Xtranet Technologies Ltd(XTRANET)

NSE: XTRANETBSE: 544838

₹ 264.5-4.99%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1,383 crWebsite: xtranetindia.comUpdated: 24 Oct 2026

About

Xtranet Technologies Ltd is an Indian IT-enabled services company operating across data centre infrastructure, enterprise applications, digital services and proprietary platforms including its XtraTrust PKI platform. The company reported FY26 revenue of INR 365 Cr and targets INR 500+ Cr in FY27. Its services mix rose to 65 - 68% of Q1 FY27 revenue, up from ~45% a year earlier, driving operating leverage.^[1]

Business segments

Data centre infrastructure & IT operations contributed 48% of Q1 FY27 revenue; management targets keeping it at ~50% of total revenue.^[1]
Services accounted for ~65 - 68% of Q1 FY27 revenue, up from ~45% (referred to as ~46%) in Q1 FY26, reflecting a deliberate mix shift toward managed and value-added services.^[1]
Three-year segment mix target (by FY29): Data Centre 50 - 55%, Enterprise Applications 20 - 25%, Proprietary Platforms and Digital Services 30%+.^[1]

Proprietary platforms

XtraTrust is a PKI platform with ~850,000 recurring subscribers and 10,000+ distribution partners as of Q1 FY27.^[1]
Revenue on recurring model: ~50% of the current order book is structured on an annuity basis, realised over 4 - 5 years.^[1]

Order book and pipeline

Order book stood at INR 3,730 Mn (INR 373 Cr) across 55 projects as of 30 June 2026; ~55% is expected to be executed in FY27.^[1]
Fresh order inflows of ~INR 600 Mn were secured in Q1 FY27.^[1]
Active bid pipeline stands at ~INR 1,200 Cr across data centres, enterprise applications, digital services and proprietary platforms as of Q1 FY27; 40 - 45% is at an advanced stage.^[1]

Key operating numbers

EBITDA margin was 20.59% in Q1 FY27, up 855 bps YoY, driven by the shift to a higher services mix.^[1]
Operational EBITDA grew 89% YoY to ~INR 10 Cr in Q1 FY27 on 11% revenue growth, demonstrating operating leverage.^[1]
ROE was 33% and ROCE was 35% in FY26.^[1]

Customers and distribution

55% of the current order book is from non-government customers and 45% from government/PSU customers as of Q1 FY27; FY26 government/PSU revenue share was ~47%.^[1]
Order mix: ~45% direct orders and ~55% indirect orders as of Q1 FY27.^[1]

Expansion and capex

XtraTrust data centre capacity enhancement is targeted for completion within the next quarter from Q1 FY27 (i.e., by September 2026) to handle additional user onboarding.^[1]
Xtranet Technologies plans to incorporate a wholly owned subsidiary, XtraNet Data Centre Private Limited, focused on data centres and digital infrastructure services, with initial paid-up share capital of Rs. 5,00,000.^[2]
International expansion is targeted in the Middle East, Africa and Asia-Pacific through deployment of proprietary platforms.^[1]

Revenue recognition and contract structure

Revenue is recognised only upon billing. CAPEX deployments (50 - 60% of order value) take 9 - 18 months; the remaining OPEX tail spreads over 3 - 7 years.^[1]

Market Cap

₹1,383 Cr

High / Low

₹359 / 120

Promoter holding

62.6%

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