Kratikal Tech
SMEBSE SME₹39.69 Cr issue
+42.22%
Listing gain over issue price
Price band
₹135
Issue size
₹39.69 Cr
1 lot at cut-off
₹1,35,000
Lot size
1,000shares
Open
30 Jun 2026
Close
02 Jul 2026
Allotment
03 Jul 2026
Listing
07 Jul 2026
Listing performance
Issue price
₹135
Listed at
₹192
Listing-day close
₹182.40
Latest price
₹182.40
Listing gain
+42.22%
Return since listing
+35.11%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
₹78 +57.78%
07 Jul, 09:31 am
27 Jun 2026 Range ₹0 – ₹75 over 10 days 06 Jul 2026
Day-wise premium · 10 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 06 Jul 2026 | ₹69 | +51.11% | ₹52,400 | ₹204 | ₹69,000 |
| 05 Jul 2026 | ₹75 | +55.56% | ₹57,000 | ₹210 | ₹75,000 |
| 04 Jul 2026 | ₹55 | +40.74% | ₹41,800 | ₹190 | ₹55,000 |
| 03 Jul 2026 | ₹37 | +27.41% | ₹28,100 | ₹172 | ₹37,000 |
| 02 Jul 2026 | ₹33 | +24.44% | ₹25,100 | ₹168 | ₹33,000 |
| 01 Jul 2026 | ₹40 | +29.63% | ₹30,400 | ₹175 | ₹40,000 |
| 30 Jun 2026 | ₹41 | +30.37% | ₹31,200 | ₹176 | ₹41,000 |
| 29 Jun 2026 | ₹14 | +10.37% | ₹10,600 | ₹149 | ₹14,000 |
| 28 Jun 2026 | ₹17 | +12.59% | ₹12,900 | ₹152 | ₹17,000 |
| 27 Jun 2026 | ₹17 | +12.59% | ₹12,900 | ₹152 | ₹17,000 |
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
- 30 Jun 2026 – 02 Jul 2026
- Listing date
- 07 Jul 2026
- Face value
- ₹10 per share
- Price band
- ₹135
- Issue price
- ₹135 per share
- Lot size
- 1,000 shares
- Listing at
- BSE SME
- Total issue size
- ₹39.69 Cr
- Market cap at offer price
- ₹150 Cr
- Promoter holding
- 72.58% → 53.36% pre-issue → post-issue
- ISIN
- INE1L0M01019
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Beeline Capital Advisors Pvt.Ltd.
- Registered office
- 5th Floor A-5 Sector 68, Grovy Optiva, Gautam Buddha Nagar, Uttar Pradesh
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 | 8,31,000 | — | — |
| Market maker | 1,50,000 | — | — |
Application size
Minimum 1,000 shares per lot, in multiples, at ₹135
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,35,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,70,000 |
| S-HNI (max) | 7 | 7,000 | ₹9,45,000 |
| B-HNI (min) | 8 | 8,000 | ₹10,80,000 |
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
8,31,000
Anchor portion
₹11.22 Cr
at ₹135 per share
Valuation and performance
Valuation at offer price
₹135 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 7.53 | 5.53 |
| P/E (×) | 17.93 | 24.41 |
| Price to book (×) | 4.59 | — |
| Market cap | — | ₹150 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 25.57%
- ROCE
- 34.35%
- Debt / equity
- 0.00
- PAT margin
- 16.73%
- EBITDA margin
- 24.73%
- NAV per share
- ₹29.43
- Price to book
- 4.59
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Kratikal Tech
Kratikal Tech Limited (formerly Kratikal Tech Private Limited) was incorporated on November 13, 2013 under the Companies Act, 1956 and converted to a public limited company on September 23, 2025. The company is headquartered in Noida, Uttar Pradesh and operates in the cybersecurity and IT services sector. It provides services including Vulnerability Assessment and Penetration Testing (VAPT), Compliance Services, Security Awareness Training (TSAT), Threat Intelligence, and risk quantification solutions. The company serves customers across multiple industries including BFSI, Technology & Software, Manufacturing, Healthcare, Energy, and Government sectors. For the fiscal year ended March 31, 2026, the company generated revenues of ₹3,671.59 lakhs with 200 employees. The company has three subsidiaries: Kratikal Academy Private Limited in India, Threatcop FZ LLC in UAE (incorporated August 6, 2025), and Threatcop AI Inc. in USA (incorporated December 11, 2025).
