A Jaipur-based AI and enterprise analytics solutions company plans to raise Rs 51.91 crore via the NSE SME platform.
Genxai Analytics Ltd., a technology-focused enterprise performance and analytics solutions provider, opens for subscription on June 5 with the issue closing on June 9. The company is listing on the NSE SME Emerge platform. Employees can apply at a discount of Rs 10 per share.
What the Company Does
Incorporated in 2007 and headquartered in Jaipur, Genxai Analytics provides AI-enabled workflow automation, data analytics, enterprise planning, and cloud-based business solutions designed to improve operational efficiency and support data-driven decision-making. Its proprietary AI tools include a Finance Language Model (FLM), Sales Language Model (SLM), Operations Language Model (OLM), and a Smart Invoice Processing tool.
The company works with clients in consumer goods, manufacturing, retail, technology, telecom, and BFSI sectors, with over 50% of revenue sourced from outside India — primarily from the Americas including Singapore, the United States, and other markets. As of March 31, 2026, it had 116 employees on a standalone basis and operates 10 subsidiaries.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | June 5, 2026 |
| Issue Closes | June 9, 2026 |
| Listing | NSE SME Emerge (June 12, 2026) |
| Price Band | Rs 110 – Rs 116 per share |
| Face Value | Rs 10 |
| Issue Size | Rs 51.91 crore (100% Fresh Issue) |
| Lot Size | 1,200 shares (min 2 lots = 2,400 shares) |
| Min. Retail Investment | Rs 2,78,400 |
| Employee Discount | Rs 10 per share |
| BRLM | Choice Capital Advisors Pvt. Ltd. |
| Registrar | Bigshare Services Pvt. Ltd. |
From proceeds: working capital, debt repayment, new product development, and general corporate purposes.
Financial Performance
| Particulars (Rs cr – Standalone) | FY23 | FY24 | FY25 | 9M FY26 |
|---|---|---|---|---|
| Revenue | 16.60 | 24.21 | 28.88 | 64.27 |
| PAT | 0.84 | 2.65 | 6.55 | 13.31 |
| PAT Margin | 5.09% | 11.02% | 23.16% | 20.72% |
| RoCE | 71.25% | 70.70% | 70.26% | 51.33% |
Revenue has grown from Rs 16.60 crore in FY23 to Rs 28.88 crore in FY25, with the 9M FY26 standalone revenue of Rs 64.27 crore already exceeding double the full-year FY25 number — a dramatic acceleration that warrants close scrutiny. PAT margins have expanded from 5% in FY23 to over 23% in FY25.
However, despite high reported profits, operating cash flows have been negative across periods — a fundamental concern for investors since profit is not translating into cash generation. The debt-to-equity ratio is also higher than listed peers. At the upper band, the P/E works out to around 31x on FY25 earnings and approximately 11.7x on annualised 9M FY26 earnings.
Risks to Consider
Employee attrition of 46.50% in FY25 is extraordinarily high for an analytics and AI company where domain expertise and institutional knowledge are the primary business assets — this is a structural risk that the company’s growth trajectory makes harder to ignore. Top 5 clients contributed 61.07% of revenue in 9M FY26, with the single largest client at 20.67% — extreme concentration for a technology business. Negative operating cash flows despite high margins raise questions about the quality and timing of revenue recognition. The company operates without long-term exclusivity contracts, meaning its large clients can pivot at any time.
Analyst View
Analysts note that while the company has posted growth in its top and bottom lines, the quantum jump in bottom lines raises eyebrows and concern over sustainability. The outperforming margins and higher debt-to-equity ratio compared to listed peers are further flags. The issue appears aggressively priced on an overall basis, say analysts.