All IPOs 
Xtranet Technologies
Mainboard · NSE listed
+7.09%
Listing gain
Price Band
₹120 – ₹127
Issue Size
₹167 Cr
1 lot at upper band
₹13,970
Lot Size
110
Open
23 Jul 2026
Close
27 Jul 2026
Allotment
—
Listing
30 Jul 2026
Scheduled dates
- Open23 Jul 2026
- Close27 Jul 2026
- Refund29 Jul 2026
- Demat credit29 Jul 2026
- Listing30 Jul 2026
Listing Performance
Listing Price
₹136
Listing Gain
+7.09%
Day Close
—
Current (LTP)
— (—)
GMP Trend*
Daily grey market premium (₹). Unofficial.
Latest GMP: ₹14.5 7 sessions
Subscription (times)
Latest per-category subscription · as of 27 Jul, 06:56 pm IST.
QIB 7.13x
NII 26.65x
BHNI 26.72x
SHNI 26.53x
RII 8.98x
Total 12.24x
About Xtranet Technologies
The company is an integrated information technology solutions provider delivering end-to-end services including enterprise applications, digital services, managed services, proprietary platforms, and strategic technology partnerships for clients across industries and geographies. Incorporated in 2002 with registered office in Bhopal, Madhya Pradesh, the company has over 24 years of experience in delivering IT services and solutions. The company's core service offerings are enterprise applications, managed services, digital services and proprietary platforms & products, serving both Government/Public Sector Undertakings (PSUs) and Private Sector clients with a majority of revenues currently derived from servicing Government/PSU projects.
https://xtranetindia.com/ ↗Strengths
- Deep domain expertise delivered through comprehensive solutions across industriesThe company provides comprehensive services and solutions across six industries including Government, Law Enforcement, Defense, Railways, Financial Services, Manufacturing, Healthcare, and Education with multiple industry recognitions and certifications including CMMI Level 5 and ISO certifications.
- Proven track record in executing projects for Government and PSU clientsThe company has completed 143 direct projects and 32 indirect projects for Government and PSU clients during Fiscal 2024-2026, generating revenue of ₹17,190.54 lakhs, ₹16,414.90 lakhs and ₹10,790.87 lakhs respectively with a bid-to-win ratio of 41%.
- Long standing relationship with marquee customer baseThe company served approximately 52 domestic customers during Fiscal 2026, with 28 customers associated for three continuous years. Top 10 customers contributed 86.72% of revenue in Fiscal 2026, demonstrating strong customer retention and relationship management.
- Experienced Management Team and Qualified Pool of EmployeesThe company is led by management with over 25 years of IT infrastructure experience. As of April 30, 2026, the company had 504 permanent employees and 370 contractual employees across functional departments with structured training programs.
- Geographic Presence and Multi-Location OperationsThe company operates through distributed office network across multiple locations in India including New Delhi, Mumbai, Ahmedabad, Jaipur, and Bangalore with headquarters in Bhopal, enabling access to diverse talent pools and serving clients across various regions.
Risk Factors
- Dependence on Government/PSU ClientsThe company partially depends on orders from Government/PSU clients, with 47.06%, 59.46% and 46.32% of revenue recognized from such clients in Fiscal 2026, 2025 and 2024 respectively. The loss of or inability to qualify for such orders may adversely affect the company's business, financial condition, results of operations, and prospects.
- Revenue Concentration in Few Core Service OfferingsThe company's revenue from operations is concentrated in a few core service offerings including enterprise applications, managed services, digital services and proprietary platforms. Any decline in demand or disruption in these offerings could materially and adversely impact the company's business, financial condition, and results of operations.
- Heavy Dependence on SuppliersThe company is dependent on suppliers for various hardware and software products provided to clients. As of March 31, 2026, a significant portion of ₹8,328.48 lakhs of total purchases were concentrated among top suppliers. Failure of suppliers to deliver products in necessary quantities, on time or to meet quality standards could adversely affect the company's business and ability to deliver orders on time.
- Heavy Reliance on Top 10 CustomersThe company is heavily reliant on its top 10 customers, with revenue from top ten customers representing 86.72%, 65.99% and 75.38% of total revenue in Fiscal 2026, 2025 and 2024 respectively. The loss of such customers or significant reduction in purchases by such customers will have a material adverse impact on the company's business.
- Geographic Concentration RiskMost of the company's business operations are concentrated in Maharashtra, Madhya Pradesh and Delhi, representing 85.72%, 81.01% and 88.35% of revenue from operations in Fiscal 2026, 2025 and 2024 respectively. Due to this geographic concentration, the company's results of operations and growth might be restricted to the economic and demographic conditions of these states.
- Working Capital Intensive OperationsThe company requires significant amounts of working capital with significant portion consumed in trade receivables (₹11,133.06 lakhs in Fiscal 2026) and inventories (₹7,769.36 lakhs in Fiscal 2026). Any failure in arranging adequate working capital for operations may adversely affect the company's business, results of operations, cash flows and financial condition.
Objects of the Issue
- Repayment/pre-payment of outstanding borrowingsThe company intends to utilize the proceeds for full or partial repayment/prepayment of certain outstanding borrowings to reduce debt servicing costs, maintain favorable debt-to-equity ratio, and enable future business growth opportunities.20.20 crores
- Capital expenditure for purchase of systems and hardwareThe company plans to purchase and install new systems and hardware at its new office premise in Bhopal to enhance operational efficiency, ensure better data security, and strengthen service delivery capabilities.8.48 crores
- To meet working capital requirementsThe company proposes to utilize proceeds to address estimated working capital requirements to support business expansion, seize new contract opportunities, ensure robust project execution, and maintain operational continuity.102.00 crores
- General corporate purposesThe company intends to deploy the balance proceeds towards general corporate purposes including acquisition of office spaces, strategic initiatives, funding growth opportunities, strengthening marketing capabilities, and other business requirements as approved by management.
Financial Snapshot
Annual values as reported in the offer document.
| Year end | Revenue | Rev. growth | Profit | Profit growth | Assets | Equity | Operating cash flow |
|---|---|---|---|---|---|---|---|
| 31/03/2026 | 366.01 | +32.4% | 40.73 | +35.6% | 341.97 | 135.72 | 27.57 |
| 31/03/2025 | 276.53 | +18.6% | 30.03 | +174.5% | 321.79 | 96.50 | 8.62 |
| 31/03/2024 | 233.26 | — | 10.94 | — | 202.94 | 40.50 | -1.16 |
Units: crores
Issue Details
- Face Value
- ₹10
- P/E
- 12.21
- ROCE
- 32.52%
- Shares / Lot
- 110
- Minimum Bid
- 110 shares
- Refund
- 29 Jul 2026
- Credit to Demat
- 29 Jul 2026
- ISIN
- INE0NG701011
- CIN
- U72200MP2002PLC014956
- Registrar
- Kfin Technologies Ltd.
- Lead Managers
- Share India Capital Services Pvt.Ltd.
- Registered Office
- Z-24, Zone - 1, M.P. Nagar, Bhopal – 462011, Madhya Pradesh, India
Management
Sukhbir Singh KukrejaMD
Jogendrapal Singh AlaghCOO
Shiney SukhbirDirector
Girish Chander DalakotiDirector
* Grey Market Premium is unofficial, indicative data from unregulated grey-market dealers. It is not published by NSE, BSE, SEBI or the issuer, and is not a forecast of the listing price.