Xtranet Technologies
Xtranet Technologies is a leading IT solutions provider specializing in enterprise applications, digital transformation, and managed services. The company operates in the IT services sector, offering a mix of proprietary platforms and strategic technology partnerships through onsite and offshore delivery models.
Price Band
₹120 - ₹127
Lot Size
110 Shares
Issue Size
₹166.80 Cr
Fresh Issue
₹166.80 Cr
OFS
N/A
Registrar
AI Sentiment Score
Listing Price
₹136.00
vs Issue: ₹127 (+7.09%)
📅 IPO Timeline
✓
Open
Jul 23
✓
Close
Jul 27
✓
Allotment
Jul 28
✓
Refund
Jul 29
✓
Demat
Jul 29
✓
Listing
Jul 30
✨ AI Analysis & Prediction
+5.3%
predicted listing gain
The listing gain is adjusted upwards from the GMP baseline due to exceptional financial quality (ROE 34.78%) and a 100% fresh issue structure which signals promoter confidence. While the lack of QIB subscription data acts as a neutral-to-slight drag, the strong PAT growth and reasonable float size support a positive listing premium.
💪 Strengths
- Strong financial growth with PAT increasing from ₹10.94Cr to ₹40.73Cr in 3 years
- High profitability ratios with ROE at 34.78% and ROCE at 32.52%
- 100% Fresh Issue indicating promoter commitment
⚠️ Weaknesses
- Moderate debt-to-equity ratio of 0.63
- Reliance on Government and PSU clients
🚀 Opportunities
- Expansion in Cloud, IaaS, PaaS, and SaaS solutions
- Growth in digital transformation services for enterprises
🛡️ Threats
- High competition from other listed IT players like Coforge and Dynacons
- Cyclical nature of government spending on IT projects
🎯 Objectives of the IPO
| Requirement / Purpose | Amount (₹ Cr) |
|---|---|
| Repayment/pre-payment, in full or in part, of certain outstanding borrowings availed by the Company | ₹21.99 |
| Capital expenditure by our Company for purchase and installation of Systems and Hardware; | ₹7.30 |
| To Meet Working Capital Requirements | ₹102.00 |
| General corporate purposes | ₹35.51 |
📊 Financial Overview
| Metric | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue (₹ Cr) | Rs 233.00 Cr | Rs 276.00 Cr | Rs 365.00 Cr |
| Net Profit / PAT (₹ Cr) | Rs 11.00 Cr | Rs 30.00 Cr | Rs 41.00 Cr |
| EBITDA / Op. Profit (₹ Cr) | Rs 20.00 Cr | Rs 48.00 Cr | Rs 64.00 Cr |
| Borrowings (₹ Cr) | Rs 41.00 Cr | Rs 39.00 Cr | Rs 86.00 Cr |
| Total Assets (₹ Cr) | Rs 203.00 Cr | Rs 322.00 Cr | Rs 342.00 Cr |
| ROCE % | 31.00% | 43.00% | 33.00% |
Debt/Equity
0.63
📋 Live Subscription Status
QIB
0.00x
NII
0.00x
Retail
0.00x
Total
0.00x
💼 Reservation Quota
QIB
50.00%
Retail
35.00%
NII
15.00%
📈 Shareholding & Anchor Lock-In
🔗 Important Links & Lead Managers
- Check Allotment StatusCheck Now →
- Registrar WebsiteVisit →
- Download DRHP ProspectusDownload PDF 📥
- Download RHP ProspectusDownload PDF 📥
Lead Managers / Merchant Bankers
This issue is managed by Hem Securities Ltd., and Share India Capital Services Pvt. Ltd.
Disclaimer: The information provided on this page is for educational and informational purposes only and does not constitute financial advice. IPO investments are subject to market risks. AI-generated analysis is based on publicly available data and may not be accurate. Grey Market Premium (GMP) is unofficial and highly speculative. Always consult a qualified financial advisor and read the DRHP/RHP carefully before making investment decisions.
Founded in 2002, Xtranet Technologies has evolved over two decades into a comprehensive IT solutions provider. The company has transitioned from basic IT services to offering complex digital transformation and managed services, establishing itself as a reliable partner for enterprise-scale technology needs.
Its core business model revolves around several key offerings: Enterprise Applications including ERP, cloud infrastructure, and system integration; Managed Services focusing on IT infrastructure modernization; and Digital Services spanning IaaS, PaaS, and SaaS solutions. The company also leverages proprietary platforms such as Synergy, a low-code platform, and XtraTrust.
Xtranet serves a diverse client base with a significant revenue share derived from Government and PSU clients. It employs various contractual models, including fixed-price projects, time-and-materials contracts, and recurring service agreements, ensuring a balanced stream of one-time and periodic income.
Operationally, the company maintains a global delivery capability through its subsidiaries and joint ventures, allowing it to scale services efficiently. Its operational footprint is anchored in Bhopal, Madhya Pradesh, but extends through its offshore and onsite delivery frameworks.
The company is led by its promoters, Sukhbir Singh Kukreja, Jogendrapal Singh Alagh, and Shiney Sukhbir, who have guided the company's growth from a regional player to a national IT solutions provider with a robust asset base.
Xtranet Technologies is launching a Mainboard IPO to raise approximately ₹166.80 Crores, consisting entirely of a fresh issue of shares. The IPO is priced with a price band of ₹120 to ₹127 per share, with a minimum retail lot size of 110 shares (₹13,970). The issue opens on July 23, 2026, and closes on July 27, 2026, with the listing scheduled for July 30, 2026, on the BSE and NSE.
The proceeds from the fresh issue are earmarked for strategic growth and debt management. Specifically, the company intends to utilize ₹102.00 Crores for working capital requirements, ₹21.99 Crores for the repayment or pre-payment of outstanding borrowings, and ₹7.30 Crores for capital expenditure related to the purchase and installation of systems and hardware.
Financial performance has shown an impressive upward trajectory. Revenue grew from ₹233.26 Crores in FY24 to ₹276.53 Crores in FY25, and further jumped to ₹366.01 Crores in FY26. Profitability has seen even sharper gains, with PAT increasing from ₹10.94 Crores in FY24 to ₹30.03 Crores in FY25, and reaching ₹40.73 Crores in FY26.
From a valuation perspective, the company reports a strong ROE of 34.78% and ROCE of 32.52%, with a healthy PAT margin of 11.15% in FY26. While a specific P/E ratio is not explicitly provided in the summary, the basic EPS for FY26 stands at ₹10.28, and the NAV is recorded at ₹34.74.
Key strengths include the 100% fresh issue structure—meaning no promoters are offloading shares—and a strong client base within the Government and PSU sectors. However, investors should consider the competitive nature of the IT services industry and the company's reliance on a few large sectors.
Overall, the IPO presents a growth-oriented profile with strong financial metrics and a clean issue structure. Investors may view the company as a potential long-term play in the digital transformation space, balanced against the inherent risks of the IT sector.