IPO Deep Dive
Every rupee of this one stays in the company. Xtranet Technologies is raising roughly ₹166.80 crore entirely through a fresh issue — no promoter or early investor is selling a single share. Subscription runs 23–27 July 2026 at ₹120–127 apiece, with a listing pencilled in for BSE and NSE on 30 July.
The Offer at a Glance
A 100%-fresh structure means there’s no promoter quietly cashing out behind the scenes — the company keeps the entire proceeds. At the top of the band, the smallest retail bid (one lot, 110 shares) costs ₹13,970.
How the Timeline Unfolds
What It Costs to Apply
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail — minimum | 1 | 110 | ₹13,970 |
| Retail — maximum | 14 | 1,540 | ₹1,95,580 |
| Small NII — minimum | 15 | 1,650 | ₹2,09,550 |
| Small NII — maximum | 71 | 7,810 | ₹9,91,870 |
| Big NII — minimum | 72 | 7,920 | ₹10,05,840 |
Inside the Business
Xtranet Technologies has been trading since 2002, building an IT-services business out of Bhopal that now covers enterprise software, managed services, digital transformation and a couple of platforms it owns outright. The company has long since outgrown its home city — New Delhi, Mumbai, Ahmedabad, Jaipur and Bengaluru all carry Xtranet offices — and it runs three subsidiaries in India alongside one associate company in Dubai.
System Integration
Data Centre Solutions
App Development
Cloud & Cybersecurity
AI, IoT & Analytics
Managed IT Services
Digital Signatures & PKI
Synergy Platform
X-ERP
Where the Revenue Comes From
Managed services has edged ahead of enterprise applications as the company’s biggest earner — between them the two lines make up nearly three-quarters of FY2026’s ₹365.29 crore in revenue. Figures are drawn from the company’s RHP dated 16 July 2026.
Where the Money Is Going
Working capital alone eats up around 61% of the gross issue at the top of the band — a fair sign of how cash-hungry this project-execution model is even as it scales.
The Numbers Behind the Growth
| Particulars | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue from operations | ₹232.94 Cr | ₹276.08 Cr | ₹365.29 Cr |
| EBITDA | ₹18.86 Cr | ₹47.20 Cr | ₹63.18 Cr |
| EBITDA margin | 8.10% | 17.10% | 17.30% |
| Profit after tax | ₹10.94 Cr | ₹30.03 Cr | ₹40.73 Cr |
| PAT margin | 4.70% | 10.88% | 11.15% |
| EPS | ₹3.19 | ₹8.07 | ₹10.28 |
| Return on net worth | 28.38% | 31.15% | 29.60% |
| Total borrowings | ₹41.19 Cr | ₹39.24 Cr | ₹85.45 Cr |
| Operating cash flow | −₹1.16 Cr | ₹8.62 Cr | ₹27.57 Cr |
The figure bucking the trend is debt: borrowings roughly doubled in FY2026 alone, from ₹39.24 crore to ₹85.45 crore, even as everything else improved.
Order Book & Delivery
As of 30 April 2026, Xtranet was sitting on a ₹356.96 crore order book — about 0.98 times its entire FY2026 revenue — spread across 76 live projects (57 direct, 19 indirect). It’s a fairly top-heavy book: Dynacons Systems and Solutions alone makes up 38.13% of it, and the four biggest projects together account for roughly 74%. Government and PSU clients supplied 47.06% of FY2026 revenue, down from 59.83% a year earlier.
Who Owns the Company
| Promoter | Average Acquisition Cost |
|---|---|
| Sukhbir Singh Kukreja | ₹7.02 / share |
| Jogendrapal Singh Alagh | ₹0.29 / share |
| Shiney Sukhbir | ₹0.44 / share |
The gap between those acquisition costs and the ₹120–127 issue band is ordinary for founder equity built up over two decades rather than bought at market price — it’s disclosed so investors can weigh promoter economics for themselves.
Strengths
Risks Worth Weighing
Is It Fairly Priced?
The three peers named in the RHP — Silver Touch Technologies, Dynacons Systems & Solutions and Coforge — traded between 20.20x and 63.65x as of 2 July 2026, averaging 39.79x. Even on the more conservative post-issue math, Xtranet prices well under that average, though the peer set spans very different scales and liquidity profiles, so treat the comparison as a rough compass rather than an exact read.
The Anchor Book
A day ahead of the public opening, on 22 July 2026, Xtranet placed 39,40,200 shares with anchor investors at ₹127 each, pulling in about ₹50.04 crore. Ten anchor entities took part, including three separate Taurus Mutual Fund schemes; domestic mutual funds accounted for roughly 10% of the anchor allocation between them.
This is a growth story with real edges to it. The top line is compounding at a healthy clip, margins have nearly doubled, and the order book is almost as large as a full year of sales — but customer and project concentration are both high, receivables run slow in a government-heavy business, and borrowings jumped sharply in the most recent year. Priced at somewhere between 12 and 16 times earnings depending on how you count the shares, it isn’t expensive next to the peers the company chose to be measured against, but the risks here are operational, not just about the price you pay. Best suited to investors who are comfortable underwriting execution and concentration risk in exchange for that growth.