NoPaperForms FY26 profit hits Rs 11.9 Cr, helped by a tax credit

NoPaperForms reported profit after tax of Rs 11.9 Cr for FY26, against Rs 1.9 Cr the year before. Operating revenue was Rs 115.7 Cr against Rs 92.3 Cr, up 25 percent. Total income was Rs 119.7 Cr. Total expenses were Rs 111.5 Cr against Rs 94.2 Cr, up 18 percent. Adjusted EBITDA was Rs 12.9 Cr.

The company received SEBI approval for its IPO in March 2026. It is targeting Rs 500 Cr to Rs 600 Cr at a valuation of roughly Rs 2,000 Cr. It reports 1,183 customers.

Where the profit comes from

Take total income of Rs 119.7 Cr and subtract total expenses of Rs 111.5 Cr. That leaves Rs 8.2 Cr before tax. Reported PAT is Rs 11.9 Cr.

The difference is a net tax credit of Rs 3.7 Cr, which includes a deferred tax credit of Rs 5.8 Cr. Rs 8.2 Cr plus Rs 3.7 Cr is Rs 11.9 Cr. It reconciles exactly, and it is disclosed in the filings. Nothing here is buried.

It is still worth saying plainly. The profit is real, and roughly a third of it came from the tax line rather than from trading. The operating business earned Rs 8.2 Cr before tax on Rs 119.7 Cr of income. That is the part that comes back next year.

The operator point

For any company heading to an IPO, the number to watch is operating profit before the tax line. A deferred tax credit is a one time recognition of past losses against future income. It does not repeat, and a first year public market investor who anchors on PAT will feel that in year two.

Run the same test on your own books before you raise. Strip out anything that landed once: a tax adjustment, a settled dispute, a vendor credit, a written back provision. What is left is what a buyer is actually pricing.