IPO Overview
Established in 2007 (originally as Harbinger Consulting Private Limited), Genxai Analytics is a technology-driven enterprise performance and analytics solutions provider. The company offers AI-enabled workflow automation, data analytics, enterprise planning, and cloud-based business solutions designed to improve operational efficiency and support data-driven decision-making. It provides enterprise performance management, ERP implementation, data engineering, analytics, application development, and Generative AI solutions to businesses across multiple industries. The company has established a growing presence across enterprise clients in BFSI, healthcare, technology, retail, consumer goods, manufacturing, and telecom sectors, and is ISO 9001:2015 certified with a strong foothold in India and international markets, particularly the Asia-Pacific region and the United States.
The company is launching its IPO on June 5, 2026, aiming to raise ₹54.66 crore, with shares to be listed on the NSE Emerge platform. The issue size is 47,28,000 equity shares with a face value of ₹10 each, with a price band of ₹110–₹116 per share. The IPO is entirely a fresh issue with no offer-for-sale component, and listing is expected on June 12, 2026.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | NSE SME Emerge |
| Anchor Investor Date | 4 June 2026 |
| IPO Open Date | 5 June 2026 |
| IPO Close Date | 9 June 2026 |
| Allotment Date | 10 June 2026 (Expected) |
| Refund / Demat Credit | 11 June 2026 |
| Listing Date | 12 June 2026 (Tentative) |
| Price Band | ₹110 – ₹116 per share |
| Face Value | ₹10 per share |
| Lot Size | 1,200 shares |
| Minimum Investment (Retail) | ₹2,78,400 (2 lots = 2,400 shares) |
| Issue Size | ₹54.84 crore |
| Fresh Issue | 47,28,000 shares (₹54.84 crore) |
| Offer For Sale (OFS) | Nil |
Note: The entire IPO is a fresh issue — no offer-for-sale component. All proceeds go directly to the company.
Issue Break-up
| Category | Allocation |
| Anchor Investors | 12,92,400 shares |
| Qualified Institutional Buyers (QIB) | ~50% |
| Non-Institutional Investors (NII/HNI) | ~15% |
| Retail Individual Investors (RII) | ~35% |
| Employee Reservation | 1,80,000 shares |
| Market Maker | 2,40,000 shares |
Up to 1,80,000 equity shares are reserved for eligible employees, who are also offered a discount of ₹10 per share.
OFS / Selling Shareholders
There is no Offer For Sale (OFS) in this IPO. The entire issue is a fresh issue — all IPO proceeds will flow directly into the company for business use. No promoter exit is taking place.
Objects of the Issue (Fund Utilization)
The company proposes to utilize the net proceeds from the IPO as follows: ₹28.37 crore for capital expenditure towards development of new products, ₹6.00 crore for working capital requirements, and ₹2.50 crore for repayment/prepayment of outstanding borrowings, with the remainder for general corporate purposes.
Capital expenditure for development of new products — ₹28.37 crore
- Working capital requirements — ₹6.00 crore
- Repayment / prepayment of borrowings — ₹2.50 crore
- General corporate purposes — remaining proceeds
Lead Managers & Registrar
- Book Running Lead Manager: Choice Capital Advisors Private Limited
- Registrar to the Issue: Bigshare Services Private Limited
- Allotment Status: Bigshare Services website
Promoters & Management
The promoters of the company are Mr. Rakesh Agarwal and Mrs. Lakshmi Agarwal. Mr. Rakesh Agarwal serves as the Managing Director of the company and has been instrumental in evolving GenXAI Analytics from a consulting-led organization into a technology-driven analytics and AI solutions provider.
Company Details
Genxai Analytics is a technology-driven provider of enterprise performance and analytics solutions that enables organizations to streamline workflows, improve system performance, and enhance operational efficiency. It integrates data and processes across finance, sales, operations, customer management, and human resources into unified systems, enabling teams to work with a single source of information and make operational decisions more efficiently.
