Genxai Analytics SME
Book Building issueSME₹54.66 Cr issue
-20.00%
Listing gain over issue price
Price band
₹110 – ₹116
Issue size
₹54.66 Cr
1 lot at cut-off
₹1,39,200
Lot size
1,200shares
Open
05 Jun 2026
Close
09 Jun 2026
Allotment
10 Jun 2026
Listing
12 Jun 2026
Listing performance
Issue price
₹116
Listed at
₹92.80
Listing-day close
₹97.40
Latest price
₹93.45
Listing gain
-20.00%
Return since listing
-19.44%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
₹1
06 Jun 2026 Range ₹0 – ₹5 over 7 days 12 Jun 2026
Day-wise premium · 7 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 12 Jun 2026 | ₹1 | +0.86% | ₹900 | ₹117 | ₹1,200 |
| 11 Jun 2026 | ₹1 | +0.86% | ₹900 | ₹117 | ₹1,200 |
| 10 Jun 2026 | ₹3 | +2.59% | ₹2,700 | ₹119 | ₹3,600 |
| 09 Jun 2026 | ₹5 | +4.31% | ₹4,600 | ₹121 | ₹6,000 |
| 08 Jun 2026 | ₹3 | +2.59% | ₹2,700 | ₹119 | ₹3,600 |
| 07 Jun 2026 | ₹3 | +2.59% | ₹2,700 | ₹119 | ₹3,600 |
| 06 Jun 2026 | ₹3 | +2.59% | ₹2,700 | ₹119 | ₹3,600 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 05 Jun 2026 – 09 Jun 2026
- Listing date
- 12 Jun 2026
- Face value
- ₹10 per share
- Price band
- ₹110 – ₹116
- Issue price
- ₹116 per share
- Lot size
- 1,200 shares
- Issue type
- Book Building issue
- Total issue size
- ₹54.66 Cr
- Market cap at offer price
- ₹208 Cr
- Promoter holding
- 90.28% → 66.49% pre-issue → post-issue
- ISIN
- INE1W0N01014
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Choice Capital Advisors Pvt.Ltd.
- Registered office
- 3rd Floor, Tower-7, Plot No.7, Teachers Colony, Baba Market, DCM, Ajmer Road, Rajasthan
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 12,92,400 | — | — |
| Market maker | 2,37,600 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹116
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,39,200 |
| S-HNI (min) | 2 | 2,400 | ₹2,78,400 |
| S-HNI (max) | 7 | 8,400 | ₹9,74,400 |
| B-HNI (min) | 8 | 9,600 | ₹11,13,600 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
12,92,400
Anchor portion
₹14.99 Cr
at ₹116 per share
Valuation and performance
Valuation at offer price
₹116 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 4.96 | 9.89 |
| P/E (×) | 23.39 | 11.73 |
| Price to book (×) | 13.88 | — |
| Market cap | — | ₹208 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 85.49%
- ROCE
- 70.26%
- Debt / equity
- 0.66
- PAT margin
- 23.16%
- EBITDA margin
- 35.14%
- NAV per share
- ₹8.36
- Price to book
- 13.88
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Genxai Analytics SME
GenXAI Analytics Limited, originally incorporated as Harbinger Consulting Private Limited in 2007 and rebranded to GenXAI Analytics Limited in 2024, is a technology services company that delivers AI and analytics solutions to enterprise customers globally. The company generates revenue through subscription-based and time-and-resource pricing models for technology and consulting services, with a significant portion derived from overseas customers (particularly the Americas region at 47.16% for the period ended December 31, 2025). The company serves multiple industries including BFSI, Life Sciences & Healthcare, Manufacturing, Technology/Media/Telecommunications, and Consumer Goods & Retail. Revenue for the nine months ended December 31, 2025 was ₹6,427.21 lakhs, with the company maintaining offices across India on leased premises and co-working spaces.
Company Analysis
from RHPGenXAI Analytics Limited provides AI-powered enterprise performance management and analytics solutions for digital transformation across BFSI, manufacturing, technology, healthcare, and retail sectors.
