Tracxn Technologies Ltd Q1 FY26 (Jun ’25) – ₹21 Cr Revenue, ₹1.1 Cr Profit, 88% Costs in Employees, Buyback at ₹70 While Stock at ₹51
1. At a Glance
Tracxn posted Q1 FY26 revenue of ₹21.2 Cr (+3.2% YoY), PAT ₹1.12 Cr (down 12% YoY), and EPS ₹0.10. The stock trades at ₹51, far below its recent buyback price of ₹70. Imagine throwing a party where you buy your own snacks at MRP and then see them on Zomato for 30% off the next day.
2. Introduction
Welcome to Tracxn Technologies, where startup gossip is a full-time business. If you thought your college friend who always knew which startup got funded was annoying, Tracxn has built an entire SaaS platform out of it.
The Bengaluru-based company claims to track 4 million+ entities, 72,900+ investor profiles, and 7.8 lakh transactions. That’s basically every startup from Silicon Valley to Sakinaka. They sell this as a subscription to VCs, PE funds, banks, corporates, governments, and universities who want to “track trends.” In simple terms: they sell Excel sheets with attitude.
But here’s the kicker – despite serving 1,699 clients across 50+ countries, Tracxn still bleeds money. FY25 ended with a ₹9.7 Cr loss. Employee costs eat 88% of total expenses – like running a restaurant where chefs eat most of the food.
And yet, management thought it was a good idea to launch a buyback at ₹70 while the stock now lounges at ₹51. Investors are still looking for that missing ₹19 like they lost it in an Ola cab.
3. Business Model – WTF Do They Even Do?
Tracxn runs on a subscription SaaS model – you pay upfront to access their “platform” which gives:
Global Private Company Data – Who raised how much from whom.
Emerging Sector Coverage – Crypto in 2021, AI in 2023, ChaiTech in 2025?
Investor Database – Basically a Tinder for VCs.
Leaderboards & Benchmarks – Because every MBA loves a ranking table.
Dashboards & APIs – Fancy ways of saying “Excel download with graphs.”
Recently, they launched Tracxn Lite – a “Product-Led Growth” model with 20,000+ users. Free trial basically, with limits like “you can stalk only 10 startups per day.” Smart move, but feels like Netflix offering free episodes of Sacred Games and then locking season 2.
Their geographical revenue mix: India 34%, Americas 32%, EMEA 23%, Asia ex-India 10%. So they are desi at heart but NRI in billing.
4. Financials Overview
Metric
Latest Qtr (Jun ’25)
YoY Qtr (Jun ’24)
Prev Qtr (Mar ’25)
YoY %
QoQ %
Revenue
21.2
20.5
21.1
3.2%
0.5%
EBITDA
-0.2
0.28
-0.82
-170%
76%
PAT
1.12
1.27
-7.58
-12%
NA
EPS (₹)
0.10
0.12
-0.71
-12%
NA
Annualised EPS = 0.10 × 4 = ₹0.40. At CMP ₹51, P/E = Not meaningful, because they are loss-making on full-year basis.
Commentary: Revenue is stagnant, EBITDA negative, PAT saved only by other income. If this were Shark Tank, Peyush Bansal would ask: “But paise kab banega, bhai?”
👉 Question: Would you pay for a platform that tells you who got funded, when you can just read LinkedIn posts for free?
5. Valuation Discussion – Fair Value Range
a) P/E Method
EPS annualised = ₹0.40. Even at 100x (SaaS premium), fair value = ₹40.
b) EV/EBITDA
EBITDA is negative. So EV/EBITDA = 84x. This is like buying vada pav at Taj Hotel prices. Not meaningful.
c) DCF (Dramatic Cash Flow)
Assume they somehow grow 15% CAGR and turn profitable. Terminal value math gives ₹35–₹55 range.
👉 Fair Value Range: ₹35 – ₹55.
Disclaimer: Educational only. Not advice. If you still YOLO here, don’t sue us when you end up tracking your own losses on the Tracxn platform.
6. What’s Cooking – News, Triggers, Drama
Buyback: ₹8 Cr buyback at ₹70 per share (Jul 2025). Current price ₹51. Investors feel like they bought Maggi at ₹20 and saw it at ₹12 in D-Mart next day.
AGM Sept 29, 2025: Reappointment of directors, approval of MD salary ₹1.5 Cr. Because why not hike pay after losses?
ESOP Grant: 1.35 lakh ESOPs at Re.1 each. Lucky employees get shares cheaper than cutting chai.
Tracxn Lite: 20k sign-ups in 3 months. Great adoption, but no clue if anyone is paying.
7. Balance Sheet
Year
Assets
Liabilities
Net Worth
Borrowings
FY21
48
26
22
1
FY22
54
33
21
0
FY23
97
38
59
0
FY24
113
42
71
0
FY25
111
45
66
0
Auditor Sarcasm: Debt-free. Which is good. But net worth fell despite raising money earlier. Basically, they burn cash like engineering students burn midnight oil – lots of
