Xtranet Technologies Ltd. Share Price

In continuation of its intimation dated August 19, 2026, regarding the schedule of earnings conference call of the Company to discuss the operational and financial performance of the Company for the quarter ended June 30, 2026. Xtranet Technologies has informed that the said earnings conference call was held today at the scheduled time and, in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, the audio recording of the aforesaid earnings conference call has been made available on the website of the Company.

The above information is a part of company’s filings submitted to BSE.  

Xtranet Technologies

• Xtranet Technologies is coming out with a 100% book building; initial public offering (IPO) of 1,31,34,000 shares of face value Rs 10 each in a price band Rs 120-127 per equity share. 
• Not more than 50% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 35% for the retail investors.
• The issue will open for subscription on July 23, 2026 and will close on July 27, 2026.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 10 and is priced 12.00 times of its face value on the lower side and 12.70 times on the higher side.
• Book running lead manager to the issue is Share India Capital Service.
• Compliance officer for the issue is Kavita Malik. 

Profile of the company 

Xtranet Technologies is an integrated information technology solutions provider delivering end-to-end services including enterprise applications, digital services, managed services, proprietary platforms, and strategic technology partnerships for clients across industries and geographies. Its core services offerings are enterprise applications, managed services, digital services and proprietary platforms & products. It provides end-to-end enterprise resource planning (ERP) services across global platforms as well as its proprietary X-ERP system. It also provides IT system integration services that combine hardware, software, and networking components into complete solutions for enterprises and government organizations. It builds and manages data centers and command centers for clients. Services include site assessment and preparation for data center, server virtualization and cloud computing setup, 24x7 monitoring and support of IT infrastructure, backup and disaster recovery solutions, and network operations center and security operations center establishment.

The company also provides application development and maintenance services that focus on designing, deploying, and supporting custom-built enterprise applications for industry-specific requirements. Within this integrated structure, the Synergy low-code Digital Transformation (Synergy) platform enables process automation and enterprise-scale digital solutions, while XtraTrust a Licensed Certifying Authority (CA) and eSign Service Provider (ESP), authorized to issue and manage Digital Signature Certificates, and to provide Public Key Infrastructure (PKI) based solutions including e-sign, time stamping and authentication services etc., together forming part of its integrated offerings in Digital Transformation and Secure Technology services.

Proceed is being used for: 

• Repayment/pre-payment, in full or in part, of certain outstanding borrowings availed by the company
• Capital expenditure by the company for purchase of systems and hardware
• Meeting working capital requirements 
• General corporate purposes 

Industry overview

Information Technology and Information Technology Services (IT/ITeS) industry plays a key role in positioning India as a preferred investment destination for global investors. The industry also creates large scale employment and generates significant export revenues. Emerging technologies and rise in demand for collaborative applications, application platforms, security software, system & service management software, and content workflow & management applications now offers an entire gamut of opportunities for IT firms through costeffectiveness, speedy deliveries, high reliability, exceptional quality. Increasing digitisation and rise in demand for emerging technologies like 5G, Advanced Data Analytics, Artificial Intelligence, Cloud Computing, CyberSecurity, Robotics and Blockchain provide growth opportunities for Indian IT/ITeS firms. The Indian IT sector is at the forefront of adopting Industry 4.0, utilizing cutting-edge technologies to enhance innovation and efficiency. By incorporating AI, IoT, big data analytics, and robotics, Indian firms are revolutionizing conventional processes into intelligent, automated systems. Programs like 'Digital India' and 'Make in India' are also driving this transformation, helping Indian businesses secure a strong position in global markets.

India's Information Technology (IT) market has demonstrated a steady increase in its share of the global IT market over the years, rising from 5.0% in CY20 and CY21 to a projected 6.4% by CY30. While the share remained stagnant in the initial two years, there was a noticeable increase beginning in CY22, reaching 5.2%, and further climbing to 5.9% in CY23. The projected rise to 6.4% by CY30 indicates a positive long-term outlook. The IT & ITeS sector's share of GDP remains strong at around 7.3% from FY21 to FY25 and is expected to increase to 7.4% in FY26 and is projected to be a healthy 6.3% in FY31P, reflecting India’s dynamic economic diversification. While India's IT industry continues to expand in absolute terms, the slight shift in its GDP share highlights the rapid expansion and strengthening of other sectors, showcasing India’s diversified economic progress.

