: https://ipo.innerkore.com/in/company/U72900HR2017PLC137142/nopaperforms-solutions-limited/ - CIN: U72900HR2017PLC137142 - Last updated: 11 Sep 2026 ## Key facts - **Company:** Nopaperforms Solutions Limited - **CIN:** U72900HR2017PLC137142 - **Filing stage:** UDRHP - **Latest SEBI filing:** 11 Sep 2026 - **Fresh issue:** ₹375 Cr - **Offer for sale:** 3,84,22,392 shares - **Listing on:** BSE, NSE - **Revenue FY26:** ₹116 Cr - **Revenue growth:** +25.2% - **Net profit FY26:** ₹12 Cr - **Revenue CAGR FY24 to FY26:** 28.2% - **Promoter holding (pre-IPO):** 30.2% - **Lead managers:** IIFL Capital Services Limited, IIFL Securities Limited, SBI Capital Markets Limited - **Registrar:** MUFG Intime India Private Limited - **Earlier look-up flags:** 1 high, 1 medium, 6 low ## Key signals (read from the filing; not investment advice) - **Growth** (looks fine): 28.2% a year. Sales FY24 to FY26; latest year +25.2%. - **Profitability** (looks fine): 10.3% net margin. FY26; operating margin improving. - **Debt** (looks fine): No borrowings. Nothing borrowed at the end of FY26. - **Profit into cash** (looks fine): 217% of profit. Operations brought in ₹25.9 crore against ₹11.9 crore of profit in FY26. - **One-off income** (concern): 55% of profit. Other and one-off income is 55% of pre-tax profit. - **Red flags** (concern): 2 to review. 48 claims looked up earlier: 1 high, 1 medium concern. ## Financial snapshot (₹ crore unless stated; unspecified) | | FY24 | FY25 | FY26 | 3M Jun-26 | |---|---:|---:|---:|---:| | Sales | 70 | 92 | 116 | 45 | | Sales growth | – | 31.3% | 25.2% | – | | Operating profit | 0.46 | 1.5 | 8.6 | 8.4 | | Operating margin | 0.7% | 1.7% | 7.4% | 18.7% | | Net profit | 0.04 | 1.9 | 12 | 6.0 | | Net margin | 0.1% | 2.0% | 10.3% | 13.5% | | Net worth | 19 | 26 | 46 | 53 | | Borrowings | 9.0 | 3.0 | 0.00 | 0.00 | | Return on equity | 0.2% | 7.3% | 25.8% | – | ## Use of proceeds (fresh issue) - Funding of expenditure for customer acquisition and retention: ₹96 crore - Funding of expenditure towards technology development and cloud infrastructure: ₹148 crore - General corporate purposes and funding inorganic growth through unidentified acquisitions (1)(2): amount not fixed yet ## Claims looked up earlier - **HIGH** (LitigationStatus): There are no pending litigation involving Group Companies that may have a material impact on the Company.. One search result points to a pending order from the Delhi High Court involving NOPAPERFORMS SOLUTIONS PRIVATE LIMITED, which suggests there is litigation proceedings. This directly contradicts the claim that there are no pending litigation involving group companies that may have a material impact on the company. - **MEDIUM** (LitigationStatus): There is no outstanding litigation involving the Group Companies that has a material impact on the Company.. One search result points to a pending litigation order from the Delhi High Court involving the company, which directly relates to the claim of no outstanding litigation. Another result mentions litigation proceedings in the context of the company's documentation. - **LOW** (SubsidiaryPerformance): The Company was incorporated as ‘NoPaperForms Solutions Private Limited’ under the Companies Act in the National Capital Territory of New Delhi on February 8, 2017.. Search result [3] corroborates the claim by stating that Nopaperforms Solutions Limited was incorporated in February 2017 as NoPaperForms Solutions Private Limited. Other results confirm the filing of an updated DRHP for an IPO. - **LOW** (RegulatoryAction): The company confirms compliance with the conditions specified in Regulation 7(1) of the SEBI ICDR Regulations, to the extent applicable, and will ensure compliance with conditions specified in Regulation 7(2) of the SEBI ICDR Regulations.. The search results confirm that NoPaperForms Solutions has filed updated draft papers for an IPO, involving a proposed amount up to ₹375 crore, and that its parent company has filed preliminary papers with SEBI. This aligns with the company's filing activities mentioned in the claim. - **LOW** (PromoterBackground): The report was intended solely for the use of the Board of Directors for inclusion in the Offer Documents to be filed with SEBI and stock exchanges.. The search results indicate that NoPaperForms has filed updated IPO papers with SEBI for a fresh issue of shares, and that Info Edge is set for a partial exit from NoPaperForms as its parent company prepares for an IPO. This suggests that the company's filings and related activities are currently in the public domain and involve significant market activity. - **LOW** (RegulatoryAction): The company and its associated parties are not prohibited from accessing the capital market or debarred from buying, selling, or dealing in securities under any order or direction passed by SEBI or any securities market regulator in any other jurisdiction or any other governmental authority.. The search results confirm that NoPaperForms Solutions has filed updated draft papers with SEBI for an IPO, indicating ongoing regulatory filings. This context relates to the company's activities but does not directly confirm or deny the specific statement regarding the prohibition from accessing the capital market or being debarred by regulators. - **LOW** (LitigationStatus): Five copyrights are registered, two copyright applications have been filed, and one copyright application is pending for hearing.. The search