1. IPO Snapshot
| Particular | Details |
|---|
| Company Name | SRIT India Limited |
| IPO Type | 100% Book Built; Fresh Issue only |
| Fresh Issue | Up to 16,800,000 Equity Shares |
| Total Issue Size | 16,800,000 Equity Shares |
| Face Value | ₹5 per Equity Share |
| Price Band | ₹123–₹130 per Equity Share |
| Lot Size | 115 Equity Shares |
| Anchor Bidding | September 25, 2026 |
| Issue Opens | September 28, 2026 |
| Issue Closes | September 30, 2026 |
| Basis of Allotment | On or about October 1, 2026 |
| Listing | NSE and BSE; NSE is designated exchange |
| Registrar | KFin Technologies Limited |
| BRLM | Choice Capital Advisors Private Limited |
2. IPO Details
| Particular | At Floor Price ₹123 | At Cap Price ₹130 |
|---|
| Fresh Issue Shares | 1,68,00,000 | 1,68,00,000 |
| Fresh Issue Amount | ₹2,066.40 million | ₹2,184.00 million |
| Total Offer Shares | 1,68,00,000 | 1,68,00,000 |
| Total Offer Value | ₹2,066.40 million | ₹2,184.00 million |
| Pre-Issue Shares | 4,74,71,757 | 4,74,71,757 |
| Post-Offer Shares | 6,42,71,757 | 6,42,71,757 |
| Post-Offer Market Capitalisation | ₹7,905.43 million | ₹8,355.33 million |
3. Issue Reservation
| Category | Reservation |
|---|
| QIB | Not more than 50% of the Issue; up to 60% of QIB Portion may be allocated to Anchor Investors |
| NII | Not less than 15% of the Issue; one-third for bids >₹0.20 million to ₹1.00 million and two-thirds for bids >₹1.00 million, subject to the stated conditions |
| Retail Individual Investors | Not less than 35% of the Issue |
| Mutual Funds within Net QIB | 5% of Net QIB Portion, subject to valid bids |
4. IPO Lot Size
| Application | Lots | Shares | At Floor Price ₹123 | At Cap Price ₹130 |
|---|
| Retail (Min) | 1 | 115 | ₹14,145 | ₹14,950 |
| Retail (Max) | 13 | 1,495 | ₹1,83,885 | ₹1,94,350 |
| S-HNI (Min) | 14 | 1,610 | ₹1,98,030 | ₹2,09,300 |
| S-HNI (Max) | 66 | 7,590 | ₹9,33,570 | ₹9,86,700 |
| B-HNI (Min) | 67 | 7,705 | ₹9,47,715 | ₹10,01,650 |
5. About the Company
SRIT India Limited is a Bengaluru-headquartered IT/ITeS solutions company providing digital solutions and automation through custom application development and integration services. The RHP describes a 26-year track record in designing, implementing and operating digital platforms for Government entities and Enterprises in India and select overseas markets. Its activities are organised across healthcare, electronic governance, and telecommunications and broadband.
The company provides technology-enabled solutions, system integration, operations and maintenance services. Its product portfolio includes the Renaissance Health Enterprise Suite (RHES), R-Converge and health-insurance-related systems. RHES is described as a web-based hospital platform integrating clinical, administrative and financial functions.
The RHP states that, in the last decade, the company executed more than 103 projects with total order value of ₹12,347.16 million and had 102 ongoing orders as of June 30, 2026. It reported an Order Book of ₹12,047.17 million as of June 30, 2026.
The company operates across multiple Indian states and has executed projects in Qatar, UAE, Nigeria, Zambia, Bahrain, Oman and Myanmar. For Fiscal 2026, domestic revenue was ₹4,246.05 million and international revenue was ₹253.94 million.
The RHP also describes planned technology expansion, AI-enabled solutions, smart metering, new geographies, strategic collaborations, a SaaS-based healthcare model and potential acquisitions in areas including smart metering, AI, analytics, e-education and health-tech.