Pros and strengths 

Deep domain expertise delivered through comprehensive solutions across industries: The company provides comprehensive services and solutions to customers across six industries (each of which is an operating segment): Government, public sector undertakings, and private enterprises in industries such as Law Enforcement, Defense, Railways, Transportation, Food & beverages, Engineering, Financial Services and Insurance, Telecom and Utilities, Healthcare and Agriculture, Automotive, Wholesale and Retail and Education, etc. The company is accredited with several international certifications, including ISO/IEC 20000-1:2018 for IT Service Management Systems, ISO 22301:2019 for Business Continuity Management Systems, ISO 14001:2015 for Environmental Management Systems and CMMI Level 5 certification for process maturity in software development and project execution.

Long standing relationship with marquee customer base: The company has cultivated long-term relationships with a diverse range of corporations, which has significantly contributed to the growth and diversification of its platform and service offerings. Its commitment to customer satisfaction has been a cornerstone of its success, helping it maintains a strong customer retention rate over the years. During the Fiscal 2026, it served around 52 domestic customers, including 28 who have been associated with it for last three continuous years. These enduring businesses reflect its dedication to providing value and support services to its clients. Its technical expertise helps it to achieve repeat orders.

Geographic presence and multi-location operations: The company operates through a distributed office network across multiple locations in India and maintain international operations to support its global client base. Its domestic presence includes offices in New Delhi, Mumbai, Ahmedabad, Jaipur, and Bangalore, with its corporate headquarters located in Bhopal, Madhya Pradesh. This multi-city presence across key commercial centers enables it to access diverse talent pools and serve clients across various regions in India.

Experienced management team: Its management team is led by Sukhbir Singh Kukreja, Promoter and Managing Director, who has been associated with the company since its incorporation and has over 25 years of experience in IT infrastructure and related domains. Jogendrapal Singh Alagh, Promoter and Whole-Time Director, has been associated with the company since 2003 and has more than 22 years of experience in the IT sector. Shiney Sukhbir, Promoter and Non-Executive Director, has been associated with the company since 2017 and has been on the Board since January 20, 2025. The management team has experience across the business verticals in which the company operates and is involved in strategic planning, implementation, and client engagement processes. They also oversee operational and compliance functions, supported by a qualified mid-level and operational workforce.

Risks and concerns

Dependence on Government/PSU customers: The company generates revenue through a combination of fixed-price contracts, time-and-materials arrangements, and recurring service agreements. It services both Government/Public Sector Undertakings (PSUs) and Private Sector clients and industry vertical such as. automotive / retail & services, education, financial service, government / utility etc. As of Fiscal 2026, Fiscal 2025 and Fiscal 2024, more than 47.06%, 59.46% and 46.32%, respectively of the revenue was recognized from Government/PSU clients. Additionally, the loss of or inability to qualify for such orders may adversely affect its business, financial condition, results of operations, and prospects.

Revenue concentration in enterprise applications and managed services: The company’s revenue from operations is concentrated in Enterprise Applications and Managed services. It is an integrated information technology solutions provider delivering end-to-end services including enterprise applications, digital services, managed services, proprietary platforms, and strategic technology partnerships for clients across industries and geographies. As of Fiscal 2026, Fiscal 2025, and Fiscal 2024, Enterprise Applications accounted for 33.22%, 35.22%, and 47.58% of total revenue, respectively, while Managed Services contributed 40.53%, 38.53%, and 37.26% of total revenue, respectively. Any decrease in revenue from a service offering, whether due to increased competition, supply constraints, reduction in demand, or its inability to extend or renew existing contracts on commercially viable terms, may adversely affect its business, cash flows, results of operations, and financial condition.

Supplier concentration risk: The company’s business operations are heavily dependent on its suppliers including a wide range of third parties, suppliers of hardware and software products, OEM distributors, independent contractors, service providers, and cloud/data center providers. These third parties collectively support it in sourcing products, executing project components, and delivering services to clients. Purchases from the company's top 10 suppliers represented 95.24%, 74.83%, and 71.72% of its total purchases in Fiscal 2026, Fiscal 2025, and Fiscal 2024, respectively. The failure of its these to deliver these products in the necessary quantities, on time or to meet specified quality standards or technical specifications, could adversely affect its business and its ability to deliver orders on time.

