Management

• Sunil Kumar Pillai (Chairman and Managing Director)
• Krishna Raj Sharma (Executive Director)
• Kabir Kishin Thakur (Non-Executive Non-Independent Director)
• Kalpana Rangamani (Independent Director)
• Nagendra Venkaswamy (Independent Director)
• Sumit Kamath (Non-Executive Director)
• Venkata Naga Swaroop Muvvala (Chief Financial Officer)

Use of Proceeds

The total issue size is Rs. 560.29 cr which entirely comprises of offer for sale (OFS) component (Rs. 560.29 cr).

Competitive Strengths

Uniquely positioned in the large and fast-growing technology solutions and associated services market in India and other neighbouring economies Technology solutions focused on cybersecurity, information lifecycle management, data centre infrastructure, application lifecycle management, and hybrid cloud solutions play a crucial role in organizations relying on IT and digital tools. With rapid digitization of processes, the rising demand for hybrid-cloud infrastructure and cybersecurity is evident. Globally, the TAM is projected to grow from USD 1,076 billion in 2024 to USD 3,380 billion by 2030 at 21% CAGR. In India, it is forecast to grow from USD 22.7 billion in 2024 to USD 78.9 billion by 2030 at 23.1% CAGR, driven by government initiatives and business-led digitalization.

Comprehensive multi-OEM solutions and services portfolio, making us the preferred strategic technology advisor for enterprise technology requirements The company began as a value-added distributor and, over 16 years, established itself as a technology enabler, addressing complex IT demands through multi-OEM solutions and services. Offerings cover application lifecycle and data management, ensuring performance, scalability, availability, and security. Partnerships span OEMs such as Check Point, Forcepoint, Imperva, Splunk, Tenable, Arista, Nutanix, SuSe, and Google Cloud. Services include pre-sales, installation, integration, training, audits, managed SOC/NOC services, and 24x7 monitoring. By March 2024, 215 technical employees held 1,011 OEM certifications. Over 30 pre-integrated multi-OEM stacks were curated, supported by Ivalue CoE, benefiting BFSI, fintech, manufacturing, and e-commerce verticals.

Partner of choice for OEMs in India, with strong and expanding OEM relationships across focus areas OEM partners increased from 93 in March 2023 to 109 in March 2025, with long associations including 19 partners for more than 10 years. In fiscals years 2023, 2024, and 2025, transactions numbered 4,410, 4,758, and 5,915, with average transaction sizes of Rs 4.11 million, Rs 4.44 million, and Rs 4.12 million. Key agreements exist with Check Point, Forcepoint, Hitachi, Tenable, Yubico, Imperva, and Arista, with newer additions like Splunk, Nutanix, and Google Cloud. Nine new OEMs in 2023 generated Rs 330.64 million by 2025, while eight added in 2025 contributed Rs 372.39 million. Multiple OEM adoption strengthened enterprise engagements and expanded portfolios.

Large, expanding, and diversified System Integrator network, with a high retention ratio and repeat business System Integrators grew from 567 in 2023 to 804 in 2025, with 287 partners retained consistently for three years. In fiscal 2025, transactions included 37 Global, 97 National, and 670 Local System Integrators. Partners include Hitachi, Sify Technologies, Quess Corp, ACPL, SNS, Wysetek, and Value Point. Retention rates rose from 64.35% in 2023 to 80.73% in 2025. Gross sales billed through System Integrators increased from Rs 13,588.46 million in 2023 to Rs 22,132.43 million in 2025, forming over 90% of billed sales. Repeat business rose from Rs 11,652.02 million in 2023 to Rs 19,692.23 million in 2025, reflecting strong channel-driven growth.

Experienced leadership team, supported by a skilled workforce and an in-house training and recruitment program The leadership team includes Promoters Sunil Kumar Pillai, Krishna Raj Sharma, and S. Sriram, supported by advisory members such as Dr. Gulshan Rai, former PMO CISO, and Rajesh Janey, former Dell EMC President. Senior management averages 12 years’ tenure. By March 2025, 215 technical employees formed over 51% of the workforce, holding 1,011 OEM certifications. Global shortages of IT professionals, especially in AI, machine learning, IoT and cybersecurity, make talent retention critical, with competitive pay strategies in use. Financially, gross sales billed grew from Rs 18,106.65 million in 2023 to Rs 24,393.75 million in 2025 at 16.07% CAGR, while PAT rose to Rs 853 million.

Key Risks & Concerns

High contribution from top 10 OEMs: As of FY25, the company maintained a network of 109 OEMs, of which the top 5/top 10 OEMs accounted for ~45.9%/63.0% of its total gross sales billed to customers. Thus, failure to maintain relationships with OEMs, or any material changes in the pricing, volume, and other terms of existing agreements with OEMs, could materially affect the company’s business.

Competition risk: The company’s System Integrators are not required to purchase any specific volume of products from IISL and may shift their business to competitors (such as other resellers and VADs) if such competitors offer lower prices for similar products and services. Additionally, the OEMs that the company works with may decide to directly distribute/sell their products or appoint other resellers, thereby impacting IISL’s market share.

Dependency on OEMs: The company does not manufacture or develop any of the products used in its offerings, and instead relies on OEMs to develop, test, and manufacture products used in the offerings. Since IISL does not manufacture the products used in any offerings, there can be no assurance that the OEMs whose products the company uses to curate offerings will be able to effectively promote, develop their brands, or maintain the standard quality of the products.

Outlook and Valuation

IISL plans to capitalize on the growth in enterprise technology solutions in India and the SAARC region by expanding its OEM, System Integrator, and end-customer portfolio. It intends to leverage existing relationships to generate cross-sell and up-sell opportunities. Focus areas include growing Application Lifecycle Management (ALM) offerings to benefit from increasing digitization and cloudification of applications, and expanding hybrid cloud offerings to capture expected growth in hyperscale and hyper-converged infrastructure. IISL functions as a value-added solutions aggregator, supported by ecosystem stickiness, strong OEM partnerships, and demand in high-growth IT spending categories such as AI, cloud-native workloads, and regulatory compliance.

IISL plays a vital role in the technology solutions ecosystem by connecting OEMs, who research and produce technology solutions, with enterprises through System Integrators. It works with System Integrators to curate customized multi-OEM solutions tailored to enterprise needs, covering cybersecurity, information lifecycle management, data centre infrastructure, application lifecycle management, and hybrid cloud domains. Its portfolio is aligned with enterprise spending priorities and is expected to grow at double-digit CAGRs in India, driven by regulatory compliance and digital transformation. Partnerships with leading OEMs such as Splunk, Google Cloud, Nutanix, Check Point, and Arista further strengthen its positioning.

The company’s network of OEMs and System Integrators provides a durable, competitive advantage. OEM partners increased from 93 in FY2023 to 109 in FY2025, with 19 partners associated for more than 10 years. Its System Integrator base expanded from 567 in FY2023 to 804 in FY2025, with 287 maintaining partnerships for three consecutive years. This two-sided ecosystem creates strong entry barriers, as OEMs value market access while System Integrators depend on IISL for bundled solutions. At the upper price band, IValue Infosolutions Ltd is valued at 18.7x FY25E. The issue appears reasonably priced. We recommend a SUBSCRIBE rating for the issue and actively monitor after listing for business scalability and consistent earnings growth.