Nanta Tech IPO Analysis: High-Growth Integrator, Low-Moat Reality Check

Nanta Tech is tapping the IPO market on the back of rapid revenue growth and rising demand for AV integration and automation solutions. 

Let's explore further: 

Powered by Froala Editor

Nanta Tech traces its origins to 2018, when the promoters started MNT Technologies as a hands-on audio-visual integration firm, focused on designing and executing AV systems rather than merely supplying equipment. As client needs evolved, the business expanded into AV integration, AV product distribution, service robots, and software development, prompting the incorporation of Nanta Tech Limited in 2023 and the formal acquisition of MNT Technologies in 2024.

Today, the company delivers end-to-end solutions, from system design, installation, testing, and on-site support to customized software and automation—serving corporates, education, hospitality, manufacturing, and infrastructure clients. Its offerings are anchored under two brands: “NANTA” for audio-visual and digital collaboration products, and “ALLBOTIX” for service robots, positioning the company at the intersection of AV systems, automation, and customer-facing technology.

Before the Deep Dive: What’s Working — and What Isn’t

Now that you’ve seen the snapshot, let’s unpack the full story behind these numbers and understand the business in context.

Industry Analysis

India’s AV integration and service robotics market is scaling rapidly, driven by the country’s digital and electronics push. The broader IT & BPM industry crossed US$245 billion in FY23 and is projected to reach US$350 billion by 2026, with AV systems, collaboration tech, and automation becoming core infrastructure across enterprises and public spaces.

Rising adoption of service robots, supported by policies like Digital India, Make in India, and PLI, is strengthening system integration and distribution. Growth is clearly shifting from pure hardware sales to integrated AV solutions and software-led automation, where execution capability matters more than scale.

Powered by Froala Editor

1. Audio-Visual (AV) Integration Solutions

This is the core of the business. Nanta Tech designs and implements complete AV systems for corporates, educational institutions, hospitality players, manufacturing units, and infrastructure projects. This includes system design, integration, installation, testing, commissioning, and on-site support, ensuring all components work as one seamless setup rather than isolated devices.

2. AV Products & Digital Display Hardware 

Under its NANTA brand, the company sells and distributes a wide range of AV and collaboration hardware, procured from domestic and international vendors and configured as per project needs. Key products include:

• Indoor and outdoor active LED screens

• Professional display panels 

• Video conferencing cameras and processors

• Media players and unified communication (UC) devices

• Speakers, microphones, amplifiers, mounts, cables, and accessories

These products are typically bundled into larger AV projects rather than sold as standalone items, helping the company avoid pure price-based competition.

3. Service Robots 

Nanta Tech has entered the service robotics space through its ALLBOTIX brand. The company procures robots from external vendors based on its specifications, installs proprietary or client-specific software, conducts testing, branding, and then markets them to end customers.

These robots are used for events, hospitality environments, public-facing spaces, and customer engagement applications. The company also offers robot demos for events, which act as both a revenue stream and a sales funnel to convert trials into full deployments.

4. Software Development & Automation Solutions

Complementing the hardware layer, Nanta Tech provides custom software development services, including applications for robotics control, AI tools, mobile apps, web portals, and enterprise dashboards.

5. IT Networking & Infrastructure Support

The company also undertakes IT networking solutions, including wired and wireless system cabling, ensuring AV and robotic systems operate reliably across enterprise and institutional environments.

6. Experience Centre 

Nanta Tech operates a dedicated Experience Centre in Ahmedabad, where customers can see its AV systems, digital displays, and ALLBOTIX service robots in live, working environments. This centre is used for product demonstrations, pilot deployments, client walkthroughs, and pre-sale validation, helping shorten sales cycles and improve conversion for large, solution-led orders. As demand for integrated AV and service robotics grows, the company plans to replicate the experience-centre model in other key markets with the help of IPO proceeds.

Revenue Mix by Business Vertical

Nanta Tech was historically a pure AV integration-led business, with 75–85% of revenue coming from AV projects in FY23–FY24. That concentration has started easing. By H1 FY26, AV integration dropped to ~50%, while service robots (22.7%) and software services (20.6%) emerged as meaningful contributors. This is a clear shift toward higher-value, differentiated verticals beyond traditional AV execution. 

AV integration is still the single largest contributor, keeping the business exposed to project cycles. Overall, the mix is improving, but the sustainability of the newer verticals is the key monitor.

Revenue Mix by Sector

Revenue is heavily concentrated in corporate solutions, consistently contributing over 85–98%, highlighting strong enterprise dependence. The recent pickup in manufacturing exposure improves diversification slightly, but sector concentration risk remains high.

