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Xtranet Technologies Ltd IPO
Status: Closed
Overview
IPO date
23 Jul 2026 to 27 Jul 2026
Face value
₹ 10 per share
Price
₹ 120 to ₹127 per share
Issue Size
13,133,858 shares
(aggregating up to ₹ 166.8 Cr)
(aggregating up to ₹ 166.8 Cr)
Allotment Date
28 Jul 2026
Listing at
NSE
Issue type
Book Building
Sector
IT - Software
Unlock Stock of the Month
T&C*
Strengths vs Risks of Xtranet Technologies Ltd
Know the pros & cons
Strengths
- Deep domain expertise delivered through comprehensive solutions across industries.
- Proven track record in executing projects for Government and PSU clients.
- Experienced Management Team and Qualified Pool of Employees.
- Experienced Management Team and Qualified Pool of Employees.
Risks
- The company partially depends on orders from the Government/PSU clients. As of Fiscal 2026, Fiscal 2025 and Fiscal 2024, more than 47.06%, 59.46% and 46.32%, respectively of the revenue were recognized from Government/PSU clients. Additionally, the loss of or inability to qualify for such orders may adversely affect its business, financial condition, results of operations, and prospects.
- The company's revenue from operations is concentrated in a few core service offerings. Consequently, any decline in demand or disruption in these offerings could materially and adversely impact its business, financial condition, and results of operation.
- The company is dependent on its Suppliers for various hardware and software products which its provide to the company's clients. The failures of its these to deliver these products in the necessary quantities, on time or to meet specified quality standards or technical specifications, could adversely affect the company's business and its ability to deliver orders on time.
- The company is heavily reliant on its top 10 customers, and the loss of such customers or a significant reduction in purchases by such customers will have a material adverse impact on the company's business.
- Most of the company's business operations is concentrated in the respective states. As of March 31, 2025, the revenue was recognized from projects executed in the state of Maharashtra, Madhya Pradesh and Delhi. Due to this geographic concentration of the company's business operations, its results of operations and growth might be restricted to the economic and demographic conditions of Maharashtra.
- The Company requires significant amounts of working capital and significant portion of its working capital is consumed in trade receivables and inventories. Any failures in arranging adequate working capital for the company's operations may adversely affect its business, results of operations, cash flows and financial condition.
- The Price Band, Issue Price, market capitalization to total turnover and price to earnings ratio based on the Issue Price of the Company, may not be indicative of the market price of the Company on listing or thereafter.
- The company's Statutory Auditors has included certain emphasis of matter in the audit report for Fiscal 2025 and 2026. There can be no assurance that any similar emphasis of matters will not form part of its financial statements for the future fiscal periods, which could subject the company to additional liabilities due to which its reputation and financial condition may be adversely affected.
- Certain trademarks that is critical to the company's business operations is presently registered in the name of its Promoter, Sukhbir Singh Kukreja, and not in the name of the Company. Further, some of the trademark registrations pertaining to its business has inadvertently been obtained under the category of "Single Firm" instead of under the appropriate "Body Incorporate" category.
- Delays or defaults in customer payments and receivables may have an adversely impact the company's profits and cash flows.
- There has been certain instances of non-compliances and delay in filings with respect to certain regulatory filings under the Companies Act, 2013 by the Company in the past. Further, its may be subject to regulatory actions and penalties for any such past or future non-compliance or delays and the company's business, financial condition and reputation may be adversely affected.
- The company has experienced negative cash flows from operating activities in previous Fiscals and cannot assure you that its will not experience negative cash flows in future periods. Negative cash flows may adversely affect the company's financial condition, results of operations and prospects.
- The company does not own its registered and corporate office and the premises of the company's branch offices, virtual offices and warehouse. A failures to renew its existing lease arrangements at commercially favourable terms or at all may have a material adverse effect on the company's business, results of operations, cash flows and financial condition.
- The company has indebtedness which requires significant cash flows to service and limits its ability to operates freely. Any breach of terms under the company's financing arrangements or its inability to meet the company's obligations, including financial and other covenants under its debt financing arrangements could adversely affect the company's business and financial condition.
- The company has contingent liabilities amounting to Rs. 4,273.63 lakh, Rs. 4,219.81 lakh and Rs. 2,385.95 lakh, representing 31.42%, 44.19% and 61.53% of its Net Worth for Fiscals 2026, 2025, and 2024, respectively and commitments, and the company's financial condition could be adversely affected if these contingent liabilities or commitments materialize.
