GenXAI Analytics Limited IPO – Detailed Analysis
Based on Red Herring Prospectus dated May 27, 2026 | Listing on NSE Emerge (SME Platform)
IPO Snapshot
| Particular | Details |
|---|---|
| Company Name | GenXAI Analytics Limited |
| Issue Type | Fresh Issue (100% Book Built) |
| Face Value | ₹10 per share |
| Total Shares Offered | Up to 47,28,000 |
| Price Band | To be announced |
| Lot Size | To be announced |
| Issue Opens | June 05, 2026 |
| Issue Closes | June 09, 2026 |
| Listing On | NSE Emerge (SME) |
| BRLM | Choice Capital Advisors Pvt Ltd |
| Registrar | Bigshare Services Pvt Ltd |
| Promoters | Rakesh Agarwal & Lakshmi Agarwal |
Pre-Issue Shares: 1,32,15,610 | Post-Issue Shares: Up to 1,79,43,610
Note: This is entirely a Fresh Issue. There is no Offer for Sale (OFS) component. The entire proceeds go to the company.
About the Company
GenXAI Analytics Limited, incorporated in 2007 (originally as Harbinger Consulting Pvt Ltd), is a technology-driven provider of enterprise performance management and analytics solutions. The company is headquartered in Jaipur, Rajasthan.
The company helps organisations streamline workflows, improve system performance, and enhance operational efficiency by integrating data and processes across finance, sales, operations, customer management, and HR into unified systems.
Key Service Lines
| Service | What it Covers |
|---|---|
| Enterprise Performance Management (EPM) | Financial planning, budgeting, forecasting using Anaplan platform |
| Enterprise Resource Planning (ERP) | SAP S/4HANA implementation, upgrades, migration |
| Data Engineering & Analytics | Data mining, modelling, visualisation (Power BI, Tableau) |
| GenAI Engine | Proprietary AI models – FLM, OLM, SLM for finance, operations, sales |
| App & Web Development | Custom solutions on Node.js, React, Angular, Python, Java, .NET |
Industries Served
BFSI, Manufacturing & Retail, Pharmaceuticals & Healthcare, Technology/Media/Telecom, Consumer Goods, and Government & Public Sector.
Government Projects
GenXAI has worked on notable government projects including an E-governance research portal, AI-powered vehicle inspection under the Scrappage Policy, an AI-driven climate engineering project for Ramgarh Lake (Jaipur) in collaboration with the Rajasthan Government, and intelligent agriculture initiatives.
Subsidiaries
| Subsidiary | Stake | Type |
|---|---|---|
| GenXAI BOT Pvt Ltd | Subsidiary | Invoice processing, AI bots |
| Veear Analytics Inc (USA) | 51% | US operations |
| GenXAI Softgrid Pvt Ltd | Step-down | Web development & design |
Objects of the Issue
| Purpose | Amount (₹ Lakhs) |
|---|---|
| Working Capital Requirements | 720.00 |
| Repayment / Prepayment of Borrowings | 300.00 |
| Capital Expenditure – New Product Development | 2,837.08 |
| General Corporate Purposes | To be finalised |
The largest chunk (₹28.37 Cr) is earmarked for developing new products, which signals the company’s focus on product-led growth.
Financial Performance (Consolidated)
All figures in ₹ Lakhs unless stated otherwise. 9M = Nine months ended Dec 31, 2025 (not annualised).
Revenue & Profitability
| Particular | FY23 | FY24 | FY25 | 9M Dec 25 |
|---|---|---|---|---|
| Revenue from Ops | 1,657 | 2,407 | 2,853 | 6,427 |
| Total Income | 1,661 | 2,421 | 2,888 | 6,447 |
| EBITDA | 142 | 413 | 1,003 | 1,897 |
| EBITDA Margin | 8.57% | 17.14% | 35.14% | 29.52% |
| Profit After Tax | 84 | 265 | 655 | 1,331 |
| PAT (to Owners) | 84 | 265 | 661 | 1,066 |
| PAT Margin | 5.09% | 11.02% | 23.16% | 16.58% |
Per Share & Return Metrics
| Metric | FY23 | FY24 | FY25 | 9M Dec 25 |
|---|---|---|---|---|
| EPS (Basic) ₹ | 0.64 | 2.01 | 5.01 | 8.07 |
| RoNW | 60.73% | 85.57% | 85.49% | 51.04% |
| RoCE | 71.25% | 70.70% | 70.26% | 51.33% |
| NAV per share ₹ | – | – | 8.36 | 23.26 |
| Debt-Equity Ratio | 0.46 | 0.93 | 0.66 | 0.52 |
Revenue Growth Trend
| Period | Revenue (₹ L) | YoY Growth |
|---|---|---|
| FY 2023 | 1,657 | – |
| FY 2024 | 2,407 | ~45% |
| FY 2025 | 2,853 | ~19% |
| 9M Dec 2025 | 6,427 | Already 2.25x FY25 |
The 9-month revenue of ₹64.27 Cr (ending Dec 2025) has already surpassed the full-year FY25 revenue by a significant margin, indicating strong growth momentum.
