Kratikal TechIPO Review — Financials, Valuation & Peers
A data-only look at the Kratikal Tech 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 | 13.28 | 3.2 | 3.87 | 6.56 | 9.05 | 0.03 | — |
| FY 2025 | 21.15 | 3.81 | 5.51 | 11.13 | 15.58 | 0.01 | — |
| FY 2026 | 36.86 | 6.14 | 9.08 | 24.02 | 30.12 | 0.01 | 7.53 |
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)
- 17.94x
- P/E (post-issue)
- 24.4x
- RoNW
- 25.57%
- RoE
- 34.95%
- RoCE
- 34.35%
- Debt / Equity
- 0
- EPS (pre-issue)
- ₹7.53
- EPS (post-issue)
- ₹5.53
- EBITDA Margin
- 24.73%
- PAT Margin
- 16.73%
- P/BV
- 4.59x
- NAV / share
- ₹29.43
- Market Cap
- ₹149.86 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 | Statements |
|---|---|---|---|---|---|---|
| Kratikal Tech | 7.86 | 29.43 | — | 25.57% | — | Consolidated |
| Aaa Technologies Limited | 1.61 | 24.14 | 55.38x | 6.66% | 3.71x | Standalone |
| Accedere Ltd | 1.37 | 10.98 | 44.04x | 12.51% | 6x | Consolidated |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: <p>Pavan Kumar, Paratosh Kumar, Dip Jung Thapa</p>
- Holding (pre-issue)
- 72.58%
- Holding (post-issue)
- 53.36%
- Dilution
- 19.22%
Analysis in brief
Anchor book
Before the issue opened to the public, Kratikal Tech placed shares with 8 anchor investors, who together put in ₹11.2 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 Aarth Growth Fund (₹2.82 crore), SB OPPORTUNITIES FUND II (₹1.55 crore) and SHINE STAR BUILD-CAP PVT.LTD. (₹1.55 crore). Investor categories represented include Other. The lock-in on half the anchor shares ends on 2 Aug 2026, with the remainder locked until 1 Oct 2026.
Margin and return profile
Beyond the headline pricing, the disclosed operating profile stands on its own numbers. Kratikal Tech operates at an EBITDA margin of 24.73% and a net (PAT) margin of 16.73% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 34.35% and a return on equity (RoE) of 34.95%. At the upper band, the post-issue market capitalisation works out to about ₹149.86 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 investment in threatcop fz llc, uae and threatcop ai inc, usa (subsidiaries) for expenditure towards sales & marketing activities and development of workforce resources. (₹23.08 crore), alongside investment in product development (₹9.23 crore). In all, 4 objects are disclosed.
Financials
In FY2026, Kratikal Tech reported revenue of ₹36.86 crore and a net profit of ₹6.14 crore. Revenue grew from ₹13.28 crore in FY2024 to ₹36.86 crore in FY2026 (+178.0%). Net worth stood at ₹24.02 crore at the end of FY2026. At the upper band, that puts the issue at roughly 17.9× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 24.4× post-issue earnings and 4.59× book value, against a return on net worth of 25.57% and a debt-to-equity ratio of 0. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Aaa Technologies Limited and Accedere Ltd, with a median peer P/E of about 49.7×. The issue's own post-issue P/E works out to 24.4×.
Promoters
The promoters of the company are <p>Pavan Kumar, Paratosh Kumar, Dip Jung Thapa</p>. Promoter holding stands at 72.58% before the issue and comes down to 53.36% after listing.
Frequently asked questions
- What is the reservation split in the Kratikal Tech IPO?
- Of the total shares offered, retail investors get 35.05%, QIBs 20% (plus 29.78% anchor), non-institutional investors 15.16%.
- Who are the promoters of Kratikal Tech and what is their holding?
- The promoters are <p>Pavan Kumar, Paratosh Kumar, Dip Jung Thapa</p>. Promoter holding is 72.58% before the issue and 53.36% after listing.
- What is the P/E ratio of the Kratikal Tech IPO?
- At the upper price band, the Kratikal Tech IPO is valued at 17.94× pre-issue earnings and 24.4× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Kratikal Tech IPO?
- The net proceeds go primarily toward investment in threatcop fz llc, uae and threatcop ai inc, usa (subsidiaries) for expenditure towards sales & marketing activities and development of workforce resources., among 4 disclosed objects.