Dependence on top 10 customers for revenue: The company is heavily dependent on the contribution of its top 10 customers every year. Consequently, its business and financial condition in any given financial year is reliant on its top 10 customers. Revenue from the company's top 10 customers represented 86.72%, 65.99%, and 75.38% of its revenue from operations in Fiscal 2026, Fiscal 2025, and Fiscal 2024, respectively. Its business, results from operations, and financial condition are heavily dependent on maintaining relationship with its customers, and failure or inability to maintain of all or any of its top 10 customers, for any reason (including, due to failure to negotiate acceptable terms, adverse change in the financial condition of such customers for various factors such as possible bankruptcy or liquidation or other financial hardship, merger or decline in sales from such customers, reduced or delayed customer requirements, geopolitical reasons and, or, other work stoppages affecting production by such customers) could have a material adverse impact on its business, results of operations, financial condition and cash flows.

Outlook  

Xtranet Technologies and its subsidiaries are engaged in the business of Providing ITeS services. It operates through a mix of onsite and offshore delivery to maintain operational efficiency and address client-specific requirements, supported by subsidiaries, Joint Venture (JV) and its proprietary platforms that extend specialized capabilities. On the concern side, most of its business operations are concentrated in the respective states. As of March 31, 2025, the revenue was recognized from projects executed in the state of Maharashtra, Madhya Pradesh and Delhi. Due to this geographic concentration of its business operations, its results of operations and growth might be restricted to the economic and demographic conditions of Maharashtra.

The issue has been offering 1,31,34,000 shares in a price band of Rs 120-127 per equity share. The aggregate size of the offer is around Rs 157.61 crore to Rs 166.80 crore based on lower and upper price band respectively. On performance front, its total income increased by 32.36% from Rs 27,653.01 lakh in Fiscal 2025 to Rs 36,601.19 lakh in Fiscal 2026. Its profit for the year increased to Rs 4,072.76 lakh in Fiscal 2026 from Rs 3,003.47 lakh in Fiscal 2025, reflecting rise of 35.60%.

Meanwhile, the company intends to continue expanding its geographical footprint across India and international markets to build a diversified base of operations and revenue streams. Domestically, its operations are currently concentrated in states including Madhya Pradesh, Gujarat, Maharashtra, Rajasthan, Karnataka, Delhi and Uttar Pradesh, where it is engaged in projects spanning ERP deployment, Integrated command and control center (ICCC) operations, e-governance solutions, and Data Center modernization. Its strategy is to broaden this presence by participating in digital transformation programs announced by other state governments, including smart city initiatives, education digitalization programs, and utility modernization projects. By extending its services into additional states, it seeks to leverage its experience in executing multi-location projects for governments and public sector undertakings.

Bench Mark Infotech Services

• Bench Mark Infotech Services is coming out with an initial public offering (IPO) of 38,58,000 shares in a price band of Rs 104 - 110 per equity share.
• The issue will open for subscription on September 25, 2026 and will close on September 29, 2026.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 10.40 times of its face value on the lower side and 11.00 times on the higher side.
• Book running lead manager to the issue is GYR Capital Advisors.
• Compliance officer for the issue is Sucheta Todi.

Profile of the company

Bench Mark Infotech Services is an integrated IT and digital infrastructure solutions company with over 19 years of experience in providing technology infrastructure solution to government departments, public sector undertakings, institutional customers and private sector clients across India. Operating as a single-window partner, it designs, supplies, installs, commissions and maintains the networks, communication systems, surveillance and connectivity backbone on which its customers rely to build, manage and scale their technology ecosystems. Its service offerings include local and wide area networking (LAN & WAN), wireless communication systems, installation of active network devices, Structured cabling, multimedia and audio-visual systems, smart classrooms, e-classrooms and professional AV, Access control solutions, safety and security surveillance, and allied infrastructure services. It has expanded its service offerings by entering the data storage and data centre solutions segment. Its services under this vertical include supply, deployment and integration of servers, storage systems, virtualization, data backup and recovery solutions, cloud-based services such as Infrastructure as a Service (IaaS) and Software as a Service (SaaS), and cloud security solutions. 

