Exato Technologies Share Price: Is This Small-Cap Stock the Next Big Breakout Star?
Exato Technologies share price made waves on December 5, 2025 when it debuted on the BSE SME platform with a stunning 90 percent premium.
The stock opened at 266 rupees against the IPO price of 140 rupees and closed even higher at 279.30 rupees on the first trading day. This Noida based customer experience solutions provider has caught the attention of retail and institutional investors alike.
The company raised 37.45 crore rupees through its IPO which was subscribed a massive 881 times. With such an explosive start many investors are now wondering if this small cap tech stock has the potential to become the next multibagger or if it is just another short lived hype in the SME segment.
The company operates in the AI driven customer experience and automation space serving big names like MakeMyTrip and RBL Bank. In this article we will analyze the current share price performance, business fundamentals, financial health and market sentiment to help you understand whether Exato Technologies deserves a place in your portfolio.
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Exato Technologies was founded in 2016 and positions itself as a customer transformation partner. The company provides CX as a Service, AI as a Service, unified communications and analytics solutions to businesses looking to improve customer engagement.
The Noida based firm integrates platforms from global technology giants like NICE and Mitel while offering its own proprietary tools through the Exato IQ suite. These tools include AI virtual assistants, omnichannel contact centers, sentiment analysis and workflow automation features.
The company holds ISO 27001 and ISO 20000 certifications and operates as a Virtual Network Operator with a unified license. With a team of 133 plus engineers Exato delivers solutions from India to clients in the United States and Singapore.
The business model focuses on recurring revenue which makes up 57 percent of total revenue as of FY25. This recurring revenue comes from long term contracts that average around 60 months duration. The client base includes prominent names across BFSI, healthcare, retail, telecom and IT sectors.
Companies like MakeMyTrip rely on Exato for seamless customer interaction management across multiple digital channels.
The listing day performance of Exato Technologies share price was nothing short of spectacular. The stock opened at 266 rupees which was 90 percent higher than the issue price of 140 rupees.
During the day it touched an intraday high of 279.30 rupees and a low of 266 rupees before closing at 279.30 rupees.
This represented a gain of 99.5 percent over the IPO price on the very first trading day. The stock remained locked at its 5 percent upper circuit limit throughout the session. Trading volume exceeded 5 lakh shares indicating strong investor interest and liquidity.
The grey market premium before listing had peaked at around 126 percent or 177 rupees above the IPO price.
However it stabilized between 116 to 150 rupees in the days leading up to the listing. The actual listing premium aligned closely with market expectations.
Post listing the market capitalization of Exato Technologies stands at approximately 281 crore rupees. The stock is currently trading at a PE ratio of around 14.46 times based on FY25 earnings which appears reasonable compared to industry peers.
For a newly listed SME stock this kind of debut is rare and reflects the combination of strong demand, reasonable valuation and positive market sentiment toward AI and customer experience technology companies.
| Financial Year | Revenue (Crore Rs) | PAT (Crore Rs) | PAT Margin (%) | RoCE (%) |
|---|---|---|---|---|
| FY23 | 72.76 | 5.05 | 6.9 | 22.5 |
| FY24 | 113.91 | 5.30 | 4.7 | 18.2 |
| FY25 | 124.23 | 9.75 | 7.8 | 25.1 |
| H1 FY26 | 71.06 | 7.26 | 10.2 | N/A |
The financial performance of Exato Technologies shows consistent growth over the past three years. Revenue increased from 72.76 crore rupees in FY23 to 124.23 crore rupees in FY25 representing a compound annual growth rate of approximately 30 percent.
Profit after tax improved from 5.05 crore rupees to 9.75 crore rupees during the same period. The PAT margin expanded from 6.9 percent in FY23 to 7.8 percent in FY25 indicating better operational efficiency and higher margin services.
Return on capital employed improved significantly from 18.2 percent in FY24 to 25.1 percent in FY25. The first half of FY26 shows even stronger performance with revenue of 71.06 crore rupees and PAT of 7.26 crore rupees.
