SRIT India IPO is a ₹218.40 crore book-built issue comprising an entirely fresh issue of 1.68 crore equity shares. The IPO will be open for subscription from September 28 to September 30, 2026. The allotment is expected to be finalized on October 1, 2026, while the shares are tentatively scheduled to list on NSE and BSE on October 6, 2026.
The price band has been fixed at ₹123 to ₹130 per share, with a lot size of 115 shares. At the upper end of the price band, retail investors will need a minimum investment of ₹14,950 for one lot.
Choice Capital Advisors Pvt. Ltd. is the book-running lead manager for the issue, while KFin Technologies Ltd. is the registrar. Investors can refer to the SRIT India IPO Red Herring Prospectus (RHP) for detailed information about the company and the offer.
Company Overview
Established in September 1999, SRIT India Limited is a Bengaluru-based IT and IT-enabled services company offering digital solutions, application development and system integration services. With 26 years of experience, it develops and manages digital platforms for government bodies and enterprises across India and select international markets.
The Company operates across healthcare, e-governance, and telecommunications and broadband. Its offerings include healthcare information systems, digital health platforms, e-governance, cybersecurity, enterprise software, networking, fibre optic infrastructure, connectivity, automation and managed services. It also provides customised solutions compatible with third-party platforms and is developing AI-enabled solutions.
Over the last decade, SRIT India has executed more than 103 projects with an aggregate order value of approximately ₹12,347.16 million. These include healthcare platforms, banking connectivity, fibre networks, AI-based traffic management and power transformer monitoring solutions. It also has international operations in Qatar.
Its processes are appraised at CMMI Level 5 and SSE-CMM and certified under ISO 27034-1:2011, ISO/IEC 27001:2022 and ISO 45001:2018. Revenue increased from ₹3,893.47 million in Fiscal 2025 to ₹4,499.99 million in Fiscal 2026, while profit after tax rose from ₹336.04 million to ₹432.89 million. As of June 30, 2026, it had 291 employees and consultants.
IPO Details
| Particulars | Details |
|---|---|
| IPO Date | 28 to 30 Sep, 2026 |
| Allotment | Thu, Oct 1, 2026 |
| Listing Date | Tue, Oct 6, 2026 |
| Face Value | ₹5 per share |
| Price Band | ₹123 to ₹130 per share |
| Lot Size | 115 Shares |
| Issue Type | Bookbuilding IPO |
| Sale Type | Fresh capital only |
| Total Issue Size | 1,68,00,000 shares (agg. up to ₹218 Cr) |
| Fresh Issue | 1,68,00,000 shares (agg. up to ₹218 Cr) |
| Shareholding Pre-Issue | 4,74,71,757 shares |
| Shareholding Post-Issue | 6,42,71,757 shares |
| Listing Exchange | BSE, NSE |
(Compiled from RHP and market updates)
Industry Context
- India’s IT-BPM industry continues to expand as enterprises and government bodies increase investments in digital platforms, cloud computing, AI, cybersecurity, automation and data-driven solutions.
- Indian IT-BPM industry revenue is estimated at USD 315.02 billion in FY2026E and projected to reach USD 378 billion by FY2030, representing a 4.7% CAGR.
- Initiatives such as Digital India, Ayushman Bharat Digital Mission and the National Digital Communications Policy are creating opportunities across e-governance, healthcare and telecommunications technology.
- AI, machine learning, generative AI and automation are increasingly being integrated into IT services, creating demand for technology providers capable of developing customised and scalable solutions.
- The sector includes large IT companies, mid-sized technology firms and specialised players competing through domain expertise, system integration, cybersecurity capabilities, partnerships and sector-specific digital solutions.
Business Strengths
- With 26 years of experience, SRIT India has designed, implemented and operated digital platforms across healthcare, e-governance and telecommunications for government and enterprise clients.
- The Company combines software development, system integration, data migration, cloud or on-premise deployment and ongoing operations, enabling it to provide integrated solutions across project lifecycles.