Company Analysis
from RHPKratikal Tech Limited is a cybersecurity company providing risk-based vulnerability management, assessment solutions, penetration testing services, and security awareness training across IT-BPM solutions.
Kratikal Tech Limited (formerly Kratikal Tech Private Limited) was incorporated on November 13, 2013 under the Companies Act, 1956 and converted to a public limited company on September 23, 2025. The company is headquartered in Noida, Uttar Pradesh and operates in the cybersecurity and IT services sector. It provides services including Vulnerability Assessment and Penetration Testing (VAPT), Compliance Services, Security Awareness Training (TSAT), Threat Intelligence, and risk quantification solutions. The company serves customers across multiple industries including BFSI, Technology & Software, Manufacturing, Healthcare, Energy, and Government sectors. For the fiscal year ended March 31, 2026, the company generated revenues of ₹3,671.59 lakhs with 200 employees. The company has three subsidiaries: Kratikal Academy Private Limited in India, Threatcop FZ LLC in UAE (incorporated August 6, 2025), and Threatcop AI Inc. in USA (incorporated December 11, 2025).
CybersecurityIT-BPM SolutionsInformation Technology ServicesSoftware DevelopmentSecurity Consulting
Objects of the Issue
- Funding capex for infrastructure, technology platforms, and R&D p.95
- Funding sales, marketing, and customer acquisition initiatives p.30
- Investment in subsidiaries for expansion and workforce development p.30
- General corporate purposes p.10
- Investment in Threatcop FZ LLC, UAE and Threatcop AI Inc, USA (our subsidiaries) for expenditure towards sales & marketing activities and development of workforce resources ₹2308.45 Lakhs p.99
- Investment in product development ₹923.45 Lakhs p.99
- General Corporate Purposes p.99
- Investment in Threatcop FZ LLC, UAE for marketing activities and development of workforce resources ₹410.00 lakhs (marketing) + ₹456.55 lakhs (workforce) = ₹866.55 lakhs total p.107
- Investment in Threatcop AI Inc, USA for marketing activities and development of workforce resources ₹630.00 lakhs (marketing) + ₹811.90 lakhs (workforce) = ₹1,441.90 lakhs total p.113
- Investment in Product Development for Threatcop Secure Email Gateway and AutoGRC ₹923.45 lakhs p.105
- General Corporate Purposes ₹[●] lakhs (balance proceeds, subject to not exceeding 15% of gross proceeds of Fresh Issue or ₹1,000 lakhs, whichever is less) p.123
- Not explicitly stated in this section - objects of issue not provided in Part 6 p.280
Issue Structure
- Total Issue
- Up to 29,40,000 Equity Shares of ₹10.00 each aggregating to ₹[●] Lakhs
- Fresh Issue
- Up to 29,40,000 Equity Shares of ₹10.00 each aggregating to ₹[●] Lakhs
- Offer for Sale
- Not applicable
- Price Band
- To be decided by the Company in consultation with BRLM (Floor Price and Cap Price within specified range)
- Lot Size
- [●] Equity Shares (minimum bid lot)
- Face Value
- ₹10.00 per Equity Share
Business Model
The company earns revenue through two primary streams: (1) Sale of Products including TSAT (Threatcop Security Awareness Training) accounting for 43.19% of revenue, TLMS (Threatcop Learning Management System), TDMARC (Threatcop DMARC), contributing ₹1,974.53 lakhs for FY2026; and (2) Sale of Services including Vulnerability Assessment and Penetration Testing (34.98% of revenue, ₹1,284.18 lakhs), Compliance Services (10.83%, ₹397.68 lakhs), vCISO services, and AutoSecT platform services, generating ₹1,697.06 lakhs for FY2026.
