Xtranet Technologies IPO

About Xtranet Technologies IPO

The Xtranet Technologies IPO, a mainboard IPO, opens on Thursday, July 23, 2026 and closes on Monday, July 27, 2026. The allotment of shares will take place on Tuesday, July 28, 2026. The credit of shares to the demat account will take place on Wednesday, July 29, 2026. The initiation of refunds will take place on Wednesday, July 29, 2026. The listing of shares will take place on Thursday, July 30, 2026.

The equity shares offered through the IPO are proposed to be listed on the BSE and the NSE.

The offer consists of a fresh issue component. The fresh issue will include 1,31,34,000 shares aggregating up to ₹166.80 crores. The total number of shares is 1,31,34,000 aggregating up to ₹166.80 crores.

Xtranet Technologies IPO's price band is set at ₹120 to ₹127 per share. The lot size for an application is 110. The minimum amount of investment required by a retail investor is ₹13,970 (110 shares) (based on upper price). The lot size investment required by sNII is 15 lots (1,650 shares), amounting to ₹2,09,550.

Xtranet Technologies is an integrated information technology solutions provider offering enterprise applications, digital services, managed services, and proprietary platforms across multiple industries.

Objectives of Xtranet Technologies IPO

• Repayment or pre-payment, in full or in part, of certain outstanding borrowings availed by the Company.
  
• Capital expenditure by the Company for the purchase and installation of Systems and Hardware.
  
• To meet working capital requirements.
  
• General corporate purposes.
  

Industry Outlook

India's IT and ITeS industry is a core pillar of the economy. It spans software development, application maintenance, infrastructure management, system integration, and a growing set of digital services. The Indian IT-ITeS market grew at a CAGR of 10% between FY21 and FY25. The market was worth an estimated USD 287 billion as of FY25. Global demand remains large. The global IT-ITeS market stood at USD 4,920 billion as of CY24, having expanded at a CAGR of 5.7% from CY20 to CY24, and is projected to grow at a CAGR of 5.1% from CY25 to CY30. The Indian market is expected to grow faster, at a CAGR of 7% from FY25 to FY31, supported by cloud adoption, automation, and rising enterprise digitisation.

India's share of the global IT market is rising steadily. It moved from 5.0% in CY20 to a projected 6.4% by CY30. The sector's contribution to Indian GDP has held at around 7.3% between FY21 and FY25. Xtranet Technologies Limited, with its integrated IT solutions across Government, PSU, and private clients, is positioned to participate in this expansion.

About Xtranet Technologies

Xtranet Technologies was incorporated in 2002 in Bhopal, Madhya Pradesh. It delivers end-to-end IT services spanning enterprise applications, digital services, managed services, and proprietary platforms across industries and geographies. The Company operates through a mix of onsite and offshore delivery, supported by subsidiaries, a joint venture, and in-house platforms. Two proprietary offerings anchor its digital portfolio: Synergy, a low-code digital transformation platform, and XtraTrust, a Licensed Certifying Authority and eSign Service Provider for PKI-based digital signature solutions. The Company services both Government and PSU clients and private-sector enterprises. Revenue from operations was ₹276.08 crores in FY25. Government and PSU clients contributed ₹165.18 crores of revenue from operations in FY25. Across FY23, FY24, and FY25 the Company completed 147 projects under the direct category and 36 under the indirect category for Government and PSU clients.

Strengths of Xtranet Technologies

• Deep domain expertise delivered through comprehensive solutions across industries.
• Proven track record in executing projects for Government and PSU clients.
• Long standing relationship with marquee customer base.
• Experienced Management Team and Qualified Pool of Employees.
• Geographic Presence and Multi-Location Operations.

Risks of Xtranet Technologies

• The Company partially depends on Government and PSU orders, which contributed more than 59.83% of revenue as of March 31, 2025, exposing it to shifts in public-sector spending.
• The Company is heavily reliant on its top 10 customers, so the loss of any of them could materially reduce revenue in a given year.
• The Company depends on suppliers for hardware and software products, and supplier concentration could disrupt its ability to deliver client projects.
• The business depends on timely execution of an Order Book of ₹333.50 crores as of August 31, 2025, which may face delays, cancellations, or payment defaults.
• The business is working-capital intensive, and any failure to arrange adequate working capital could constrain operations and growth.
• The Company must furnish bank guarantees for many contracts, and an inability to arrange them could prevent it from bidding for or executing projects.

Notes: (i) Financial information of the Company is derived from the Restated Consolidated Financial Information as of or for the financial year ended March 31, 2025.

(ii) N.A. – Not Applicable at this stage.

(iii) Basic and Diluted EPS of Xtranet Technologies have been calculated after giving effect to the bonus issue undertaken in Financial Year 2025-2026.

(iv) All financial information for listed industry peers is on a consolidated basis and is sourced from the stock exchanges / annual reports as of and for the year ended March 31, 2025.

(v) The industry P/E ratio is sourced from the BSE website for peers as of September 25, 2025.

Anchor Investor Bidding Date: Wednesday, July 22, 2026

IPO Registrar
KFin Technologies Limited
E-mail: xtranet.ipo@kfintech.com
Telephone: +91 40 6716 2222 / 18003094001

Book Running Lead Manager
Share India Capital Services Private Limited

Xtranet Technologies Contact Details
Z-24, Zone - 1, M.P. Nagar, Bhopal – 462011, Madhya Pradesh, India.
Email: compliance@xtranetindia.com
Phone: +91 1143547623

Xtranet Technologies Business Model

The company earns its revenue through a combination of fixed-price contracts, time-and-materials arrangements, and recurring service agreements for IT solutions and services. It serves Government and PSU clients as well as private-sector enterprises across industry verticals including law enforcement, defence, railways, financial services, healthcare, and manufacturing.

Revenue streams are supported by proprietary platforms, Synergy for low-code digital transformation and XtraTrust for PKI-based digital signature services, that extend specialised, higher-value capabilities.

A majority of revenue is currently derived from Government and PSU projects, which are typically time-bound and won through competitive bidding.

Xtranet Technologies Growth Trajectory

Xtranet Technologies Limited's Total Income for FY25 was ₹276.53 crores, whereas in FY24 and FY23 it was ₹233.26 crores and ₹222.78 crores, respectively.

The Profit After Tax for FY25 was ₹30.03 crores, whereas in FY24 and FY23 it was ₹10.94 crores and ₹5.98 crores, respectively.

Their EBITDA for FY25 was ₹47.65 crores, whereas in FY24 and FY23 it was ₹19.18 crores and ₹13.44 crores, respectively.

Xtranet Technologies Market Position

Xtranet Technologies operates a distributed office network across New Delhi, Mumbai, Ahmedabad, Jaipur, and Bangalore, with its corporate headquarters in Bhopal, Madhya Pradesh. Its client base spans Government departments, PSUs, and private enterprises, with a strong concentration in Government and PSU projects won through competitive bidding.

As of 31 March 2025, the company's Total Income, Profit After Tax, and EBITDA were ₹276.53 crores, ₹30.03 crores, and ₹47.65 crores, respectively.

How to apply for Xtranet Technologies IPO?

• Step 1: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details. Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification. Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.