Genxai AnalyticsIPO Review — Financials, Valuation & Peers
A data-only look at the Genxai Analytics 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 2023 | 16.61 | 0.84 | 1.42 | 1.77 | 6.75 | 0.82 | — |
| FY 2024 | 24.21 | 2.65 | 4.13 | 4.43 | 11.33 | 4.11 | — |
| FY 2025 | 28.88 | 6.55 | 10.03 | 11.03 | 23.61 | 7.27 | — |
| Dec 2025 (interim) | 64.47 | 13.31 | 18.97 | 30.74 | 72.79 | 16.07 | 4.96 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March. Interim periods cover part of a year and are not comparable to the full-year rows.
KPIs & Valuation
- P/E (pre-issue)
- 23.41x
- P/E (post-issue)
- 11.73x
- RoNW
- 51.04%
- RoCE
- 51.33%
- Debt / Equity
- 0.52
- EPS (pre-issue)
- ₹4.96
- EPS (post-issue)
- ₹9.89
- EBITDA Margin
- 29.52%
- PAT Margin
- 16.58%
- P/BV
- 4.99x
- NAV / share
- ₹23.26
- Market Cap
- ₹208.15 Cr
As of 31 Dec 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 |
|---|---|---|---|---|
| Genxai Analytics | 5.01 | 8.36 | — | 85.49% |
| AION-Tech Solutions Ltd. | 2.86 | 27.72 | 14.25x | 12.16% |
| Latent view Analytics Limited | 8.45 | 72.65 | 34.97x | 12.07% |
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: Rakesh Agarwal and Lakshmi Agarwal
- Holding (pre-issue)
- 90.28%
- Holding (post-issue)
- 66.49%
- Dilution
- 23.79%
Analysis in brief
Anchor book
Before the issue opened to the public, Genxai Analytics placed shares with 11 anchor investors, who together put in ₹14.97 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 NAVBHARAT INVESTMENT TRUST-NAVBHARAT INVESTMENT OPPORTUNITIES FUND (₹3.01 crore), MINT FOCUSED GROWTH FUND PCC-CELL 1 (₹2 crore) and WEALTHWAVE CAPITAL TRUST-WEALTHWAVE CAPITAL FUND (₹1.96 crore). Investor categories represented include Other and FII/FPI. The lock-in on half the anchor shares ends on 9 Jul 2026, with the remainder locked until 7 Sept 2026.
Margin and return profile
Beyond the headline pricing, the disclosed operating profile stands on its own numbers. Genxai Analytics operates at an EBITDA margin of 29.52% and a net (PAT) margin of 16.58% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 51.33%. At the upper band, the post-issue market capitalisation works out to about ₹208.15 crore. These are offer-document figures for the latest reported period (as of 31 Dec 2025); 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 capital expenditure to meet expenses for development of new products (₹28.37 crore), alongside issue expenses (₹8.45 crore). In all, 5 objects are disclosed.
Financials
In FY2025, Genxai Analytics reported revenue of ₹64.47 crore and a net profit of ₹13.31 crore. Revenue grew from ₹16.61 crore in FY2023 to ₹64.47 crore in FY2025 (+288.0%). Net worth stood at ₹30.74 crore at the end of FY2025. At the upper band, that puts the issue at roughly 23.4× FY2025 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 11.73× post-issue earnings and 4.99× book value, against a return on net worth of 51.04% and a debt-to-equity ratio of 0.52. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including AION-Tech Solutions Ltd. and Latent view Analytics Limited, with a median peer P/E of about 24.6×. The issue's own post-issue P/E works out to 11.73×.
Promoters
The promoters of the company are Rakesh Agarwal and Lakshmi Agarwal. Promoter holding stands at 90.28% before the issue and comes down to 66.49% after listing.
Frequently asked questions
- What is the reservation split in the Genxai Analytics IPO?
- Of the total shares offered, retail investors get 33.62%, QIBs 19.19% (plus 28.78% anchor), non-institutional investors 14.4%.
- Who are the promoters of Genxai Analytics and what is their holding?
- The promoters are Rakesh Agarwal and Lakshmi Agarwal. Promoter holding is 90.28% before the issue and 66.49% after listing.
- What is the P/E ratio of the Genxai Analytics IPO?
- At the upper price band, the Genxai Analytics IPO is valued at 23.41× pre-issue earnings and 11.73× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Genxai Analytics IPO?
- The net proceeds go primarily toward capital expenditure to meet expenses for development of new products, among 5 disclosed objects.