Kratikal Tech IPO opens Jun 30 to fund global expansion
Kratikal Tech Limited's IPO opens on June 30, 2026, aiming to raise capital for global expansion in the UAE and USA as well as new product development. The cybersecurity firm reported a 76.10% YoY revenue increase to ₹36.72 Cr in FY26, alongside a net profit of ₹6.14 Cr. Investors should note risks related to employee cost concentration, geographic revenue dependence, and declining operating cash flows.
*this image is generated using AI for illustrative purposes only.
Kratikal Tech Limited, a Noida-based AI-driven cybersecurity provider, will open its initial public offering on June 30, 2026, to fund international expansion and product development. The company operates through two integrated business lines: AI Driven People Security Management via the Threatcop product suite and Technology and Process Security Services under the Kratikal brand. The IPO closes on July 2, 2026, with allotment scheduled for July 3 and listing on July 7.
Financial Performance
The company has demonstrated significant top-line growth, with revenue from operations rising to ₹36.72 Cr in FY26 from ₹20.85 Cr in FY25 and ₹13.02 Cr in FY24. This represents a 76.10% year-over-year growth in FY26. Net profit for FY26 stood at ₹6.14 Cr, up from ₹3.81 Cr in FY25 and ₹3.20 Cr in FY24. Total assets expanded to ₹30.12 Cr in FY26 from ₹9.05 Cr in FY24.
| Metric | FY2024 (₹ Cr) | FY2025 (₹ Cr) | FY2026 (₹ Cr) |
|---|---|---|---|
| Revenue from Operations | 13.02 | 20.85 | 36.72 |
| Total Revenue | 13.28 | 21.15 | 36.86 |
| Total Expenses | 9.36 | 15.65 | 28.48 |
| Profit Before Tax | 3.93 | 5.49 | 8.38 |
| Total Profit (PAT) | 3.20 | 3.81 | 6.14 |
| Total Assets | 9.05 | 15.58 | 30.12 |
| Total Equity | 6.56 | 11.13 | 24.02 |
Objects of the Issue
Kratikal Tech Limited plans to utilise the net proceeds from the issue to invest in its international subsidiaries and develop new products. The company has identified ₹32.31 Cr for specific deployment purposes.
| Purpose | Amount (₹ Cr) |
|---|---|
| Investment in UAE and USA subsidiaries | 23.08 |
| Investment in product development | 9.23 |
| General Corporate Purposes | Balance |
| Total Identified | 32.31 |
The investment in subsidiaries, Threatcop FZ LLC (UAE) and Threatcop AI Inc (USA), is aimed at supporting sales, marketing, and workforce development. Product development funds will be directed towards the Threatcop Secure Email Gateway and AutoGRC.
Business Overview
Kratikal Tech is empanelled with the Indian Computer Emergency Response Team (CERT-In), which provides a competitive advantage in securing government and large enterprise contracts. The firm's proprietary AutoSecT platform enables automated security assessments. In FY26, the top six states—Delhi, Haryana, Karnataka, Maharashtra, Tamil Nadu, and Uttar Pradesh—contributed 63.07% of total revenue.
Key Risks
The Draft Red Herring Prospectus highlights several material risks, including a high dependency on employee costs, which constituted 38.27% to 43.33% of revenue from operations. Additionally, the company faces geographic revenue concentration, with 63.07% of FY26 revenue coming from six states, and product concentration, with ThreatCop/TSAT contributing 43.19% of product sales. Cash flow from operations declined to ₹2.10 Cr in FY26 from ₹4.58 Cr in FY25, while investing cash flows remained negative at ₹9.72 Cr.
How will the company mitigate the risks associated with geographic revenue concentration as it expands into the UAE and USA markets?
What strategies will Kratikal employ to manage rising employee costs while scaling its international workforce?
Will the significant capital allocation to international subsidiaries positively impact operating cash flow in the next fiscal year?
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