- The company's inability to obtain, renew or maintain its statutory and regulatory permits, certificates and approvals required to operates the company's business may have an adverse effect on its business, financial condition and results of operations.
- Certain of the company's corporate records and statutory filings are not traceable. Its cannot assure you that no legal proceedings or regulatory actions will be initiated against the company in the future in relation to any such discrepancies.
- The Company's Directors, Promoters, Subsidiaries, Group Companies, KMPS and SMPs are or may be involved in certain legal and regulatory proceedings. Any adverse decision in such proceedings may have a material adverse effect on its business, financial condition, cash flows and results of operations.
- The company operates in a highly competitive environment and may not be able to compete successfully which could result in price reductions, reduced operating margins and loss of market share.
- The company's insurance coverage may be inadequate, which could have an adverse effect on its financial condition and results of operations.
- The company is required to furnish bank guarantees as part of its business contracts. The company's inability to arrange such guarantees or the invocation of such guarantees may adversely affect its cash flows and financial condition.
- The success of the company's business depends substantially on its management team and operational workforce. The company's inability to attract or retain such manpower could adversely affect its business and operations.
- The company is exposed to risks associated with time and cost overruns, delays, or under-estimation of project costs, which may affect the profitability and viability of its client engagements.
- The company's business is dependent on the timely execution of its Order Book which stood at Rs. 35,695.70 Lakhs as of April 30, 2026, which may be subject to delays, modifications, cancellations or payment defaults. Its cannot assure you that the company's Order Book will be converted into revenues or profits, which could materially and adversely affect its business, results of operations, cash flows and financial condition.
- The company has had instances of delays in payments of statutory dues by the Company. Any delays in payment of statutory dues may attract financial penalties from the respective government authorities and in turn may have an adverse impact on the company's financial condition and cash flows.
- Reliance on Third-Party Software and Hardware Could Reduce the company's Competitiveness and Adversely Affect its Business, Operations and Financial Condition.
- The company's inability to continue to implement High Project Network Expense could adversely affect its business and financial condition.
- Software failures, breakdowns in the operations of the company's servers and communications systems or the failures to implement system enhancements could harm the company's business.
- If the company is unable to keep pace with technological changes, develop or innovate its service offerings to address emerging business demands, technological trends and evolving industry standards, the company's business and financial condition may be adversely affected.
- Dependence on Third-Party Software and Hardware May Adversely Impact the company's Operations and Financial Performance.
- The company incorporates third party open-source software in ordinary course of business and its failures to comply with the terms of the underlying open source software licenses could adversely affect the company's ability to offer its products and services, impact the company's customers and create potential liability on its.
- The company proposes to repay or prepay all or a portion of certain outstanding borrowings availed by the Company.
- The company may be subject to increased employee costs and employee disruptions, which may adversely affect its business and results of operations.
- The company has availed unsecured borrowings which may be repayable on demand.
- The company is dependent on the performance of its Subsidiaries which constituted 9.27%, 11.56% and 13.52% to the company's consolidated revenue from operations during Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. Some of its Subsidiaries has incurred losses in Fiscal 2025 and Fiscal 2024. Any losses incurred by the Subsidiaries in the future could have an adverse impact on the company's performance, on a consolidated basis, and may also impact on its growth prospects.
- The company may in the future faces potential liabilities from lawsuits or claims from third parties, should they perceive any deficiency in the services its may provide. The company may also face the risk of legal proceedings initiated against the Company which may result in loss of business and reputation.
- The company has entered into related party transactions in the past and may continue to does so in the future. The terms of these related party transactions, while at arm's length, may be unfavourable to the company.
- The company's business, results of operations and financial condition could be negatively affected if the company incurs legal liability, including with respect to its indemnification obligations, in connection with providing the company's solutions and services.
- Any variation in the utilization of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.
- This Red Herring Prospectus contains information from third-party industry sources, being Care Edge Report, which has been exclusively commissioned and paid for by the Company solely for the purposes of the Issue.
- The company's Promoters will continue to retain a significant shareholding in the Company after the Issue, which will allow them to exercise influence over its. Any substantial change in the company's Promoters' shareholding may have an impact on the trading price of its Equity Shares which could have an adverse effect on the company's business, financial condition, results of operations and cash flows.
- The company's employees may engage in misconduct or other improper activities, including noncompliance with regulatory standards and requirements.
- The company is subject to stringent and changing laws, regulations, standards, and contractual obligations related to privacy, data protection, and data security. Its actual or perceived failures to comply with such obligations could harm the company's business.
