Exato Technologies IPO: Why this Microcap Pulled Vijay Kedia’s Attention

Last Updated on November 27, 2025 by Mahesh Yadav

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

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:

1. CX & Analytics – AI-powered chatbots, omnichannel contact centers, and customer journey analytics.
2. Unified Communications & Infrastructure – end-to-end voice, video, and data collaboration solutions in partnership with Mitel.
3. 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

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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