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TechDefence IPO
TechD Cybersecurity Ltd
₹1,09,800 /600 sharesMinimum Investment
TechDefence IPO Details
| Bidding Dates | Min. Investment | Lot Size | Price Range |
|---|---|---|---|
| 15 Sep ‘25 - 17 Sep ‘25 | ₹2,19,600 | 600 | ₹183 - ₹193 |
| Issue Size | IPO Doc |
|---|---|
| 38.99Cr | RHP PDF |
About TechDefence
Founded in
2017
Managing director
Mr Sunny Piyushkumar Vaghela
Parent organisation
TechD Cybersecurity Ltd
Strengths & Financials of TechDefence
Strengths
Risks
TechD Cybersecurity claims to offer a full spectrum of cybersecurity services, including vulnerability assessments (VAPT), security monitoring (SOC), compliance consulting, and staff augmentation. This comprehensive approach allows the company to deliver end-to-end solutions under a single contract, simplifying the process for clients and ensuring all their cybersecurity needs are met. The integration of trusted security products further enhances its service offerings.
The company’s empanelment with the Indian Computer Emergency Response Team (CERT-In) provides it with a competitive advantage, especially in industries like BFSI, NBFC, and the government sector.
TechD Cybersecurity claims to have strong partnerships with universities and in-house training programs to continuously develop a skilled pool of cybersecurity professionals. This investment in talent development ensures the company can efficiently scale its operations while staying ahead of emerging threats and technologies.
The company’s long-standing presence in the cybersecurity space is reflected in its diverse client base, including notable clients like Adani Group, Zensar Technologies, and Astral Limited.
TechD Cybersecurity claims to have established partnerships with leading original equipment manufacturers (OEMs), such as Crowdstrike, Palo Alto, and Trend Micro. These partnerships not only enhance its credibility but also enable the company to offer cutting-edge tools integrated with its managed services, strengthening its market position.
The company is ISO 27001 certified for its information security management systems.
The company has witnessed a consistent increase in revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 7.56 crore in FY23 to Rs 15.07 crore in FY24 and Rs 29.79 crore in FY25. PAT increased from Rs 0.94 crore in FY23 to Rs 3.24 crore in FY24 and Rs 8.40 crore in FY25.
The top three customers accounted for Rs 7.56 crore (25.03 percent) of the company’s revenue in FY25, Rs 6.77 crore (44.92 percent) in FY24, and Rs 3.61 crore (47.82 percent) in FY23. Furthermore, the top customer alone accounted for Rs 3.66 crore (12.12 percent) of the company’s revenue in FY25, Rs 4.72 crore (31.32 percent) in FY24, and Rs 2.25 crore (29.79 percent) in FY23. Any failure to retain these key customers or a loss of business from them could adversely affect the company’s business and financial standing.
TechD Cybersecurity operates in a highly employee-intensive industry, with employee benefit expenses forming a significant portion of its overall costs. It accounted for Rs 8.12 crore (27.24 percent) of the company’s revenue in FY25, Rs 6.50 crore (43.12 percent) in FY24, and Rs 2.86 crore (37.80 percent) in FY23. Any significant increase in these expenses or challenges in retaining highly skilled professionals could impact the company's profitability and its ability to reallocate employees between projects, potentially reducing productivity efficiently.
The company derives a significant portion of its revenue from Gujarat. It accounted for Rs 15.28 crore (51.28 percent) of the company’s domestic revenue in FY25, Rs 11.42 crore (75.77 percent) in FY24, and Rs 5.45 crore (72.13 percent) in FY23. This heavy reliance on a single region exposes the company to risks associated with economic fluctuations, competitive pressures, or demographic changes in Gujarat, any of which could significantly impact its revenue and overall financial performance.
The top five vendors accounted for Rs 5.36 crore (24.40 percent) of the company’s total purchases in FY25, Rs 2.57 crore (35.61 percent) in FY24, and Rs 1.57 crore (14.36 percent) in FY23. Any disruption in supplies from one or more of these suppliers could adversely affect the company’s business and finances.
The company and its directors are involved in certain ongoing tax proceedings. Any adverse judgments in any of these cases could be detrimental to the company’s business prospects.
TechD Cybersecurity relies heavily on a few key industries such as information technology-enabled services (ITeS), education, BFSI, and manufacturing. Together, they accounted for 82.01 percent, 86.12 percent, and 84.60 percent of the company’s revenue in FY25, FY24, and FY23, respectively. Any downturn or regulatory changes in these sectors could significantly impact the company's business, resulting in a decline in revenue and reduced growth prospects.
The company reported negative cash flow from operating activities amounting to Rs 2.38 crore in FY25 and Rs 1.16 crore in FY24. If cash outflows continue to exceed inflows in the future, the company may face liquidity challenges.
TechDefence Financials
*All values are in Rs. Cr
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Application Details of TechDefence IPO
| Apply as | Price band | Apply upto |
|---|---|---|
| Individual investor | ₹183 - 193 | ₹2 - 5 Lakh |
For TechDefence IPO, eligible investors can apply as Individual investor.