Adisoft Technologies Limited is engaged in providing industrial automation solutions to manufacturing companies, mainly in the automotive sector. The company designs, develops, and installs customized automation systems such as assembly lines, conveyors, and inspection systems. It earns revenue from automation solutions (61.31%) and trading of automation products (38.69%). These solutions are used in factories to improve productivity, reduce manual work, and enhance efficiency.

The company serves a diversified customer base of around 279 customers in FY25, including long-term clients. Major demand comes from states like Haryana and Maharashtra. Its key operational facility is the assembly unit located in MIDC Bhosari, Pune, equipped with tools, machines, and testing infrastructure for automation systems.

The company’s product portfolio includes automated assembly lines, smart conveyors, special purpose machines, vision inspection systems, and IoT-based automation solutions. These products play a crucial role in improving manufacturing efficiency, quality control, and traceability for clients. The business is largely order-based and customized, meaning each project is designed specifically for a client, resulting in longer execution cycles and limited repeatability.

The company has not undertaken any major mergers or acquisitions in the last 10 years. However, it has entered into a joint venture with AIOI Systems Co. Ltd., Japan. The IPO proceeds will be used for ₹3,777.34 lakhs capex for a new factory unit, ₹1,000 lakhs debt repayment, and working capital requirements, indicating expansion plans.

Jan 31, 2026, the company had 49, full time employees. The Banker to the Company is HDFC Bank Limited..

Management and Vision

The company is led by Ajay Chandrashekhar Prabhu (28+ years experience) and Preeti Ajay Prabhu (12+ years experience), who have strong expertise in automation and business management. The leadership focuses on customized automation solutions, customer relationships, and operational efficiency.

Management’s growth strategy includes:

• Expanding manufacturing capacity through a new factory unit
• Strengthening design and engineering capabilities
• Increasing geographical reach and customer base

For funding expansion, the company plans to use:

• IPO proceeds (major source)
• Internal accrals and existing operations

The long-term vision is to benefit from increasing automation demand and smart factory adoption, especially in manufacturing and automotive sectors.

Industry Overview

Adisoft operates in the industrial automation industry, which is growing rapidly due to digitization and smart manufacturing trends.

• Indian automation market is expected to grow at CAGR of 14.26%, reaching $29.43 billion by FY2029
• Growth is driven by AI, IoT, and Industry 4.0 adoption
• Increasing demand for efficiency, cost reduction, and quality improvement

Global outlook:

• Global economy growth expected around 3.3% in 2026
• Automation demand supported by technology investments and AI adoption

Key industry characteristics:

• High customization
• Technology-driven
• Strong linkage with manufacturing sector

Market leaders:

• Global: Siemens, ABB, Rockwell Automation
• India: Tata Elxsi, Siemens India, Honeywell Automation

Overall, the industry has strong long-term growth potential, especially in India.

Risk Factors

1. High Dependence on Automotive Sector
   Around 59.95% to 78.61% of revenue comes from automotive clients. Any slowdown in this sector can significantly impact revenue and profitability.
2. Customized Project-Based Business Model
   Each solution is designed specifically for a customer, leading to long execution cycles and limited repeat business, increasing operational complexity.
3. Geographical Concentration Risk
   Major revenue comes from Haryana (up to 64.20%) and Maharashtra, making the business vulnerable to regional economic changes.
4. Supplier Dependency Risk
   The company depends on limited suppliers for raw materials, with top 10 suppliers contributing up to 85.54% of purchases, which can disrupt operations.
5. Technology and Product Defect Risk
   Automation systems are complex, and errors or defects can lead to delays, customer dissatisfaction, and financial losses.
6. Working Capital Intensive Business
   Project-based execution requires high working capital and long cash cycles, impacting liquidity.
7. Limited Insurance Coverage Risk
   Insurance policies may not cover all risks like operational disruptions, leading to potential financial losses.

Key Strengths and Opportunities

1. Strong In-house Design & Engineering Capability
   The company has a dedicated team of 49 design professionals, enabling customized solutions and faster execution, creating a strong competitive advantage.
2. Integrated Manufacturing and Assembly Facility
   The Pune-based facility ensures quality control, faster turnaround, and reduced dependency on third parties.
3. Diversified Customer Base with Strong Relationships
   The company serves 279 customers, with long-term relationships contributing to stable revenue growth.
4. Growing Automation Industry Tailwinds
   With industry growth at 14.26% CAGR, the company is well-positioned to benefit from increasing automation demand.
5. Experienced Promoters with Industry Expertise
   Promoters bring 28+ years of experience, helping in strategic decision-making and business growth.
6. Expansion through New Factory Unit
   Planned capex of ₹3,777.34 lakhs will increase capacity and support future growth.