Management

• Venu Gopal Peruri (Chairman & Managing Director),
• Mohammed Laeek Abdul Kader Golandaz (Whole Time Director),
• Rama Krishna Kishore Achuthani (Whole Time Directo),
• Praveen Kumar Sambarapu (Non-Executive Director),
• Ashish Bakliwal (Independent Director),
• Anamika Ajmera (Independent Director),
• Paresh Sureshchandra Soni (Chief Financial Officer).

Use of Proceeds

The total issue size is Rs.80.18 cr, which comprises fresh issue of Rs.15.99 cr and offer for sale of Rs.60.13 cr. The company intends to utilize a portion of the Net Proceeds towards Repayment/prepayment, in full or in part, of certain outstanding borrowings availed by the Company (Rs.16.70 cr), Funding capital expenditure towards establishment of new office premises at Unit no 911, 9th Floor, MINT Sahar, Andheri - kurla Road, Andheri east, Mumbai (Rs.1.20 cr) and Setup of an interactive experience centre at registered office situated at Unit no 118 and 119, 1st Floor, Ackruti Star, MIDC, Andheri East, Mumbai 400093 (Rs.0.90 cr) and rest for general corporate purpose.

Competitive Strengths

One Stop Shop” for safeguarding the digital assets and infrastructure MIL provides end-to-end cybersecurity services, starting from advising clients on suitable products to implementation and employee training. The comprehensive solutions cover areas such as Endpoint, Email, Data, Database, Network, Application, API, Cloud, and Identity Security, along with SASE and SIEM. These are complemented by services like Implementation, Annual Maintenance, Sustenance, Professional and Managed Security Services, and Training. The customer-focused approach ensures satisfaction, loyalty, and repeat business. With ongoing learning from diverse projects, their skilled workforce continues to deliver effective solutions. Their expanding portfolio is driven by evolving customer needs and technological advancements.

Long standing relationship with marquee customer base MIL has fostered long-term relationships with a diverse range of corporations, which has significantly contributed to the growth and diversification of product and service offerings. Their commitment to customer satisfaction has been a cornerstone of its success, helping the company to maintain a strong customer retention rate over the years. During the Fiscal 2025, it served approximately 87 domestic customers, including 30 who have been associated with them for last three continuous years. These enduring businesses reflect dedication to providing value and support services to their clients. Their technical expertise helps them to achieve repeat orders.

Catering to wide range of end use industries Over the years MIL has built expertise to provide products and solutions for cybersecurity for diverse range of end user customers finding applications across multiple industry such as Banking, Capital Market, NBFC, IT/ITES, Cybersecurity, Automobile, Insurance, Pharmaceutical, FMCG, Real Estate, Hospitality, Manufacturing and Other conglomerates etc. Their diversification of revenue across multiple industry verticals allows them to prevent any possible industry concentration in any of their product categories.

Long standing relationships with various Cybersecurity OEM Developers The company has entered into agreements as authorized resellers with various OEMs for distribution of cybersecurity products along with its licenses and subscriptions etc. These OEMs develop solutions to ensure secure access, defence for web applications, Network security, End point security, cloud workload protection, high performance event streaming and integration ensuring real time visibility, in-memory data structure solutions etc. Their established relationship with these OEMs has enabled them to develop a holistic product portfolio addressing diverse cyber security solutions across various industries. Agreements with technology partners develops their ability to provide products and services catering to specific customer requirements. Their long-term relationships and ongoing active engagements with suppliers allows them to enhance ability to benefit from increasing economies of scale with stronger purchasing power at a lower cost base.

Peer Comparison

Key Risks & Concerns

Customer concentration: The company derives significant portion of revenue from operations from a few customers, with their single largest customer contributing more than 50%, of revenue from operations during the last three financial years. Loss of any of these customers or a reduction in business with any of them could adversely affect their business, results of operations and financial condition.

Industry dependence: Meta Infotech is dependent on few Industries for majority of revenue from operations with banking industry contributing to more than 50% of revenue from operations during the last three financial years. Downtrend or change in regulatory framework in these Industries may result in an adverse effect on their business, revenue from operations and financial conditions.

Operates in a competitive industry: The company operates in a competitive industry that experiences rapid technological developments, and changes in customer requirements. Intense competition in the market for cybersecurity products and services could affect pricing, which could reduce the share of business from clients and impact revenues and profitability.

Outlook and Valuation

Meta Infotech Ltd. (MIL) is involved in the business of providing cybersecurity solutions to various organizations across India. With over a decade of experience in cybersecurity, MIL provides comprehensive digital protection solutions tailored for banking, IT, insurance, manufacturing, pharmaceuticals, and other sectors. Their strength lies in offering a full suite of cybersecurity services — from advisory and implementation to managed services and employee training. Their deep integration with global OEMs as authorized resellers ensures clients receive top-tier products such as endpoint, cloud, and identity security solutions, allowing them to operate securely and scale efficiently in a dynamic digital environment.

What distinguishes Meta Infotech is its "One Stop Shop" approach, combining strategic advisory, product integration, ongoing maintenance, and training under one roof. With solutions spanning endpoint, data, cloud, and application security, along with frameworks like SASE and SIEM, MIL ensures complete cyber protection for clients. The company’s ability to deliver consistent service quality has led to long-standing relationships with key enterprise customers. In FY25 alone, they served 87 domestic clients, with 30 of them maintaining a relationship for over three years. Their consistent repeat business reflects a high degree of client satisfaction and technical competence, leading to sustained revenue generation and market credibility.

MIL’s resilience is also backed by a diversified customer base across more than 10 industries, which shields it from overdependence on any single sector. Its Rs.573+ crore order book as of April 2025, to be executed over five years, indicates strong visibility and business sustainability. Additionally, the company's long-standing partnerships with renowned cybersecurity OEMs provide it with access to cutting-edge technologies at favourable pricing, which enhances both service delivery and profitability. These strategic advantages, coupled with an increasing market demand for robust cybersecurity solutions, make Meta Infotech a compelling investment opportunity. On the valuation front, the IPO is valued at 17x FY25E which appears reasonable citing strong growth prospects and promising outlook. Hence, we recommend SUBSCRIBE rating to the issue for the long term.