- The company tracks certain operational and key business metrics with internal systems and tools. Certain of its operational metrics are subject to inherent challenges in measurement which may adversely affect the company's business and reputation.
- The company is subject to risks arising from interest rate fluctuations, which could reduce the profitability of its projects and adversely affect the company's business, financial condition and results of operations.
- Changes in the UAE's corporate tax regime and Emiratisation policy may increase the company's operational, compliance and talent-related risks in that jurisdiction.
- Exposure to evolving international data protection, AI and cybersecurity regulations may increase compliance costs and affect future overseas operations.
- The Company trails behind certain listed industry peers in key financial and operating metrics, which may impact its business performance and valuation.
Xtranet Technologies Ltd Peer Comparison
Understand the company’s industry standing
Xtranet Technologies Ltd
Silver Touch Technologies Limited
Dynacons Systems & Solutions Limited
Face Value
10
10
10
Standalone / Consolidated
Consolidated
Consolidated
Consolidated
Total Income Rs. Cr.
365.2874
341.9935
1424.2834
EPS-Basis
10.28
2.82
66.64
EPS-Diluted
10.28
2.82
66.64
NAV Per Share
34.74
13.38
247.59
P/E-Basic EPS
---
63.65
20.20
P/E-Diluted EPS
---
---
---
RONW(%)
29.6
21.06
26.89
Latest NAV Period
---
---
---
Latest NAV
---
---
---
How to check the allotment status of Xtranet Technologies Ltd IPO?
Follow the steps
Open link to the registrar using this URL (https://evault.kfintech.com/ipostatus/).
Select company from dropdown menu.
Enter details- PAN, Application number or DP client ID
Get your allotment status
Open link to the registrar using this URL (https://evault.kfintech.com/ipostatus/).
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The IPO opens on 23 Jul 2026 & closes on 27 Jul 2026.
Xtranet Technologies Limited was incorporated on January 29, 2002, as 'Xtranet Technologies Private Limited', a Private Limited Company. Thereafter, Company was converted from a Private Limited Company to a Public Limited Company and the name of Company was changed from 'Xtranet Technologies Private Limited' to 'Xtranet Technologies Limited' via fresh Certificate of Incorporation issued by the Registrar of Companies, Central Processing Centre, Manesar on July 02, 2025. At present, Company is engaged in the business of providing services in ITeS including software development and data management, issuing Digital Signatures, BPO and KPO services.
The Company commenced operations with System Integration services, including implementation of Data Networks, IT Security, Smart City IT Infrastructure, deployment of Security Operations Centre (SOC) and Network Operations Centre (NOC) solutions. In 2008, it expanded into Application Development, In 2012, it commenced operations in Data Centre services, strengthening the portfolio into IT infrastructure solutions, followed by the launching of Enterprise Resource Planning (ERP) in 2014. In 2021, it launched the proprietary digital transformation platform 'Synergy' and in 2022, it launched the business intelligence and analytics solutions through the group company, later turned into subsidiary, XtraSynergy Solutions Private Limited.
The Company has enhanced the proprietary platform by launching X-ERP, self service kiosk with Smart Lockers, AI enabled electronic document management system, Xtra-Support ITSM tool and X-Sign PKI software platform for server in FY 2025.
Company is planning the initial public offer by raising money of Rs 1900 Cr equity shares of face value Rs 10 through fresh issue.
Xtranet Technologies Ltd IPO will close on 27 Jul 2026.
- Deep domain expertise delivered through comprehensive solutions across industries.
- Proven track record in executing projects for Government and PSU clients.
- Experienced Management Team and Qualified Pool of Employees.
- Experienced Management Team and Qualified Pool of Employees.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Sukhbir Singh Kukreja | 16507790 | 42.16 | 16507790 | 31.57 |
| 2 | Jogendrapal Singh Alagh | 10327680 | 26.38 | 10327680 | 19.75 |
| 3 | Shiney Sukhbir | 3489420 | 8.91 | 3489420 | 6.67 |
| 4 | Supneet Kaur | 2418680 | 6.18 | 2418680 | 4.63 |
- The company partially depends on orders from the Government/PSU clients. As of Fiscal 2026, Fiscal 2025 and Fiscal 2024, more than 47.06%, 59.46% and 46.32%, respectively of the revenue were recognized from Government/PSU clients. Additionally, the loss of or inability to qualify for such orders may adversely affect its business, financial condition, results of operations, and prospects.
- The company's revenue from operations is concentrated in a few core service offerings. Consequently, any decline in demand or disruption in these offerings could materially and adversely impact its business, financial condition, and results of operation.
