September 10, 2025
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TechDefence Labs IPO Key Dates
| Anchor Investor Subscription | |
| IPO opens on | 15 Sept. 2025 |
| IPO Closes on | 17 Sept. 2025 |
| Allotment on | 18 Sept, 2025 |
| Credit of shares on | 19 Sept. 2025 |
| Tentative Listing on | 22 Sept. 2025 |
TechDefence Labs IPO Condenses Verdict
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Business: MSSP-led cybersecurity services (24×7 SOC, VAPT, compliance, specialised ops, staff aug).
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Scale & growth: Revenue 7.59 → 15.36 → 30.23 (FY23–25; ~100% 2-yr CAGR).
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Profitability: EBITDA 1.36 → 4.91 → 12.24; PAT 0.94 → 3.24 → 8.40; margins expanding.
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Balance sheet: Net worth 22.14 (FY25) vs 4.80 (FY24).
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Key concern: Receivables stretch—~1.7 months (~51 days) in FY24 to ~5 months (~150 days) in FY25; absolute receivables rose from ~Rs. 2.1 cr to ~Rs. 12.4 cr (on given monthly run-rate), signalling working-capital stress despite strong growth.
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Chanakya take: Strong demand tailwinds and operating leverage, but cash-conversion risk is material. Selective / Apply-with-caution—prefer investors comfortable with SME risk, contingent on receivables normalising.
Final Subscription Tally
| Size Rs. Crore | ||||
| QIB | NII x | RII x | Total x | Applications |
| Subscription Review: |
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About TechDefence Labs
TechDefence Labs Solutions Ltd. (est. January 2017) is a cybersecurity services player delivering end-to-end protection for enterprises in India and overseas. The company operates as an MSSP with 24×7 SOC coverage and provides Cyber Program Management, VAPT, compliance support, specialised assignments, and staff augmentation, backed by domain training through workshops and bootcamps.
A marquee client list—Adani Group, Zensar Technologies, Astral, Kedia Capital, 1 Cyber Valley, ETO GRUPPE Technologies GmbH, IQM Corporation—underscores execution depth across sectors and geographies.
As on June 30, 2025, the company had 147 employees across delivery, consulting, and operations.
TechDefence Labs IPO Details
|
Sector: Cyber Security |
|
| IPO opens on | 15 September 2025 |
| IPO closes on | 17 September 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | 20,20,000 Shares / Rs 38.99 Crore |
| * Fresh Issue | – |
| * Offer for Sale – | – |
| Market Maker Portion | 101,400 Shares |
| Net offer to Public | 19,18,800 Shares Rs. 37.03 Crores |
| Face Value per share | Rs. 10 |
| Price Band | Rs. 183-193 |
| Employee discount | Rs. 0 per share |
| Retail Lot Size | 600 Shares |
| Listing will at | NSE SME |
How shares are being offered
| Investor Category | Shares Offered |
| Market Maker Shares | 1,01,400 (5.02%) |
| QIB Shares Offered | 9,58,800 (47.46%) |
| NII (HNI) Shares | 2,88,000 (14.26%) |
| Retail Shares | 6,72,000 (33.26%) |
| Total Shares | 20,20,200 (100.00%) |
| Application | Lots | Shares | Amount Rs. |
| Retail (Min) | 2 | 1,200 | 2,31,600 |
| Retail (Min) | 2 | 1,200 | 2,31,600 |
| S-HNI (Min) | 3 | 1,800 | 3,47,400 |
| S-HNI (Max) | 8 | 4,800 | 9,26,400 |
| B-HNI (Min) | 9 | 5,400 | 10,42,200 |
Who are the Promoters of TechDefence Labs IPO?
The promoters hold 86.61% of the pre-IPO capital
What are the Objects of TechDefence Labs IPO?
The Company proposes to utilize the Net Proceeds from Issue towards funding the following objects
+Investment in Human resources Rs. 26.09 Crore
+Capital Expenditure for setting up Global Security Operation Centre (GSOC) at Ahmedabad Rs. 5.89 Crore
+General Corporate purposes
| Registered Office of the Company |
| TechD Cybersecurity Ltd. Office No. 901, 902, 903, 904 & 908, Abhishree Adroit, Nr. Swaminarayan Temple Vastrapur Ahmedabad, Gujarat, 380015 |
| Email: info@techdefence.com |
| Lead Manager of the IPO |
| GYR Capital Advisors Pvt ltd |
| Who is the Registrar to the IPO?
