Kratikal Tech Limited

Kratikal Tech Limited was incorporated in November 2013 and operates across two integrated business verticals: People Security Management (PSM) through its flagship Threatcop platform, and Technology & Process Security Services through the Kratikal brand and AutoSecT platform.

Threatcop targets human-layer vulnerabilities including phishing, social engineering and credential theft, while AutoSecT is an AI-powered Vulnerability Management, Detection & Response (VMDR) and penetration testing platform. The company also offers VAPT, GRC, red-team exercises, application and infrastructure security testing, vCISO services and cybersecurity awareness programs. It serves clients across BFSI, fintech, telecom, IT/ITES, healthcare, pharmaceuticals, manufacturing and e-commerce sectors domestically and internationally. The company is CERT-In empanelled and authorized to conduct system audits for NSE members. Export revenue has grown from 13.05% in FY24 to 29.94% in FY26. As of March 31, 2026, the company had 200 employees. Promoters Mr. Pavan Kumar, Mr. Paratosh Kumar and Mr. Dip Jung Thapa hold 72.58% pre-IPO stake, reducing to 53.36% post-IPO. The company is virtually debt-free with Debt/Equity of 0.00x.

The issue is entirely a fresh issue of 29,40,000 equity shares aggregating to ₹39.69 Cr at a price band of ₹128 to ₹135 per share, implying a pre-issue market cap of ₹149.86 Cr, listing on BSE SME on July 7, 2026.

Proceeds will fund investment in UAE and USA subsidiaries for sales, marketing and workforce development (₹23.08 Cr) and product development (₹9.23 Cr). At the upper band, the IPO is valued at a post-issue P/E of 24.41x FY26 earnings, at a premium to listed cybersecurity peers Safecure Services (11.66x) and NIS Management (9.13x). Key strengths include a debt-free balance sheet, scalable SaaS model, proprietary Threatcop and AutoSecT platforms, CERT-In empanelment, strong 74% revenue growth in FY26 and growing international revenue footprint; key risks include PAT margin compression from 24.58% in FY24 to 16.73% in FY26, premium valuation versus listed peers, minimum retail bid of 2 lots (₹2,70,000) and recent cybersecurity sector SME listings posting negative listing-day returns.