It has also initiated its offerings towards Artificial Intelligence (AI) Lab Solutions, including setting up of AI labs and providing edge computing nodes and related infrastructure for AI, machine learning and other computing applications, including AI laboratories, GPU-enabled computing platforms, enterprise storage, high-performance networking, and AI-ready data infrastructure. Further, it has expanded its offerings in the areas of cybersecurity and data security by providing solutions such as Next-Generation Firewalls (NGFW), Unified Threat Management (UTM), endpoint security, identity and access management, and managed security services and NOC (Network Operations center) for centralized monitoring and handling the challenges related to managing, monitoring, and controlling the networks in customer IT ecosystem. In addition to project execution, it provides annual maintenance contracts (AMC) and support services under contractual arrangements, including technical assistance, operational support, and 24x7 support services to help ensure business continuity and timely resolution of customer requirements. It also provides fibre optic solutions as part of its service offerings, including renting and provisioning of fibre optic lines wherever required under project contracts, thereby supporting the connectivity requirements of its customers. It also undertakes fibre optic infrastructure execution activities such as trenching, digging, ducting, laying of fibre cables, integration of fibre networks and restoration work.

Its business model is to provide integrated solutions with on an order-driven project execution framework, wherein it undertakes projects awarded through competitive bidding and tendering processes after providing complete end to end solutions. It procures hardware and software components from original equipment manufacturers (OEMs) and authorized vendors and integrate them to deliver customized, end-to-end solutions in accordance with project specifications. It is committed to maintaining quality standards and operational capabilities. The company holds ISO 9001:2015 certification for quality management systems and ISO/IEC 27001:2022 certification for information security management systems. It is registered as an Infrastructure Provider Category-I (IP-I), which enables it to establish, maintain and lease telecom infrastructure assets such as dark fibre, right of way, duct space and towers to licensed telecom service providers. This registration also supports its capability to undertake fibre optic network development and selective leasing of fibre infrastructure as part of its service offerings.

Proceed is being used for:

• Funding the working capital requirements of the company
• General corporate purposes

Industry overview

India Networking Market size was valued at $114.07 million in 2023 and the total revenue is expected to grow at a CAGR of 18.6% through 2024 to 2030, reaching nearly $376.50 million. The process of integrating computers, cell phones, and Internet of Things (IoT) devices is known as networking. The connection is functional in terms of hardware and software, as well as wired and wireless technology. These gadgets are also capable of connecting to networks such as the Internet. Computer Engineering, Computer Application, Computer Science, IT Engineering, Electrical Engineering, and more subjects are represented. The two types of network connections are a local area network (LAN) and a wide area network (WAN). As India is Asia's IT hub, networking is in high demand. In India, networking has a huge potential. TCS, Infosys, Wipro, HCL, Tech Mahindra, and other companies are continually looking for qualified applicants to join them. 

The India networking market is expected to be driven by the key factors such as the rising networking awareness and the growing need for more agile and efficient networking infrastructure. Moreover, during the forecast period 2024-2030, government efforts such as ‘Digital India’ are expected to have a beneficial impact on the India networking market. The growth of the India networking market is aided by government investment in public infrastructure restoration and company spending in the telecom and banking divisions as part of the digitization process. 

Increased investments in the three segments- Ethernet switches, routers, and WLAN - were seen across enterprise and service provider deployments. In India, the Ethernet Switch market was valued at $148.1 million, representing a remarkable year-over-year increase of 24.2%. Cisco held a 60.7% share of the Ethernet Switch market, followed by Hewlett Packard Enterprise (HPE) and Huawei. To solve the automation and orchestration needs resulting from complex network infrastructures, businesses are turning to next-generation networking technologies. In terms of compound annual growth rate (CAGR), all three segments of the India networking market are expected to rise in the single digits between 2024-2030.

Pros and strengths

Integrated business model with end-to-end service capabilities under one roof: The company operates an integrated business model, providing a comprehensive range of services under one roof across its key verticals, including design, supply, installation and commissioning of IT hardware and networking equipment, annual maintenance contracts (AMCs), and fibre optic infrastructure solutions. Under its IT hardware and networking vertical, it undertakes supply of a wide range of equipment such as switches, routers, CCTV systems, video walls, racks, along with turnkey project execution, system integration, installation, testing, and commissioning. This is complemented by its AMC services, which provide preventive maintenance, troubleshooting, and repair support through customised contracts, thereby ensuring continuity of operations for customers and generating recurring revenue. In addition, the company offers fibre optic infrastructure solutions, including deployment of fibre networks and associated civil works, as well as leasing of fibre infrastructure, enabling clients to access connectivity solutions without significant upfront investment.

