Exato Technologies Ltd. IPO Analysis

28 November 2025

Exato Technologies is hitting the market with its IPO, aiming to capitalize on the growing demand for AI-driven customer-experience solutions. Let's see what they offer:

Parameter	Details
Issue Type	Fresh Issue of  ₹31.85 cr and OFS of ₹5.60 cr.
Issue Size	INR 37.45 crores
Price Band	INR 133-140 per share
Lot Size	1000 shares
Net Issue	25,41,000 Shares
QIB Portion	12,69,000 (47.44%) Shares
NII Portion	3,82,000 (14.28%) Shares
Retail Portion	8,90,000 (33.27%) Shares
Listing Platform	BSE SME
Issue Opens	November 28, 2025
Issue Closes	December 2, 2025
Listing Date	December 5, 2025

First, let’s cut straight to what’s working and what’s not for Exato Technologies — before diving into their history and numbers.

Strengths	Risks
Increasing ARR-led revenue gives longer-term predictability & customer lock-in	EBITDA & PAT margins trail peers due to ongoing scale & product build-out costs
Partnerships with NICE, Mitel, Acumatica boost market credibility & tech depth	Dependence on a few major clients — any churn hits hard
Positioned in CX-critical industries like BFSI, ITeS, telecom, healthcare	Competitive pressure from global CX giants + domestic BPO/CPaaS players
Growing international revenue diversification beyond India	Fast-moving tech and AI evolution demands constant innovation to stay relevant

Now that you’ve seen the snapshot, let’s unpack the full story behind these numbers and understand the business in context.

Industry Analysis: Why does this industry matter now?

The CX and enterprise-automation industry is undergoing a major shift as companies move from legacy call-centres to AI-driven, omnichannel, cloud-based interaction platforms. Across BFSI, IT-ITES, healthcare, telecom, ecommerce and retail, firms are adopting sentiment analytics, automation and virtualised contact-centre solutions to cut costs and improve retention. 

In 2024, India’s call- and contact-centre outsourcing market generated about USD 3.86 billion and is expected to reach USD 9.04 billion by 2030 with a strong CAGR of around 15.2%. Meanwhile, tightening data-security and compliance requirements are increasing demand for secure communication infrastructure. 

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