IPO-Bound NoPaperForms’ FY26 Profit Surges To ₹11.9 Cr, Revenue Up 25%

IPO-bound education-focused SaaS company NoPaperForms, which got SEBI’s nod for its IPO in March this year, saw its profit after tax jump 6.3X to ₹11.9 Cr in the financial year ended March 2026 (FY26) from ₹1.9 Cr in the previous fiscal year. 

Operating revenue rose 25% to ₹115.7 Cr from ₹92.3 Cr in FY25. Including other income of ₹4 Cr, the parent company of Meritto reported a total income of ₹119.7 Cr during the year. 

Meanwhile, its total expenses increased 18% to ₹111.5 Cr from ₹94.2 Cr in FY25. 

NoPaperForms’ bottom line was aided by a net tax credit of ₹3.7 Cr during the year. The company recognised a deferred tax credit of ₹5.8 Cr, while incurring ₹94 Lakh in additional expenses due to the impact of the labour codes and paying ₹1.1 Cr in current tax. 

Its adjusted EBITDA doubled YoY to ₹12.9 Cr, with an adjusted EBITDA margin of 11.16%. 

Founded in 2017, NoPaperForms offers software solutions that help educational institutions manage student acquisition, enrolments, fee payments, and student engagement.

The company operates three principal software products:

• Meritto: Admissions and enrolment software that generates subscription- and consumption-based revenue. 
• Collexo: A fee-management and payments product that generates subscription- and transaction-based revenue. 
• Mio AI: A suite of AI products offered through subscription- and consumption-based models. 

Its products cater to universities, colleges, preschools, K-12 schools, coaching and test preparation institutes, edtech companies, education consultants, and examination bodies. 

NoPaperForms served 1,183 customers across India and international markets in FY26. The value of fee payments processed through its platforms during the year stood at ₹3,179.5 Cr. 

“We facilitated 1.86 Bn personalised communications and processed ₹3,179.5 Cr in education fees, against ₹1,540.6 Cr two years earlier… This performance reflects the increasing scale of our core platforms alongside continued discipline in the way we invest,” NoPaperForms CMD and CEO Naveen Goyal said. 

The financial disclosures come as the company prepares to go public. NoPaperForms filed its draft IPO papers confidentially with SEBI in November 2025. 

While it received SEBI’s approval for the IPO, the company is yet to file its updated DRHP. 

NoPaperForms is reportedly looking to raise ₹500 Cr to ₹600 Cr through the IPO at a valuation of about ₹2,000 Cr. It has appointed IIFL Capital Services and SBI Capital Markets as the book-running lead managers for the issue.

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