GenXAI Analytics Limited, originally incorporated as Harbinger Consulting Private Limited in 2007 and rebranded to GenXAI Analytics Limited in 2024, is a technology services company that delivers AI and analytics solutions to enterprise customers globally. The company generates revenue through subscription-based and time-and-resource pricing models for technology and consulting services, with a significant portion derived from overseas customers (particularly the Americas region at 47.16% for the period ended December 31, 2025). The company serves multiple industries including BFSI, Life Sciences & Healthcare, Manufacturing, Technology/Media/Telecommunications, and Consumer Goods & Retail. Revenue for the nine months ended December 31, 2025 was ₹6,427.21 lakhs, with the company maintaining offices across India on leased premises and co-working spaces.
BFSI (Banking, Financial Services and Insurance)Life Sciences & HealthcareManufacturingTechnology, Media and TelecommunicationsConsumer Goods & RetailGovernment & Public SectorEnterprise Performance Management (EPM) SystemsAI and Analytics
Objects of the Issue
- Not explicitly stated in Part 1 - referenced as beginning on page 98 p.34
- Funding Working Capital requirement of our Company ₹720.00 lakhs p.101
- Repayment and / or prepayment in part or full of its outstanding borrowings ₹300.00 lakhs p.101
- Capital expenditure to meet expenses for development of new products ₹2,837.08 lakhs p.101
- General Corporate Purposes [●] p.101
- Pending utilization of the Issue Proceeds for the Objects of the Issue described above, our Company shall deposit the funds only in one or more Scheduled Commercial Banks included in the Second Schedule of Reserve Bank of India Act, 1934 p.120
- Funding capex for technology infrastructure, AI research labs, and innovation centers
- General corporate purposes
- Working capital requirements
- Not specified in this document excerpt
Issue Structure
- Total Issue
- Up to 47,28,000 Equity Shares of face value of ₹10/- each aggregating up to ₹[●] Lakhs
- Fresh Issue
- Up to 47,28,000 Equity Shares of face value of ₹10/- each aggregating up to ₹[●] Lakhs
- Offer for Sale
- NOT APPLICABLE AS THE ENTIRE ISSUE CONSTITUTES A FRESH ISSUE OF EQUITY SHARES
- Price Band
- ₹[●] (Floor Price) to ₹[●] (Cap Price) - to be determined
- Lot Size
- [●] Equity Shares (minimum bid lot to be decided in consultation with BRLM)
- Face Value
- ₹10/- each
Business Model
The company operates on a subscription-based and time-and-resource pricing model for technology and consulting services. Revenue is generated through platform-based services and strategic partnerships with technology providers such as SAP and Anaplan. Pricing varies by geography: man-month basis for engagements in India, man-hour rates in the United States, and man-day billing rates in Asia-Pacific regions. For the nine months ended December 31, 2025, revenue from third-party platforms and strategic partnerships was ₹2,099.06 lakhs (32.66% of total revenue), with the remainder from other services.
Business Segments
Provides AI and analytics solutions to banking, financial services and insurance sector customers
Delivers AI-powered analytics and consulting services to life sciences and healthcare organizations
Provides enterprise performance management and analytics solutions to manufacturing sector
Delivers AI solutions and consulting services to technology, media and telecommunications companies
Provides analytics and AI-powered solutions to consumer goods and retail sector
Delivers AI and analytics solutions to government and public sector organizations
Advanced AI cloud engine designed to empower businesses across diverse sectors with intelligent automation and decision-making capabilities, including Enterprise Copilot for conversational analytics, Document Library for knowledge management, Content Governance Engine for content moderation, and Policy & News Intelligence Platform for regulatory monitoring
Cutting-edge platform that reimagines the incentive management lifecycle for NBFCs, insurance, manufacturing, and distribution industries. It offers a configurable, audit-ready, and AI-enabled solution to streamline and automate incentive processes, enhancing efficiency, transparency, and performance management.
Solution designed to automate invoice capture, validation, and reconciliation, enabling faster processing, reduced manual intervention, and improved accuracy
Generative AI-enabled solution for finance, sales, and operations teams that facilitates faster analysis, reporting, and scenario evaluation
Data strategy and consulting services aimed at enabling enterprises to harness the full potential of their data assets. Includes Anaplan implementation and planning services such as Financial Planning & Analysis (FP&A), Sales and Operations Planning (S&OP), Sales Performance Management and Workforce Planning.