- The company is dependent on its Suppliers for various hardware and software products which its provide to the company's clients. The failures of its these to deliver these products in the necessary quantities, on time or to meet specified quality standards or technical specifications, could adversely affect the company's business and its ability to deliver orders on time.
- The company is heavily reliant on its top 10 customers, and the loss of such customers or a significant reduction in purchases by such customers will have a material adverse impact on the company's business.
- Most of the company's business operations is concentrated in the respective states. As of March 31, 2025, the revenue was recognized from projects executed in the state of Maharashtra, Madhya Pradesh and Delhi. Due to this geographic concentration of the company's business operations, its results of operations and growth might be restricted to the economic and demographic conditions of Maharashtra.
- The Company requires significant amounts of working capital and significant portion of its working capital is consumed in trade receivables and inventories. Any failures in arranging adequate working capital for the company's operations may adversely affect its business, results of operations, cash flows and financial condition.
- The Price Band, Issue Price, market capitalization to total turnover and price to earnings ratio based on the Issue Price of the Company, may not be indicative of the market price of the Company on listing or thereafter.
- The company's Statutory Auditors has included certain emphasis of matter in the audit report for Fiscal 2025 and 2026. There can be no assurance that any similar emphasis of matters will not form part of its financial statements for the future fiscal periods, which could subject the company to additional liabilities due to which its reputation and financial condition may be adversely affected.
- Certain trademarks that is critical to the company's business operations is presently registered in the name of its Promoter, Sukhbir Singh Kukreja, and not in the name of the Company. Further, some of the trademark registrations pertaining to its business has inadvertently been obtained under the category of "Single Firm" instead of under the appropriate "Body Incorporate" category.
- Delays or defaults in customer payments and receivables may have an adversely impact the company's profits and cash flows.
- There has been certain instances of non-compliances and delay in filings with respect to certain regulatory filings under the Companies Act, 2013 by the Company in the past. Further, its may be subject to regulatory actions and penalties for any such past or future non-compliance or delays and the company's business, financial condition and reputation may be adversely affected.
- The company has experienced negative cash flows from operating activities in previous Fiscals and cannot assure you that its will not experience negative cash flows in future periods. Negative cash flows may adversely affect the company's financial condition, results of operations and prospects.
- The company does not own its registered and corporate office and the premises of the company's branch offices, virtual offices and warehouse. A failures to renew its existing lease arrangements at commercially favourable terms or at all may have a material adverse effect on the company's business, results of operations, cash flows and financial condition.
- The company has indebtedness which requires significant cash flows to service and limits its ability to operates freely. Any breach of terms under the company's financing arrangements or its inability to meet the company's obligations, including financial and other covenants under its debt financing arrangements could adversely affect the company's business and financial condition.
- The company has contingent liabilities amounting to Rs. 4,273.63 lakh, Rs. 4,219.81 lakh and Rs. 2,385.95 lakh, representing 31.42%, 44.19% and 61.53% of its Net Worth for Fiscals 2026, 2025, and 2024, respectively and commitments, and the company's financial condition could be adversely affected if these contingent liabilities or commitments materialize.
- The company's inability to obtain, renew or maintain its statutory and regulatory permits, certificates and approvals required to operates the company's business may have an adverse effect on its business, financial condition and results of operations.
- Certain of the company's corporate records and statutory filings are not traceable. Its cannot assure you that no legal proceedings or regulatory actions will be initiated against the company in the future in relation to any such discrepancies.
- The Company's Directors, Promoters, Subsidiaries, Group Companies, KMPS and SMPs are or may be involved in certain legal and regulatory proceedings. Any adverse decision in such proceedings may have a material adverse effect on its business, financial condition, cash flows and results of operations.
- The company operates in a highly competitive environment and may not be able to compete successfully which could result in price reductions, reduced operating margins and loss of market share.
- The company's insurance coverage may be inadequate, which could have an adverse effect on its financial condition and results of operations.
- The company is required to furnish bank guarantees as part of its business contracts. The company's inability to arrange such guarantees or the invocation of such guarantees may adversely affect its cash flows and financial condition.
- The success of the company's business depends substantially on its management team and operational workforce. The company's inability to attract or retain such manpower could adversely affect its business and operations.
- The company is exposed to risks associated with time and cost overruns, delays, or under-estimation of project costs, which may affect the profitability and viability of its client engagements.
- The company's business is dependent on the timely execution of its Order Book which stood at Rs. 35,695.70 Lakhs as of April 30, 2026, which may be subject to delays, modifications, cancellations or payment defaults. Its cannot assure you that the company's Order Book will be converted into revenues or profits, which could materially and adversely affect its business, results of operations, cash flows and financial condition.