Revenue Mix by Industry Segment

Earlier, Nanta Tech was overwhelmingly B2B-led, with B2B contributing 95% in FY23, largely from enterprise AV integration projects. Over time, the mix has balanced sharply, and by H1 FY26, B2C has edged ahead at ~51%, driven by service robots, demos, events, and customer-facing deployments.

While diversification reduces dependence on enterprise capex cycles, higher B2C exposure can mean lumpier demand and shorter contract visibility.

Revenue Mix by Geography

Revenue is heavily Gujarat-centric, with ~81–92% contribution over the years, reflecting strong home-state execution and relationships. The positive shift is the emergence of Karnataka in H1 FY26 (11.5%), signalling early success in geographic expansion.

High regional concentration still exposes the business to local demand slowdowns. The opportunity lies in whether newer markets like Karnataka can scale meaningfully and reduce Gujarat's dependence over time.

Company’s Client Base

Revenue from repeated clients has clearly fallen over time, dropping from ~94% in FY23 to ~77% in FY24–FY25, and further down to ~45% in H1 FY26. This indicates that recent growth is being driven more by new customer acquisition rather than deeper wallet share from existing clients.

While diversification is healthy, a sustained decline in repeat revenue can signal weaker client stickiness, more transactional orders, or early-stage verticals (robots/software) that haven’t yet matured into recurring relationships. Whether these new customers convert into repeat accounts will be a key operational risk to monitor.

Supplier Concentration 

Nanta Tech is heavily dependent on a small supplier base. Over 95% of procurement consistently comes from the top 10 suppliers, and one single supplier contributes ~33–37% of total purchases in most years.

Since the company does not manufacture in-house and relies entirely on third-party vendors, this level of concentration creates real supply-chain and pricing risk. Any disruption, renegotiation, or loss of a key supplier can directly impact margins, execution timelines, and order fulfilment. Supplier diversification will be critical as the business scales.

Management + Promoters 

Nanta Tech is promoted by Mayank A. Jani and Jani Mansiben Mayankkumar, who have been closely involved in building the business since its early days as MNT Technologies. The promoters bring hands-on operating experience in AV integration, system execution, and client management, which reflects in the company’s execution-heavy, relationship-led business model.

Pre-IPO, the promoters hold 79.88% of the equity, indicating high promoter ownership and control. 

Powered by Froala Editor

The company has delivered strong topline growth, with revenue scaling sharply in FY24 and FY25 as AV integration ramped up and newer verticals kicked in. Profitability improved meaningfully versus FY23, and margins have stayed broadly stable around 13–15% EBITDA and ~9% PAT, indicating decent execution discipline.

That said, returns in FY24–FY25 look optically high due to a low equity base and sharp deleveraging, and have already started normalising in H1 FY26. On the downside, working-capital intensity has increased; debtor days have stretched materially and net capital turnover has declined. Sustaining growth without pressuring cash flows will be the key challenge going forward.

Peer Comparison 

Nanta Tech is the smallest player by revenue, but it holds up well on profitability with PAT margins comparable to Pro FX and a lean balance sheet. Its shorter cash cycle (74 days) versus Pro FX suggests better working-capital discipline, though it’s still early days at this scale.

On the flip side, Nanta trades at a much higher P/E, which already prices in execution and growth. Pro FX looks the most conservative with strong margins, zero debt, and the lowest valuation, while Purple Wave delivers eye-catching ROE. 

Net-net, Nanta sits between margin safety and growth expectations, with valuation being the key risk to watch.

IPO Objectives 

• Set up an experience centre & product display area to showcase AV systems and service robots through live demos.

• Fund incremental working capital to support higher project execution, inventory, and receivables.

• General corporate purposes 

Powered by Froala Editor

Through the LMVT Framework

Leadership: Promoter-led, execution-heavy business with hands-on experience in AV integration, project delivery, and client relationships.

Moat: The company has no structural moat. It does not own manufacturing capabilities and is fully dependent on third-party suppliers for AV hardware and service robots. This makes the business exposed to supplier concentration, pricing pressure, and easy replication by other system integrators.

Valuation: Priced at a premium to peers, already factoring in growth momentum and margin stability. With limited differentiation, valuation comfort depends heavily on sustained execution.

Tailwinds: India’s digitalisation drive, rising enterprise automation, and growing adoption of AV systems and service robots support demand over the medium term.

Bottom line: A fast-growing, asset-light integration player, but with no real moat. Returns will hinge entirely on execution quality, supplier stability, and working-capital discipline rather than any durable competitive advantage.

Powered by Froala Editor