ERP solutions enable organizations to drive strategic decision-making by providing real-time insights into business performance. GenXAI provides services related to SAP, including SAP S4 HANA implementation, upgrades, migration, and maintenance and support. Also works with SAP BTP Integration, SAP Analytics Cloud (SAC), and SAP GROW.
Data Engineering Services designed to help organizations unlock the full potential of their data by building robust, scalable, and efficient data infrastructure. Offers data mining, cleansing, data modelling, data visualization, and data lake setup on cloud platforms. Also provides analytics solutions using tools like Power BI and Tableau.
End-to-end application and web-development services encompassing design, development, testing, and deployment of custom solutions across cloud, mobile, and web platforms. Works with Node.js, React, Angular, Python, Java, and .NET, delivering projects across iOS, Android, and responsive web environments.
GenAI Engine is a proprietary generative-AI and machine-learning framework designed to automate analysis, forecasting, and decision-support across finance, sales, and operations. Comprises three domain-specific models: GenXAI-FLM, GenXAI-OLM and GenXAI-SLM for scenario simulation, forecasting and insight generation.
Billed revenue from IT services provided to domestic clients
Billed revenue from IT services provided to international/export clients
Unbilled IT services revenue from domestic clients (services rendered but not yet invoiced)
Unbilled IT services revenue from international/export clients (services rendered but not yet invoiced)
Provides AI-enabled enterprise performance and analytics solutions including ERP implementation, SAP implementation, web and mobile app development, global digital transformation services, and GenAI solutions
SWOT Analysis
Strengths
- • No registered intellectual property exposes company to infringement risks(p.50)
- • Company has completed 6 acquisitions and evaluates selective inorganic growth opportunities(p.50)
- • Company has obtained necessary licenses and permits for operations(p.51)
- • Revenue growth from 79 customers in FY2025 compared to 46 in FY2023(p.103)
- • Employee base expanded from 82 to 99 on average to support growth(p.102)
- • Company developed multiple products including SICM Portal, Smart Invoice Processing and GenAI Engine(p.108)
- • Established technology provider in enterprise performance management with deep expertise(p.122)
- • Integrated data and process solutions across multiple enterprise functions(p.122)
- • Diverse, multi-sector client base reducing concentration risk(p.122)
- • Long-term relationships with sustained client engagement expansion(p.122)
- • Strategic association with global leader Anaplan in connected planning(p.122)
- • Strong financial performance with high profitability metrics(p.125)
- • Rapid revenue growth demonstrating market traction(p.125)
- • Long-standing strategic partnership with Anaplan(p.210)
- • Experienced leadership with domain expertise(p.212)
- • Diversified client base across high-growth sectors(p.211)
- • Strong recurring revenue model with growing proportion(p.205)
- • Proprietary AI-driven product portfolio(p.208)
- • Diversified service portfolio across IT, AI, and consulting(p.241)
- • Established presence through multiple subsidiaries and global operations(p.280)
- • Revenue growth trajectory and profitability improvement(p.278)
- • Strong consolidated net asset base and expanding capital structure(p.283)
- • AI-enabled workflow automation and analytics platform with integrated capabilities across finance, sales, operations, customer management and HR(p.308)
- • Strong revenue growth trajectory with 45.26% increase in FY2024 and substantial contribution from strategic acquisitions(p.317)
- • Improved profitability with net profit margin expanding from 11.02% in FY2024 to 22.96% in FY2025(p.319)
- • High return on net worth of 51.04% (9 months ended Dec 2025) and 85.49% (FY2025), demonstrating efficient capital deployment(p.308)
- • Multiple quality certifications including ISO 9001:2015, ISO/IEC 27001:2022, CMMI Maturity Level 5, demonstrating operational excellence and security standards(p.338)
Weaknesses
- • Heavy customer concentration risk(p.30)
- • Geographic revenue concentration with 50% from outside India(p.30)
- • High employee attrition rate(p.31)
- • No independent R&D expenditure in three years(p.34)
- • Negative operating cash flow(p.37)
- • Past delays in statutory compliance(p.37)
