Xtranet Technologies
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 7.13×
- Big non-institutionalbNII · above ₹10 lakh
- 26.72×
- Small non-institutionalsNII · ₹2–10 lakh
- 26.31×
- Retail individualRII · up to ₹2 lakh
- 8.63×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 7 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 30 Jul 2026 | ₹14.5 | — | ₹1,200 | — | ₹1,595 |
| 29 Jul 2026 | ₹14.5 | — | ₹1,200 | — | ₹1,595 |
| 28 Jul 2026 | ₹12.5 | — | ₹1,000 | — | ₹1,375 |
| 27 Jul 2026 | ₹7.7 | — | ₹600 | — | ₹847 |
| 26 Jul 2026 | ₹9 | — | ₹800 | — | ₹990 |
| 25 Jul 2026 | ₹7.5 | — | ₹600 | — | ₹825 |
| 24 Jul 2026 | ₹10 | — | ₹800 | — | ₹1,100 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 23 Jul 2026 – 27 Jul 2026
- Listing date
- 30 Jul 2026
- Face value
- ₹10 per share
- Price band
- ₹120 – ₹127
- Issue price
- ₹127 per share
- Lot size
- 110 shares
- Sale type
- Fresh capital
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹167 Cr
- Fresh issue
- ₹167 Cr 1,31,34,000 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹664 Cr
- Promoter holding
- 83.63% → 62.63% pre-issue → post-issue
- ISIN
- INE0NG701011
- CIN
- U72200MP2002PLC014956
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Share India Capital Services Pvt.Ltd.
- Registered office
- Z-24, Zone - 1, M.P. Nagar, Bhopal – 462011, Madhya Pradesh, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 26,26,800 | 28.57% | 28.57% |
| Anchor investor · within QIB | 39,40,200 | — | 42.86% |
| NII (HNI) | 19,70,100 | 21.43% | 21.43% |
| bNII > ₹10L · within NII | 13,13,400 | — | 14.29% |
| sNII < ₹10L · within NII | 6,56,700 | — | 7.14% |
| Retail (RII) | 45,96,900 | 50.00% | 50.00% |
| Employee | 0 | — | 0.00% |
| Market maker | 0 | — | 0.00% |
| Total issue | 91,93,800 | — | 100.00% |
Net offer to the public of 91,93,800 shares, out of a total issue of 91,93,800. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 110 shares per lot, in multiples, at ₹127
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 110 | ₹13,970 |
| Retail (max) | 14 | 1,540 | ₹1,95,580 |
| S-HNI (min) | 15 | 1,650 | ₹2,09,550 |
| S-HNI (max) | 71 | 7,810 | ₹9,91,870 |
| B-HNI (min) | 72 | 7,920 | ₹10,05,840 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹127 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 10.40 | 7.79 |
| P/E (×) | 12.21 | 16.30 |
| Price to book (×) | 3.66 | — |
| Market cap | — | ₹664 Cr |
Key performance indicators
Latest reported period, consolidated
- Return on net worth
- 29.60%
- ROCE
- 32.52%
- Debt / equity
- 0.63
- PAT margin
- 11.15%
- EBITDA margin
- 17.30%
- NAV per share
- ₹34.74
- Price to book
- 3.66
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Consolidated ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 366.01 | 276.53 | 233.26 |
| Revenue from operations | 365.29 | 276.08 | 232.94 |
| Other income | 0.72 | 0.45 | 0.32 |
| Total expenses | 314.01 | 237.75 | 217.33 |
| Operating profit | 52 | 38.78 | 15.93 |
| Operating margin | 14.21% | 14.02% | 6.83% |
| Profit before tax | 52.13 | 40.07 | 15.33 |
| Profit after tax | 40.73 | 30.03 | 10.94 |
| PAT margin | 11.13% | 10.86% | 4.69% |
| Balance sheet | |||
| Total assets | 341.97 | 321.79 | 202.94 |
| Current assets | 213.65 | 257.63 | 173.56 |
| Current liabilities | 163.31 | 207.11 | 142.89 |
| Total liabilities | 206.25 | 225.29 | 162.44 |
| Net worth | 135.72 | 96.5 | 40.5 |
| Current ratio | 1.31× | 1.24× | 1.21× |
| Return on equity | 30.01% | 31.12% | 27.01% |
| Cash flow | |||
| Operating cash flow | 27.57 | 8.62 | -1.16 |
| Investing cash flow | -67.52 | -30.44 | -15.81 |
| Financing cash flow | 40.32 | 19.73 | 19.23 |
| Net cash flow | 0.37 | -2.09 | 2.27 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Repayment/pre-payment of outstanding borrowings ₹20.2 Cr
The company intends to utilize the proceeds for full or partial repayment/prepayment of certain outstanding borrowings to reduce debt servicing costs, maintain favorable debt-to-equity ratio, and enable future business growth opportunities.
