Genxai Analytics

Genxai Analytics is coming out with an initial public offering (IPO) of 47,28,000 shares in a price band of Rs 110-116 per equity share.
The issue will open on June 05, 2026 and will close on June 09, 2026.
The shares will be listed on SME Platform of NSE.
The face value of the share is Rs 10 and is priced 11.00 times of its face value on the lower side and 11.60 times on the higher side.
Book running lead manager to the issue is Choice Capital Advisors.
Compliance officer for the issue is Neha Agarwal.

Profile of the company

The company is a technology-driven provider of enterprise performance and analytics solutions that enable organisations to streamline workflows, improve system performance, and enhance operational efficiency. It integrates data and processes across finance, sales, operations, customer management and human resources into unified systems, enabling teams to work with a single source of information and make operational decisions more efficiently. The company operates in the Indian IT-BPM and enterprise technology services landscape.

To enable these outcomes, the company offers a suite of AI-enabled workflow and analytics tools such as AI-assisted recommendation and content-generation tools, which are designed to integrate with existing IT infrastructures to automate workflows and support data-driven decision-making. Its service offerings span across enterprise planning, data engineering, analytics, application development, and generative Artificial Intelligence (AI) led solutions. These offerings are aligned with increasing enterprise adoption of cloud platforms and AI-enabled decision systems to improve planning accuracy and operational responsiveness.

Its solutions span across Enterprise Resource Planning (ERP), Enterprise Performance Management (EPM), Data Engineering and Analytics, Application Development, Generative AI solutions, and Web Development and Design. These solution areas enable organisations to manage core operational and planning processes in a structured manner, improve visibility across financial and operational data, and support more informed decision-making across functions.

Proceed is being used for:

Funding working capital requirement of the company
Repayment and / or prepayment in part or full of its outstanding borrowings
Capital expenditure to meet expenses for development of new products
General corporate purposes

Industry overview

The Indian IT-BPM (Information Technology and Business Process Management) industry has witnessed robust and sustained growth over the past several years, establishing itself as a global leader in technology and business process services. This growth has been driven by increasing digital adoption across industries, a strong talent pool, and rising global demand for cost-effective, high-quality IT solutions. From software development and IT consulting to customer support and analytics, the sector has expanded its capabilities while embracing emerging technologies such as cloud computing, automation, and artificial intelligence.

The Indian IT-BPM industry continues to play a significant role in the country’s economic development. In FY 2023, the sector contributed approximately 7.5% to India’s GDP, highlighting its central role in driving economic activity. By FY 2025, this contribution is projected to rise to 10%, reflecting the sector’s expanding influence across global and domestic markets, along with its growing value in digital transformation and knowledge services.

Over the next two to three years, India’s IT-BPM industry is poised for sustained growth, underpinned by robust global demand for digital solutions, ongoing technological advancements, and strategic policy interventions. As digital transformation becomes central to business strategy across industries, Indian IT service providers are expected to see increased demand for services such as cloud migration, cybersecurity, AI/ML implementation, and digital infrastructure modernization. The shift from traditional outsourcing to digitalfirst engagement models is compelling IT firms to reposition themselves as transformation partners rather than just service vendors. This evolution is expanding opportunities not just in traditional markets like the US and Europe, but also in emerging geographies in Asia, the Middle East, and Africa.

Pros and strengths

Long-standing strategic association with Anaplan: The company has established a long-standing strategic association with Anaplan, a global leader in connected planning platforms. This enduring relationship reflects the company’s deep expertise in enterprise performance management and digital transformation services. As a trusted Anaplan partner, the company has successfully delivered numerous complex implementations across industries such as BFSI, manufacturing, telecom, and consumer goods. The company’s certified professionals, domain knowledge, and proven delivery frameworks position it as a preferred implementation and consulting partner for enterprise clients seeking agile, scalable, and data-driven planning solutions. This partnership not only enhances the Company’s value proposition in the enterprise SaaS ecosystem but also strengthens its recurring revenue base through long-term engagements, managed services, and value-added consulting.

Diversified client & industry presence across high-growth sectors: The company serves a broad and diversified client base across multiple high-growth industries, including Banking, Financial Services and Insurance (BFSI), manufacturing, consumer goods & retail, technology, media and telecommunications, life sciences and healthcare, and the Government and public sector. This multi-sectoral presence not only mitigates business concentration risk but also enables the Company to apply cross-industry insights and best practices, thereby delivering greater value to clients. By addressing varied business challenges ranging from regulatory compliance in BFSI to supply chain optimization in manufacturing the company has built a resilient and adaptable service portfolio. This sectoral diversification also enhances the Company’s ability to withstand cyclical downturns in any single industry and positions it to capture growth opportunities across evolving market landscapes.

