Exato Technologies IPO, opening from 28 November to 02 December 2025, has caught the eye of SME investors for its strong presence in Artificial Intelligence (AI) and Customer Experience-as-a-Service (CXaaS). What makes this issue even more compelling is the backing of renowned investor Vijay Kishanlal Kedia, who holds a 4.50% pre-IPO stake in the company. His participation adds credibility and confidence to the offering, reinforcing belief in Exato’s long-term business potential.
In this article, we get to know the top reasons that attracted the ace investor to the company.
Exato Technologies IPO Snapshot
| Particular | Details |
| Price Band | INR 133 – 140 per share |
| Total Issue Size | 26.75 lakh shares (INR 35.58 – 37.45 crore) |
| Fresh Issue | 22.75 lakh shares (INR 30.26 – 31.85 crore) |
| Offer for Sale (OFS) | 4 lakh shares (INR 5.32 – 5.60 crore) |
| Minimum Investment | INR 2,80,000 (2,000 shares) |
| Individual Allocation | 35% |
| Listing | BSE SME |
| Listing Date | 5 December 2025 |
| Promoter Holding (Pre-Issue) | 74.87% – Appuorv K. Sinha |
| Use of Funds | Working capital, product development, debt repayment, and general corporate purposes |
Business Model and Growth Drivers
Exato Technologies operates at the convergence of AI, automation, and customer engagement. Its operations are diversified across three key verticals:
- CX & Analytics – AI-powered chatbots, omnichannel contact centers, and customer journey analytics.
- Unified Communications & Infrastructure – end-to-end voice, video, and data collaboration solutions in partnership with Mitel.
- Exato IQ – proprietary tools such as CompliCall (compliance assurance) and DialSwift (automation suite).
The company has worked with 150+ clients, including MakeMyTrip, RBL Bank, IGT Solutions, WNS, and IKS, and derives 40% of its revenues from long-term contracts averaging five years.
Exports now account for 25% of total revenue, signaling its growing international footprint in the US, Singapore, and the Middle East.
Exato Technologies IPO Review: Financial Performance
| Metric | FY 2023 | FY 2024 | FY 2025 | H1 FY 2026 |
| Revenue | 72.76 | 113.91 | 124.23 | 71.06 |
| PAT | 5.06 | 5.31 | 9.75 | 7.26 |
| EBITDA Margin (%) | 8.36 | 7.89 | 12.64 | 16.02 |
| PAT Margin (%) | 6.95 | 4.66 | 7.85 | 10.22 |
| ROE (%) | 31.94 | 21.78 | 28.13 | 15.81 |
| Debt-Equity Ratio | 0.29 | 0.61 | 0.75 | 0.56 |
Key Investor Insights:
- Revenue grew ~70% in three years.
- Profit margins and ROE remain consistently healthy.
- EBITDA margins have doubled since FY 2023, showing strong operational leverage.
- A Debt-Equity ratio below 1 reflects a sound balance sheet.
- The company’s certified order book of INR 348 crore provides visibility for future revenue streams.
At a P/E multiple of 9.6–10.1x (FY2025 EPS: 13.86), the issue appears fairly valued, especially compared to peers such as Black Box (P/E ~35x).
Strengths That Stand Out
- Integrated AI + CX delivery framework powered by proprietary accelerators like Autopilot and Copilot.
- Global partnerships with NICE Ltd. (Platinum Partner), Mitel, and Acumatica.
- High recurring revenue (ARR now forms ~80% of H1 FY26 revenues).
- Certified ISO 27001 & ISO 20000-1 compliance for data and service quality.
- Sector diversification across BFSI, Healthcare, Retail, Telecom, and IT/ITES.
Risks
- Client concentration: Top 10 clients contribute nearly 89% of revenue, but these are multi-year, high-value contracts with strong renewal potential.
- SME listing liquidity: Short-term volatility may exist, but long-term fundamentals remain intact.
- Execution bandwidth: As growth scales, operational efficiency will be key — a challenge Exato Technologies has so far managed effectively.
Investor Outlook
Exato Technologies combines strong financial metrics, global technology alliances, and a recurring revenue-driven model. Its focus on AI-led customer experience and automation places it at the center of two booming markets — digital transformation and enterprise CX optimization.
For investors, the company offers a blend of innovation, profitability, and scalability — rare among SME listings. Valuations are reasonable, growth visibility is high, and the business model is stable.
Verdict
Exato Technologies presents a compelling investment case built on predictable recurring revenue, robust partnerships, and consistent financial performance. While near-term liquidity might be limited due to its SME nature, the company’s fundamentals point toward steady value creation over the next few years.
In summary: A well-managed, AI-driven SME tech company with strong growth visibility — suited for investors with a 2–3 year horizon.
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