6. Restated Financial Information
| Particular (₹ million except EPS) | FY2026 | FY2025 | FY2024 |
|---|
| Revenue from Operations | 4,499.99 | 3,893.47 | 2,710.88 |
| Other Income | 125.39 | 111.55 | 111.33 |
| Total Income | 4,625.38 | 4,005.02 | 2,822.21 |
| EBITDA | 647.74 | 498.09 | 409.85 |
| PBT | 549.50 | 461.91 | 383.37 |
| PAT | 432.89 | 336.04 | 290.76 |
| Basic EPS (₹) | 9.47 | 7.20 | 5.39 |
| Diluted EPS (₹) | 9.47 | 7.20 | 5.39 |
| Net Worth attributable to owners | 1,932.72 | 931.65 | 804.70 |
| Equity Share Capital | 237.37 | 202.35 | 269.47 |
| Other Equity | 1,695.35 | 729.30 | 535.23 |
| Total Assets | 6,141.55 | 4,966.39 | 4,289.58 |
| Total Liabilities | 4,203.11 | 4,028.97 | 3,478.65 |
| Borrowings – non-current | 195.01 | 199.63 | 192.88 |
| Borrowings – current | 166.45 | 313.33 | 29.90 |
| Finance Costs | 137.61 | 120.29 | 120.00 |
| Depreciation & Amortisation | 86.02 | 27.44 | 17.81 |
| CFO | (121.01) | 179.66 | 341.61 |
| CFI | (314.74) | (272.96) | (152.22) |
| CFF | 337.09 | 2.89 | 20.67 |
| Capex – PPE purchase | (73.72) | (112.86) | (10.27) |
| Inventory | Not separately shown in the cited balance-sheet extract | Not separately shown | Not separately shown |
| Trade Receivables – current | 2,347.52 | 1,968.69 | 2,027.89 |
| Trade Payables – disclosed categories | MSME: 0.74; other creditors: 2,121.88 (current); non-current other creditors: 227.34 | 39.97; 1,919.47; 478.65 | 36.33; 1,758.09; 684.31 |
7. Key Performance Indicators
| KPI | FY2026 | FY2025 | FY2024 |
|---|
| Revenue from Operations (₹m) | 4,499.99 | 3,893.47 | 2,710.88 |
| Revenue Growth | 15.58% | 43.62% | 78.53% |
| EBITDA (₹m) | 647.74 | 498.09 | 409.85 |
| EBITDA Margin | 14.39% | 12.79% | 15.12% |
| PAT (₹m) | 432.89 | 336.04 | 290.76 |
| PAT Margin | 9.62% | 8.63% | 10.73% |
| Net Worth (₹m) | 1,932.72 | 931.65 | 804.70 |
| Debt/Equity | 0.23x | 0.66x | 0.31x |
| ROE/RoNW | 30.23% | 38.76% | 44.11% |
| ROCE | 28.79% | 37.42% | 47.52% |
| Current Ratio | 1.43x | 1.22x | 1.29x |
| Average active orders | 104 | 93 | 120 |
| Recurring orders | 52 | 46 | 60 |
| Milestone orders | 52 | 47 | 60 |
| Average clients served | 65 | 61 | 75 |
| Repeated clientele | 48 | 43 | 46 |
| Percentage of clients repeated | 73.85% | 70.49% | 61.33% |
| Revenue per active order (₹m) | 43.27 | 41.87 | 22.59 |
| Revenue per client served (₹m) | 69.23 | 63.83 | 36.15 |
| Average employees | 1,153 | 1,040 | 916 |
| Revenue per average employee (₹m) | 3.90 | 3.74 | 2.96 |
| Average employees per client | 18 | 17 | 12 |
8. IPO Valuation
| Valuation Metric | Value |
|---|
| Price Band | ₹123–₹130 |
| Diluted P/E, lower end | 12.99x |
| Diluted P/E, upper end | 13.73x |
| Industry peer-group P/E | 15.78x |
| Weighted average RoNW | 35.39% |
| NAV as of March 31, 2026 | ₹40.71 |
9. Peer Comparison
| Company | Revenue FY26 ₹m | Face ₹ | Closing Price ₹ | Basic EPS ₹ | Diluted EPS ₹ | NAV ₹ | P/E | RoNW % |
|---|
| SRIT India Limited | 4,499.99 | 5 | NA | 9.47 | 9.47 | 40.71 | [●] | 30.23 |
| Mastek Limited | 36,987.50 | 5 | 1,630.10 | 130.45 | 129.50 | 965.11 | 12.59 | 14.81 |
| RailTel Corporation of India Limited | 42,774.80 | 10 | 259.25 | 10.79 | 10.79 | 70.47 | 24.03 | 16.25 |
| Protean eGov Technologies Ltd | 9,977.50 | 10 | 488.95 | 24.70 | 24.70 | 265.23 | 19.80 | 9.69 |
| Allied Digital Services Limited | 9,679.10 | 5 | 96.99 | 6.30 | 6.25 | 21.71 | 15.52 | 5.85 |
