Dove Soft Limited FY26 revenue remained telecom and SMS-led

Dove Soft Limited derived 87.05% of consolidated revenue from telecom in fiscal 2026 and 88.61% from Short Message Service (SMS). Telecom produced Rs 239.1557 crore and SMS produced Rs 242.7761 crore from total revenue from operations of Rs 273.9801 crore, showing that both sector and service revenue remained concentrated.

How dependent was Dove Soft on telecom and SMS in FY26?

Dove Soft was dependent on telecom customers and SMS traffic for most fiscal 2026 revenue. Telecom generated Rs 239.1557 crore, or 87.05% of consolidated revenue from operations for the year ended March 31, 2026. The remaining 17 disclosed business sectors together accounted for Rs 35.8244 crore, or 12.95%, despite Dove Soft serving information technology, retail, banking and finance, healthcare, media, travel and e-commerce customers.

SMS was Dove Soft's largest service category, contributing Rs 242.7761 crore, or 88.61%, in fiscal 2026. SMS includes transactional messages and one-time passwords, or OTPs, which are short-lived passcodes used to verify identity for activities such as logins and transactions. Dove Soft operates as an aggregator between telecom operators and clients, making message delivery and enterprise communication traffic central to its disclosed model.

Dove Soft describes its business as Communications Platform as a Service, or CPaaS, which allows enterprises to embed communications in business applications through application programming interfaces, or APIs. Its stated channels include SMS, Rich Communication Services (RCS), voice, WhatsApp, email and digital services. However, the fiscal 2026 service breakdown shows that all non-SMS services combined remained smaller than SMS by Rs 211.5720 crore.

Did Dove Soft's telecom and SMS concentration change over time?

Dove Soft's telecom revenue share declined from fiscal 2025 but remained above its fiscal 2024 level. Telecom represented 89.15% of revenue from operations in fiscal 2025, 85.25% in fiscal 2024 and 87.05% in fiscal 2026. In absolute terms, telecom revenue increased by Rs 71.7793 crore from Rs 167.3764 crore in fiscal 2025 to Rs 239.1557 crore in fiscal 2026.

SMS concentration changed less than the telecom sector mix. SMS contributed 91.70% of revenue from operations in fiscal 2024, fell to 88.06% in fiscal 2025 and rose slightly to 88.61% in fiscal 2026. SMS revenue increased by Rs 77.4471 crore in fiscal 2026 from Rs 165.3290 crore in fiscal 2025, while total revenue from operations increased by Rs 86.2415 crore over the same period.

The mix within non-SMS services changed in fiscal 2026. Voice revenue declined to Rs 13.1126 crore, or 4.79%, from Rs 17.5368 crore, or 9.34%, in fiscal 2025. RCS revenue rose to Rs 5.9902 crore from Rs 0.7279 crore, and WhatsApp revenue increased to Rs 7.5579 crore from Rs 3.1536 crore; these increases lifted their respective revenue shares to 2.19% and 2.76%.

Which customers accounted for Dove Soft's FY26 revenue?

Dove Soft's 10 largest customers generated 79.94% of fiscal 2026 revenue from operations. The group contributed Rs 219.0260 crore of the Rs 273.9801 crore total, compared with Rs 159.7260 crore, or 85.08%, in fiscal 2025. The lower percentage occurred even as the top-10 customer revenue amount increased by Rs 59.3000 crore.

Dove Soft's largest customer, identified only as Customer 1, supplied Rs 103.0090 crore in fiscal 2026, or 37.50% of revenue from operations. Customer 2 contributed Rs 28.5410 crore, or 10.42%, and Customer 3 contributed Rs 23.0445 crore, or 8.41%. The three largest customers therefore represented 56.33% of fiscal 2026 revenue, based on the disclosed customer percentages.

The concentration of the largest account was lower than in fiscal 2024 but higher than in fiscal 2025. Customer 1 represented 54.82% of fiscal 2024 revenue, 30.61% in fiscal 2025 and 37.50% in fiscal 2026. Continued revenue concentration will depend in part on volumes and commercial relationships with this disclosed customer group, because the top 10 customers still produced nearly four-fifths of fiscal 2026 revenue.

What other revenue channels and geographies supported Dove Soft?

Dove Soft's reported non-telecom sector revenue was led by retail, banking and finance, and information technology in fiscal 2026. Retail generated Rs 9.7425 crore, or 3.55% of revenue; banking and finance generated Rs 6.3947 crore, or 2.33%; and information technology generated Rs 6.2945 crore, or 2.29%. Together, these three sectors contributed 8.17% of revenue, below telecom's 87.05% share.

Dove Soft remained primarily domestic in fiscal 2026, although international revenue increased. Domestic revenue was Rs 249.7579 crore, or 91.16% of revenue from operations, while international revenue was Rs 24.2222 crore, or 8.84%. International revenue had been Rs 2.6732 crore, or 1.42%, in fiscal 2025, with the United Arab Emirates contributing Rs 22.3949 crore, or 8.17%, in fiscal 2026.

Dove Soft has two subsidiaries, Dove Soft Technologies Private Limited and Dove Soft Global FZCO. Dove Soft Technologies Private Limited contributed 18.24% of consolidated revenue in fiscal 2026, while Dove Soft Global FZCO contributed 4.33% for the period ended March 31, 2026. The Dubai subsidiary was incorporated on April 29, 2025 and provides SMS, information technology network services, and data classification and analysis services.

Conclusion

Dove Soft's fiscal 2026 disclosures show a revenue base concentrated by sector, service and customer. Telecom supplied 87.05% of revenue from operations, SMS supplied 88.61%, and the largest customer supplied 37.50%; meanwhile, total revenue from operations rose to Rs 273.9801 crore from Rs 187.7386 crore in fiscal 2025.

What to watch next is whether the disclosed expansion of RCS, WhatsApp, digital marketing and international revenue changes this mix. RCS rose from Rs 0.7279 crore in fiscal 2025 to Rs 5.9902 crore in fiscal 2026, and international revenue rose to 8.84% of revenue, but Dove Soft has not disclosed a plan or target that would establish a future revenue mix.