The PAT margin for H1 FY26 stands at 10.2 percent which is the highest in recent years. If this trend continues the company could post full year revenue exceeding 140 crore rupees for FY26. However there are some concerns regarding rising debtors which increased to 54.94 crore rupees in H1 FY26 from 33.7 crore rupees in FY25.
Debtor days have also increased from 73.5 to 99 days which needs monitoring. The company has forex exposure of 17.92 crore rupees in H1 FY26 but management claims it is hedged to minimize currency risks.
The Exato Technologies IPO opened for subscription on November 28, 2025 and closed on December 2, 2025. The price band was set between 133 to 140 rupees per share.
The issue consisted of a fresh issue of 21.5 lakh shares and an offer for sale of 4 lakh shares aggregating to 37.45 crore rupees.
The minimum lot size for retail investors was 2000 shares requiring an investment of 2.8 lakh rupees. The IPO received an overwhelming response with an overall subscription of 881 times.
Retail investors subscribed 1000 times their allocated quota while non institutional investors subscribed 900 times and qualified institutional buyers subscribed moderately. Anchor investors were allotted 7.61 lakh shares at 140 rupees per share raising 10.65 crore rupees.
Prominent anchor investors included Nine Alps and Vira AIF among others. The allotment was finalized on December 3, 2025. GYR Capital Advisors acted as the book running lead manager while Kfin Technologies Limited served as the registrar for the issue.
The proceeds from the IPO are earmarked for working capital requirements of 15.72 crore rupees, product development of 6.8 crore rupees, debt repayment of 2.53 crore rupees and general corporate purposes. The strong subscription numbers and grey market premium indicated robust demand even before the listing.
Market sentiment around Exato Technologies share price has been extremely positive since the IPO announcement.
Social media platforms and financial forums have been buzzing with discussions about the company. Many retail investors praised the reasonable valuation at 11 times earnings compared to industry peers trading at much higher multiples.
The backing of celebrity investor Vijay Kedia added credibility and attracted more retail participation. Investors highlighted the company’s partnership with NICE as a Platinum Partner and the 57 percent recurring revenue model as strong competitive advantages.
The AI and customer experience sector is seen as a high growth area which further boosted investor confidence.
However some experienced investors have raised concerns about the company’s dependency on partners like NICE whose stock has corrected significantly from its peaks. There are also worries about rising competition from established players like HCL, Tech Mahindra and Zoho in the customer experience space.
The increasing debtor days and forex exposure are seen as potential risk factors. Some market participants advised caution stating that SME stocks carry higher risk compared to mainboard listings.
Despite these concerns the overall sentiment remains positive with many analysts projecting fair value estimates between 550 to 700 rupees implying potential upside of 100 to 150 percent over 12 to 18 months. Trading activity on listing day with upper circuit freeze suggests strong buying interest continues.
Exato Technologies presents an interesting opportunity for growth focused investors willing to take on SME segment risks.
The positives include reasonable valuation at entry, strong recurring revenue model, exposure to high growth AI and CX markets, and backing from credible investors. The company’s client base of 150 plus companies across diverse sectors provides revenue stability.
The financial performance shows consistent topline growth and improving margins. Management guidance suggests revenue could double in H2 FY26 which if achieved would be impressive. However investors should be aware of several risk factors.
The company has significant dependency on technology partners like NICE for 55 percent of revenue and Mitel for 44 percent. Any slowdown in these partnerships could impact growth. Rising debtors and increasing debtor days indicate potential working capital challenges.
The SME platform stocks are known for lower liquidity and higher volatility compared to mainboard stocks.
Competition in the customer experience space is intense with large established players having deeper pockets.
Forex exposure even if hedged adds another layer of risk. For risk tolerant investors looking for high growth small cap opportunities Exato could be a strong buy with a 6 to 12 month holding period. Conservative investors should wait for price stabilization around 300 rupees and monitor quarterly results before entering.
The stock has potential to reach 400 to 500 rupees in the medium term if execution remains strong but corrections of 20 to 30 percent are possible given SME volatility.
Tags: Exato Technologies share price, Exato Technologies IPO, BSE SME stocks, small cap stocks India, AI stocks India, customer experience technology, Exato Technologies listing
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