Business Segments
Provides cybersecurity software products and training platforms including TSAT (Threatcop Security Awareness Training), TLMS (Threatcop Learning Management System), TDMARC (Threatcop DMARC), and TPIR (Threatcop Phishing Incident Response)
Provides cybersecurity services including Vulnerability Assessment and Penetration Testing (VAPT), Compliance Services, Virtual CISO (vCISO) and Cyber Governance Advisory, and AutoSecT platform services
Delivered through the proprietary Threatcop platform, focuses on reducing human-related cyber risks
Security offerings delivered under the Kratikal brand that provide integrated protection across the People–Process–Technology stack
Provides pentesting (VAPT), compliance services, attack surface management, and cyber risk mitigation solutions
Develops and commercializes Threatcop product suite including Threatcop Security Awareness Training, Threatcop Learning Management System, Threatcop DMARC and Threatcop Phishing Incident Response
Developing new enterprise-grade products: Threatcop Secure Email Gateway (zero-loss email security with multi-layer threat protection) and AutoGRC (AI-driven Governance, Risk, and Compliance platform acting as Virtual CISO)
Subscription-based cybersecurity software focused on reducing human-layer cyber risks through security awareness training (TSAT), learning management (TLMS), email authentication and anti-spoofing (TDMARC), and phishing incident response (TPIR). The suite addresses phishing, social engineering, business email compromise, credential harvesting, and domain spoofing risks.
Delivers Vulnerability Assessment and Penetration Testing (VAPT), Compliance Services/Governance Risk and Compliance (GRC), Virtual CISO advisory, and the proprietary AutoSecT AI-driven VMDR and penetration testing platform. Services cover network, cloud, web, mobile, API, and IoT security assessments; compliance audits aligned with ISO 27001, SOC 2, GDPR, DPDP Act, RBI, SEBI, IRDAI guidelines; and AI-driven continuous vulnerability management with automated scanning, risk prioritization, and remediation guidance.
Delivery of proprietary cybersecurity software products including TSAT (Security Awareness Training), TLMS (Learning Management System), TDMARC (DMARC solution), and TPIR (Phishing Incident Response)
Provision of Vulnerability Assessment and Penetration Testing (VAPT), Compliance Services, Virtual CISO advisory, and AutosecT platform services
Export of proprietary cybersecurity software products including TSAT, TLMS, TDMARC, and TPIR to international markets
Export of Vulnerability Assessment and Penetration Testing, Compliance Services, and Virtual CISO advisory to international markets
Security awareness training product for phishing and human-layer cyber risk reduction
Professional services for identifying and testing vulnerabilities in customer environments
DMARC authentication and email security product
Compliance consulting and regulatory advisory services
Learning management system for security training delivery
Virtual Chief Information Security Officer services and cyber governance consulting
AI-driven Vulnerability Management, Detection & Response and penetration testing platform
SWOT Analysis
Strengths
- • Established cybersecurity expertise and service offerings(p.2)
- • Multiple revenue streams across products and services(p.30)
- • Diversified customer base across sectors(p.31)
- • Geographic revenue spread across multiple states and countries(p.25)
- • AI-driven SaaS cybersecurity platform with integrated People-Process-Technology protection(p.100)
- • Rapid revenue growth with 76% YoY increase(p.56)
- • Strong profitability with 61% net profit margin(p.56)
- • Rapid international expansion with subsidiaries in UAE and USA for market growth(p.103)
- • Scaling marketing workforce with 59 employees in Sales & Marketing (FY2026), up from 11-12 previously(p.103)
- • Strong revenue growth from marketing investments—76.09% YoY growth in FY2026(p.104)
- • Product portfolio expansion into new enterprise solutions(p.105)
- • Established marketing presence in GCC with multiple events and sponsorships since 2024(p.106)
- • Increased investment in product development with 49 new hires for AutoGRC and Secure Email Gateway(p.120)
- • Integrated people-technology-process security platform with proprietary tools(p.177)
- • AI-driven automation and platform capabilities with VMDR and pentest functionality(p.179)
- • CERT-In empanelment providing regulatory credibility and competitive advantage(p.179)
- • Experienced management with 11+ years of industry expertise(p.180)
- • Growing revenue from international markets demonstrating global expansion(p.181)
- • Real-time DMARC with Sender ID visibility differentiating email security offering(p.178)
