21/03/2026
๐๐ฃ๐ข ๐ผ๐ณ ๐ก๐ผ๐๐๐ ๐๐ผ๐๐ฎ๐น๐๐ ๐๐ถ๐บ๐ถ๐๐ฒ๐ฑ: ๐๐ฎ๐๐ฎ-๐๐ฟ๐ถ๐๐ฒ๐ป ๐๐ป๐ด๐ฎ๐ด๐ฒ๐บ๐ฒ๐ป๐ ๐ฃ๐น๐ฎ๐๐ณ๐ผ๐ฟ๐บ ๐๐ฒ๐ฏ๐๐๐ ๐ผ๐ป ๐๐ต๐ฒ ๐ฆ๐๐ผ๐ฐ๐ธ ๐ ๐ฎ๐ฟ๐ธ๐ฒ๐
With a SME IPO, Novus Loyalty Limited, a digital loyalty and rewards platform based in Gurgaon, will debut on the stock exchange at a price range of โน139โ146 per share. Through the public offering, the company hopes to raise about โน60 crores.
๐๐ป ๐ผ๐๐ฒ๐ฟ๐๐ถ๐ฒ๐ ๐ผ๐ณ ๐๐ต๐ฒ ๐ฏ๐๐๐ถ๐ป๐ฒ๐๐
A Gurgaon-based business called Novus Loyalty Limited runs a technologically advanced platform that helps businesses manage their reward-based engagement initiatives, loyalty programs, and incentive campaigns. The business serves clients in the BFSI, Fintech, Retail, E-commerce, and Telecom sectors, where data-driven customer engagement is crucial.
๐ ๐ผ๐ฑ๐ฒ๐น ๐ผ๐ณ ๐๐๐๐ถ๐ป๐ฒ๐๐
With a platform-led business and an asset-light business model, the company makes money from the following sources:
โข Management of Loyalty Programs
โข Campaign Implementation
โข Reward fulfillment (incentives, gift cards, and vouchers)
The following elements fuel the company's expansion:
โข An increase in the quantity of business clients
โข A rise in the quantity of campaigns carried out
โข A rise in partnerships and reward transactions
๐๐ถ๐ป๐ฎ๐ป๐ฐ๐ถ๐ฎ๐น ๐ฃ๐ฒ๐ฟ๐ณ๐ผ๐ฟ๐บ๐ฎ๐ป๐ฐ๐ฒ
The following is the company's financial performance:
โข Revenue increased by approximately 32% at a Compound Annual Growth Rate (CAGR) of approximately 32%, from โน59.6 Cr in FY23 to โน104.6 Cr in FY25.
โข The FY EBITDA margin was about 4.8%.
โข PAT increased from โน5.8 Cr in 6M FY26 to โน3.58 Cr in FY25.โข With no debt and a high asset turnover rate of about 3.8 times, the return on equity (ROE) is robust at about 32%.
๐๐ฃ๐ข ๐๐ผ๐ฎ๐น๐
The IPO proceeds will be used by the company for:
โข Modernizing technological systemsโข Growing the company and bringing in new customers
โข Corporate objectives and general working capital
๐๐ ๐ฉ๐ง ๐ฆ๐ป๐ฎ๐ฝ๐๐ต๐ผ๐
: Skilled marketers with a long history in the loyalty solutions sector.
: Moderate, motivated by a reward ecosystem, enterprise connections, and technology
64 times FY25 earnings is the valuation, which is somewhat higher.
: 64x FY25 earnings, which is on the higher side.
Timing: Entering the market amid strong demand for digital loyalty solutions, but the premium valuation and SME volatility make near-term entry timing slightly uncertain.
The bottom line
With a strong industry background, Novus Loyalty is a capital-efficient, fast-growing digital engagement platform. It is, nevertheless, trading at a premium valuation with modest margins.
