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 | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 233.26 | 10.94 | 18.86 | 38.78 | 202.94 | 41.19 | — |
| FY 2025 | 276.53 | 30.03 | 47.2 | 95.49 | 321.79 | 39.24 | — |
| FY 2026 | 366.01 | 40.73 | 63.18 | 136.01 | 341.97 | 85.45 | 10.4 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 12.21x
- P/E (post-issue)
- 16.3x
- RoNW
- 29.6%
- RoE
- 34.78%
- RoCE
- 32.52%
- Debt / Equity
- 0.63
- EPS (pre-issue)
- ₹10.4
- EPS (post-issue)
- ₹7.79
- EBITDA Margin
- 17.3%
- PAT Margin
- 11.15%
- P/BV
- 3.66x
- NAV / share
- ₹34.74
- Market Cap
- ₹664.03 Cr
As of 31 Mar 2026 (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: <p>Sukhbir Singh Kukreja, Jogendrapal Singh Alagh, Shiney Sukhbir</p>
- Holding (pre-issue)
- 83.63%
- Holding (post-issue)
- 62.63%
- Dilution
- 21%
Broker Recommendations
| Reviewer | Verdict |
|---|---|
| Capital Market | Neutral |
Third-party analyst views on the Xtranet Technologies IPO, aggregated for reference. ipostation does not rate IPOs — nothing here is investment advice.
Analysis in brief
Anchor book
10 anchor investors participated in the Xtranet Technologies IPO ahead of the public offer, together allocated ₹50.02 crore. Anchor investors are institutions allotted shares at the issue price a day before bidding opens, in exchange for a mandatory post-listing lock-in — their names and cheque sizes are disclosed, which is why the anchor book is read as an institutional signal. The largest allocations went to SAINT CAPITAL FUND (₹8.01 crore), VINEY GROWTH FUND (₹8.01 crore) and TIGER STRATEGIES FUND 1 (₹7 crore). Investor categories represented include Other. The lock-in on half the anchor shares ends on 28 Aug 2026, with the remainder locked until 25 Oct 2026.
Analyst view tally
ipostation tracks 1 third-party reviewer on the Xtranet Technologies IPO, including Capital Market. Of the 1 with a stated verdict, 1 says "Neutral". These are the views of the named reviewers, reproduced as published — they are not ipostation's recommendation, and this page does not rate the issue.
Margin and return profile
The offer document gives a read on the operating engine behind the issue. Xtranet Technologies operates at an EBITDA margin of 17.3% and a net (PAT) margin of 11.15% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 32.52% and a return on equity (RoE) of 34.78%. At the upper band, the post-issue market capitalisation works out to about ₹664.03 crore. These are offer-document figures for the latest reported period (as of 31 Mar 2026); they describe the business as disclosed, not how the stock will trade.
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 (₹20.2 crore). In all, 5 objects are disclosed.
Financials
In FY2026, Xtranet Technologies reported revenue of ₹366.01 crore and a net profit of ₹40.73 crore. Revenue grew from ₹233.26 crore in FY2024 to ₹366.01 crore in FY2026 (+57.0%). Net worth stood at ₹136.01 crore at the end of FY2026. At the upper band, that puts the issue at roughly 12.2× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 16.3× post-issue earnings and 3.66× book value, against a return on net worth of 29.6% and a debt-to-equity ratio of 0.63. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Coforge and Dynacons Systems & Solutions, with a median peer P/E of about 35.5×. The issue's own post-issue P/E works out to 16.3×.
Promoters
The promoters of the company are <p>Sukhbir Singh Kukreja, Jogendrapal Singh Alagh, Shiney Sukhbir</p>. Promoter holding stands at 83.63% before the issue and comes down to 62.63% after listing.
Frequently asked questions
- What is the reservation split in the Xtranet Technologies IPO?
- Of the total shares offered, retail investors get 35%, QIBs 20% (plus 30% anchor), non-institutional investors 15%.
- Who are the promoters of Xtranet Technologies and what is their holding?
- The promoters are <p>Sukhbir Singh Kukreja, Jogendrapal Singh Alagh, Shiney Sukhbir</p>. Promoter holding is 83.63% before the issue and 62.63% after listing.
- What is the P/E ratio of the Xtranet Technologies IPO?
- At the upper price band, the Xtranet Technologies IPO is valued at 12.21× pre-issue earnings and 16.3× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Xtranet Technologies IPO?
- The net proceeds go primarily toward to meet working capital requirements, among 5 disclosed objects.