Balance Sheet Highlights (as at Dec 31, 2025)
| Item | Amount (₹ Lakhs) |
|---|---|
| Equity Share Capital | 1,321.56 |
| Reserve & Surplus | 1,918.63 |
| Total Net Worth (incl minority) | 3,754.01 |
| Total Borrowings (Long + Short term) | 1,607.05 |
| Total Assets | 7,279.13 |
| Trade Receivables | 1,928.04 |
| Cash & Cash Equivalents | 443.40 |
Operational Highlights
| KPI | FY23 | FY24 | FY25 | 9M Dec 25 |
|---|---|---|---|---|
| Number of Clients | 46 | 46 | 79 | 114 |
| EBITDA / Employee (₹ L) | 1.73 | 4.17 | 10.13 | 16.36 |
| Days Working Capital | 0 | 43 | 87 | 146 |
Revenue Mix – Geography
| Geography | FY23 | FY24 | FY25 | 9M Dec 25 |
|---|---|---|---|---|
| India | 69.10% | 67.86% | 74.16% | 49.90% |
| Outside India | 30.90% | 32.14% | 25.84% | 50.10% |
International revenue contribution has grown from ~31% in FY23 to ~50% in the latest 9-month period, led by US clients.
Customer Concentration
| Segment | FY23 | FY24 | FY25 | 9M Dec 25 |
|---|---|---|---|---|
| Top 1 Client | 17.99% | 13.13% | 19.38% | 20.67% |
| Top 5 Clients | 43.30% | 45.32% | 49.26% | 61.07% |
| Top 10 Clients | 62.70% | 63.20% | 65.23% | 74.36% |
Customer concentration has increased in the latest period. No long-term contracts with customers as per the DRHP.
Peer Comparison (FY25)
| Company | Rev (₹ L) | EPS ₹ | P/E | RoNW | NAV ₹ |
|---|---|---|---|---|---|
| GenXAI Analytics | 2,853 | 5.01 | [●] | 85.49% | 8.36 |
| AION-Tech Solutions | 8,890 | 2.86 | 14.25 | 12.16% | 27.72 |
| Latent View Analytics | 84,784 | 8.45 | 34.97 | 12.07% | 72.65 |
Industry P/E: Low 14.25x | High 34.97x | Average 24.61x. GenXAI’s RoNW (85.49%) is significantly higher than listed peers, but it operates at a much smaller scale.
Promoter & Shareholding
Promoters: Rakesh Agarwal (Managing Director) and Lakshmi Agarwal (Whole-time Director)
Promoter Lock-in: 35,88,722 shares locked for 3 years. Remaining 83,42,620 promoter shares released in two phases — 50% after 1 year, 50% after 2 years.
Non-Promoter Pre-issue Lock-in: 12,84,268 shares locked for 1 year from allotment.
Key Risk Factors (from RHP)
| # | Risk |
|---|---|
| 1 | High customer concentration — Top 10 clients contribute ~65-74% of revenue; loss of any key client can hurt |
| 2 | Significant international revenue dependence (~50%), especially from the US — exposed to geopolitical, regulatory, and currency risks |
| 3 | No long-term contracts with clients; no exclusivity arrangements |
| 4 | Company has changed its name four times since 2007 — Harbinger → Harbinger Analytical → Veear Analytics → GenXAI |
| 5 | Recently acquired subsidiaries (2024-2025) — integration and performance yet to be proven at scale |
| 6 | Increasing working capital days (0 in FY23 → 146 in 9M Dec 2025) — indicates rising receivables/inventory |
| 7 | Listing on NSE Emerge (SME platform) — typically lower liquidity than mainboard stocks |
| 8 | Pending legal proceedings involving the company, its subsidiaries, promoters, and directors |
Company Name Change History
| Year | Name |
|---|---|
| 2007 | Harbinger Consulting Private Limited |
| 2019 | Harbinger Analytical Consulting Private Limited |
| 2022 | Veear Analytics Private Limited |
| 2024 | GenXAI Analytics Private Limited |
| 2025 | GenXAI Analytics Limited (converted to public) |
Pros and Cons
✅ Pros
- Strong revenue growth — Revenue grew from ₹16.57 Cr (FY23) to ₹28.53 Cr (FY25), and 9M Dec 2025 revenue of ₹64.27 Cr already surpasses full FY25
- Improving profitability — EBITDA margin expanded from 8.57% (FY23) to 35.14% (FY25); PAT margin improved from 5.09% to 23.16%
- High RoNW — Return on Net Worth consistently above 60-85%, significantly higher than listed peers (~12%)
- Diversified service offerings — EPM, ERP, Data Engineering, GenAI, and App Development across multiple industries
- Strategic Anaplan partnership — Long-standing association with a global leader in connected planning platforms
- Growing international footprint — International revenue reached 50% of total, reducing domestic-only dependence
- Government projects — Involvement in AI-driven government initiatives adds credibility
- Fresh issue only — All IPO proceeds go to the company for growth, not to promoters selling shares
- Growing client base — Clients increased from 46 (FY23) to 114 (9M Dec 2025)
⚠️ Cons
- High customer concentration — Top 10 clients contribute 65-74% revenue; top client alone ~20%. No long-term contracts
- Multiple name changes — 4 name changes since 2007 may raise questions about consistency in business direction
- Small scale of operations — Revenue of ₹28.53 Cr (FY25) is small compared to peers like Latent View (₹847 Cr)
- Rising working capital days — Working capital cycle has ballooned from 0 to 146 days, suggesting capital intensity is increasing
- Recently acquired subsidiaries — Acquisitions done in 2024-25 are new; long-term contribution is unproven
- SME listing (NSE Emerge) — SME platform typically has lower liquidity and higher volatility compared to mainboard
- Price band not yet disclosed — Valuation cannot be fully assessed until the price band is announced
- Pending litigations — Legal proceedings involving company, promoters, and directors exist
- Currency risk — With 50% international revenue, foreign exchange fluctuations can impact earnings
- Minority interest — Subsidiaries not fully owned; profit allocation to minority shareholders reduces PAT attributable to owners
