Most companies today run on multiple disconnected software systems — one for finance, one for sales, one for HR, another for operations. Getting all of these to talk to each other and give management a clear picture in real time is a genuine headache. That's exactly the problem Genxai Analytics has been solving since 2007.

The company is based in Jaipur and provides enterprise performance and analytics solutions — basically software and services that help large organisations connect their data, automate workflows, and make faster decisions. Think of it as the plumbing that makes different enterprise software systems work together. Their biggest partnership is with Anaplan, a global cloud platform used by large companies for business planning. Genxai is one of the implementation partners in India, which means when an Indian FMCG or telecom company buys an Anaplan license, Genxai could be the team that sets it up and runs it.

Their own products include GenXAI Smart IP for automated invoice processing, a Sales Incentive Compensation Management tool, and a GenAI Engine. Clients come from consumer goods, manufacturing, retail, technology, telecom, and banking sectors. They have offices in Jaipur, Mumbai, Bengaluru, Pune, Gurugram, Lucknow, and Indore — and international presence in Singapore, California, and Texas.

116 employees as of March 2026. Small but focused team for the kind of work they do.

Financial Snapshot

The numbers here jumped very fast — almost too fast, which is worth paying attention to.

Total income grew from ₹16.61 crore in FY23 to ₹24.21 crore in FY24 to ₹28.88 crore in FY25. Steady, but not spectacular. Then in just 9 months ending December 2025, income hit ₹64.47 crore — more than double the full year FY25 number. PAT in those 9 months was ₹13.31 crore versus ₹6.55 crore for the full FY25.

That's a massive jump. EBITDA margin was 35.14% in FY25 and 29.52% for 9M FY26 — still strong but coming down as the company scales. PAT margin at 16.58% for 9M FY26 is healthy for an IT services company.

Debt stands at ₹16.07 crore as of December 2025 — manageable. Debt-to-equity improved from 0.66 to 0.52. ROE is a very strong 51% which tells you the business generates good returns on the capital it uses.

At post-IPO P/E of 11.73x on annualised earnings, the valuation looks reasonable for an IT analytics company. But that sudden revenue doubling in 9 months needs explaining — if it's one large project or one big client, the numbers could look very different next year.

Strengths

• Revenue more than doubled in 9 months — ₹64.47 crore in 9M FY26 versus ₹28.88 crore in full FY25; if this pace continues even partially, the stock will re-rate quickly
• Long-standing Anaplan partnership — this isn't a generic IT services company; the strategic association with a global enterprise planning platform gives them recurring project pipeline and client stickiness
• Post-IPO P/E of just 11.73x — for an IT analytics company with 50%+ ROE and expanding revenues, this is genuinely cheap if growth sustains
• Fresh issue only — all IPO money goes into the business — ₹28.37 crore for product development, ₹7.20 crore for working capital; no promoter exit here, which is a good sign

Risks

• Revenue jump in 9M FY26 raises eyebrows — going from ₹28 crore full year to ₹64 crore in 9 months is unusual; if this is project-based and lumpy, FY27 numbers could disappoint badly
• Only 116 employees for this level of revenue — either productivity is exceptional or there's something in the revenue recognition that needs closer scrutiny; the Dilip Davda review flagged the same concern
• Subscription was only 16.99x overall — retail at 12.59x and QIB at 17.58x; for an SME IPO, this is not a strong subscription; Vahh Chemicals got 87x in comparison
• IT sector SME IPOs have been brutal lately — Methodhub Software listed at -16%, Logiciel Solutions at -24%; the sector has not been kind to recent listings

IPO Objects of the Issue

Contact Details

Genxai Analytics Ltd. 3rd Floor, Tower-7, Plot No. 7, Teachers Colony, Baba Market, DCM, Ajmer Road, Jaipur, Rajasthan – 302021

📞 +91 92160 43668 📧 Secretarial@genxai.com 🌐 Visit Website

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