“Recommends subscribing to the ESDS Software Solutions IPO at the cut-off price, valuing the company at 41.6 times its FY26 earnings. ESDS is well-positioned to benefit from India's rapidly expanding cloud and data centre industry, projected to grow at a 20.7% CAGR between FY26-FY30, driven by cloud adoption, AI workloads, and digital transformation. Risks include government exposure and customer concentration.”