1.At a Glance
Picture this: A Noida-based AI-driven tech company with just 133 employees, an ₹140 crore market cap dream, and an IPO that’s hotter than Delhi traffic in June.Exato Technologies Ltd.is stepping onto the SME stage with a ₹37.45 crore issue, split between a ₹31.85 crore fresh issue and a ₹5.60 crore offer for sale. The IPO price band? ₹133–₹140 per share. The company wants you to “Apply Now!” before you even finish reading the RHP.
This IPO opened for subscription onNovember 28, 2025, and will close onDecember 2, 2025. It’s already become the new SME obsession — subscribed57.65xon Day 1 alone. Retail investors went full “FOMO mode” with75.73xbids, while HNIs flexed harder than gym bros with81.24xsubscriptions.
With a10% revenue growth and an 84% PAT jumpbetween FY24 and FY25, Exato looks like that IT junior who suddenly started giving career advice after one promotion. And let’s not forget — it’s an AI and automation company that calls itself a“customer transformation partner”. Translation? They help other companies do customer support with fewer humans and more bots.
The ₹140 per share price implies aP/E of around 9.7x (post issue)— cheap on paper, but in SME land, that’s often just bait for the subscription frenzy.
2.Introduction
India’s SME IPO scene right now feels like a reality show — every week, a new contestant comes on stage promising to disrupt something. This week’s star?Exato Technologies Ltd., a 2016-born tech startup from Noida, armed with buzzwords like AI, automation, and CXaaS (Customer Experience as a Service).
They promise “conversation AI,” “automation as a service,” and “smart workforce management.” Basically, they build systems that make chatbots sound more human — though the irony is, half their customers still prefer yelling “TALK TO HUMAN!” into the phone.
What’s wild is how well-timed this IPO is. Every corporate boardroom right now is chanting “AI, AI, AI” louder than “Jai Shree Ram.” Exato’s management clearly knows this and has dressed up their pitch deck like an episode ofShark Tank India— full of terms like“CX transformation,” “RPA strategy,”and“intelligent automation.”
And yet, the numbers show they’ve actually built something that works: revenue rising from ₹73.13 crore in FY23 to ₹126.16 crore in FY25, and PAT from ₹5.06 crore to ₹9.75 crore. Their secret sauce? Partnerships with global tech players likeNICE,UiPath, andMitel. In the SME tech world, that’s like saying you hang out with Virat Kohli — you might not be him, but it definitely boosts your credibility.
3.Business Model – WTF Do They Even Do?
Exato calls itself a“customer transformation partner.”Which, in normal English, means they help companies automate customer interactions, analyse chat data, and manage workforce schedules — basically the same stuff that used to require ten interns, now done by a server and two engineers.
Their operations are split into key verticals:
- CX & Analytics:Making customer experience smarter with data-driven insights. (Or as the average customer would say — “Why can’t your chatbot just solve my problem?”)
- Conversational AI:Building chatbots that try really hard not to sound robotic. (Good luck with that.)
- Automation as a Service:Deploying robotic process automation for boring back-office tasks. Think of it as “Excel macros on steroids.”
- Workforce Management:Helping companies plan shifts and track performance. In short, telling employees when they can finally go home.
They cater to BFSI, healthcare, retail, telecom, and manufacturing clients — including big names likeMakeMyTrip,RBL Bank,IKS Health,WNS, andIGT Solutions. These are legit logos to have on a slide deck.
Their model leans heavily onsubscription-based and long-term contracts— over 40% of revenue comes from 5+ year agreements. For an SME, that’s impressive. While others chase short-term projects, Exato is quietly locking
in annuity-style income.
4.Financials Overview
Let’s decode the latest numbers (₹ crore):
| Metric | Latest Period (Sep’25) | YoY (Sep’24) | QoQ (Mar’25) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 71.53 | 64.44* | 126.16 | 10.98% | -43.3% |
| EBITDA | 11.46 | 9.07 | 15.95 | 26.4% | -28.1% |
| PAT | 7.26 | 5.31 | 9.75 | 36.7% | -25.5% |
| EPS (₹) | 3.61 | 2.64 | 4.85 | 36.7% | -25.5% |
(*estimated from FY24 figures)
Annualised EPS ≈ ₹3.61 × 4 = ₹14.44, matching the RHP’s post-issue figure.
At ₹140/share, that gives us aP/E of 9.7x— not bad for an SME tech firm showing solid growth. But one should note thatQoQ profit dippeddue to project timing and product R&D spend. Still, their PAT growth of 84% YoY in FY25 keeps investor eyebrows raised (and calculators ready).
5.Valuation Discussion – Fair Value Range Only
Let’s crunch this, EduInvesting-style.
a) P/E Method:FY25 EPS = ₹12.51 (pre-issue), Post-issue EPS = ₹14.43.Industry average (IT/AI services peers like Happiest Minds, Sonata Software SME comps) = 20–25x.Fair Value Range = ₹14.43 × (15x to 20x) = ₹216 to ₹288.
b) EV/EBITDA Method:FY25 EBITDA = ₹15.95 cr, Net debt = ₹27.98 cr, Market cap = ₹140.92 cr.EV ≈ ₹168.9 cr → EV/EBITDA = 10.6x.Peers trade between 12–18x.Implied range = ₹160 – ₹260 cr valuation.
c) DCF Method (simplified):Assuming 15% growth for 5 years, 10% discount rate, and ₹10 cr FCF → DCF value = ₹180–₹220 cr range.
🧮Fair Value Range (Educational Only): ₹216 – ₹288 per share.Disclaimer:This range is purely for educational analysis, not investment advice.
6.What’s Cooking – News, Triggers, Drama
Exato’s IPO was already sizzling on day one — subscribed nearly58 timesbefore most investors even finished breakfast. Theanchor investors poured ₹10.65 croreon November 27, locking in till March 2026. Clearly, someone believes in this AI party.
Key triggers:
- AI + Automation Tailwinds:With enterprises digitising faster post-GenAI boom, Exato rides that hype wave.
- Partnerships:Being NICE’s Platinum Partner in South Asia gives them global access and brand leverage.
- Long-Term ARR:Over 40% revenue locked in from multi-year contracts — predictable cash