- SRIT India has executed more than 103 projects worth ₹12,347.16 million over the last decade and had 102 ongoing orders across its three core verticals.
- Its business spans healthcare, electronic governance, telecommunications and broadband, while operations across multiple Indian states and overseas markets provide exposure to varied clients and geographies.
- Experienced promoters and senior management with domain knowledge across technology solutions, project execution and the Company’s key operating sectors.
Business Risks
- Government entities contributed approximately 89.41% of revenue in Fiscal 2026, making business performance dependent on successfully qualifying for, winning and executing government contracts.
- Project execution requires substantial working capital because expenses are often incurred before milestone-based payments, with historical government payment cycles generally ranging between five and eight months.
- SRIT India relies significantly on subcontractors and technical service providers for project execution, exposing it to risks related to vendor performance, cost escalation, labour availability, delays and quality of execution.
- The RHP says the acquisition/strategic initiative/general corporate purpose component can account for up to 35% of Gross Proceeds, with acquisition and GCP each subject to a 25% cap.
- SRIT India has significant customer concentration, with its top 10 customers contributing approximately 89.36% of revenue from operations in Fiscal 2026, creating dependence on a limited customer base.
Financial Performance
SRIT India Ltd. – Financials (₹ in Million)
| Particulars | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
|---|---|---|---|
| Revenue from Operations | 4,499.99 | 3,893.47 | 2,710.88 |
| EBITDA | 647.74 | 498.09 | 409.85 |
| EBITDA Margin (%) | 14.39% | 12.79% | 15.12% |
| Profit After Tax (PAT) | 432.89 | 336.04 | 290.76 |
| PAT Margin (%) | 9.62% | 8.63% | 10.73% |
| Return on Capital Employed (%) | 28.79% | 37.42% | 47.52% |
| Return on Equity (%) | 30.23% | 38.76% | 44.11% |
(Source: RHP)
Key Ratios & Metrics
| KPI (Mar 31, 2026) | Value |
|---|---|
| Return on Equity (ROE) | 30.23% |
| Return on Capital Employed (ROCE) | 28.79% |
| Debt-to-Equity Ratio | 0.23 |
| Return on Net Worth (RoNW) | 30.23% |
| PAT Margin | 9.62% |
| EBITDA Margin | 14.39% |
| Net Asset Value (NAV per share) | ₹40.71 |
(Source: RHP)
Objects of the Offer
- Modernisation and redevelopment: ₹128.57 million towards capital expenditure for modernising existing products and redevelopment, including technology, equipment and related requirements.
- Working capital requirements: ₹1,240.00 million to fund the Company’s incremental working capital requirements for Fiscal 2027 and Fiscal 2028.
- Inorganic growth and strategic initiatives: The remaining Net Proceeds will be used towards unidentified acquisitions and other strategic initiatives aimed at expanding capabilities, entering new markets and accessing new customer segments.
- General corporate purposes: A portion of the Net Proceeds may be used for general corporate requirements, including marketing, salaries, administration, technology upgrades, maintenance and other ordinary business needs.
Conclusion
SRIT India has an established track record in delivering technology solutions across healthcare, e-governance, and telecommunications and broadband, supported by 26 years of industry experience and a portfolio of government and enterprise projects. Its order book, geographic presence and growing focus on AI-enabled solutions provide opportunities to expand its business.
The IPO proceeds are also expected to strengthen working capital and support technology development and strategic initiatives. However, the Company remains exposed to government contract dependence, working capital requirements, project execution risks and competition in the IT services industry.
Investors may therefore consider the Company’s business model, financial performance, growth plans and associated risks before making an investment decision.
Disclaimer: Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. This content is purely for informational purposes only and should not be considered as investment advice or a recommendation. Securities quoted are for illustration purposes only and not recommendatory.Opening of account will not guarantee allotment of shares in IPO. Investors are requested to do their own due diligence before investing in any IPO.
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