- • Strong profitability with 24.73% EBITDA margin and 16.73% PAT margin(p.178)
- • Established cybersecurity and regulatory compliance offerings with integrated PSM platform(p.258)
- • Experienced management team with 11 years in cybersecurity operations(p.230)
- • Global presence across India, USA, and Middle East(p.243)
- • Revenue growth and profitability trend(p.256)
- • No labor disputes or strikes since incorporation(p.222)
- • Experienced management team with deep cybersecurity expertise(p.291)
- • Strong revenue growth trajectory and profitability(p.299)
- • Proprietary integrated platform combining People, Process, and Technology security(p.291)
- • Industry recognition and certifications including CERT-In empanelment(p.292)
- • Strong balance sheet with minimal debt and healthy liquidity(p.292)
- • Diverse customer base across multiple industry verticals(p.292)
Weaknesses
- • High employee benefit expenses as percentage of revenue(p.23)
- • Geographic revenue concentration risk(p.25)
- • Negative cash flows from investing activities(p.25)
- • Heavy reliance on few major customers(p.35)
- • Past regulatory non-compliances and filing delays(p.27)
- • Revenue concentration in specific products and services(p.33)
- • Lack of binding agreements for growth initiatives(p.30)
- • Overseas subsidiaries lack operating history(p.29)
- • Promoters lack experience managing a publicly listed company(p.49)
- • Dependence on electricity supply for IT operations(p.46)
- • Inadequate insurance coverage for all potential losses(p.45)
- • Vulnerability to internal control failures and fraud(p.45)
- • No identified alternate funding sources for investment objectives(p.46)
- • Promoter control concentration with potential conflicts of interest(p.47)
- • High employee benefit expenses relative to revenue—49.33% of total expenses in FY2026(p.103)
- • No prior marketing activities or presence in USA market before FY2026 expansion(p.105)
- • Unproven overseas expansion execution—subsidiaries only recently incorporated(p.106)
- • Dependence on external recruitment agency (Incommon India) with no definitive agreements(p.110)
- • No prior marketing execution with iBaazar Retailers for overseas campaigns(p.108)
- • Heavy dependence on few key customers with concentration risk(p.205)
- • Talent shortage and attrition in niche cybersecurity domains(p.175)
- • Reliance on channel partners and distributors for product distribution(p.202)
- • Declining EBITDA and PAT margins showing profitability compression(p.178)
- • Limited domestic market share compared to large global IT service providers(p.205)
- • Early stage of AutoSecT platform monetization with minimal revenue contribution(p.199)
- • Highly concentrated promoter shareholding at 72.27% of equity(p.243)
- • Significant intangible asset under development relative to total assets(p.255)
- • Growing employee benefits obligations and gratuity provisions(p.267)
- • Dependency on export revenue concentrating in few geographies(p.275)
- • High customer concentration with top customer contributing 8.93% of revenue(p.293)
- • Heavy dependence on skilled manpower in competitive cybersecurity industry(p.294)
- • Employee benefit expenses constitute over 50% of operating costs(p.298)
- • Recent GST compliance notices received(p.309)
- • Past compliance failures and pending adjudication proceedings(p.313)
Opportunities
- • Expansion into international markets through new subsidiaries(p.42)
- • Growing government and public sector cybersecurity spending(p.30)
- • Expansion of overseas revenue base(p.38)
- • Expansion of international sales and marketing in UAE and USA(p.102)
- • Investment in product development to strengthen market position(p.99)
- • Growth in enterprise cybersecurity demand driven by increasing cyber risks(p.100)
- • Expanding cybersecurity investments in Middle East & GCC markets(p.105)
- • Strategic event participation and sponsorship in international conferences(p.106)
- • Strong growth in US cybersecurity market through major industry conferences(p.112)
- • Developing new AI-driven cybersecurity products (AutoGRC and Secure Email Gateway) for market demand(p.118)
- • Digital transformation driving increased demand for compliance and cybersecurity solutions(p.105)
- • Localizing operations through subsidiaries to meet enterprise customer preferences(p.117)
- • Expand international markets and overseas revenue streams(p.181)
- • Leverage growth in India's cybersecurity market projected to USD 13.6 billion by 2025(p.161)
- • Capitalize on digital transformation and AI adoption across BFSI and enterprise sectors(p.161)
- • Address untapped SME and tier-2/tier-3 city cybersecurity demand(p.163)
- • Expand AutoSecT platform adoption and enhance with advanced AI capabilities(p.181)
- • Pursue M&A and technology acquisitions to enhance capabilities(p.181)