results mention litigation proceedings related to the company, but they do not specifically confirm the exact count of five registered copyrights, two filed applications, and one pending application as stated in the DRHP claim. - **LOW** (LitigationStatus): A notice was received from the Income Tax Department disallowing a capital loss claimed by a Director, and an appeal is pending before the Commissioner of Income Tax (Appeals).. One search result mentions 'litigation proceedings' in connection with the company, which is related to 'outstanding' matters, but it does not specifically confirm the claim about a notice from the Income Tax Department disallowing a capital loss and an appeal pending before the Commissioner of Income Tax (Appeals). - **NONE** (PromoterBackground): The Members of the Promoter Group (Ankita Goyal) hold 130 Equity Shares, representing a Negligible percentage of the total.. The provided search results do not contain any information regarding the specific equity holdings of the promoter group members in Nopaperforms Solutions Limited, so they do not corroborate, contradict, or update the claim. - **NONE** (PromoterBackground): The Promoter (Naveen Goyal) holds 30.19% of the total pre-Offer paid-up Equity Share capital.. The provided search results do not contain any information regarding the promoter's holding percentage in the equity share capital of Nopaperforms Solutions Limited. Therefore, the claim cannot be corroborated, contradicted, or updated by the available search snippets. - **NONE** (PromoterBackground): Naveen Goyal has over 16 years of experience in entrepreneurship, leadership, strategy, and business management.. The provided search results do not contain any information regarding the experience or background of Naveen Goyal. Therefore, the claim cannot be corroborated, contradicted, or updated by the available search results. - **NONE** (PromoterBackground): Naveen Goyal holds a bachelor’s degree in technology (computer engineering) from Maharshi Dayanand University, Rohtak, Haryana.. The provided search results do not contain any information regarding the educational qualifications of Naveen Goyal. Therefore, the search results do not corroborate, contradict, or provide any new information about the claim. ## Common questions ### How big is the Nopaperforms Solutions Limited IPO? Nopaperforms Solutions Limited's IPO comprises a fresh issue of ₹375 Cr and an offer for sale of 3.84 Cr shares, according to its Updated Draft Red Herring Prospectus. The price band has not been announced yet: draft filings leave it blank and it is set in the Red Herring Prospectus. ### What are Nopaperforms Solutions Limited's revenue and profit? Nopaperforms Solutions Limited reported revenue from operations of ₹116 Cr in FY26, +25.2% versus FY25. Net profit was ₹12 Cr (FY25: ₹1.9 Cr). Revenue grew at a compound rate of 28.2% a year from FY24 to FY26. Figures are read from the UDRHP, as printed there. ### How much do promoters own in Nopaperforms Solutions Limited? Promoters hold 30.2% of Nopaperforms Solutions Limited before the IPO. ### How will Nopaperforms Solutions Limited use the IPO money? The fresh-issue proceeds are earmarked for: Funding of expenditure for customer acquisition and retention (₹96 Cr); Funding of expenditure towards technology development and cloud infrastructure (₹148 Cr); General corporate purposes and funding inorganic growth through unidentified acquisitions (amount not fixed yet). The offer-for-sale portion goes to the selling shareholders, not the company. ### What are the red flags in Nopaperforms Solutions Limited's UDRHP? Earlier, we looked up 48 claims from the filing on the open web (we no longer do this, since SEBI reviews the filing): 1 raised a high concern, 1 medium and 6 low. The most notable: One search result points to a pending order from the Delhi High Court involving NOPAPERFORMS SOLUTIONS PRIVATE LIMITED, which suggests there is litigation… One search result points to a pending litigation order from the Delhi High Court involving the company, which directly relates to the claim of no outstanding… This is an automated screen, not a verdict; each finding links to its sources. ### What does Nopaperforms Solutions Limited do? Forget the excitement of an IPO; the real story behind Nopaperforms Solutions Limited is a cloud of litigation. A search reveals a pending order from the Delhi High Court involving a related private entity, directly contradicting claims that the group is free of material legal issues. ### Who manages the Nopaperforms Solutions Limited IPO? Book running lead managers: IIFL Capital Services Limited, IIFL Securities Limited, SBI Capital Markets Limited. Registrar to the offer: MUFG Intime India Private Limited. Shares are proposed to list on BSE and NSE. ### Where can I read the original Nopaperforms Solutions Limited IPO documents? All 2 filings for Nopaperforms Solutions Limited (DAP, UDRHP) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document. ## Source documents - [NOPAPERFORMS SOLUTIONS LIMITED - UDRHP-1](https://www.sebi.gov.in/sebi_data/commondocs/sep-2026/NOPAPERFORMS%20SOLUTIONS%20LIMITED%20-%20DAP_p.pdf) (Abridged prospectus (DAP), filed 11 Sep 2026) - [NOPAPERFORMS SOLUTIONS LIMITED - UDRHP-1](https://www.sebi.gov.in/sebi_data/attachdocs/sep-2026/1789104761658.pdf) (Updated Draft Red Herring Prospectus, filed 11 Sep 2026) --- Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.