NSB BPO Solutions IPO

About NSB BPO Solutions IPO

The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include 53,00,000 shares (aggregating up to ₹77.91 crore). The total number of shares is 53,00,000, and aggregate amount is ₹77.91 crore.

NSB BPO Solutions Limited provides services to start-ups to mid-size and large corporates to fulfil their business outsourcing needs. Their company provides services in various industries, namely Telecom, BFSI, E-Retail, Insurance, Food Delivery, Hotels, State and Central Government Organisations, Healthcare, Education, etc. The company currently operates solely within the boundaries of India and does not have any business activities, subsidiaries, or operations in foreign countries. The company's focus remains on its domestic operations, ensuring efficient service delivery and customer satisfaction within the Indian market.

Objectives of NSB BPO Solutions IPO

• Repayment/prepayment, in full or in part, of certain borrowings availed by the company.
  
• Funding capital expenditure for a new project.
  
• Additional working capital requirements for their existing business.
  
• Long-term working capital requirements for their new project.
  
• General corporate purposes.
  

Industry Outlook

The IT & BPM sector has become one of the most significant growth catalysts for the Indian economy, contributing significantly to the country’s GDP and public welfare. The IT industry accounted for 7.4% of India’s GDP in FY22, and it is expected to contribute 10% to India’s GDP by 2025. As innovative digital applications permeate sector after sector, India is now prepared for the next phase of growth in its IT revolution. India is viewed by the rest of the world as having one of the largest Internet user bases and the cheapest Internet rates, with 76 crore citizens now having access to the internet.

India is the topmost offshoring destination for IT companies across the world. Having proven its capabilities in delivering both on-shore and off-shore services to global clients, emerging technologies now offer an entire new gamut of opportunities for top IT firms in India. The Indian IT & business services industry is expected to grow to US$ 1,993 crore by 2025. Spending on information technology in India is expected to reach US$ 14,400 crore in 2023. By 2026, widespread cloud utilisation can provide employment opportunities to 14 million people and add US$ 38,000 crore to India's GDP.

Company Information

NSB BPO Solutions Limited is engaged in the business of providing Business Process Outsourcing (BPO) services specialising in the area of support services solutions. They provide a wide range of support services such as Customer Care and Customer helpline Call Centre for clients, Tele-sales, Tele-collections, Digitisation of documents, Processing of application and KYC forms, warehousing and archival, Payroll management, etc. They believe in providing efficient and accurate services which is the core value of the organisation. Their focus is on achieving delivery standards and providing quality solutions using the latest technology and industry best practices. With a team of skilled professionals, they offer a diverse range of services to support various aspects of their clients' business operations for an ultimate end-to-end business solution for the needs of the client's business.

The company, to achieve the delivery standards and provide the quality solutions using the latest technology like Artificial Intelligence, Speech Analytics, Data Analytics and such other technological tools, offers its services to its clients, with a team of trained professionals, so that all the delivery parameters and agreed terms of the Service Level Agreement are met to the satisfaction of the client.

During the financial year, 2022-23, M/s. Ondoor Concepts Limited was considered as a subsidiary company of NSB BPO Solutions Limited and accordingly the financial statements are consolidated as subsidiary. However, it transitioned to being an associate company during the financial year 2023-24 and 2024-25. Accordingly, it is an Associate Company, and the financial statements are consolidated as Post Transition of Ondoor Concepts Limited as an Associate Company.

Strengths of NSB BPO Solutions IPO

• Quality timely service to their customers.
  
• Experienced promoter and senior management team.
  
• Client satisfaction and relationship.
  
• Diversified customer base and revenue sources.
  

Risks of NSB BPO Solutions IPO

• Factors that adversely affect the demand for such IT BPO services or their position and reputation as a provider of such IT BPO services.
  
• Any downturn and/or any economic, regulatory, social and political change in Madhya Pradesh and Uttar Pradesh, where a significant portion of their revenue is derived from.
  
• Failure to successfully leverage their relationships with existing suppliers or to identify new suppliers.
  
• The promoters of the company are involved in certain legal proceedings. Any adverse outcome of the proceedings can impact the business.
  
• Susceptibility to security breaches and cyber-attacks of their technology infrastructure and the technology infrastructure of their third-party service providers.
  

Source: Issue Price for NSB BPO and others closing market price on September 04, 2025 on BSE/NSE.

Source: Data for peer group companies is sourced from KPI Tables prepared from published financial statement based on Standalone financials for FY 2025 and as mentioned in point 8 below. RONW / EPS / NAV etc. is adjusted for face value #P/E Ratio is computed by dividing the closing market price on September 04, 2025 on BSE/NSE by EPS

NSB BPO consolidated financials are based on restated financial statements for March 31, 2025 and as certified by M/s. B. C. P. Jain & Co, Chartered Accountants, by their certificate dated August 29, 2025 (UDIN: 25077986BMJPEM2809).

