Xtranet Technologies IPO
Xtranet Technologies IPO — dates, price band, GMP & allotment.
Timetable
Issue Summary
| Price Band | ₹120-127 |
| Face Value | ₹10 |
| Lot Size | 110 Shares |
| Issue Size | ₹166.8 Cr |
| Sale Type | Fresh capital only |
| Listing On | BSE, NSE |
| NSE Symbol | XTRANET.NS |
| BSE Scrip Code | 7841 |
| Min Investment | ₹13,970 |
Reservation
What Will It Cost Me?
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 110 | ₹13,970 |
| Retail (Max) | 14 | 1,540 | ₹195,580 |
| S-HNI (Min) | 15 | 1,650 | ₹209,550 |
| B-HNI (Min) | 72 | 7,920 | ₹1,005,840 |
Strengths & Risks
Strengths
- Healthy order book of Rs 356.96 crore (as of Apr 30, 2026) provides revenue visibility
- Consistent growth in revenue (Rs 233.26 Cr to Rs 366.01 Cr) and profit over the last three fiscal years
- Quality certifications including CMMI SVC/5, ISO 9001, ISO 27001, ISO 20000 and ISO 22301
- Strong capital efficiency, with RoNW averaging 29.91% and ROCE averaging above 30%
- Diversified, integrated service portfolio spanning ERP, managed services, digital transformation and PKI/digital signature services
Risks
- High consolidated contingent liabilities of Rs 42.74 crore as of March 31, 2026
- Elevated trade receivables raise working-capital and cash-conversion concerns, particularly from government clients
- Issue appears fully priced at 16.30x FY26 P/E and 22.13x FY25 P/E, limiting listing-gain potential
- Operates in a highly competitive and fragmented IT services segment without a clear competitive moat
- Revenue is concentrated in government/PSU clients, creating dependency and cyclicality risk
- No dividend history since incorporation
Valuation & Key Ratios
Financials (Rs. Crore)
| Metric | 31 Mar 26 | 31 Mar 25 | 31 Mar 24 |
|---|---|---|---|
| Revenue | 366.01 | 276.53 | 233.26 |
| OPM % | |||
| EBITDA | |||
| Net Profit | 40.73 | 30.03 | 10.94 |
| Debt | |||
| Assets | 341.97 | 321.79 | 202.94 |
About The Company
Xtranet Technologies Limited, incorporated in 2002 and headquartered in Bhopal, is an integrated information technology solutions provider delivering end-to-end services across four core segments: enterprise applications (ERP implementation), managed services (data centre operations), digital services (through its Synergy platform) and proprietary platforms including XtraTrust for digital signature certification (PKI services). The company serves both government/PSU departments and private enterprises, with the majority of revenue currently derived from government projects. As of April 2026 it employed 504 direct staff and 370 contract workers, and held an order book of Rs 356.96 crore. The company holds CMMI SVC/5, ISO 9001, ISO 27001, ISO 20000 and ISO 22301 certifications.
Company & Registrar
Subscription By Category
| Category | Subscribed | Shares Offered | Shares Bid For |
|---|---|---|---|
| Qualified Institutional Buyers (QIB) | 7.13× | 2,626,800 | — |
| Non-Institutional Investors (NII) | 26.65× | 1,970,100 | — |
| Retail Individual Investors (RII) | 8.98× | 4,596,900 | — |
| Total | 12.24× | 9,193,800 | — |
GMP History
| Date | GMP | % Over Issue Price |
|---|
Anchor Investors
| Investor | Category | Shares Allotted | Value |
|---|
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