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Listed
Computers - Software & Consulting
Xtranet Technologies Limited IPO
₹167 Cr · Fresh Issue · Computers - Software & Consulting
Price Band
₹120 – ₹127
GMP (Grey Market)
—
No GMP data yet
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 93% PAT CAGR and 32.5% ROCE, indicating efficient capital deployment. Key risk is margin compression: NPM of 11.1% is below the 15% threshold typically required for premium valuations, and working capital absorption of ₹102 Cr suggests operational scaling challenges.
Listing Performance
Issue Price
₹127
Allotment price
Listing Price
₹130.1
+2.44% on listing day
Current Price (CMP)
₹271.45
+113.7% vs issue
Listed On
30 Jul 2026
BSE & NSE
Our Analysis — Key Points
✓ Strength
Exceptional earnings growth trajectory
Net profit surged 93% over two years (₹10.9 Cr to ₹40.7 Cr) while revenue grew 25.3% CAGR, demonstrating operating leverage and margin expansion from 4.7% to 11.1% NPM. This acceleration outpaces typical software consulting peers and signals improving operational efficiency.
✓ Strength
Valuation discount to sector peers
At 16.3× P/E, the company trades at 0.57× the IT/Software sector midpoint of 28.5×, offering a 43% discount despite profitable, growing operations. ROCE of 32.5% and EBITDA margin of 17.3% justify the valuation and indicate strong capital productivity.
⚠ Risk
Net profit margin below quality threshold
NPM of 11.1% remains materially below the 15% benchmark for premium IT valuations, limiting pricing power or operational efficiency relative to larger peers. Margin expansion must sustain for the valuation to remain justified; any compression would signal competitive pressure or execution challenges.
⚠ Risk
Heavy working capital deployment post-IPO
₹102 Cr of ₹167 Cr net proceeds (61%) is earmarked for working capital, suggesting the company operates on tight cash cycles or is scaling rapidly without sufficient internal cash generation. This capital intensity may constrain future dividend capacity and increase refinancing risk if growth slows.
₹ Valuation
Attractive valuation relative to growth
At 16.3× P/E against 25.3% revenue CAGR and 93% PAT CAGR, the company offers a PEG-like discount. However, the 11.1% NPM limits upside to premium multiples; sustained 20%+ revenue growth with margin expansion to 14–15% would justify re-rating toward 20–22× P/E.
👁 Watch
Monitor margin trajectory post-listing
Track quarterly EBITDA and net margins closely over the next 2–3 quarters. Margin compression below 10% NPM or working capital deterioration would signal execution risk and warrant reassessment of the valuation thesis.
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 93% PAT CAGR and 32.5% ROCE, indicating efficient capital deployment. Key risk is margin compression: NPM of 11.1% is below the 15% threshold typically required for premium valuations, and working capital absorption of ₹102 Cr suggests operational scaling challenges.
GMP data is not yet available for this IPO. Check our GMP Live page for the latest updates closer to the listing date.
Lot size details will be updated when the DRHP is filed. The price band is ₹120 – ₹127.
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 ₹271.45 (+113.7% vs issue).
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 27 Jul 2026. The company trades at 0.57× the IT/Software sector midpoint with strong 93% PAT CAGR and 32.5% ROCE, indicating efficient capital deployment. Key risk is margin compression: NPM of 11.1% is below the 15% threshold typically required for premium valuations, and working capital absorption of ₹102 Cr suggests operational scaling challenges.
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 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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