2 Capital expenditure for purchase of systems and hardware ₹8.48 Cr
The company plans to purchase and install new systems and hardware at its new office premise in Bhopal to enhance operational efficiency, ensure better data security, and strengthen service delivery capabilities.
3 To meet working capital requirements ₹102 Cr
The company proposes to utilize proceeds to address estimated working capital requirements to support business expansion, seize new contract opportunities, ensure robust project execution, and maintain operational continuity.
4 General corporate purposes —
The company intends to deploy the balance proceeds towards general corporate purposes including acquisition of office spaces, strategic initiatives, funding growth opportunities, strengthening marketing capabilities, and other business requirements as approved by management.
1 of 4 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Xtranet Technologies
Incorporated in 2002 with headquarters in Bhopal, Madhya Pradesh, Xtranet Technologies has over 24 years of experience in delivering IT services and solutions. The company is an integrated information technology solutions provider delivering end-to-end services including enterprise applications, digital services, managed services, proprietary platforms, and strategic technology partnerships. Core offerings include end-to-end ERP services across global platforms and proprietary X-ERP systems, IT system integration combining hardware, software, and networking components, data center and command center management with 24x7 monitoring and support, application development and maintenance for custom enterprise applications, and digital transformation through the Synergy low-code platform and XtraTrust digital signature services. The company serves six industries: Government, Law Enforcement, Defense, Railways, Transportation, Food & beverages, Engineering, Financial Services, Insurance, Telecom, Utilities, Healthcare, Agriculture, Automotive, Wholesale and Retail, and Education.
Management
Sukhbir Singh Kukreja
MD
Jogendrapal Singh Alagh
COO
Shiney Sukhbir
Director
Girish Chander Dalakoti
Director
Strengths
As stated in the offer document
Deep domain expertise delivered through comprehensive solutions across industries
The company provides comprehensive services and solutions across six industries including Government, Law Enforcement, Defense, Railways, Financial Services, Manufacturing, Healthcare, and Education with multiple industry recognitions and certifications including CMMI Level 5 and ISO certifications.
Proven track record in executing projects for Government and PSU clients
The company has completed 143 direct projects and 32 indirect projects for Government and PSU clients during Fiscal 2024-2026, generating revenue of ₹17,190.54 lakhs, ₹16,414.90 lakhs and ₹10,790.87 lakhs respectively with a bid-to-win ratio of 41%.
Long standing relationship with marquee customer base
The company served approximately 52 domestic customers during Fiscal 2026, with 28 customers associated for three continuous years. Top 10 customers contributed 86.72% of revenue in Fiscal 2026, demonstrating strong customer retention and relationship management.
Experienced Management Team and Qualified Pool of Employees
The company is led by management with over 25 years of IT infrastructure experience. As of April 30, 2026, the company had 504 permanent employees and 370 contractual employees across functional departments with structured training programs.
Geographic Presence and Multi-Location Operations
The company operates through distributed office network across multiple locations in India including New Delhi, Mumbai, Ahmedabad, Jaipur, and Bangalore with headquarters in Bhopal, enabling access to diverse talent pools and serving clients across various regions.
Risk factors
As stated in the offer document
Dependence on Government/PSU Clients
The company partially depends on orders from Government/PSU clients, with 47.06%, 59.46% and 46.32% of revenue recognized from such clients in Fiscal 2026, 2025 and 2024 respectively. The loss of or inability to qualify for such orders may adversely affect the company's business, financial condition, results of operations, and prospects.
Revenue Concentration in Few Core Service Offerings
The company's revenue from operations is concentrated in a few core service offerings including enterprise applications, managed services, digital services and proprietary platforms. Any decline in demand or disruption in these offerings could materially and adversely impact the company's business, financial condition, and results of operations.
Heavy Dependence on Suppliers
The company is dependent on suppliers for various hardware and software products provided to clients. As of March 31, 2026, a significant portion of ₹8,328.48 lakhs of total purchases were concentrated among top suppliers. Failure of suppliers to deliver products in necessary quantities, on time or to meet quality standards could adversely affect the company's business and ability to deliver orders on time.
Heavy Reliance on Top 10 Customers
The company is heavily reliant on its top 10 customers, with revenue from top ten customers representing 86.72%, 65.99% and 75.38% of total revenue in Fiscal 2026, 2025 and 2024 respectively. The loss of such customers or significant reduction in purchases by such customers will have a material adverse impact on the company's business.