| Aurionpro Solutions Limited | 14,110.85 | 10 | 705.00 | 38.90 | 37.87 | 322.90 | 18.62 | 13.06 |
10. Shareholding & Capital Structure
| Category | Pre-Offer Shares | Pre-Offer % | Post-Offer Shares | Post-Offer % | Value @ ₹123 (₹m) | Value @ ₹130 (₹m) |
|---|
| Promoters (Sub-total A) | 40,226,747 | 84.74% | 40,226,747 | 62.59% | 4,947.89 | 5,229.48 |
| Promoter Group (Sub-total B) | 80,000 | 0.17% | 80,000 | 0.12% | 9.84 | 10.40 |
| Promoter & Promoter Group (A+B) | 40,306,747 | 84.91% | 40,306,747 | 62.71% | 4,957.73 | 5,239.88 |
| Public — top public holders (C) | 2,955,942 | 6.23% | 2,955,942 | 4.60% | 363.88 | 384.27 |
| Public — others (D) | 4,209,068 | 8.87% | 21,009,068 | 32.69% | 2,584.12 | 2,731.18 |
| Total Public (C+D) | 7,165,010 | 15.09% | 23,965,010 | 37.29% | 2,948.00 | 3,115.45 |
| Total | 47,471,757 | 100.00% | 64,271,757 | 100.00% | 7,905.73 | 8,355.33 |
11. Key Risks Highlighted in the RHP
| Risk Category | RHP Disclosure | Potential Impact Stated/Identified by the RHP |
|---|
| Business / bidding | The majority of projects are awarded through competitive bidding and Government tenders accounted for 89.41% of FY2026 revenue, 91.34% in FY2025 and 81.84% in FY2024. | Failure to qualify, win or execute projects could affect revenue, cash flows and results. |
| Customer concentration | Top ten customers contributed 89.36% of FY2026 revenue from operations; top three contributed 57.93%. | Loss or reduced demand from major customers could affect revenue and profitability. |
| Industry concentration | Electronic governance represented 58.40% of FY2026 Order Book and 68.39% of FY2026 revenue. | Changes in activity, spending or policy in the sector could affect project opportunities. |
| Subcontracting | Subcontracting and technical fees were 78.92% of total expenses in FY2026. | Delay, default, quality issues or approval failures involving subcontractors could affect project execution and costs. |
| Receivables / contract assets | Current trade receivables and contract assets together were 63.27% of total assets in FY2026; contract assets were ₹1,538.01m. | Delayed certification, billing or collection could affect liquidity and cash flow. |
| Consortium / collaboration | The company relies partly on consortium and technology partners and discloses a pending commercial suit involving a consortium partner. | Partner default or disputes could create execution, litigation or financial consequences. |
| Regulatory compliance | The RHP discloses past delays/non-compliances under the Companies Act and FEMA, including compounded matters. | Further non-compliance could lead to penalties or regulatory action. |
| Litigation affecting tenders | Certain proceedings involve tenders to which the company is a party or in which it was impleaded. | Court or regulatory proceedings may delay projects or affect tender-related arrangements. |
| Cybersecurity | The business relies heavily on digital infrastructure and data systems. | Cyberattacks or unauthorized access could disrupt operations, create data/privacy consequences and lead to financial or regulatory exposure. |
| Supplier concentration | Top ten suppliers represented 60.03% of total expenses used for the supplier-concentration calculation in FY2026. | Loss of key suppliers or inability to replace them could affect operations and cash flows. |
