Xtranet Technologies Limited IPO Overview
The company is now launching its Mainboard IPO on both BSE and NSE. The IPO is a fully fresh issue of 1,31,34,000 equity shares aggregating to ₹166.80 crore — with no OFS component, meaning all proceeds will flow directly into the company. The price band is set at ₹120 to ₹127 per share, with a minimum retail lot size of 110 shares. The IPO opens on 23 July 2026 and closes on 27 July 2026, with listing expected on 30 July 2026.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – Mainboard |
| Listing Exchange | BSE & NSE |
| Anchor Investor Date | 22 July 2026 |
| IPO Open Date | 23 July 2026 |
| IPO Close Date | 27 July 2026 |
| Allotment Date | 28 July 2026 (Expected) |
| Refund Initiation | 29 July 2026 |
| Credit to Demat | 29 July 2026 |
| Listing Date | 30 July 2026 (Tentative) |
| Price Band | ₹120 – ₹127 per share |
| Face Value | ₹10 per share |
| Lot Size | 110 shares |
| Minimum Investment (Retail) | ₹13,970 (1 lot = 110 shares) |
| Maximum Investment (Retail) | ₹1,95,580 (13 lots = 1,540 shares) |
| Issue Size | ₹166.80 crore |
| Fresh Issue | 1,31,34,000 shares (₹166.80 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 |
| Qualified Institutional Buyers (QIB) | ~50% |
| Non-Institutional Investors (NII/HNI) | ~15% |
| Retail Individual Investors (RII) | ~35% |
OFS / Selling Shareholders
There is no Offer For Sale (OFS) in this IPO. Existing promoters are not selling any shares. The entire IPO is a fresh issue, and all proceeds will be received directly by the company for business use.
Objects of the Issue (Fund Utilization)
The company plans to use the net IPO proceeds for:
- Working capital requirements — ₹102.00 crore
- Repayment / prepayment of existing borrowings — ₹20.20 crore
- Capital expenditure for purchase and installation of systems and hardware — ₹8.48 crore
- General corporate purposes — remaining proceeds
The largest allocation is towards working capital, reflecting the company’s project-execution model where government contracts require significant upfront resource deployment before payment is received. Debt repayment will strengthen the balance sheet, while technology capex will enhance delivery capabilities.
Lead Managers & Registrar
- Book Running Lead Manager: Share India Capital Services Private Limited
- Registrar to the Issue: Kfin Technologies Ltd.
- Website: https://ipostatus.kfintech.com/
- Phone: 040-79615565
Promoters & Management
The company is promoted by:
- Mr. Sukhbir Singh Kukreja
- Mr. Jogendrapal Singh Alagh
- Ms. Shiney Sukhbir
The promoters bring long-standing domain expertise in enterprise IT solutions, government project execution, and technology services delivery, having built the company over more than two decades of operations since 2002.
Company Details
Xtranet Technologies Limited is an integrated IT solutions and digital transformation company that provides end-to-end services across the full technology lifecycle — from planning, development, and implementation to managed services, maintenance, and support. Its two proprietary platforms — Synergy (workflow automation and analytics) and XtraTrust (secure authentication and digital signature infrastructure) — differentiate it from pure resellers and system integrators.
Sectors Served:
- Government & Public Sector Undertakings (PSUs)
- BFSI (Banking, Financial Services & Insurance)
- Healthcare & Education
- Utilities & Transportation
- Law Enforcement & Smart Cities
Key Services & Solutions:
- Enterprise Application Development & ERP Implementation
- Managed IT Services & Infrastructure Management
- Cloud Integration & Data Centre Management
- Digital Transformation & E-Governance Solutions
- Proprietary Platforms: Synergy (workflow automation) & XtraTrust (digital signatures & authentication)
Key Capabilities:
- CMMI Level 5 certified — highest quality maturity benchmark in IT services
- Order book of ₹356.96 crore as of April 30, 2026, providing strong near-term revenue visibility
- Bid-to-win ratio of 41% for government projects
- Over 180 completed projects across direct and consortium engagements
- 504 full-time employees as of April 30, 2026
Registered Office: Z-24, Zone-1, M.P. Nagar, Bhopal, Madhya Pradesh – 462011
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY25 | ₹276.53 | ₹30.03 |
| FY26 | ₹366.01 | ₹40.73 |
Key Financial Metrics
- Revenue grew 32% YoY from FY25 to FY26; PAT grew 36% YoY over the same period — demonstrating strong and accelerating growth.
- FY26 revenue from operations stood at ₹365.29 crore (32.31% YoY growth); net profit at ₹40.73 crore (35.63% YoY growth).
- Healthy EBITDA margins with improving operating efficiency over recent years.
- Strong order book of ₹356.96 crore as of April 30, 2026 — providing clear near-term revenue visibility.
Company Strengths
- Two decades of operating experience in the Indian enterprise IT and e-governance space, with deep relationships across government departments, PSUs, and large enterprises
- CMMI Level 5 certified — only a small fraction of Indian IT companies hold this highest quality maturity rating, making it a strong differentiator in government procurement
- Proprietary platforms (Synergy and XtraTrust) provide product-led differentiation beyond pure IT services, driving stickiness and recurring revenue potential
- Strong and consistent financial growth — 32% revenue CAGR and 36% PAT growth in FY26, with an improving margin profile
- Robust order book of ₹356.96 crore as of April 2026 and a 41% bid-to-win ratio for government projects, providing strong near-term revenue visibility
- Entire IPO is a fresh issue — no promoter exit; all proceeds directed towards working capital, debt reduction, and capex
Key Risks & Challenges
- High customer concentration: Top 10 customers contributed 86.72% of total revenue in FY26 — a significant concentration risk if any major client reduces or exits its engagement
- Geographic concentration: Maharashtra, Madhya Pradesh, and Delhi accounted for 85.72% of FY26 revenue — limited geographic diversification
- Heavy government dependence: A large portion of revenue comes from government contracts, which involve longer receivable cycles, bureaucratic delays, and policy-driven payment risks
- Working capital intensity: The operating model requires significant upfront resource deployment before government payments are received, creating ongoing liquidity pressure — reflected in the fact that over 60% of IPO proceeds are earmarked for working capital alone
- Rising debt and lower DSRC: Increasing borrowings and a lower Debt Service Coverage Ratio (DSCR) raise concerns about near-term debt servicing ability
- Competitive and fragmented market: The Indian IT services and digital transformation space is highly competitive, with large players like TCS, Wipro, HCL, and many mid-tier IT firms competing in the same government and enterprise segments
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.