Sectors Served:
- BFSI (Banking, Financial Services & Insurance)
- Healthcare
- Technology
- Retail & Consumer Goods
- Manufacturing
- Telecom
Key Products & Solutions:
- Enterprise Performance Management (EPM)
- ERP Implementation
- Data Engineering & Analytics
- Application Development
- Generative AI Solutions
- Proprietary AI platforms — FLM (Foundation Language Model), SLM (Small Language Model), and OLM (Optimized Language Model)
Key Capabilities:
- Revenue generation through one-time project engagements and recurring service arrangements, using subscription-based and time-and-resource pricing (man-month in India, man-hour in US, man-day in APAC).
- Six acquisitions completed up to the RHP date, including GenXAI Bot, Logimetrix Techsolutions, and Veear Projects, which diversified the portfolio and contributed to top-line growth.
Infrastructure:
- Cloud-hosted operations with offices based in rented co-working spaces in Jaipur, Rajasthan. As of March 31, 2026, the company had 116 employees including 14 contractual consultants.
Certifications: ISO 9001:2015
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY23 | ₹16.60 | ₹0.84 |
| FY24 | ₹24.21 | ₹2.65 |
| FY25 | ₹28.88 | ₹6.55 |
| 9M FY26 (Dec 2025) | — | ₹10.66 |
Key Financial Metrics
- Revenue grew from ₹24.21 crore in FY24 to ₹28.88 crore in FY25 — growth of ~19% YoY. PAT grew from ₹2.65 crore to ₹6.55 crore — growth of ~147% YoY.
- In FY25, a modest 18.54% growth in revenue translated into a massive 149.16% growth in PAT. Debt-to-Equity (D/E) ratio stood at a healthy 0.52x as of December 2025.
- Working capital cycle stretched from 0 days in FY23 to 146 days by December 2025, driven by stretched trade receivables of ~85 days and high unbilled revenues.
- Pre-IPO placement of ₹14.99 crore raised from anchor investors on June 4, 2026
Company Strengths
- Directly positioned in the generative AI solutions market, which is experiencing the fastest growth in enterprise technology spending in 2026.
- Proprietary AI platforms — FLM, SLM, OLM — provide a differentiated technology moat in the enterprise AI space.
- Strong mix of expertise in enterprise analytics, AI-powered workflow automation, proprietary technology platforms, diversified industry clientele, and a growing international presence.
- 100% fresh issue — all ₹54.84 crore directed toward business growth with zero promoter exit
- Inorganic growth strategy via six acquisitions has diversified the portfolio and expanded capabilities across geographies and service lines.
- Strong PAT growth trajectory — PAT grew from ₹0.84 crore in FY23 to ₹6.55 crore in FY25, with further acceleration in 9M FY26
Key Risks & Challenges
- The dramatic acceleration in standalone profits in 9M FY26 — PAT of ₹13.31 crore in nine months versus ₹6.55 crore for the full FY25 — has raised analyst concerns about sustainability and whether the profitability jump reflects genuine business momentum or pre-IPO earnings management.
- In the 9-month period ending December 2025, the company reported strong PAT of ₹10.66 crore but a highly negative Operating Cash Flow of ₹(9.69) crore — indicating weak cash conversion despite reported profits.
- Customer concentration risk — a large share of revenue comes from a limited number of clients, and high overseas exposure, especially the United States, adds regulatory and geopolitical risk.
- Dependence on attracting and retaining scarce AI and analytics talent, and reliance on third-party cloud platforms with some agreements not yet binding. No independent R&D spend recorded in the last three fiscal years.
- SME IPO liquidity risk — limited secondary market trading volumes on NSE SME Emerge platform
- Highly elongating working capital cycle, stretching from 0 days in FY23 to 146 days by December 2025, driven by stretched trade receivables and high unbilled revenues.
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