Established long-term client base: The company has built and sustained long-term relationships with a diverse portfolio of clients. A number of these relationships extend over multiple years, with engagements that have expanded from single assignments to broader, recurring partnerships. These relationships are indicative of its ability to meet client requirements on a sustained basis across digital transformation, enterprise planning, and data analytics. Such continuity provides stability to its revenue profile and also creates opportunities to offer additional services over time. Further, there were 28 customers who contributed to its revenue from operations who have maintained an ongoing relationship with it for at least 3 reporting periods. it derived revenue of Rs 2,114.47 lakh, Rs 1,689.36 lakh and Rs 1,106.39 lakh for Fiscals 2025, 2024 and 2023 which constituted 74.11%, 70.19% and 66.77% of its revenue from operations, respectively, from such customers who have been associated with the company for at least three reporting periods.

Risks and concerns

Significant revenue dependence on limited number of customers: A substantial portion of its revenue is derived from a limited number of customers. During the nine-month period ended December 31, 2025, Fiscal 2025, Fiscal 2024, and Fiscal 2023, the Company's top 10 customers contributed 74.36%, 65.23%, 63.20%, and 62.70%, respectively, of its revenue from operations. Any reduction in the purchase orders from these customers, deterioration in its relationships with them, delays or defaults in payments, or failure to renew existing contracts on favorable terms could materially and adversely impact its revenue and profitability.

Significant portion of revenue is derived from customers located outside India: A substantial portion of its revenue is generated from customers located outside India, with a substantial portion contributed by customers based in the United States. During the nine-month period ended December 31, 2025, and Fiscal 2025, Fiscal 2024, and Fiscal 2023, revenue from customers located outside India contributed 50.10%, 25.84%, 32.14%, and 30.90%, respectively, of the company's revenue from operations. any adverse regulatory, economic, or geopolitical developments in such countries, including the United States, may adversely affect its business and results of operations.

Exposure to foreign exchange fluctuation risk: The company is exposed to foreign exchange related risks as a portion of its revenue from export operations are in foreign currency. It may, therefore, be exposed to risks arising from exchange rate fluctuations and it may not be able to pass on all losses on account of foreign currency fluctuations to its customers, and as a result, suffer losses on account of foreign currency fluctuations. It does not enter into foreign currency hedging transactions from time to time, hence there is no guarantee that it may be able to manage its foreign currency risk effectively or mitigate exchange exposures, at all times and its inability may harm its results of operations and cause its results to fluctuate and/or decline.

Outlook

The company is a service provider primarily engaged in delivering AI-enabled enterprise and digital transformation solutions designed to enhance efficiency, automate operations, and support data-driven decision-making. The company has evolved from traditional technology and support services into an advanced AI-focused organization offering intelligent automation, real-time analytics, and integrated digital platforms. On the concern side, the company operates in a highly competitive and rapidly evolving AI-driven technology industry, which is characterized by strong demand for skilled professionals and intense competition for niche and advanced talent. Rapid advancements in AI and Generative AI technologies have led to the emergence of new and specialized roles such as Gen AI engineers, architects, and prompt engineers, thereby increasing employee mobility across the industry and contributing to elevated attrition levels.

The company is coming out with a maiden IPO of 47,28,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 110-116 per equity share. The aggregate size of the offer is around Rs 52.01 crore to Rs 54.84 crore based on lower and upper price band respectively. On performance front, its total income has increased by 19.30% from Rs 2,420.81 lakh in fiscal 2024 to Rs 2,887.99 lakh in fiscal 2025. The company recorded an increase of 149.16% in profit after tax attributable to owners of the parent from Rs 265.25 lakh in Fiscal 2024 to Rs 660.89 lakh in Fiscal 2025.

As part of its geographic strategy, it continues to evaluate opportunities to strengthen its global footprint in markets that demonstrate sustained demand for enterprise planning, digital transformation, and analytics solutions. At the same time, it rationalizes its presence in geographies where growth prospects are limited, with the objective of aligning resources to areas with stronger potential returns. This approach enables it to balance diversification with focus, thereby maintaining revenue stability while selectively pursuing expansion. The company is deeply committed to remaining at the forefront of technological innovation by proactively investing in artificial intelligence (AI) research, advanced analytics, and product development. Its strategic vision is anchored in building a future-ready organization capable of delivering next-generation solutions aligned with the evolving needs of enterprises across industries.

Genxai Analytics Ltd.