Purva Sharegistry (India) ltd |
TechDefence Labs Financials Snapshot
| Period Ended | 31-Mar-25 | 31-Mar-24 | 31-Mar-23 |
| Assets | 29.08 | 9.14 | 6.98 |
| Total Income | 30.23 | 15.36 | 7.59 |
| Profit After Tax | 8.4 | 3.24 | 0.94 |
| EBITDA | 12.24 | 4.91 | 1.36 |
| NET Worth | 22.14 | 4.8 | 1.56 |
| Reserves and Surplus | 16.68 | 4.79 | 1.55 |
| Amount in Rs. Crore | |||
Key Financial Indicators
| KPI | Values |
| ROE | 62.33% |
| ROCE | 54.25% |
| Debt/Equity | 0.01 |
| RoNW | 37.93% |
| PAT Margin | 28.18% |
| EBITDA Margin | 40.48% |
| Price to Book Value | 4.76 |
| EPS | 5.94 |
| PER | 32.51 |
How TechDefence Labs IPO compares with the Peers?
| Company Name | P/E (x) | RoNW (%) |
| TechD Cybersecurity Ltd. | 37.93 | |
| Sattrix Information Security | 29.64 | 11.08 |
| Tac Infosec Limited | 80.4 | 26.1 |
TechDefence Labs IPO Review
by Paresh Gordhandas, CA & Research Analyst
Business Snapshot
Established in 2017, TechDefence Labs Solutions Ltd. delivers end-to-end cyber protection: MSSP (24×7 SOC), VAPT, cyber programme management, compliance, specialised services, staff augmentation, plus domain training. Client list spans large corporates and global names; headcount 147 (as on 30-Jun-2025).
Financial Highlights
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Total Income: 7.59 (FY23) → 15.36 (FY24) → 30.23 (FY25)
– YoY FY25: ~+97% -
EBITDA: 1.36 → 4.91 → 12.24 (margin expansion with scale)
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PAT: 0.94 → 3.24 → 8.40 (operating leverage visible)
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Assets / Net Worth: 29.08 / 22.14 (FY25) vs 9.14 / 4.80 (FY24)
Working Capital Watch (Critical)
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FY24: Avg monthly revenue (Rs. 2.1 cr).
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FY25: Avg monthly revenue (Rs. 12.4 cr).
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Interpretation: Receivables days widened from ~51 to ~150; collections lag growth—monitor closely.
Positives
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Secular tailwind in enterprise cybersecurity; recurring MSSP revenue potential.
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Rapid scale-up with improving operating metrics.
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Stronger equity base (low dependence on debt).
Risks
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Receivables spike → cash-flow strain; potential need for WC lines/discounting.
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Customer concentration / large-deal timing can swing quarterly numbers.
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SME listing volatility; lower float/liquidity vs mainboard.
Overall
Quality franchise in a high-growth niche, but cash conversion must improve. Selective participation; reassess post-listing once 1–2 quarters of collections data confirm normalisation (<3 months).
Price band: Rs. 183–193 per share. Lot: 600 shares. Retail minimum: 2 lots (1,200 shares) ≈ Rs. 2.32 lakh at upper band. HNI minimum: 3 lots (1,800 shares) ≈ Rs. 3.47 lakh.
Opens 15 Sep 2025; Closes 17 Sep 2025; Allotment 18 Sep 2025; Proposed NSE-SME listing 22 Sep 2025.
Cybersecurity services: MSSP/SOC, VAPT, compliance, specialised engagements, staff augmentation, and training for enterprises in India and overseas.
FY23–25 revenue 7.59 → 30.23; PAT 0.94 → 8.40 with improving margins and net worth. However, receivables have stretched to ~5 months in FY25.
Chanakya View: Selective / Apply-with-caution. Strong growth and margins, but working-capital discipline is the swing factor. Risk-tolerant investors may consider; conservative investors can wait for post-listing clarity on collections.
Quicklinks
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