Since they are a Company engaged in BPO solution services sector, hence they have selected the Companies from the same sector. Most of the listed Companies in the sector are very large compared to them and may have a product portfolio larger than ours, hence they have considered the listed Companies that are in the similar line of business as theirs for comparison.

Registrar: Bigshare Services Private Limited
Book Running Lead Managers: Inventure Merchant Banker Services Private Limited

Business Model

The company earns its revenue through the following:
The sale of BPO services. Where the company’s services/product offerings are divided into the following four categories:

• Voice Business Call Centre
  
• Back-office Business Outsourcing
  
• Payroll Management and
  
• Trading of Goods
  

Company Growth Trajectory

The revenue from operations for FY 2025 is ₹138.12 crore as compared to ₹128.03 crore during FY 2024, showing an increase of 7.88%. The sale of services was ₹113.36 crore and the revenue from trading of goods was ₹24.76 crore for fiscal 2025. The sale of services was ₹91.59 crore and the revenue from trading of goods was ₹36.44 crore for fiscal 2024. This increase was primarily due to an increase in revenue from services by 23.77% during FY 2025 due to an increase of business in government, insurance, and food delivery industry sectors.

Other income for FY 2025 and FY 2024 was ₹0.42 crore and ₹0.24 crore respectively. Hence the total income for FY 2025 and FY 2024 was ₹138.54 crore and ₹128.27 crore respectively.

The EBITDA stood at ₹18.87 crore for FY 2025 compared to ₹12.98 crore for FY 2024. This increase in EBITDA was mainly due to an increase in service revenue, and a decrease in other expenses as explained above. During FY 2025, their company recorded an EBITDA margin of 13.62% of the total income as against 10.12% during FY 2024.

The share of profit from the associate company during FY 2025 and FY 2024 was ₹2.51 crore and ₹1.96 crore respectively and accordingly profit after tax and restatement adjustment and share of profit from the associate company stood during FY 2025 and FY 2024 at ₹11.05 crore and ₹6.73 crore respectively. This increase in share of profit from the associate company is due to an increase in PAT of Ondoor Concepts Limited.

Company Market Position

NSB BPO Solutions Limited has been in the current line of business for almost 21 years and the client list includes various telecom, bank, insurance, financial service companies, along with food delivery, health sector, education and State and Central Government offices, etc. Also, they help their clients with their voice and non-voice support services, and Back Office Processing Services to provide a comprehensive range of services across all industry sectors to clients who are in need of specialist assistance. Their services can be tailored to meet the needs of each client. They make sure that they give their clients the best so that they can meet the different challenges presented by the business environment.

Besides providing Business Process Outsourcing (BPO) services to their clients, the company is also involved in trading activity of FMCG and staple goods like pulses, sugar, rice, dry fruits, fruits and vegetables etc. Due to their presence in various parts of the country, they have a geographical advantage in the procurement of some FMCG and staple items at an economical price and the same is supplied to various retailers as a B2B sales.

As on 31 March 2025, the company’s Total Income, Profit After Tax, and EBITDA were ₹138.536 crores, ₹11.047 crores, and ₹18.867 crores, respectively. (Post Transition of Ondoor Concepts Limited as an Associate Company)

How to check allotment status of NSB BPO Solutions IPO?

1. Visit the Registrar's Website

To check the IPO allotment status for NSB BPO Solutions Limited IPO, visit the official website of Bigshare Services Private Limited, the registrar for this IPO. On their IPO allotment status page, enter your Permanent Account Number (PAN), application number, or Demat account ID. Then, click the ‘Submit’ button to view your allotment status. Ensure you have the necessary details ready for a quick and accurate check.

2. Check on the Bombay Stock Exchange Website

The Bombay Stock Exchange (BSE) also has an IPO allotment status page. Go to the BSE website and find the 'Investors' tab. Under 'Investors', click on 'IPO'. This will take you to the IPO allotment status page.

On the BSE IPO page, follow these steps

• Select 'Equity' from the dropdown menu
  
• Choose 'NSB BPO Solutions Limited' in the next dropdown
  
• Enter your application number
  
• Enter your PAN
  
• Click 'Search
  

Your NSB BPO Solutions Limited IPO allotment status will be displayed.

3. Verify on the National Stock Exchange Website

The National Stock Exchange (NSE) has an IPO Bid Verification module. Use this to check NSB BPO Solutions Limited IPO allotment status.

Go to the NSE website and find the 'Invest' tab. Click on 'Verify IPO Bids' under 'Resources & Tools'.

On the NSE IPO Bid Verification page, enter:

• Application number
  
• PAN
  

Then click 'Submit'. Your NSB BPO Solutions Limited IPO bid and allotment details will be displayed.

How to apply for NSB BPO Solutions Limited IPO?

• Step 1: Log in to your Kotak Neo Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
  
• Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
  
• Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
  
• Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
  
• Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.