Xtranet TechnologiesIPO Review — Financials, Valuation & Peers
A data-only look at the Xtranet Technologies IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings |
|---|---|---|---|---|---|---|
| FY 2023 | 222.78 | 5.98 | 13.44 | 26.2 | 223.99 | 7.37 |
| FY 2024 | 233.26 | 10.94 | 19.18 | 38.78 | 202.94 | 41.19 |
| FY 2025 | 276.53 | 30.03 | 47.65 | 95.49 | 321.79 | 39.24 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- RoNW
- 31.18%
- RoE
- 31.12%
- RoCE
- 38.01%
- Debt / Equity
- 0.41
- EBITDA Margin
- 17.26%
- PAT Margin
- 10.86%
- NAV / share
- ₹24.39
As of 31 Mar 2025 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV |
|---|---|---|---|---|---|
| Xtranet Technologies | 10.28 | 34.74 | — | 29.6% | — |
| Coforge | 44.3 | 252.61 | 35.51x | 16.31% | 5.72x |
| Dynacons Systems & Solutions | 66.64 | 247.59 | 20.2x | 26.89% | 5.45x |
| Silver Touch Technologies | 2.82 | 13.38 | 63.65x | 21.06% | 13.77x |
Peer group as disclosed in the offer document, figures as of 31 Mar 2025. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: Sukhbir Singh Kukreja, Jogendrapal Singh Alagh and Shiney Sukhbir
- Holding (pre-issue)
- 83.63%
- Holding (post-issue)
- 62.63%
- Dilution
- 21%
Analysis in brief
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward to meet working capital requirements (₹102 crore), alongside repayment/pre-payment, in full or in part, of certain outstanding borrowings availed by our company (₹21.99 crore). In all, 4 objects are disclosed.
Financials
In FY2025, Xtranet Technologies reported revenue of ₹276.53 crore and a net profit of ₹30.03 crore. Revenue grew from ₹222.78 crore in FY2023 to ₹276.53 crore in FY2025 (+24.0%). Net worth stood at ₹95.49 crore at the end of FY2025.
Peer comparison
The offer document names listed peers including Coforge and Dynacons Systems & Solutions, with a median peer P/E of about 35.5×.
Promoters
The promoters of the company are Sukhbir Singh Kukreja, Jogendrapal Singh Alagh and Shiney Sukhbir. Promoter holding stands at 83.63% before the issue and comes down to 62.63% after listing.
Frequently asked questions
- Who are the promoters of Xtranet Technologies and what is their holding?
- The promoters are Sukhbir Singh Kukreja, Jogendrapal Singh Alagh and Shiney Sukhbir. Promoter holding is 83.63% before the issue and 62.63% after listing.
- What are the objects of the Xtranet Technologies IPO?
- The net proceeds go primarily toward to meet working capital requirements, among 4 disclosed objects.