Unified Data-Tech Solutions (UDtech), a specialized IT system integrator, is making its debut on the BSE SME platform with a 100% Offer for Sale (OFS) of 52.92 lakh equity shares, accounting for 26.34% of the post-offer share capital. As Indian enterprises double down on digital transformation, UDtech IPO comes at a time when tech enablement has moved from luxury to necessity.
UDtech IPO review not only sheds light on its robust financials—but also for its impressive roster of pre-IPO investors and a clear business model that addresses mission-critical IT infrastructure needs.

Company Snapshot
Metric | Details |
---|---|
Name | Unified Data-Tech Solutions Limited |
Registered Office | Goregaon East, Mumbai |
IPO Type | Offer for Sale |
Listing Platform | BSE SME |
Promoters | Hiren R. Mehta, Rajendra K. Mehta, Harshaben Mehta |
BRLM | Hem Securities |
Registrar | KFin Technologies |
UDtech IPO Review: Business Model
UDtech positions itself as a “comprehensive IT transformation partner” to mid and large-sized Indian enterprises. It caters to sectors such as BFSI, pharma, IT/ITES, and manufacturing, offering deep integration capabilities across five key pillars:
- Technology Advisory
- Tailored architecture blueprints aligned with business outcomes
- System Integration
- End-to-end multi-vendor orchestration and implementation
- Expert Technical Services
- Legacy modernization, virtualization, and secured infrastructure
- Operational Management
- SLA-driven 24×7 managed IT support
- Cloud & Cybersecurity Enablement
- Includes partnerships with OEMs like IBM, Fortinet, Veritas, Dell, Sophos, among others
Key Highlights:
- Holds 310+ OEM certifications
- Serves large private sector banks, pharma leaders, and fintech unicorns
- Operates a lean team of 38 employees, indicating high productivity per capita
Financial Performance
UDtech’s financial trajectory has been nothing short of stellar. Over three years, the company has consistently delivered high profitability, efficient capital usage, and expanding margins.
Restated Financials
Metric | FY22 | FY23 | FY24 | 11M FY25 |
Revenue | 93.30 | 110.49 | 260.38 | 194.59 |
PAT | 9.71 | 10.40 | 25.13 | 31.68 |
EBITDA (%) | 11.95% | 11.29% | 10.70% | 17.05% |
PAT (%) | 10.41% | 9.41% | 9.65% | 16.28% |
RONW (%) | 34.04% | 26.72% | 39.23% | 33.10% |
RoCE (%) | 46.07% | 35.82% | 52.55% | 43.66% |
Takeaways:
- FY24 revenue more than doubled YoY
- Strong PAT margin of 9–16% over the years
- High RoE & RoCE: Sustained value creation, reflecting management efficiency
UDTech IPO Structure
Detail | Value |
---|---|
Offer Type | Offer for Sale (100%) |
Total Shares | 52.92 lakh equity shares |
Face Value | INR 10 per share |
Net Offer | 50.24 lakh shares (Excl. Market Maker) |
Market Maker Reservation | 2.67 lakh shares |
Post-IPO Holding Dilution | Promoter stake down from 86.5% to ~60% |
No Fresh Issue:
- Proceeds go entirely to selling promoter (Hiren Mehta)
- No capital inflow for capex, working capital, or debt reduction
Top 5 Shareholders (Pre-IPO)
Shareholder | % Stake |
---|---|
Hiren Rajendra Mehta (Promoter) | 86.53% |
Mukul Mahavir Agrawal | 5.25% |
India-Ahead Venture Fund | 2.10% |
Kaushik Daga | 2.10% |
Vikas Khemani (Ex-Edelweiss) | 1.05% |
Prominent Investors on Board:
- Mukul Agrawal: Well-known investor with a strong IPO record
- Vikas Khemani: Reputed institutional investor and market veteran
- India-Ahead Venture Fund: Active in SME/tech space
Their strategic entry signals high confidence in UDtech’s scalability and governance.
Peer Comparison
Company Name | EPS | P/E | RoNW (%) | Book Value (INR) | Total Income (INR Cr) |
Unified Data-Tech Solutions | 12.51 | 20.05* | 39.23% | 31.88 | 266.80 |
Dynacons Systems & Solutions | 42.41 | 24.02 | 34.25% | 42.33 | 1,028.84 |
Orient Technologies | 11.8 | 27.85 | 23.64% | 11.57 | 606.86 |
Silver Touch Technologies | 12.67 | 54.73 | 14.52% | 12.48 | 209.25 |
Verdict: UDtech outperforms on all profitability metrics.
Risks and Red Flags
- Value Data Technologies, a group company, operates in a similar business, potentially leading to conflicts of interest and competition that may impact the company’s growth and profitability.
- Common promoters between the company and its group entity may prioritize the latter’s interests, resulting in unfair business opportunity allocation and adversely affecting the company’s operations.
- The company and one of its directors are involved in ongoing tax-related legal proceedings, which may harm its reputation and negatively affect its financial and operational standing if outcomes are unfavorable.
- The company has significant outstanding receivables from customers; delays or defaults in payments could strain its cash flow and materially impact its financial performance.
- A large amount of outstanding trade payables could lead to disputes or legal actions from creditors, disrupting supply chains and damaging the company’s business relationships and reputation.
- The company has contingent liabilities through performance bank guarantees that, if invoked, may adversely affect its financial health and ability to meet future obligations.
Valuation Watch
The company’s calculated FY25 EPS is INR 13.62 and P/E 19.09–20.05 seems fairly valued given sectoral peers and growth.

Investment Verdict
Unified Data-Tech Solutions brings a rare combination of:
- Strong earnings
- High RoE/RoCE
- Operational expertise in high-growth segments
- Confidence from marquee investors
Despite the OFS structure and SME listing limitations, the business fundamentals and sector outlook remain compelling.
UDtech IPO Rating: ★★★★☆ (4/5)
Ideal For: Tech-focused investors, SME IPO participants, long-term wealth builders