NoPaperForms, an Indian education-focused SaaS company set to go public, reported a significant jump in profit after tax to ₹11.9 crore for the financial year ending March 2026, marking a 6.3-fold increase from the previous year, alongside a 25% rise in operating revenue.
- Profit after tax surged 6.3X to ₹11.9 Cr in FY26
- Revenue increased 25% to ₹115.7 Cr
- IPO planned at a valuation near ₹2,000 Cr
What happened
NoPaperForms, an education technology company offering SaaS products for managing student enrolment, fee payments, and AI capabilities, reported significant financial improvements in FY26. Its profit after tax rose sharply to ₹11.9 crore from ₹1.9 crore the previous year, driven by revenue growth of 25% to ₹115.7 crore. This strong bottom-line growth was also supported by a net tax credit during the period.
Operating expenses rose by 18% to ₹111.5 crore, reflecting investments alongside scaling of its core business. The company’s adjusted EBITDA doubled year-over-year, reaching ₹12.9 crore, with a margin of 11.16%. NoPaperForms processed ₹3,179.5 crore in fee payments and facilitated 1.86 billion personalized communications across its platform in FY26.
Why it matters
NoPaperForms’ robust financial performance signals growing adoption of software solutions in India’s fragmented education sector, covering universities, K-12 schools, coaching institutes, and more. The company's diverse product portfolio spans subscription- and transaction-based revenues across its Meritto, Collexo, and Mio AI platforms, positioning it as a leader in education SaaS.
What to watch next
Market participants will be closely monitoring NoPaperForms as it files its updated draft red herring prospectus and moves toward its public listing. The company’s ability to sustain revenue growth and profitability, while expanding its client base both domestically and internationally, will be critical to justify its valuation and long-term growth narrative.
Investor interest will also hinge on how well NoPaperForms evolves its AI offerings and fee management solutions to capture wider segments of the education ecosystem. The competitive landscape in India's edtech SaaS space remains intense, making operational efficiency and innovation key factors to watch post-IPO.