Xtranet Technologies IPO
Xtranet Technologies IPO is a mainboard IPO raising ₹167 Cr at ₹120 – ₹127 a share. The smallest application you can make is 110 shares, costing ₹13,970 at the top of the band. Bidding closes on 27 Jul 2026 and the shares list on 30 Jul 2026. So far it has been subscribed 1.96× in total.
Just covered — bids slightly exceed the shares on offer
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
XtraNet is an integrated IT solutions provider, headquartered (registered office) in Bhopal, Madhya Pradesh and incorporated in 2002, that delivers enterprise applications, digital services, managed services, and proprietary platforms to government agencies, public sector undertakings (PSUs), and private enterprises. They combine onsite and offshore delivery and work through two subsidiaries — XtraTrust Digisign Private Limited (a licensed Certifying Authority for eSign/digital signatures and PKI services) and XtraSynergy Solutions Private Limited — plus a joint venture. Engagements span ERP implementation and upgrades, IT system integration, data centre and disaster-recovery build-outs, smart-city Integrated Command and Control Centres (ICCCs), digital transformation, and emerging-tech (AI/IoT/Cloud/Blockchain) projects.
How it earns
Revenue comes from a mix of fixed-price contracts, time-and-materials arrangements, and recurring service agreements; a majority is earned from Government/PSU projects obtained through competitive tender/bidding processes, with deliveries structured as multi-year contracts. (Government/PSU clients contributed 59.83% of FY25 revenue.)
Who buys
Government/PSU clients made up 59.83% of FY25 revenue (₹16,518.09 lakhs = ₹165.18 crore out of total ₹27,608.15 lakhs = ₹276.08 crore). Named end-clients referenced in project descriptions include: Madhya Pradesh Power Distribution Companies (Power Discoms) for Global ERP upgrade and DC-DR; Karnataka Power Transmission Corporation (KPTCL); Delhi Police (CCTNS, Data Centre); Brihanmumbai Municipal Corporation (BMC) for network/security/load balancing; Madhya Pradesh Police; Railtel; Centre for Railway Information Systems (CRIS); Co-operative Banks (CBS upgrades); Gujarat Informatics Limited; RajCOMP Info Services Limited (Rajasthan, Citizen data eVault); J&K citizen service portals; Stock Holding Corporation of India (SHCIL); UTI Infrastructure; Gujarat Government (pandemic monitoring dashboard); Capital Market Regulator (SEBI investor awareness app).
Scale
Over 23 years in operation (incorporated 2002); FY25 consolidated revenue from operations ₹27,608.15 lakhs (₹276.08 crore, applying 1 crore = 100 lakh); operates through two subsidiaries (XtraTrust Digisign Private Limited and XtraSynergy Solutions Private Limited) and a JV; project executions span multiple Indian states. (Specific employee count and capacity figures not stated in the provided text.)
What it says sets it apart
- Two proprietary platforms that are used across engagements: Synergy (a low-code Digital Transformation platform supporting workflow automation, AI-driven automation, IoT integration, and cloud deployment) and XtraTrust (a Government-licensed Certifying Authority for Digital Signature Certificates and a PKI/eSign/time-stamping/authentication provider)
- Stack of credentials: CMMI SVC/5, plus ISO 9001 (Quality), ISO 27001 (Information Security), ISO 20000 (IT Service Management) and ISO 22301 (Business Continuity)
- Long execution track record specifically in Government/PSU IT — over 23 years of operating history (since 2002) delivering data centres, DR sites, ICCCs for Smart Cities, State Data Centres, e-governance platforms, and ERP upgrades via competitive tenders
- End-to-end integrated delivery covering OEM hardware procurement and value-added resale, network and security integration, virtualization/cloud migration, application development, and ongoing managed services — positioned as a single point of responsibility from procurement through commissioning and support
- Multi-location execution footprint with active/commissioned projects spread across Navi Mumbai, Delhi, Bhopal, Bhubaneswar, Indore, Gwalior, Jabalpur, Sagar, Ujjain, Satna, Karnataka, Rajasthan, Gujarat and J&K
Revenue mix
The last few years in numbers
From the prospectus’s own summary financial table (restated consolidated). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| FY2025 | ₹276 Cr+19% | ₹30 Cr+174% | 10.9% | ₹95 Cr | ₹39 Cr |
| FY2024 | ₹233 Cr+5% | ₹11 Cr+83% | 4.7% | ₹39 Cr | ₹41 Cr |
| FY2023 | ₹223 Cr | ₹6 Cr | 2.7% | ₹26 Cr | ₹7 Cr |
How the book stands today
The category split is the number worth reading, not the total.
Retail: 2.50× their allocation. QIB: 0.91×.
What happens when
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
How this cohort has done
20 mainboard issues listed in 2026 that we can price today. This is the group it is about to join.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
Track this company once it lists
Results, orders, board decisions and every other filing — summarised and sent to your WhatsApp the minute they are out.
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