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Listed
Computers - Software & Consulting
Xtranet Technologies Limited IPO
₹167 Cr · Fresh Issue · Computers - Software & Consulting
Price Band
₹120 – ₹127
Lot: 45 shares (₹5,715)
GMP (Grey Market)
₹10 (+3.03%)
Est. listing ₹137
Issue Size
₹167 Cr
Fresh Issue
Market Cap
₹664.03 Cr
At upper band
P/E Ratio
16.3x
P/S: 1.8x
Listing Date
30 Jul 2026
BSE & NSE
IPO Timeline
✓
Opens
23 Jul 2026
✓
Closes
27 Jul 2026
✓
Allotment
28 Jul 2026
✓
Refund
29 Jul 2026
✓
Listing
30 Jul 2026
IPO India Hub: Subscribe
Conviction
8/10
The company trades at 0.57× the IT/Software sector midpoint with strong profitability and exceptional growth momentum (PAT CAGR 93%, revenue CAGR 25.3%). Key risks include modest NPM of 11.1% and reliance on a concentrated SME investor base with limited liquidity history.
Listing Performance
Issue Price
₹127
Allotment price
Listing Price
₹130.1
+2.44% on listing day
Current Price (CMP)
₹277.1
+118.2% vs issue
Listed On
30 Jul 2026
BSE & NSE
Our Analysis — Key Points
✓ Strength
Valuation deeply discounted to peers
At 16.3× P/E, the company trades at less than 60% of the IT/Software sector midpoint (28.5×), offering a significant margin of safety. This discount persists despite ROCE of 32.52% and EBITDA margin of 17.3%, both healthy for the software consulting space.
✓ Strength
Exceptional profit growth trajectory
Net profit surged from ₹10.9 Cr (FY-2) to ₹40.7 Cr (FY0), a 93% two-year CAGR, while revenue grew 25.3% CAGR over the same period. This acceleration in profitability relative to revenue growth signals improving operational leverage and margin expansion.
✓ Strength
Strong balance sheet and capital efficiency
Debt-to-equity ratio of 0.63× is conservative and well below the 1.5× threshold, with zero OFS component meaning no promoter dilution pressure. The company is deploying IPO proceeds primarily toward debt reduction (₹20.2 Cr) and working capital, not speculative expansion.
⚠ Risk
Net profit margin below sector norms
At 11.1%, NPM lags typical IT/Software consulting firms (15–20% range), suggesting either competitive pricing pressure or operational inefficiency. While EBITDA margin of 17.3% is acceptable, the gap to net profit indicates elevated tax or finance costs that warrant scrutiny.
⚠ Risk
SME liquidity and exit constraints
As an SME listing, the company will face lower trading volumes, wider bid-ask spreads, and potential lock-in periods for promoters post-listing. The 12.24× subscription and modest GMP of 6.36% suggest retail enthusiasm but do not guarantee post-listing price stability or exit liquidity.
₹ Valuation
P/E ratio significantly below sector midpoint
The 16.3× P/E is 0.57× the IT/Software sector midpoint of 28.5× (range 22–35×), meeting the Subscribe threshold of ≤1.0× midpoint. Combined with 25.3% revenue CAGR and 93% PAT CAGR, the valuation offers compelling entry risk-reward for a profitable, growing software firm.
👁 Watch
Monitor margin sustainability post-listing
Track quarterly NPM trends closely; if margins compress below 10% or revenue growth decelerates below 15% CAGR, the valuation case weakens materially. Watch for customer concentration and contract renewal rates, as SME software firms often face revenue volatility if dependent on few large clients.
Top Analyst Reviews
| Analyst / Firm | Rating | Known For | Review |
|---|---|---|---|
| IPO India Hub Our independent review |
Original analysis based on DRHP & public financials | This page | |
| Dilip Davda Chittorgarh.com |
India's most followed independent IPO analyst | Search on Chittorgarh → | |
| Capital Market (CM Rating) CapitalMarket.com |
Widely-cited "New Issue Monitor" reports | Search on CapitalMarket → | |
| ICICI Securities ICICIdirect Research |
SEBI-registered broker research desk | Visit ICICIdirect → | |
| IPO Guru Analyst Leaderboard ipoguru.in |
Ranks 49 analysts by real IPO outcome accuracy | View leaderboard → |
External links go to each platform's IPO section — search for "Xtranet Technologies Limited" to find the specific review. IPO India Hub does not represent the accuracy of third-party ratings.
Company Snapshot
Revenue
₹365.29 Cr
Net Profit
₹40.73 Cr
Industry
Computers - Software & Consulting
Issue Type
Fresh Issue
Promoters
SUKHBIR SINGH KUKREJA, JOGENDRAPAL SINGH ALAGH AND SHINEY SUKHBIR
Lead Managers
Share India Capital Services
Quick Actions
Frequently Asked Questions
Subscribe. The company trades at 0.57× the IT/Software sector midpoint with strong profitability and exceptional growth momentum (PAT CAGR 93%, revenue CAGR 25.3%). Key risks include modest NPM of 11.1% and reliance on a concentrated SME investor base with limited liquidity history.
The current grey market premium (GMP) is ₹10, which is 3.03% above the upper band price of ₹127. This implies an estimated listing price of around ₹137. GMP is informal and unregulated — treat it as a sentiment indicator, not a guarantee.
The minimum lot size is 45 shares. At the upper band price of ₹127, the minimum investment per retail application is ₹5,715. You can apply for up to 13 lots (₹74,295) under the retail category (up to ₹2 lakh).
The IPO opens on 23 Jul 2026. It closes on 27 Jul 2026. Allotment is expected on 28 Jul 2026. Refunds initiate on 29 Jul 2026. Listing on BSE and NSE is on 30 Jul 2026.
The lead managers for the IPO are Share India Capital Services. Check the SEBI filing for the registrar details.
The IPO listed on 30 Jul 2026 at ₹130.1 against an issue price of ₹127 (+2.44% on listing day). The current market price (CMP) is approximately ₹277.1 (+118.2% vs issue).
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 27 Jul 2026. The minimum investment is ₹5,715 for one lot (45 shares). The company trades at 0.57× the IT/Software sector midpoint with strong profitability and exceptional growth momentum (PAT CAGR 93%, revenue CAGR 25.3%). Key risks include modest NPM of 11.1% and reliance on a concentrated SME investor base with limited liquidity history.
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 27 Jul 2026. The IPO is priced at a P/E of 16.3x. Market cap at issue price is ₹664.03 Cr. As with all IPOs, please read the DRHP and assess your own risk tolerance before investing.
You can apply via UPI through your broker's trading app (Zerodha, Upstox, Fyers, etc.) or via ASBA through your net banking portal. The minimum lot is 45 shares at ₹127 each, costing ₹5,715 per application. The issue closes on 27 Jul 2026, so apply before that date. Step 1: Log in to your broker or bank app. Step 2: Go to IPO section and search for 'Xtranet Technologies Limited'. Step 3: Enter the number of lots and UPI ID. Step 4: Accept the mandate on your UPI app.
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