Xtranet Technologies Ltd IPO
IT - Software
Price Band
₹120 – ₹127
Lot Size
110
Minimum Bid Quantity
110
Minimum Investment
₹13970
Issue Size
₹170Cr
Opens
2026-07-23
Closes
2026-07-27
Listing
30-07-2026
Subscription Status
Qualified Institutional Buyers
7.13 x
Non-Institutional Investor
26.59 x
Retail Individual Investor
8.79 x
Total
12.13 x
IPO Details
Issue Type
EQUITY
Face Value
₹10
Tick Size
1
ISIN
INE0NG701011
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Xtranet Technologies Limited is an integrated information technology (IT) solutions provider offering end-to-end services across enterprise applications, digital services, managed services, proprietary platforms, and technology partnerships. Incorporated in 2002, the company provides services such as ERP implementation and support, IT system integration, application development and maintenance, data centre solutions, managed IT services, digital signature and Public Key Infrastructure (PKI) solutions, workflow automation, business intelligence, and analytics. Its proprietary platforms include the Synergy low-code digital transformation platform and XtraTrust, which provides digital signature, e-sign, authentication, and time-stamping services. The company serves government departments, public sector undertakings (PSUs), and private sector clients across industries including defence, railways, financial services, manufacturing, healthcare, education, utilities, and telecommunications. Headquartered in Bhopal, Madhya Pradesh, Xtranet Technologies operates through onsite and offshore delivery models supported by its subsidiaries, joint venture, and strategic technology partners.
Pros
- • The company claims to have experience in delivering integrated IT solutions across multiple industries. Its services cater to government departments, public sector undertakings (PSUs), and private enterprises across sectors such as law enforcement, defence, financial services, manufacturing, healthcare, education, railways, utilities, and retail. It also offers solutions tailored to the requirements of different industry verticals.
- • The company claims to have a strong track record in executing government and PSU projects. During FY25, FY24, and FY23, it serviced and completed an aggregate of 147 direct projects and 36 indirect projects for government and PSU clients. A significant portion of its revenue is derived from government contracts, which are generally awarded through competitive bidding processes.
- • The company is certified to multiple international standards. It holds ISO/IEC 20000-1:2018 certification for IT Service Management Systems, ISO 22301:2019 for Business Continuity Management Systems, ISO 14001:2015 for Environmental Management Systems, and ISO/IEC/IEEE 12207:2017 for Systems and Software Engineering – Software Life Cycle Processes. The company also holds CMMI Level 5 certification for process maturity in software development and project execution.
Cons
- • The company derives a significant portion of its revenue from government and PSU clients. Revenue from government/PSU clients stood at Rs 165.18 crore (59.83%), Rs 107.91 crore (46.32%), and Rs 161.91 crore (72.75%) in FY25, FY24, and FY23, respectively. Adverse changes in government spending on IT projects, budget allocations, tender policies, or the company’s inability to secure or qualify for government contracts could adversely affect its business, financial condition, and results of operations.
- • The company depends on a limited number of suppliers for procuring hardware and software products used in its projects. The top 10 suppliers accounted for purchases worth Rs 133.86 crore (71.17%), Rs 120.80 crore (70.81%), and Rs 169.03 crore (94.54%) in FY25, FY24, and FY23, respectively. Disruption in the supply of products, delays in deliveries, quality issues, or the inability to procure hardware and software from these suppliers on competitive terms could hurt the company’s project execution, operations, and financial performance.
- • The company derives a significant portion of its revenue from a limited number of customers. The top 10 customers contributed Rs 182.19 crore (65.99%), Rs 175.58 crore (75.38%), and Rs 182.60 crore (82.04%) of its revenue from operations in FY25, FY24, and FY23, respectively. Any failure to retain these key customers, secure repeat business, or expand its customer base could adversely affect the company’s business, financial condition, and results of operations.
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