| Foreign exchange | Revenue from operations generated in currencies other than INR was 5.64% of FY2026 revenue; the company has no direct hedging policy. | Currency movements can affect results and cash flows. |
| Contingent liabilities | The RHP discloses bank guarantees, service-tax matters, surety bonds, tax disputes and civil litigation among contingent liabilities. | If liabilities materialize, financial condition and results could be affected. |
12. Litigation & Contingent Liabilities
| Matter / Party | Disclosure | Status / Amount |
|---|
| CSA Consultants Private Limited vs Company | Arbitration claim relating to ERP tender/subcontract payment milestones. | ₹17.11m claimed plus interest and costs; pending. |
| Bigtree Entertainment / BookMyShow-related writ | Challenge to Andhra Pradesh cinema-ticketing tender; company impleaded as successful bidder. | Pending before High Court of Andhra Pradesh. |
| AdvantageSB Communication vs Company | Arbitration and related court proceedings concerning termination of a service agreement. | Company's claim ₹764.60m plus interest; pending. |
| Safe Kerala Project writ by Company | Company sought release of quarterly payments through KELTRON. | Matter pending; Court recorded proposed release of two quarterly payments in August 2026. |
| VPVV Techno Construction complaint | Company alleged cheating, breach of trust, forgery and related conduct regarding a purported project. | Settlement for ₹20.00m; ₹10.00m paid and balance ₹10.00m payable by November 1, 2026, subject to settlement terms. |
| Company tax proceedings | Direct and indirect tax proceedings. | 7 cases; ₹80.18m aggregate amount involved as disclosed. |
| Material subsidiary – Phoneme Solutions | MSME claim against RICT India Private Limited. | ₹33.59m claimed as of August 10, 2026; pending. |
| Director / KMP proceedings | Disclosure includes a claim involving Non-Executive Director Dr. Chandan Dash and a motor-accident compensation claim involving CFO Manesh M George. | Director matter pending; KMP claim restricted to ₹1.00m plus interest/costs as stated. |
| Material creditors | Material creditors disclosed under the RHP's Materiality Policy. | 4 material creditors; ₹1,726.38m. |
13. Registrar
| Particular | Disclosure |
|---|
| Name | KFin Technologies Limited |
| Address | Selenium Tower-B, Plot No. 31 & 32, Gachibowli, Financial District, Nanakramguda, Serilingampally, Hyderabad – 500032, Telangana |
| Telephone | +91 22 4962 0337 |
| Email | srit.ipo@kfintech.com |
| Investor grievance email | einward.ris@kfintech.com |
| Website | www.kfintech.com |
| Contact person | M Murali Krishna |
| SEBI registration | INR000000221 |
14. Lead Manager(s)
| Particular | Disclosure |
|---|
| BRLM | Choice Capital Advisors Private Limited |
| Address | Sunil Patodia Tower, Plot No. 156–158, J.B. Nagar, Andheri (East), Mumbai – 400099, Maharashtra |
| Contact persons | Nimisha Joshi / Anuj Killa |
| Email | sil.ipo@choiceindia.com |
| Telephone | +91 22 6707 9999 (7919) |
| SEBI registration | INM000011872 |
| Investor grievance email | investorgrievances_advisors@choiceindia.com |
15. Company Contact Details
| Particular | Disclosure |
|---|
| Registered & Corporate Office | SRIT House, #113/1B, ITPL Main Road, Kundalahalli, Bengaluru – 560037, Karnataka, India |
| Telephone | +91-80419 51999 |
| Email | cs.nidhi@sritindia.com |
| Website | www.sritindia.com |
| Company Secretary / Compliance Officer | Nidhi Hitesh Vaswani |
| CIN | U72200KA1999PLC025692 |