- The company has had instances of delays in payments of statutory dues by the Company. Any delays in payment of statutory dues may attract financial penalties from the respective government authorities and in turn may have an adverse impact on the company's financial condition and cash flows.
- Reliance on Third-Party Software and Hardware Could Reduce the company's Competitiveness and Adversely Affect its Business, Operations and Financial Condition.
- The company's inability to continue to implement High Project Network Expense could adversely affect its business and financial condition.
- Software failures, breakdowns in the operations of the company's servers and communications systems or the failures to implement system enhancements could harm the company's business.
- If the company is unable to keep pace with technological changes, develop or innovate its service offerings to address emerging business demands, technological trends and evolving industry standards, the company's business and financial condition may be adversely affected.
- Dependence on Third-Party Software and Hardware May Adversely Impact the company's Operations and Financial Performance.
- The company incorporates third party open-source software in ordinary course of business and its failures to comply with the terms of the underlying open source software licenses could adversely affect the company's ability to offer its products and services, impact the company's customers and create potential liability on its.
- The company proposes to repay or prepay all or a portion of certain outstanding borrowings availed by the Company.
- The company may be subject to increased employee costs and employee disruptions, which may adversely affect its business and results of operations.
- The company has availed unsecured borrowings which may be repayable on demand.
- The company is dependent on the performance of its Subsidiaries which constituted 9.27%, 11.56% and 13.52% to the company's consolidated revenue from operations during Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. Some of its Subsidiaries has incurred losses in Fiscal 2025 and Fiscal 2024. Any losses incurred by the Subsidiaries in the future could have an adverse impact on the company's performance, on a consolidated basis, and may also impact on its growth prospects.
- The company may in the future faces potential liabilities from lawsuits or claims from third parties, should they perceive any deficiency in the services its may provide. The company may also face the risk of legal proceedings initiated against the Company which may result in loss of business and reputation.
- The company has entered into related party transactions in the past and may continue to does so in the future. The terms of these related party transactions, while at arm's length, may be unfavourable to the company.
- The company's business, results of operations and financial condition could be negatively affected if the company incurs legal liability, including with respect to its indemnification obligations, in connection with providing the company's solutions and services.
- Any variation in the utilization of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.
- This Red Herring Prospectus contains information from third-party industry sources, being Care Edge Report, which has been exclusively commissioned and paid for by the Company solely for the purposes of the Issue.
- The company's Promoters will continue to retain a significant shareholding in the Company after the Issue, which will allow them to exercise influence over its. Any substantial change in the company's Promoters' shareholding may have an impact on the trading price of its Equity Shares which could have an adverse effect on the company's business, financial condition, results of operations and cash flows.
- The company's employees may engage in misconduct or other improper activities, including noncompliance with regulatory standards and requirements.
- The company is subject to stringent and changing laws, regulations, standards, and contractual obligations related to privacy, data protection, and data security. Its actual or perceived failures to comply with such obligations could harm the company's business.
- The company tracks certain operational and key business metrics with internal systems and tools. Certain of its operational metrics are subject to inherent challenges in measurement which may adversely affect the company's business and reputation.
- The company is subject to risks arising from interest rate fluctuations, which could reduce the profitability of its projects and adversely affect the company's business, financial condition and results of operations.
- Changes in the UAE's corporate tax regime and Emiratisation policy may increase the company's operational, compliance and talent-related risks in that jurisdiction.
- Exposure to evolving international data protection, AI and cybersecurity regulations may increase compliance costs and affect future overseas operations.
- The Company trails behind certain listed industry peers in key financial and operating metrics, which may impact its business performance and valuation.
The Issue type of Xtranet Technologies Ltd is Book Building.
The minimum application for shares of Xtranet Technologies Ltd is 110.
The total shares issue of Xtranet Technologies Ltd is 13133858.
Initial public offering of up to 13,133,858 equity shares of face value of Rs. 10 each ("Equity Shares") of Xtranet Technologies Limited (the "Company" or the "Issuer") for cash at a price of Rs. 127 per equity share (Including a Share Premium of Rs. 117 Per Equity Share) ("Issue Price") aggregating up to Rs. 166.8 Crore ("Issue").
Price Band: Rs. 127 per equity share of face value of Rs. 10 each.
The floor price is is 12.70 times of the face value.
Bids can be made for a minimum of 110 equity shares and in multiples of 110 equity shares thereafter.