Xtranet Technologies Limited
Xtranet Technologies Limited is an integrated IT solutions provider offering enterprise applications, managed services, digital services, and proprietary platforms to government, PSU, and private sector clients. The company is raising ₹166.80 crores entirely through a fresh issue, with listing planned on both BSE and NSE.
Overview
About the Company
Incorporated in 2002, Xtranet Technologies Limited is an integrated IT solutions provider headquartered in Bhopal, Madhya Pradesh. The company delivers end-to-end technology services spanning enterprise applications (including ERP implementation and IT system integration), managed services, digital transformation, and proprietary platforms such as XtraTrust, eatNstay, and Peddle Point. It also offers Infrastructure-as-a-Service, Platform-as-a-Service, and Software-as-a-Service solutions. Xtranet serves a diverse client base across government departments, public sector undertakings, and private sector companies in verticals such as automotive, education, and financial services. Revenue is generated through fixed-price contracts, time-and-material arrangements, and recurring service agreements, and the company procures hardware, software, and networking components from external vendors to fulfil project requirements. As of April 30, 2026, the company had 504 permanent employees and an unexecuted order book of ₹35,695.70 lakhs.
Company Details
📋 Objects of Issue (Use of Proceeds)
- › Partial or full repayment of outstanding borrowings availed by the company, amounting to ₹21.99 crores.
- › Capital expenditure for the purchase and installation of systems and hardware, estimated at ₹7.30 crores.
- › Funding working capital requirements of the company, amounting to ₹102.00 crores.
- › General corporate purposes, estimated at ₹35.51 crores.
✅ Strengths
- ✓ The company provides a comprehensive suite of integrated IT solutions covering enterprise applications, managed services, digital transformation, and proprietary technology platforms.
- ✓ As of April 30, 2026, the company holds an unexecuted order book valued at approximately ₹35,695.70 lakhs, indicating a strong near-term revenue pipeline.
- ✓ The company has secured a 99-year lease from the Governor of Madhya Pradesh for land earmarked for its IT Park operations, providing long-term operational stability.
- ✓ Xtranet serves clients across both public and private sectors, including verticals such as automotive, education, and financial services, reflecting a diversified customer base.
- ✓ The company owns and operates several proprietary digital platforms — including XtraTrust, eatNstay, and Peddle Point — which provide a competitive differentiation and potential for recurring revenues.
- ✓ The company has a demonstrated track record of executing projects for Government and PSU clients, along with long-standing relationships with marquee customers and an experienced management team.
⚠️ Risks
- ! The company is heavily reliant on a narrow client base, with its top 10 customers contributing 86.72% of total revenue in FY2026, making it vulnerable to the loss of any key account.
- ! A significant portion of revenue — 47.06% in FY2026 — comes from Government and PSU clients, exposing the company to public-sector procurement delays, policy changes, and budget constraints.
- ! Revenue is geographically concentrated, with 85.72% of FY2026 revenues sourced from Maharashtra, Madhya Pradesh, and Delhi, limiting diversification across other markets.
- ! The company's supply chain is heavily dependent on a small group of vendors, with the top 10 suppliers accounting for 95.24% of total purchases in FY2026, creating procurement concentration risk.
- ! The business requires substantial working capital, as evidenced by trade receivables of ₹11,133.06 lakhs and inventory of ₹7,769.36 lakhs as of FY2026, which could strain liquidity if collections slow.