Long standing customer relationships with repeat order flow: The company has developed and maintained long-standing relationships with its customers across its business verticals, resulting in a consistent flow of repeat orders. Its customer base includes government departments, public sector undertakings, and institutional clients, with whom the company has engaged across multiple projects over time. A portion of the company revenue is derived from repeat business from existing clients, reflecting continuity in engagements and ongoing participation in projects within similar domains and requirements.

Established track record of execution across diverse project segments: It has an established track record of executing projects across its business verticals, including design, supply, installation and commissioning of IT infrastructure solutions, annual maintenance contracts (AMCs), facility support services, and fibre optic infrastructure solutions. It undertakes projects for government departments, public sector undertakings, institutional clients, and private sector clients across India under an order-driven execution model. Its project execution encompasses procurement, installation, system integration, testing, commissioning, and post-installation maintenance in accordance with customer requirements. Its experience across diverse project segments enables it to execute projects at multiple locations while coordinating with customers, vendors, and implementation teams.

Risks and concerns

Concentration of revenue among top ten customers: It is dependent on certain key customers for a substantial portion of its revenues. Its top ten customers contribute 94.19%, 89.08%, and 91.87% of its total revenue from operations for the financial year ended on March 31, 2026, 2025 and 2024, respectively. Its business operations are highly dependent on its customers and the loss of any of its customers may adversely affect its sales and consequently on its business and results of operations.

Geographic concentration of revenue in Bihar, Odisha and West Bengal: Its business operations span various regions across India. However, a significant percentage of its revenue is contributed by Bihar, Odisha and West Bengal. It derives majority of its revenue from these three states which accounted for 80.04%, 85.39%, and 64.00% of its revenue from operations for the F.Y. ended March 31, 2026, March 31, 2025 and March 31, 2024. As a result, its geographic concentration, its business and financial results are susceptible to economic, social, weather, and regulatory conditions or other circumstances in each of these states. Any deterioration of macroeconomic conditions or decline in cyber security demand in these states could unfavourably impact the volume of its business.

High revenue dependence on government contracts: Its business is substantially dependent on contracts undertaken by various government bodies, government entities, and government institutions of the government of India (Government customers) including, inter alia, various public sector undertakings and other entities funded by the Government. The Government customers contributed 73.10%, 95.01%, and 92.91% of its total revenue from operations for the financial year ended on March 31, 2026, 2025 and 2024, respectively. A vast majority of contract awarded by Government Customers are tender based. It competes with various companies while submitting the tender for these contracts. Its performance could be adversely affected if it is not able to successfully bid for these contracts or required to lower its bid value.

Outlook

Bench Mark Infotech Services provides integrated IT and digital infrastructure solutions, including networking, communication, surveillance, fibre optic, cloud and data centre solutions, with installation, maintenance and managed support services across India. Its project execution encompasses procurement, installation, system integration, testing, commissioning, and post-installation maintenance in accordance with customer requirements. Its experience across diverse project segments enables it to execute projects at multiple locations while coordinating with customers, vendors, and implementation teams. On the concern side, a significant portion of its assets comprises trade receivables. Any delay in realization, inability to recover outstanding dues, or deterioration in the creditworthiness of its customers may adversely affect its liquidity, cash flows, financial condition and results of operations.

The company is coming out with a maiden IPO of 38,58,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 104-110 per equity share. The aggregate size of the offer is around Rs 40.12 crore to Rs 42.44 crore based on lower and upper price band respectively. On performance front, revenue from operations increased 20.96% from Rs 5,003.85 lakh in Fiscal 2025 to Rs 6,052.76 lakh in Fiscal 2026. Profit after tax increased 75.25% from Rs 583.04 lakh in Fiscal 2025 to Rs 1,021.80 lakh in Fiscal 2026.

Meanwhile, it intends to broaden its portfolio of technology infrastructure services, encompassing networking and connectivity solutions, security and surveillance systems, audio-visual and display solutions, data center infrastructure, power and electrical systems, and associated support services. By diversifying and enhancing its service offerings, the company seeks to address the evolving technological and operational requirements of customers across both public and private sectors. Going forward, it intends to expand its presence in the optical fiber infrastructure segment by undertaking projects across multiple geographies in India. Its focus is on strengthening its capabilities in fibre optic network deployment, including cable laying, installation, splicing, testing, commissioning, and associated civil works such as trenching, ducting, and restoration.