An AI-driven cybersecurity SaaS company plans to raise Rs 37.67 crore via the BSE SME platform.
Kratikal Tech Ltd., an AI-driven Software-as-a-Service cybersecurity company serving over 677 clients across India and internationally, opens for subscription on June 30 with the issue closing on July 2. The company is listing on the BSE SME platform. This is a 100% fresh issue with no OFS component.
What the Company Does
Mumbai-based Kratikal Tech operates through two integrated business lines. The first is People Security Management — delivered via its Threatcop platform — which uses AI and simulation-based tools to train employees to recognise and respond to phishing, ransomware, and social engineering attacks.
The second is Technology and Process Security, delivered under the Kratikal brand, covering Vulnerability Assessment and Penetration Testing (VAPT), compliance services, virtual CISO advisory, and its AutoSecT AI-driven Vulnerability Management, Detection and Response (VMDR) platform. The company is empanelled with CERT-In and NSE for system audits.
The company has 200 professionals and has expanded internationally through subsidiaries in the UAE (Threatcop FZ LLC) and the USA (Threatcop AI Inc). Export revenue has grown from 13.05% of total revenue in FY24 to 29.94% in FY26 — a meaningful and growing contribution that diversifies the revenue base. IPO proceeds will fund investment in these subsidiaries for sales, marketing, and product development.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | June 30, 2026 |
| Issue Closes | July 2, 2026 |
| Listing | BSE SME (July 7, 2026) |
| Price Band | Rs 128 – Rs 135 per share |
| Face Value | Rs 10 |
| Issue Size | Rs 37.67 crore (100% Fresh Issue) |
| Lot Size | 1,000 shares (min 2 lots = 2,000 shares) |
| Min. Retail Investment | Rs 2,70,000 |
| BRLM | Beeline Capital Advisors Pvt. Ltd. |
| Registrar | KFin Technologies Ltd. |
| Market Maker | Spread X Securities Pvt. Ltd. |
Financial Performance
| Particulars (Rs cr) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 13.28 | 21.15 | 36.86 |
| EBITDA | — | — | 9.08 |
| PAT | 3.20 | 3.81 | 6.14 |
| PAT Margin | 24.61% | 18.29% | 16.73% |
| RoCE | 56.30% | 47.48% | 34.35% |
Revenue grew 74% in FY26 over FY25 and PAT grew 61% — genuinely impressive growth rates for a SaaS business at this scale. The CERT-In empanelment and NSE audit mandate provide institutional credibility. However, two counterintuitive trends stand out: PAT margins have been declining steadily (24.61% to 16.73%) and RoCE has also been declining (56.30% to 34.35%) — suggesting the business is becoming less efficient as it scales, possibly reflecting the cost of international expansion.
Revenue is also concentrated in Q4, which accounted for 34.58% of FY26 annual revenue — creating quarterly lumpiness. Average EPS is Rs 6.85 and average RoNW is 32.35%. At Rs 135 upper band, the P/E is 24.41x on FY26 earnings and 39.24x on FY25 earnings. Listed peers AAA Technologies and Accedere trade at P/E multiples of 59.2x and 53.4x respectively.
BRLM Track Record: Beeline Capital Advisors has a strong track record — across its recent mandates, all 10 last listings recorded a premium on the date of listing, ranging from 0.56% to 146.91%.
Risks to Consider
Declining PAT margins and RoCE as the company scales are a structural concern — the international expansion is currently dilutive to margins and returns, and profitability improvement from the international business is yet to be demonstrated. Revenue is significantly weighted to Q4 — any delay in customer spending in that quarter could disproportionately affect the full year’s results. Approximately 63% of revenue comes from just six states, adding geographic concentration risk. Negative cash flows from investing activities reflect ongoing investment intensity.
Analyst View
Analysts note that Kratikal has marked speedy growth in its operations, with export revenues growing meaningfully from 13% to nearly 30% of total revenue. The cybersecurity sector has strong structural tailwinds. However, the issue appears fully priced based on recent financial data, as per analysts.