Xtranet Technologies IPO

Xtranet Technologies Limitedxtranetindia.com

ListedMainboardInformation TechnologyNSE · BSE

Price band: ₹120 – ₹127
Issue size: ₹167 Cr
Lot size: 110 sh
Bidding: 23 – 27 Jul
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 15 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

Xtranet Technologies is a Bhopal-based IT system integrator incorporated on 29 January 2002, which the record describes as building and operating data centres and ERP systems for government and enterprise clients and running XtraTrust, a licensed Certifying Authority issuing digital signature certificates. Revenue was Rs 232.94 Cr in FY24, Rs 276.08 Cr in FY25 (18.52% higher) and Rs 365.29 Cr in FY26 (32.31% higher), with profit after tax of Rs 10.94 Cr, Rs 30.03 Cr and Rs 40.73 Cr over the same three years. The Rs 166.80 Cr issue was entirely fresh, with no offer for sale, priced at Rs 120-127 and subscribed 12.24 times overall on the closing day of 27 July 2026. It listed on 30 July 2026 at Rs 136 against a band top of Rs 127, closed its first day at Rs 129.20, and last traded at Rs 263.45 on 23 October 2026.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

76Strong

IPOVista score

Broadly well-balanced

63% of the scoring model was backed by disclosed data for Xtranet Technologies, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 2002 · Z-24, Zone-1, M.P. Nagar, Bhopal 462011, Madhya Pradesh, India · 504 employees

Xtranet Technologies is a Bhopal-based IT services and system-integration company, incorporated in January 2002. It builds and runs IT systems for government departments, public-sector undertakings and private companies: ERP implementation (including its own X-ERP platform), application development and maintenance, and the design, build and 24x7 operation of data centres and command centres, covering server virtualisation, cloud setup, backup and disaster recovery, and network and security operations centres. Two proprietary products sit alongside the services: Synergy, a low-code automation platform, and XtraTrust, a licensed Certifying Authority that issues digital signature certificates and provides PKI, e-sign, timestamping and authentication services. Government and PSU clients produced 47.06% of Fiscal 2026 revenue and the top five customers 61.29%. It had 504 permanent employees as of April 30, 2026, with offices in New Delhi, Mumbai, Ahmedabad, Jaipur and Bengaluru.

Revenue comes from composite contracts that bundle hardware with services. Fiscal 2026 revenue from operations was Rs 365.29 crore, split Rs 226.03 crore sale of services and Rs 139.26 crore sale of goods (servers, hardware security modules and authentication keys installed as part of the same projects). That hardware is the dominant cost: purchase of stock-in-trade was Rs 223.19 crore in Fiscal 2026 against employee benefit expenses of Rs 30.12 crore, leaving an EBITDA margin of 17.30%. The structural constraint is government payment cycles: trade receivable days were 152 at March 31, 2026, down from 186 and 205 in the two prior fiscals. Hence Rs 102.00 crore of the issue was earmarked for working capital and Rs 20.20 crore for repaying borrowings.

The company on paper

Legal name: Xtranet Technologies Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 29 Jan 2002
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U72200MP2002PLC014956
Sector: Information Technology · IT system integration and managed services for government and enterprise clients, including data-centre build-and-operate and PKI/digital-signature certification
Employees: 504
Registered office: Z-24, Zone-1, M.P. Nagar, Bhopal 462011, Madhya Pradesh, India
Promoters: Sukhbir Singh Kukreja, Jogendrapal Singh Alagh, Shiney Sukhbir
Promoter holding, pre-issue: 83.6%
Promoter holding, post-issue: 62.6%
Website: xtranetindia.com

The numbers

Financial performance

Revenue has compounded at 25.2% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

100% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹167 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹0
Total issue size: ₹167 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 21.0% of the company.

