TechD Cybersecurity Limited IPO

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TechD Cybersecurity is a customer-centric cybersecurity solutions provider, offering end-to-end services that safeguard enterprises from digital threats, ensure compliance, and support secure business operations.

– Industry Presence: Serving BFSI, NBFC, Manufacturing, Healthcare, Aviation, Government Institutions, and more.

– Clientele: Includes Adani Group, Zensar Technologies, Astral Limited, Kedia Capital, 1 Cyber Valley, ETO GRUPPE Technologies GmbH, and IQM Corporation.

– Global Reach: Presence in both domestic and international markets, catering to enterprises across industries.

Business Model

TechD operates with two primary revenue streams:

1. Cybersecurity Services:

a) Vulnerability Assessment & Penetration Testing (VAPT) – Web, mobile, thick client, network, cloud, source code review.
b) Security Operations Center (SOC) – 24×7×365 monitoring, threat hunting.
c) Compliance Services – ISO 27001, GDPR, RBI, SEBI, HIPAA.
d) Specialized Services – vCISO, Red Teaming, Breach & Attack Simulation, Cyber Insurance, Cyber Forensics, Cyber Lab establishment.
e) Staff Augmentation – Providing skilled cybersecurity professionals (GRC, SOC analysts, SIEM engineers, security experts).
f) MSSP Services – Integration, implementation, and managed services of OEM products (CrowdStrike, Palo Alto, Zscaler, Trend Micro, etc.).
g) Cyber Program Managed Services – End-to-end cybersecurity management under one umbrella.

2. Training & Capacity Building:

a) University Partnerships: With Parul University, Silver Oak University, offering B.Tech, M.Tech, Diploma, M.Sc, and Integrated M.Sc courses in cybersecurity.
b) Corporate Training: Cybersecurity awareness, ISO Lead Auditor & Implementer training, Certified Cyber Security Expert (CCSE).

Competitive Strengths

i) Experienced Promoters & Management: Recognized cybersecurity experts with diverse industry and banking expertise.
ii) Comprehensive Service Offering: End-to-end cybersecurity services across compliance, SOC, VAPT, and MSSP.
iii) CERT-In Empanelment: Enhances trust with government and regulated industry clients.
iv) Talent Development: University partnerships ensure a steady supply of skilled cybersecurity professionals.
v) Proven Track Record & Diverse Clients: Trusted by leading enterprises across industries.
vi) OEM Partnerships: Strong alliances with global cybersecurity product vendors.

Outlook

TechD Cybersecurity is positioned as a leading integrated cybersecurity provider in India, with growing international recognition. By combining services, managed security, and talent development, the company addresses both immediate and long-term industry needs. Its strong compliance credentials, reputed clientele, and commitment to innovation position it for sustained growth, potential private equity interest, and eventual IPO readiness.

Objects of the TechD Cybersecurity Limited IPO:

Company proposes to utilize the Net Proceeds from the Issue towards the following objects: 1. Investment in Human resources (₹26.09 cr) 2. Capital Expenditure for setting up Global Security Operation Centre (GSOC) (₹5.88 cr) 3. General Corporate Purpose

TechD Cybersecurity Limited IPO Details:

Open Date: Sep 15 2025
Close Date: Sep 17 2025
Total Shares: 20,20,200
Face Value: ₹ 10 Per Equity Share
Issue Type: Book Building
Issue Size: 38.99 Cr.
Lot Size: 600 Shares
Issue Price: ₹ 183-193 Per Equity Share
Listing At: NSE Emerge
Listing Date: Sep 22 2025

Promoters And Management:

1. Mr. Sunny Piyushkumar Vaghela, 38, is the Promoter, Chairman, and Managing Director of the company. He holds a Bachelor of Technology degree in Electronics and Communication Engineering from Nirma University. A skilled tech visionary, he is deeply passionate about cybersecurity and brings over a decade of expertise in cybersecurity, digital forensics, and threat mitigation. His commitment to addressing growing digital threats led to the establishment of TechDefence, which focuses on providing reliable and comprehensive cybersecurity solutions. 2. Mr. Piyush Rasiklal Vaghela, 70, is the Promoter and Executive Director of the company. He holds a Bachelor of Commerce degree from Gujarat University and has over 38 years of banking experience, having spent his entire career at Bank of Baroda. His vast expertise supports strategic decision-making in investment and finance at TechDefence. 3. Mr. Manan Dinesh Pancholi, 37, is the Non-Executive Director of the company. He holds a Matriculation Certificate and was part of the founding team of the youth wing at the Gujarat Chamber of Commerce & Industry. With over seven years of experience in marketing, he contributes to strategic business decisions and leads marketing initiatives for the company.

Financials of TechD Cybersecurity Limited IPO:

Particulars FY2024-2025 FY 2023-2024 FY 2022-2023
Revenue from Operations 29.79 15.06 7.55
EBITDA 12.33 4.9 1.35
EBITDA Margins 40.48% 31.96% 17.88%
PAT 8.39 3.24 0.94
PAT Margins 28.18% 21.51% 12.45%
ROCE 54.25% 72.07% 40.29%
Debt to Equity Ratio(In Times) 0.01 0.38 1.05
Operating Cash Flows -2.38 -1.16 1.08

Comparison With Peers:

Companies Revenue (in cr) EBITDA Margins PAT Margins ROCE D/E Ratio MCap (in cr) P/E
Techd Cybersecurity Limited 29.79 40.48% 28.18% 54.25% 0.01 144.35 17.21
TAC Infosec Limited 23 53% 56.50% 39.10% 0.03 1,181 90.2
Sattrix Information Security Ltd 44.63 15% 9.07% 23.70% 0.05 157 38.9

Lead Manager of TechD Cybersecurity Limited IPO:

  1. GYR CAPITAL ADVISORS PRIVATE LIMITED

Registrar of TechD Cybersecurity Limited IPO:

  1. Purva Sharegistry India Private Limited

Discussion on TechD Cybersecurity Limited IPO:

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