Xtranet Technologies Limited is looking to raise approximately ₹166.80 crore through a mainboard IPO that is structured entirely as a fresh issue — there is no offer-for-sale component. The issue opens on 23 July 2026 and closes on 27 July 2026, priced in a band of ₹120 to ₹127 per share, with a tentative listing on both BSE and NSE on 30 July 2026.
IPO Snapshot
Because the entire offer is a fresh issue, every rupee raised goes into the company’s own books rather than to promoters or early investors cashing out. At the upper band, a retail investor needs one lot — 110 shares — and roughly ₹13,970 to apply.
Key Dates
Lot Size & Investment (at ₹127)
| Investor Category | Lots | Shares | Investment |
|---|---|---|---|
| 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 |
About Xtranet Technologies
Founded in 2002 and headquartered in Bhopal, Xtranet Technologies has spent more than two decades building an integrated IT-services business for government departments, public-sector undertakings and private enterprises. Beyond its Bhopal base, the company runs offices in New Delhi, Mumbai, Ahmedabad, Jaipur and Bengaluru, and is backed by three domestic subsidiaries plus one associate company in Dubai.
IT Infrastructure & System Integration
Data Centre & Command Centre Solutions
Application Development & Maintenance
Cloud & Cybersecurity
AI, IoT & Analytics
Managed IT Services
Digital Signatures & PKI
Synergy Low-Code Platform
X-ERP Proprietary Software
Revenue Mix by Segment (FY2026)
Managed services (₹148.04 crore) and enterprise applications (₹121.33 crore) together made up nearly three-quarters of FY2026’s ₹365.29 crore in revenue, with digital services (₹58.18 crore) and proprietary platforms (₹37.73 crore) filling the rest. Figures are drawn from the company’s RHP dated 16 July 2026.
Objects of the Issue
Working capital alone absorbs roughly 61% of the gross issue at the upper price band, a reminder of how capital-intensive Xtranet’s project-execution model is. The amount left for general corporate purposes will depend on final issue expenses and is capped by the regulatory limit disclosed in the RHP.
Financial Performance
| 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 |
Revenue compounded at roughly 25% a year between FY2024 and FY2026, while profit after tax grew even faster at close to 93% CAGR, helped by margins more than doubling — EBITDA margin moved from 8.1% to 17.3% over the same stretch. Operating cash flow flipped from a negative ₹1.16 crore to a positive ₹27.57 crore across the period. The one figure moving the other way is debt: total borrowings roughly doubled in FY2026 alone, climbing to ₹85.45 crore from ₹39.24 crore a year earlier.
Order Book & Execution
As of 30 April 2026, Xtranet’s order book stood at ₹356.96 crore — about 0.98 times its full FY2026 revenue — spread across 76 live projects (57 direct and 19 indirect). The book is fairly concentrated: Dynacons Systems and Solutions alone accounts for 38.13% of it, and the four largest projects together make up around 74% of the total. Government and PSU clients contributed 47.06% of FY2026 revenue, down from 59.83% the year before.
Promoters & Shareholding
| Promoter | Average Acquisition Cost |
|---|---|
| Sukhbir Singh Kukreja | ₹7.02 per share |
| Jogendrapal Singh Alagh | ₹0.29 per share |
| Shiney Sukhbir | ₹0.44 per share |
The promoters are Sukhbir Singh Kukreja, Jogendrapal Singh Alagh and Shiney Sukhbir. The fresh issue will represent around 25.12% of the post-IPO equity base; the wide gap between the acquisition costs above and the ₹120–127 price band reflects equity built up over years rather than bought at market price, and is disclosed for investors to factor into their own view of promoter economics.
Strengths
Key Risks Investors Should Consider
Valuation
The RHP’s own peer set — Silver Touch Technologies, Dynacons Systems & Solutions and Coforge — traded between 20.20x and 63.65x as of 2 July 2026, averaging 39.79x. Even measured on the more conservative post-issue basis, Xtranet’s multiple sits well below that peer average, though the peers differ meaningfully in scale, customer mix and liquidity, so the comparison is best read as directional rather than exact.
Anchor Investor Allocation
On 22 July 2026, Xtranet allocated 39,40,200 shares to anchor investors at ₹127 apiece, raising about ₹50.04 crore a day ahead of the public opening. Ten anchor entities were allotted shares, including three Taurus Mutual Fund schemes; domestic mutual funds collectively picked up around 10% of the anchor book.
Our Take
Xtranet pairs genuine operating momentum — accelerating revenue, expanding margins, a healthy return on net worth and an order book nearly matching a year of sales — with real structural risks: concentrated customers and projects, the long receivable cycles typical of government-linked IT work, and a sharp jump in FY2026 borrowings. Priced at roughly 12–16 times earnings depending on how the share count is measured, the issue looks reasonably valued next to the peers the company itself has chosen, but it isn’t a low-risk bet. It suits investors comfortable underwriting execution, concentration and working-capital risk in exchange for that growth.
Source: Xtranet Technologies Ltd RHP filed with SEBI (dated 16 July 2026); issue, anchor-allocation and timeline details as disclosed to BSE/NSE; data cross-checked against Chittorgarh.com’s IPO tracker. This article is for informational purposes only and is not investment advice — please read the full offer document before applying.