Xtranet Technologies IPO

The company has successfully completed 143 direct and 32 indirect projects for government departments and public sector enterprises (PSUs). In FY26, it earned ₹171.91 crore from these clients. This strong track record helps it build credibility and improves its chances of winning large e-governance and IT projects.

As of April 30, 2026, the company's order book, which is the value of projects already won but not yet completed, stood at a sizeable ₹356.96 crore. A healthy order book gives better visibility into future revenue, supports stable operations, and reduces the impact of short-term fluctuations in demand.

The combined share of revenue from managed services, digital services, and proprietary platforms increased from 51.78% in FY24 to 64.78% in FY25. Since these businesses generally earn higher margins, this shift can improve EBITDA (earnings before interest, taxes, depreciation, and amortisation, a measure of operating profit) and create a steadier stream of recurring income.

Its net profit grew from ₹10.94 crore in FY24 to ₹40.73 crore in FY26. During the same period, its profit margin, which shows how much profit it keeps from every rupee of revenue, improved from 4.70% to 11.15%. This suggests the company has become more efficient as its business has grown.

The company has offices in cities such as Bhopal, Mumbai, Delhi, Ahmedabad, Jaipur, and Bangalore. Maharashtra alone contributed ₹186.01 crore, or 50.92% of its revenue, in FY26. Having a presence across multiple cities also helps it access talent from different regions and serve customers more effectively.

Its success rate in direct government tenders improved from 38% in FY25 to 43% in FY26, with the company winning 91 out of 214 bids. This shows it has been consistently competitive in meeting the technical and financial requirements needed to win large public sector contracts.

Government departments and public sector enterprises (PSUs) contributed 47.06% of the company's FY26 revenue, amounting to ₹171.91 crore. While this provides a stable customer base, it also means the business is exposed to delayed approvals, government budget cycles, and strict eligibility requirements that could slow the flow of new projects.

The company typically gives customers 150 to 210 days to make payments, with trade receivables standing at ₹111.33 crore in FY26. This ties up a large amount of cash, increases working capital needs, and may raise the risk of delayed or unpaid dues.

The company's top ten customers contributed 86.72% of its FY26 revenue, or ₹316.77 crore, while its largest customer alone accounted for 23.06%. Losing one or more of these key customers could lead to a significant decline in revenue.

Maharashtra contributed ₹186.01 crore, or 50.92% of the company's FY26 revenue. As a result, any slowdown in the state's economy, policy changes, or delays in spending on smart infrastructure projects could have a direct impact on its revenue and cash flows.

In FY26, its largest supplier accounted for 37.32% of total purchases, amounting to ₹83.28 crore, while the top five suppliers together made up 76.75%. Any delays, supply disruptions, or quality issues from these partners could affect project execution and timelines.

The company has repeatedly delayed paying statutory dues. In FY25, it delayed depositing TDS (Tax Deducted at Source) of ₹3.76 crore by up to 426 days and GST (Goods and Services Tax) of ₹6.12 crore. Repeated delays like these could result in penalties, interest costs, and greater regulatory scrutiny.