- • Government initiatives and regulations driving mandatory cybersecurity adoption(p.161)
- • Expansion of AI-driven cybersecurity solutions and automation(p.230)
- • Growth in people security management market with organizational focus on human-risk mitigation(p.224)
- • International expansion with foreign subsidiaries established in UAE and USA(p.223)
- • Scaling professional services with compliance and regulatory demand growing(p.275)
- • Planned expansion into overseas markets(p.293)
- • Growing demand for cybersecurity solutions and regulatory compliance(p.295)
- • Expansion of product offerings including AI-driven VMDR platform(p.292)
- • Customer base growth from 424 to 677 clients year-over-year(p.293)
- • Investment in new technologies and AI-enabled functionalities(p.295)
Threats
- • Intense competition in technology services and cybersecurity markets(p.26)
- • Rapidly changing technology and customer requirements(p.26)
- • Data security breach risks and cyber threats(p.32)
- • Seasonality and revenue concentration in last quarter(p.27)
- • Evolving privacy, data protection, and regulatory requirements(p.24)
- • Foreign exchange volatility affecting international revenues(p.38)
- • Government procurement delays and policy changes(p.30)
- • Dependence on regulatory approvals and certifications(p.39)
- • Escalation of geopolitical tensions affecting global markets and IT spending(p.49)
- • Macroeconomic slowdown and recession risk reducing enterprise IT spending(p.49)
- • Indian tax regime undergoing substantial changes including GAAR provisions(p.50)
- • Potential loss of tax incentives and benefits affecting profitability(p.45)
- • Global tariff regimes and digital trade restrictions impacting SaaS business models(p.51)
- • Competition Act enforcement risk from anti-competitive practices(p.50)
- • Dependence on Indian economy and policy changes(p.51)
- • Natural disasters and geopolitical instability affecting operations(p.49)
- • Stock price volatility with no established trading market history(p.48)
- • Global economic headwinds and regional conflicts affecting business confidence(p.144)
- • Middle East conflict directly impacting shipping and supply chains with extended lead times(p.145)
- • Energy market pressures and elevated fertilizer prices raising input costs globally(p.145)
- • Overseas expansion dependent on unstable emerging markets with geopolitical risks(p.145)
- • Planned overseas activities subject to regulatory compliance and FEMA requirements(p.105)
- • Intense competition in IT-BPM and cybersecurity sectors from established large players(p.103)
- • Intense competition from global MNC cybersecurity vendors and large IT service providers(p.174)
- • Rising sophisticated cyber threats including AI-enabled attacks and ransomware(p.171)
- • Complex and evolving regulatory compliance landscape including DPDP Act(p.165)
- • Talent shortage and attrition in specialized cybersecurity skillsets(p.165)
- • Pricing pressure and margin compression from intense global competition(p.175)
- • Geopolitical dependencies and export market vulnerabilities(p.165)
- • Rising cyberattacks targeting government and critical infrastructure(p.164)
- • Evolving and complex regulatory landscape for cybersecurity and labor laws(p.217)
- • Increasing competition in cybersecurity solutions and services market(p.219)
- • Dependency on continued investment in software development with competitive technology pressure(p.255)
- • Foreign currency and monsoon-related business volatility(p.276)
- • Intense competition from domestic and international cybersecurity providers(p.295)
- • Rapid technological advancements requiring continuous investment(p.295)
- • Exposure to foreign exchange rate fluctuations from international operations(p.304)
- • Dependence on customer cybersecurity spending and capital allocation(p.295)
- • Potential impact of cybersecurity breaches on company reputation(p.295)
- • Regulatory and compliance burden increasing operating costs(p.295)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Pavan Kumar | Promoter | — | — |
| Paratosh Kumar | Promoter | — | — |
| Dip Jung Thapa | Promoter | — | — |
| Pavan Kumar | Promoter | 44.28% | 32.56% |
| Paratosh Kumar | Promoter | 19.67% | 14.46% |
| Dip Jung Thapa | Promoter | 8.32% | 6.12% |
| Mr. Pavan Kumar | Promoter | — | — |
| Pavan Kumar | Promoter | 44.28% | — |
| Paratosh Kumar | Promoter | 19.67% | — |
| Dip Jung Thapa | Promoter | 8.32% | — |
| Pavan Kumar | Promoter/Managing Director | — | — |
| Paratosh Kumar | Promoter/Whole Time Director | — | — |
Leadership
Pavan Kumar · Chairman and Managing Director
Paratosh Kumar · Whole-time Director
Anmol Gupta · Company Secretary and Compliance Officer
Vinay Singh · Chief Financial 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.