Sanjay Bambhaniya · May 29, 2026

Genxai Analytics SME IPO Review | APPLY or AVOID?

SME Book Build Listed

Information Technology

NSE SME

Price Band

₹110 - ₹116

Issue Size

₹54.84 Cr

Lot Size

1200

Min. Investment

₹1,39,200

Live GMP ₹1

0.86% Est. Listing: ₹117

SIP Calc Compare

IPO Timeline

DRHP FILED December 25, 2025

OPEN June 5, 2026

CLOSE June 9, 2026

ALLOTMENT June 10, 2026

LISTING June 12, 2026

IPO DETAILS REVIEW GMP SUBSCRIPTION ALLOTMENT STATUS

Genxai Analytics Ltd. started in 2007. It operates in the IT – Software industry and provides enterprise performance and analytics solutions to its customers across India, Singapore, and the United States. This business is based in Jaipur. This IPO review covers the main facts of the offer. It helps you decide if the issue fits your portfolio. Genxai Analytics Ltd. shows rapid growth but the growing technology competition remains a key point to consider investors.
GenXai Analytics Ltd. shows rapid growth, but the sudden profit increase remains a key point to consider investors. (The sudden bottom line jump looks artificial and raises sustainability doubts.)

✅ Strengths

High return on equity
Excellent asset utilisation and profitability tracking
Deep financial footprint inside global territories
Diversified multi-sector presence, so protected against single industry business downturns
Innovative new product development
Massive investment dedicated to agentic AI
Consistent revenue scale expansion
Excellent operating profit margins – EBITDA performance scales up significantly over the years

⚠️ Challenges

Extensive client concentration risk – Top ten customers command major business
Highly fragmented market segment
Intense local and global technology competition
Unnatural earnings spikes attract investor suspicion
Aggressive premium pricing strategy – High valuations compared to peers
Potential asset integration trouble – Managing ten active subsidiaries creates stress
Geopolitical regulatory market risk (Massive financial dependency on overseas regions)

Financial Update

The company released its restated financial statements for the year ending March 31, 2025. Total revenue was ₹28.88 crore increased from ₹24.21 crore in previous year. The net profit for the same period was ₹6.55 crore increased from ₹2.65 crore in previous year. Assets increased by 108.38% compared to the previous year. (The company registers a massive revenue of ₹64.47 crore for the 9 month period ending December 31, 2025. Net profit also jumps significantly to ₹13.31 crore during this same period. This incredible sudden growth trend looks heavily inflated to demand fancy pricing for the public offer.) This trend should be carefully studied prior to any investment.

IPO Valuation

The upper price band is ₹116. This price leads to a Price-to-Earnings (P/E) ratio of 31.78. The average P/E for the industry is 24.61. (The business prices the public offer at an expensive P/E band based on historical numbers. The asking price translates to a high pre-issue P/E ratio of 23.15 based on Fiscal 2025 financial disclosures. The company asks for a premium valuation compared to its listed sector peers like AION-Tech Solutions.) You should check if this high growth can continue in a competitive market before you invest your hard-earned money.

IPO Objective

The company will use the proceeds of the offer to meet stated objectives:

To fund capital expenditure on development of new software products costing ₹28.37 crore
To meet working capital requirements of the technology business costing ₹7.20 crore
To execute prepayment or repayment of certain corporate borrowings costing ₹3.00 crore
To manage general corporate purposes for the overall business operations

Promoters & Lead Manager

Promoters are Rakesh Agarwal and Lakshmi Agarwal. Promoter holding Pre-Issue – 90.28% and Post-Issue – 66.49%
Choice Capital Advisors Pvt. Ltd. acts as the sole lead manager for this public offer.
The lead manager handled 9 issues during the last four fiscal periods.
Zero out of these nine public listings closed below the initial offer price on listing dates.
Bigshare Services Pvt. Ltd. functions as the official registrar for this public issue.

Peer Comparison

Below is the comparison of the company with its listed peers using data from (May 29, 2026). (The promoters compared the business with AION-Tech Solutions and Latent View Analytics. AION-Tech trades at a P/E ratio of 14.25 while Latent View trades at a P/E ratio of 34.97. These entities operate on vastly different scales and do not offer a fair match.)

Company Name	EPS (Basic)	EPS (Diluted)	NAV (per share) (Rs)	P/E (x)	RoNW (%)
Genxai Analytics Ltd.	5.01	5.01	8.36		85.49
AION-Tech Solutions Ltd.	2.86	2.86	27.72	14.25	12.16
Latent view Analytics Limited	8.45	8.41	72.65	34.97	12.07

Financial data sourced from annual reports and stock exchange data, using restated financial statements for 2024-25. NAV per share (closing net worth divided by weighted average number of paid-up equity shares) and RoNW (net profit after tax divided by closing net worth).

IPO Review & Analyst Rating

The technology provider relies heavily on international markets with the Americas contributing 47.16% of total income. The top ten customers control 74.36% of the operational revenue during the 9 month period of Fiscal 2026. The outperforming profit margins raise valid sustainability concerns in a highly fragmented environment. However, many analysts say there’s strong expansion across Generative AI and enterprise planning workflows.

Analyst Name	Recommendation
Univest Analyst	Apply (Long-Term)
MNCL Group Research	Evaluate & Watch

Disclaimer: The information on the site is informational only. The contents of this blog are not financial advice. You should not invest in any stock market instrument without consulting your Financial advisor.

Sanjay Bambhaniya

Sanjay has 8+ years of experience in data-driven IPO insights. His expertise in digital marketing and web development complements his financial knowledge and helps him to develop effective fintech solutions. He is an entrepreneur and director who helps investors understand complex primary market trends in easy-to-understand IPO reports, news, and updates.

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