Promoters
Everyone else

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription12.24×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Outcome

How it actually listed

Issue price: ₹127.00
Listed at: ₹136.00
Listing gain: up 7.1%
Since listing: up 107.6%
Against the issue price: up 122.3%

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 110
At cut-off price: ₹127.00
Amount blocked: ₹13,970

One lot is 110 shares at ₹13,970. Retail applications are capped at ₹2,00,000, which allows up to 14 lots here — apply for more and you are bidding as a non-institutional investor instead.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~11%

chance of one lot, per application

Retail subscription: 8.98×
Applicants per share available: 9.0× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹136.00

listed at, 7.1% against the issue price

Issue price: ₹127.00
Premium said: —
If allotted 110 shares: ₹990

Listing-day figures are as reported by the exchanges.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

Revenue was higher in each successive year the record carries: Rs 232.94 Cr in FY24, Rs 276.08 Cr in FY25 (up 18.52%) and Rs 365.29 Cr in FY26 (up 32.31%).
EBITDA margin was 8.10% in FY24 (Rs 18.86 Cr on Rs 232.94 Cr), 17.10% in FY25 (Rs 47.20 Cr on Rs 276.08 Cr) and 17.30% in FY26 (Rs 63.18 Cr on Rs 365.29 Cr). Profit after tax was 4.70%, 10.88% and 11.15% of revenue on the same figures.
Net worth was Rs 38.78 Cr at 31 March 2024, then Rs 95.49 Cr and Rs 136.01 Cr at the two following year-ends. Against borrowings of Rs 41.19 Cr, Rs 39.24 Cr and Rs 85.45 Cr, that is 1.06x, 0.41x and 0.63x net worth.
The record's business-model note reports trade receivable days of 152 at 31 March 2026, against 186 and 205 in the two preceding fiscals, and the whole Rs 166.80 Cr issue was fresh capital with no offer-for-sale component.

What to weigh against it

The record states that government and public-sector clients produced 47.06% of Fiscal 2026 revenue and the top five customers 61.29%.
Total borrowings were Rs 41.19 Cr at FY24 and Rs 39.24 Cr at FY25, then Rs 85.45 Cr at FY26 — 117.76% above the FY25 figure. The Rs 20.20 Cr of proceeds the record earmarks for repaying borrowings is 23.64% of that FY26 balance.
The record calls bought-in hardware the dominant cost: purchase of stock-in-trade was Rs 223.19 Cr in FY26, 61.10% of the Rs 365.29 Cr revenue, against employee benefit expenses of Rs 30.12 Cr, or 8.25%. Of that revenue, Rs 139.26 Cr (38.12%) was sale of goods and Rs 226.03 Cr (61.88%) sale of services.
The day-one close of Rs 129.20 was 5.00% below the Rs 136 listing price and 1.73% above the Rs 127 issue price.

Easy to miss in the prospectus

The record carries no cash flow from operations, no total assets and no total expenses figure for any of FY24, FY25 or FY26; the receivable-day series of 205, 186 and 152 is the only working-capital measure present.
Subscription is recorded for day 3 only (27 July 2026): QIB 7.13x, NII 26.65x, retail 8.98x, total 12.24x. No day-1 or day-2 book, no anchor allocation and no category allocation are present.
No valuation block, peer set or structured offer-objects list is present. The Rs 102.00 Cr working-capital and Rs 20.20 Cr debt-repayment amounts appear only in the record's business-model note.

Straight from the filing

Read it yourself

Every figure on this page comes out of these. Go and check them.

Xtranet Technologies — Red Herring Prospectus dated 2026-07-1616 Jul 2026The document the issue was bid on. Carries the price band and the dates.Opens on xtranetindia.com

Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.

The paperwork

Who is running the issue

Lead managers: Share India Capital Services Private Limited
RegistrarAllotment status is checked on the registrar's own site: KFin Technologies Limited

How these figures were checked

Reconciled to Xtranet Technologies's own prospectus and to exchange disclosures, then cross-checked against 4 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.

Red Herring Prospectus dated July 16, 2026 (company website, 559 pp) · read 15 Oct 2026
Abridged Prospectus, SEBI (Xtranet Technologies Limited - AP) · read 15 Oct 2026
NSE IPO detail API - issue note, bid details, ISIN, listing date (symbol XTRANET) · read 15 Oct 2026
NSE final category-wise subscription API, updated 27-Jul-2026 19:00 · read 15 Oct 2026
NSE past public issues list - issue price Rs 127, issue period, listing date · read 15 Oct 2026

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: Mainboard
Opens: 23 Jul 2026
Closes: 27 Jul 2026
Allotment: 28 Jul 2026
Lists: 30 Jul 2026
Revenue (FY26): ₹365 Cr
Profit (FY26): ₹40.73 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.