- • No binding cloud infrastructure agreements(p.34)
- • Significant contingent liabilities(p.38)
- • High levels of related party transactions(p.49)
- • Unsecured borrowings repayable on demand(p.41)
- • Material subsidiaries lack registered intellectual property rights limiting protection(p.50)
- • Acquisitions may not perform as expected or face integration challenges(p.50)
- • Company dependent on obtaining and maintaining multiple licenses and permits(p.50)
- • Employee side assignments discovered in FY2022 breached employment terms and client trust(p.52)
- • Company has contingent liabilities including income tax demands and TRACES demands(p.65)
- • Limited operations in Kyiv, Ukraine with approximately 50 staff at risk(p.52)
- • Elevated debt-to-equity ratio indicating higher financial leverage(p.125)
- • Increased working capital requirements reducing operational efficiency(p.125)
- • Reliance on acquisitions for growth and capability expansion(p.128)
- • Smaller revenue scale compared to listed peers(p.124)
- • Significant revenue concentration among top customers(p.211)
- • Dependency on highly skilled professionals(p.217)
- • Limited scale of proprietary product revenue(p.210)
- • Recent geographic diversification with execution risk(p.203)
- • High working capital requirements(p.205)
- • High dependence on few key customers and revenue concentration(p.288)
- • Elevated short-term borrowing levels and growing financial obligations(p.285)
- • Negative net working capital position and inventory management challenges(p.279)
- • Complexity of consolidated structure with minority interests diluting returns(p.284)
- • Recent rapid acquisition activity with associated integration risks(p.280)
- • High customer concentration with top 1 customer accounting for 20.67% of revenue and top 5 customers for 61.07% of revenue as of December 2025(p.325)
- • Significant increase in working capital requirements with Days Working Capital rising from 87 days (FY2025) to 146 days (9 months ended Dec 2025)(p.308)
- • High employee benefit expenses representing 41.36% of revenue in 9 months ended Dec 2025 (₹2,658.01 lakhs)(p.315)
- • Substantial debt levels with total borrowings of ₹1,671.78 lakhs as of May 22, 2026, primarily for working capital and other facilities(p.302)
- • Debt-Equity ratio of 0.52 as of December 2025 showing moderate leverage, and gearing ratio of 63.28% indicating significant reliance on borrowed funds(p.308)
Opportunities
- • Expand working capital funding to support revenue growth across domestic and export markets(p.103)
- • Develop AI Cloud Engine with Enterprise Copilot, Document Library, and Policy Intelligence modules(p.108)
- • Expand SICM Portal with new modules for incentive automation and low-code connectors(p.114)
- • Capital expenditure of ₹2,837.08 lakhs planned for product development(p.102)
- • Company plans to enter different jurisdictions requiring state-wise regulatory compliance(p.51)
- • Building capabilities in emerging technologies like GenAI and quantum computing(p.122)
- • High projected growth in Enterprise Agentic AI market in India(p.170)
- • Strong expansion of Indian IT-BPM sector with EPM integration increasing(p.158)
- • Rapid cloud adoption across Indian enterprises driving EPM demand(p.164)
- • Growing adoption of AI/ML across Indian corporates(p.164)
- • Expansion of Global Capability Centres creating technology infrastructure demand(p.161)
- • Growing adoption of Enterprise Performance Management and AI-driven solutions(p.199)
- • Expansion into adjacent service areas and emerging technologies(p.214)
- • Strong demand for cloud migration and modernization(p.199)
- • Expansion of government sector engagements(p.194)
- • International market expansion potential(p.202)
- • Expansion into AI-powered solutions market with growing enterprise demand(p.280)
- • International market penetration through US and Singapore subsidiaries(p.280)
- • Digital transformation and cloud consulting services growth(p.242)
- • Organic growth through expanded service delivery and platform development(p.287)
- • Development of generative AI solutions and Agentic AI platforms with ongoing investment of ₹2,334.72 lakhs scheduled for completion in 1-2 years(p.298)
- • Expansion of geographic footprint with export sales increasing substantially to ₹3,220.07 lakhs (9 months ended Dec 2025) from ₹737.25 lakhs (FY2025)(p.299)
- • Portfolio diversification through strategic acquisitions with combined revenue from acquired subsidiaries of ₹281.07 lakhs demonstrating successful integration capability(p.317)
