Xtranet Technologies Limited
PROSPECTUS · filed 29 Jul 2026
Xtranet Technologies Limited is a company that provides Enterprise Applications, Managed services, Digital services, and Proprietary platforms & products, with a significant portion of its revenue derived from Government/PSU clients. The proposed offer consists entirely of a fresh issue of 166.8018 crore, with no offer for sale component. The company's financial performance is characterized by a return on equity of 34.78% and a debt-to-equity ratio of 0.28. The draft prospectus highlights high material risks related to customer concentration, as over 46% of revenue comes from Government/PSU clients, and the tender processes for these clients are subject to changes, delays, and uncertainties.
Partial analysis — some sections could not be read from the document (found: capitalisation, litigation, objects, price_basis, promoters, related_party, risks).
What stands out
Risk factor. More than 47.06%, 59.46% and 46.32%, respectively of the revenue was recognized from Government/PSU clients in Fiscal 2026, Fiscal 2025 and Fiscal 2024.
Risk factor. The loss of or inability to qualify for orders from Government/PSU clients may adversely affect our business, financial condition, results of operations, and prospects.
Risk factor. The tender processes conducted by the Government may be subject to changes in qualification criteria, unexpected delays and uncertainties.
Risk factor. There can be no assurance that the projects for which we bid will be tendered within a reasonable time, or at all.
Primarily fresh capital. 100% of the offer is fresh issue, so most proceeds fund the company.
Low leverage. Debt-to-equity of 0.28x.
Healthy return on equity. ROE of 34.8%.
How the offer is structured
Fresh issue
₹167 Cr
New capital into the company
OFS share
0%
- Repayment/pre-payment, in full or in part, of certain outstanding borrowings availed by our Company₹20.2 Cr
- Capital expenditure by our Company for purchase of systems and hardware₹8.5 Cr
- To meet working capital requirements₹102 Cr
- General corporate purposes₹18.6 Cr
Promoters, litigation & related parties
Related-party
8.2%
Share of revenue
Except as disclosed in this section, there is no outstanding (i) criminal proceedings including any notices received for such criminal proceedings and matters which are at FIR stage or police complaint has been made even if no cognizance has been taken by any court; (ii) action taken by regulatory or statutory authorities; (iii) claim related to direct and indirect taxes (in a consolidated manner); and (iv) pending litigation as determined to be material as per the materiality policy adopted pursuant to the Board resolution dated June 27, 2026 in each case involving our Company, its Subsidiaries, its Promoters and Directors (collectively, the “Relevant Parties”). Further, except as disclosed in this section, there are no disciplinary actions including penalties imposed by SEBI or the Stock Exchanges against our Promoters in the last five financial years including any outstanding action. Further, there are no outstanding (i) criminal proceedings and (ii) actions taken by regulatory or statutory authorities, against any Key Managerial Personnel and Senior Management of the Company. It is clarified that for the above purposes, pre-litigation notices received by Relevant Parties and the KMPs and the SMPs, from third parties (excluding such notices issued by any statutory/ regulatory/ governmental/ taxation authorities) shall, unless otherwise decided by the Board, have not been considered as material until such time that the Relevant Parties are not impleaded as a defendant in the litigation proceedings before any judicial forum. Except as stated in this section, there are no material outstanding dues to creditors of our Company.
Risks the company discloses
More than 47.06%, 59.46% and 46.32%, respectively of the revenue was recognized from Government/PSU clients in Fiscal 2026, Fiscal 2025 and Fiscal 2024.(Customer Concentration)
The loss of or inability to qualify for orders from Government/PSU clients may adversely affect our business, financial condition, results of operations, and prospects.(Customer Concentration)
The tender processes conducted by the Government may be subject to changes in qualification criteria, unexpected delays and uncertainties.(Customer Concentration)
There can be no assurance that the projects for which we bid will be tendered within a reasonable time, or at all.(Customer Concentration)
Any default in the agreement with the Government or public sector clients could lead to a potential debarring and/or blacklisting of the Company.(Customer Concentration)
Revenue from operations is concentrated in a few core service offerings, including Enterprise Applications, Managed services, Digital services, and Proprietary platforms & products.(Service Concentration)
Any decrease in revenue from a service offering, whether due to increased competition, supply constraints, reduction in demand, or our inability to extend or renew existing contracts on commercially viable terms, may adversely affect our business, cash flows, results of operations, and financial condition.(Service Concentration)
A significant portion of 8,328.48 lakhs of our total purchases were concentrated among our top suppliers as of March 31, 2026.(Supplier Concentration)