Company Overview
Kratikal Tech Limited (Scrip Code: 544811, BSE Symbol: KRATIKAL) is a cybersecurity company operating through two main verticals: People Security Management (Threatcop brand) and Technology & Process Security (Kratikal services). The company is CERT-In empanelled and serves clients across BFSI, government, enterprises, and SMEs.
H1 FY27 Financial Performance (Consolidated)
Revenue: ₹22.32 Cr in H1 FY27, up 65.2% from ₹13.51 Cr in H1 FY26.
EBITDA: ₹4.09 Cr with an 18.3% margin, up 128.5% from ₹1.79 Cr (13.3% margin) in H1 FY26.
PAT: ₹2.80 Cr with a 12.5% margin, up 129.5% from ₹1.22 Cr (9.0% margin) in H1 FY26.
Diluted EPS: ₹2.92 (not comparable YoY due to capital restructuring and IPO).
Revenue Mix: 54% products, 46% services in FY26; international revenue share increased from 13% to 30% as of FY26.
Order Book: ₹42.6 Cr as of the presentation date.
Operational Highlights
Bookings: H1 FY27 bookings doubled to ₹27.8 Cr from H1 FY26.
International Growth: International order bookings grew 3.1x to ₹8.2 Cr (30% of total, up from 19%). Middle East orders up 3.0x; USA orders increased from 3 to 15.
Client Metrics: Revenue per client increased 1.8x to ₹5.1 L in H1 FY27 from ₹2.84 L in H1 FY26. Average ticket size for Threatcop products increased 34% to ₹6.37 L, while Kratikal services increased 10% to ₹3.20 L.
Recurring Revenue: 72.3% of H1 FY27 revenue was recurring, slightly up from 71.5% in H1 FY26.
Cross-selling: Total cross-sell bookings grew 3.3x; Kratikal services cross-sell up 3.2x, Threatcop up 4.7x.
Strategic Developments
Global Expansion: Incorporated a new wholly owned US subsidiary, Kratikal AI Inc. Built a USA team for AutoSecT. Major wins include a ₹2.48 Cr government OT security contract in the Middle East and a 3-year ₹3.7 Cr USA government contract.
New Product Launches: Launched AutoGRC (automated governance, risk, and compliance platform) and outlined a second product for email security in the DRHP.
Partnerships: Expanding strategic partnerships with large global system integrators.
Capital Structure & IPO
IPO Details: Raised ₹39.7 Cr via issuance of 29.4 lakh shares at ₹135 per share. Listed on BSE SME on July 7, 2026.
Use of Proceeds: ₹23.1 Cr (58%) for US and UAE subsidiaries (sales, marketing, local hires); ₹9.2 Cr (23%) for product development (49 hires for AutoGRC and Threatcop email gateway); ₹7.4 Cr (19%) for issue expenses and general corporate purposes.
Utilization Status (as of Sep 30, 2026): ₹4.25 Cr spent on issue expenses; ₹35.44 Cr unutilized, held in fixed deposits and escrow.
Shareholding: Promoters hold 53.4% post-IPO (Pavan Kumar 32.6%, Paratosh Kumar 14.5%, Dip Jung Thapa 6.1%, Promoter group 0.2%); Public holds 46.6%.
Balance Sheet (H1 FY27, Consolidated)
Total Assets: ₹68.11 Cr
Shareholders' Funds: ₹61.70 Cr (Equity Share Capital: ₹11.10 Cr, Reserves & Surplus: ₹50.60 Cr)
Non-Current Assets: ₹17.21 Cr (Property, Plant & Equipment: ₹1.67 Cr, Intangible Assets: ₹2.91 Cr, Intangibles under development: ₹12.63 Cr)
Current Assets: ₹50.90 Cr (Trade Receivables: ₹9.95 Cr, Cash & Bank Balances: ₹2.26 Cr, Other Current Assets including investments: ₹38.46 Cr)
Cash Flow (H1 FY27, Consolidated)
Net Cash from Operating Activities: ₹4.01 Cr
Net Cash Used in Investing Activities: ₹37.86 Cr (Capex incl. product development: ₹5.14 Cr, Investments net: ₹32.71 Cr)
Net Cash from Financing Activities: ₹35.51 Cr (Proceeds from share issue: ₹35.25 Cr)
Net Change in Cash: ₹1.66 Cr
Cash at End of Period: ₹2.26 Cr
Management
Pavan Kumar: Chairman, Managing Director & CEO; CISA certified; leads strategy, product vision, and global expansion.
Paratosh Kumar: Whole-Time Director, Co-Founder & CTO; CISA certified; leads technology, offensive security, sales, and delivery.
Dip Jung Thapa: Executive Director & Chief Operating Officer; owns sales, expansion, operations, customer success, and marketing.