- • Growth in customer base from 46 clients in FY2023 to 114 clients as of 9 months ended Dec 2025, indicating market expansion(p.308)
- • Development of advanced software solutions including Sales Incentive Compensation Portal 2.0, Smart Invoice Management Portal and Bots with ongoing investment(p.298)
Threats
- • Dependency on third-party platforms and partnerships(p.32)
- • Cyclical demand from key industries served(p.32)
- • Platform defects and service disruptions(p.34)
- • Foreign exchange fluctuation exposure(p.36)
- • Evolving data privacy and AI regulations(p.43)
- • Cybersecurity and data breach risks(p.43)
- • Potential disruption from artificial general intelligence(p.46)
- • Rapid technological change requiring continuous innovation(p.45)
- • Competitive pricing pressure(p.44)
- • Potential conflict of interest with Non-Executive Director(p.34)
- • Global macroeconomic volatility driven by geopolitical tensions and trade policy uncertainty(p.51)
- • Trade barriers and tariff policies affecting supply chains and profit margins(p.51)
- • Natural disasters, pandemics, and armed conflicts could materially affect business(p.52)
- • COVID-19 pandemic disrupted client operations and reduced IT budgets(p.52)
- • Conflict in Ukraine could impact global economy and company operations(p.52)
- • Changes in tax laws and regulatory regimes could adversely affect business(p.53)
- • Inflation could increase costs that cannot be fully passed to clients(p.54)
- • India's sovereign debt could be downgraded affecting financing ability and terms(p.53)
- • Political changes could affect economic conditions in US, India and other operating countries(p.53)
- • Subject to global anti-trust laws with enforcement risk and material fines(p.54)
- • Global economic slowdown moderating technology spending growth(p.135)
- • Geopolitical tensions and trade tariffs impacting global commerce and IT spending(p.136)
- • Moderate growth in India's emerging and developing economy segment(p.136)
- • High implementation costs and ROI concerns limiting EPM adoption(p.165)
- • Complexity in integrating EPM with legacy enterprise systems(p.165)
- • Cloud security and data portability concerns delaying adoption(p.165)
- • Intense competition from established global EPM vendors and new entrants(p.170)
- • High switching costs and vendor lock-in protecting incumbents(p.172)
- • Intense competition from established global platforms and newer cloud-native entrants(p.216)
- • Dependence on Anaplan partnership for significant revenue(p.210)
- • Rapid technological change and innovation requirements(p.216)
- • Regulatory compliance complexity across multiple jurisdictions(p.191)
- • Data protection and information security regulatory risks(p.223)
- • Intense competition in IT services and talent acquisition challenges(p.290)
- • Regulatory and compliance risks across multiple jurisdictions(p.281)
- • Currency and foreign exchange volatility affecting export revenues(p.283)
- • Dependence on continued economic growth and enterprise IT spending(p.290)
- • Significant portion of revenue dependent on a limited number of customers; loss of major customer could adversely affect business(p.309)
- • Heavy reliance on overseas markets particularly the United States for export revenue, exposing company to regulatory, economic and geopolitical risks(p.309)
- • Dependency on highly skilled AI and analytics talent; inability to attract, train and retain qualified professionals may impact operations(p.310)
- • Business dependent on demand from key industries served; decline in demand in these industries may adversely affect revenue(p.310)
- • Risks related to dependency on third-party platforms and strategic partnerships for business operations(p.310)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Rakesh Agarwal | Promoter | — | — |
| Lakshmi Agarwal | Promoter | — | — |
| Rakesh Agarwal | Promoter | 54.17% | [●] |
| Lakshmi Agarwal | Promoter | 36.11% | [●] |
| Rakesh Agarwal | Promoter | — | — |
| Lakshmi Agarwal | Promoter | — | — |
| Rakesh Agarwal | Promoter/Managing Director | 54.17% | — |
| Lakshmi Agarwal | Promoter/Whole-time Director | 36.11% | — |
| Rakesh Agarwal | Promoter | — | — |
Leadership
Rakesh Agarwal · Managing Director/Promoter
Lakshmi Agarwal · Whole-time Director/Promoter
Sharad Singhvi · Chief Executive Officer
Ashish Goyal · Chief Financial Officer
Neha Agarwal · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.