Geographic Concentration Risk
Most of the company's business operations are concentrated in Maharashtra, Madhya Pradesh and Delhi, representing 85.72%, 81.01% and 88.35% of revenue from operations in Fiscal 2026, 2025 and 2024 respectively. Due to this geographic concentration, the company's results of operations and growth might be restricted to the economic and demographic conditions of these states.
Working Capital Intensive Operations
The company requires significant amounts of working capital with significant portion consumed in trade receivables (₹11,133.06 lakhs in Fiscal 2026) and inventories (₹7,769.36 lakhs in Fiscal 2026). Any failure in arranging adequate working capital for operations may adversely affect the company's business, results of operations, cash flows and financial condition.
Company Analysis
from RHPXtranet Technologies is an integrated IT solutions provider delivering enterprise applications, managed services, digital services, and proprietary platforms across government, PSU, and private sector clients in India.
Incorporated in 2002 with headquarters in Bhopal, Madhya Pradesh, Xtranet Technologies has over 24 years of experience in delivering IT services and solutions. The company is an integrated information technology solutions provider delivering end-to-end services including enterprise applications, digital services, managed services, proprietary platforms, and strategic technology partnerships. Core offerings include end-to-end ERP services across global platforms and proprietary X-ERP systems, IT system integration combining hardware, software, and networking components, data center and command center management with 24x7 monitoring and support, application development and maintenance for custom enterprise applications, and digital transformation through the Synergy low-code platform and XtraTrust digital signature services. The company serves six industries: Government, Law Enforcement, Defense, Railways, Transportation, Food & beverages, Engineering, Financial Services, Insurance, Telecom, Utilities, Healthcare, Agriculture, Automotive, Wholesale and Retail, and Education.
Objects of the Issue
- Repayment/pre-payment, in full or in part, of certain outstanding borrowings availed by our Company ₹2,019.60 Lakhs p.6
- Capital expenditure by our Company for purchase and installation of systems and hardware ₹848.06 Lakhs p.6
- To meet working capital requirements ₹10,200.00 Lakhs p.6
- General corporate purposes p.6
Issue Structure
- Total Issue
- Up to ₹17,000.00 Lakhs
- Fresh Issue
- Up to [●] Equity Shares of face value of ₹10 each aggregating up to ₹17,000.00 Lakhs
- Offer for Sale
- Not applicable
- Face Value
- ₹10
Business Model
The company earns revenue from providing IT services and solutions including enterprise applications, managed services, digital services, proprietary platforms, and IT system integration. Revenue from sale of goods (servers, hardware security modules, authentication keys) is recognized at a point in time, while revenue from sale of services is recognized over time. As of Fiscal 2026, the company generated ₹36,528.74 lakhs in revenue from operations, with 61.29% concentrated among the top 5 customers.
Business Segments
SWOT Analysis
- • 24+ years of IT services experience with integrated service offerings(p.3)
- • Proven track record executing projects for Government and PSU clients(p.3)
- • Experienced management team with 20+ years IT/ITeS industry expertise(p.6)
- • Multi-location geographic presence across key Indian metros(p.3)
- • Proprietary platforms and products (X-ERP, Synergy, XtraTrust)(p.3)
- • Strong financial performance with growing profitability metrics(p.8)
- • High concentration of revenue from top 5 customers (61.29% in Fiscal 2026)(p.5)
- • Heavy dependence on Government/PSU clients (47.06% of revenue in Fiscal 2026)(p.10)
- • Limited revenue diversification with concentration in few core service offerings(p.10)
- • Geographic concentration with 79% revenue from Maharashtra and Madhya Pradesh(p.10)
- • Significant working capital requirements concentrated in receivables and inventory(p.10)
- • Increased debt levels with Net Debt rising to ₹8,415.26 lakhs in Fiscal 2026(p.9)
- • Critical trademarks registered in promoter's personal name, not company name(p.10)
- • Emphasis of matter qualifications from statutory auditors in recent years(p.10)
- • Expansion of proprietary platforms and services portfolio(p.3)
- • Geographic expansion strategy to reduce state-level concentration(p.3)
- • Technology innovation and adoption of emerging technologies(p.3)
- • Data centre and infrastructure expansion opportunities(p.3)
- • Growing demand for digitalization driven by industry trends(p.4)
- • Industry 4.0 adoption creating opportunities for automation solutions(p.4)
- • Dependency on supplier delivery of hardware and software products(p.10)
- • Delays or defaults in customer payments affecting cash flows(p.10)
- • First IPO with no established public market for shares(p.1)
- • Outstanding tax proceedings and regulatory litigations(p.12)
- • Promoter-related litigation creating reputational and operational risks(p.12)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Sukhbir Singh Kukreja | Promoter | 42.16% | — |
| Jogendrapal Singh Alagh | Promoter | 26.38% | — |
| Shiney Sukhbir | Promoter | 8.91% | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.