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Xtranet Technologies Ltd IPO
Xtranet Technologies Ltd
₹13,200 /110 sharesMinimum investment
IPO details
Minimum investment
₹13,200
Price range
₹120 - ₹127
Lot size
110
Issue size
170 Cr
Face value
10
IPO document
Subscription rate
Data will be available soon
Schedule
23 Jul 2026
IPO open date
27 Jul 2026
IPO close date
28 Jul 2026
Allotment date
28 Jul 2026
Funds unblock or debit
30 Jul 2026
Tentative listing date
About
Founded in
2002
MD/CEO
Mr Sukhbir Singh Kukreja
Parent organisation
Xtranet Technologies Ltd
Xtranet Technologies Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
The company claims to have experience in delivering integrated IT solutions across multiple industries. Its services cater to government departments, public sector undertakings (PSUs), and private enterprises across sectors such as law enforcement, defence, financial services, manufacturing, healthcare, education, railways, utilities, and retail. It also offers solutions tailored to the requirements of different industry verticals.
The company claims to have a strong track record in executing government and PSU projects. During FY25, FY24, and FY23, it serviced and completed an aggregate of 147 direct projects and 36 indirect projects for government and PSU clients. A significant portion of its revenue is derived from government contracts, which are generally awarded through competitive bidding processes.
The company is certified to multiple international standards. It holds ISO/IEC 20000-1:2018 certification for IT Service Management Systems, ISO 22301:2019 for Business Continuity Management Systems, ISO 14001:2015 for Environmental Management Systems, and ISO/IEC/IEEE 12207:2017 for Systems and Software Engineering – Software Life Cycle Processes. The company also holds CMMI Level 5 certification for process maturity in software development and project execution.
The company claims to have developed long-standing relationships with its customers. During FY25, it served approximately 47 domestic customers, of which 27 had been associated with the company continuously for the last three years. According to the prospectus, repeat business from existing customers forms an important part of its operations.
The company claims to have an experienced management team supported by a technically qualified workforce. Promoter Sukhbir Singh Kukreja has over 25 years of experience in IT infrastructure, while promoter Jogendrapal Singh Alagh has more than 22 years of experience in the IT sector. As of March 31, 2025, the company had 242 employees, with more than 50% possessing technical expertise relevant to its core business.
The company claims to operate through a multi-location delivery network. It has offices in Bhopal, New Delhi, Mumbai, Ahmedabad, Jaipur, and Bengaluru and also supports international operations. According to the company, this enables both onsite and offshore project delivery while providing access to talent across different regions.
The company and its subsidiary have received multiple industry recognitions. These include the Tech Excellence Award 2023, Best Employer Brand Award 2023 (Bhopal Region), Maharashtra State Best Employer Brand Award 2023, Recruiting and Staffing Industry Leader of the Year 2023, and Ali Cloud Migration Partner of the Year 2023. Its subsidiary, XtraTrust DigiSign Private Limited, was also recognised at the Times Business Awards Surat 2023 and received the Top SME Business of the Year 2023 award in the Information Technology category.
The company has witnessed a consistent increase in its revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 222.56 crore in FY23 to Rs 232.94 crore in FY24 and Rs 276.08 crore in FY25. PAT increased from Rs 5.98 crore to Rs 10.94 crore and then to Rs 30.03 crore during the same period.
The company derives a significant portion of its revenue from government and PSU clients. Revenue from government/PSU clients stood at Rs 165.18 crore (59.83%), Rs 107.91 crore (46.32%), and Rs 161.91 crore (72.75%) in FY25, FY24, and FY23, respectively. Adverse changes in government spending on IT projects, budget allocations, tender policies, or the company’s inability to secure or qualify for government contracts could adversely affect its business, financial condition, and results of operations.
The company depends on a limited number of suppliers for procuring hardware and software products used in its projects. The top 10 suppliers accounted for purchases worth Rs 133.86 crore (71.17%), Rs 120.80 crore (70.81%), and Rs 169.03 crore (94.54%) in FY25, FY24, and FY23, respectively. Disruption in the supply of products, delays in deliveries, quality issues, or the inability to procure hardware and software from these suppliers on competitive terms could hurt the company’s project execution, operations, and financial performance.
The company derives a significant portion of its revenue from a limited number of customers. The top 10 customers contributed Rs 182.19 crore (65.99%), Rs 175.58 crore (75.38%), and Rs 182.60 crore (82.04%) of its revenue from operations in FY25, FY24, and FY23, respectively. Any failure to retain these key customers, secure repeat business, or expand its customer base could adversely affect the company’s business, financial condition, and results of operations.
The company is required to furnish performance bank guarantees (PBGs) for executing its projects, particularly government contracts. As of FY25, FY24, and FY23, its outstanding PBGs stood at Rs 7.21 crore, Rs 7.11 crore, and Rs 10.13 crore, respectively. If the company is unable to arrange the required bank guarantees or if any of these guarantees are revoked due to non-fulfilment of contractual obligations, it could adversely affect the company’s cash flows, ability to secure new projects, and financial condition.
The company, its directors, promoters, subsidiaries, group companies, key managerial personnel (KMPs), and senior management personnel (SMPs) are involved in certain legal and regulatory proceedings. Any adverse judgment or outcome in these proceedings could adversely affect the company’s business, financial condition, cash flows, and results of operations.
The company has outstanding borrowings and is required to service them through its cash flows. As of August 31, 2025, its total outstanding borrowings amounted to Rs 78.91 crore. Any failure to comply with the terms of its financing arrangements, meet repayment obligations, or service its debt, as well as any increase in interest rates on its variable-rate borrowings, could adversely affect the company’s business, financial condition, and results of operations.
The company has contingent liabilities and capital commitments that could affect its financial position if they materialise. As of March 31, 2025, it had total contingent liabilities of Rs 40.57 crore, compared with Rs 23.86 crore in FY24 and Rs 18.40 crore in FY23. If these contingent liabilities or capital commitments materialise, they could adversely affect the company’s financial condition, cash flows, and results of operations.
The company has reported negative cash flows in certain activities during the last three financial years. It recorded negative cash flow from operating activities of Rs 1.18 crore in FY24, while investing activities remained negative at Rs 30.44 crore, Rs 15.81 crore, and Rs 7.18 crore in FY25, FY24, and FY23, respectively, primarily due to investments in capital expenditure and business expansion. In case of sustained negative cash flows, the company may need to rely on additional borrowings or equity funding, which could adversely affect its liquidity, financial condition, and future operations.
The company had outstanding financial indebtedness of Rs 78.91 crore as of August 31, 2025. Any failure to service or repay these borrowings, comply with financing covenants, or secure additional funding when required could adversely affect the company’s operations, liquidity, and financial condition.
Application details
For Xtranet Technologies IPO, eligible investors can apply as Regular.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Regular | ₹120 - ₹127 | Upto ₹2 Lakhs | 110 |
| High Networth Individual | ₹120 - ₹127 | ₹2 - ₹5 Lakhs | 110 |