SRIT India Limited’s IPO opens on September 28, 2026, bringing a Bengaluru-based IT and IT-enabled services company with more than two decades of operating history to the public market. The company works across healthcare technology, electronic governance and telecommunications and broadband infrastructure, with government and public-sector projects accounting for a significant share of its business.
The SRIT India IPO is a 100% fresh issue of 1.68 crore equity shares, with no offer for sale (OFS) by promoters or existing shareholders. At the upper end of the SRIT India IPO price band of ₹123 to ₹130 per share, the company plans to raise up to ₹218.40 crore.
For investors evaluating the SRIT India IPO 2026, the key factors extend beyond recent revenue and profit growth. The company's large order book, government exposure, customer concentration, working-capital requirements, receivables, project-execution model and post-issue valuation all require close examination.
Table of Contents
- SRIT India IPO Details
- What Does SRIT India Do?
- SRIT India’s Key Business Segments
- SRIT India Financial Performance
- SRIT India Return Ratios
- SRIT India Order Book
- How Will SRIT India Use the IPO Proceeds?
- Why Does SRIT Need Working Capital?
- Government Revenue Dependence
- Customer Concentration
- Dependence on Subcontractors
- SRIT India Pre-IPO Fundraising
- SRIT India Promoters
- SRIT India IPO Valuation
- SRIT India Comparable Companies
- What Works in SRIT India's Favour?
- SRIT India IPO Risks
- Should You Apply for the SRIT India IPO?
- SRIT India IPO GMP
- What Investors Should Track After Listing
- SRIT India IPO Review: Investor Takeaways
- SRIT India IPO FAQs
The SRIT India IPO is a mainboard public issue scheduled to remain open for three days, from September 28 to September 30, 2026. The entire issue consists of newly issued shares, meaning the proceeds, after issue-related expenses, will accrue to SRIT India rather than selling shareholders.
| Particular |
SRIT India IPO Details |
| IPO opening date |
September 28, 2026 |
| IPO closing date |
September 30, 2026 |
| Price band |
₹123 to ₹130 per share |
| Face value |
₹5 per share |
| Fresh issue |
1.68 crore shares |
| Offer for Sale |
Nil |
| Issue size at ₹123 |
₹206.64 crore |
| Maximum issue size |
₹218.40 crore at ₹130 |
| Lot size |
115 shares |
| Minimum retail investment |
₹14,950 at ₹130 |
| Allotment expected |
October 1, 2026 |
| Refund/Demat credit |
October 5, 2026 |
| Tentative listing date |
October 6, 2026 |
| Listing exchanges |
BSE and NSE |
| Book Running Lead Manager |
Choice Capital Advisors Private Limited |
| Registrar |
KFin Technologies Limited |
The original SEBI-filed Draft Red Herring Prospectus, dated January 29, 2026, contemplated a fresh issue of up to 16.8 million equity shares and did not include an OFS. SEBI's filing page records the company's DRHP under its public-issue filings.
The final price band was subsequently fixed at ₹123 to ₹130 per equity share. This translates into an issue size of ₹206.64 crore at the lower end and ₹218.40 crore at the upper end. The issue comprises 1.68 crore fresh shares.
At the upper price of ₹130, one lot of 115 shares requires an investment of:
115 shares × ₹130 = ₹14,950
The allotment is expected on October 1, followed by refunds and demat credit on October 5 and tentative listing on the BSE and NSE on October 6, 2026.
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Get the latest updates on the SRIT India IPO, including issue size, price band, minimum investment and important allotment dates.
SRIT India is an IT and IT-enabled services solutions company providing digital solutions, customised application development, system integration, implementation, maintenance and related technology services.
The company was incorporated in September 1999 as Sobha Renaissance Information Technology Private Limited. Its name was subsequently changed to SRIT India Private Limited in 2014, and the company was converted into a public limited company under the name SRIT India Limited in May 2025.
Its operating history therefore extends for approximately 26 years by the time of the IPO.
SRIT's business is primarily built around three major verticals:
These verticals involve large technology deployments in which SRIT may provide not just software, but also customisation, implementation, integration, infrastructure, maintenance and related services.
SRIT's business model is diversified across different technology applications, although government and public-sector organisations represent a large portion of its overall revenue base.
Healthcare IT Solutions
SRIT provides integrated healthcare technology solutions covering hospital operations, clinical information, radiology, revenue management and connected-health infrastructure.
Its healthcare capabilities include:
- Hospital information systems
- Hospital management systems
- Revenue-cycle management
- Digital-health platforms
- Radiology Information Systems (RIS)
- Picture Archiving and Communication Systems (PACS)
- Healthcare system integration
- Software implementation
- Customisation
- Data migration
- Annual maintenance services
- Connected-health ecosystems
- Point-of-care device integration
SRIT's healthcare business therefore extends beyond standalone software licensing. A project can involve implementation, deployment, customisation, migration, integration and ongoing maintenance.
The company's official website describes its healthcare offering as integrated healthcare IT solutions incorporating hospital information systems, revenue-cycle management, digital-health platforms, RIS, PACS and related implementation and maintenance services.
Electronic Governance
Electronic governance is another important part of SRIT's operations.
The company provides technology solutions and system-integration services to government organisations and enterprises to support automation, digital service delivery and secure IT infrastructure.
Its capabilities include:
- E-governance platforms
- Cybersecurity solutions
- Enterprise software
- Integrated digital-service systems
- Government process automation
- Technology implementation and maintenance
Projects undertaken in this area have included automated traffic enforcement, billing and revenue-cycle systems, and integrated government IT platforms.
SRIT's official corporate information states that its e-governance services include the design, development, implementation and maintenance of platforms supporting digital governance, cybersecurity and enterprise technology systems.
Telecommunications and Broadband
SRIT also participates in telecommunications and digital-infrastructure projects.
Its capabilities include:
- State-wide area networks
- IP-MPLS networks
- Fibre-optic infrastructure
- Broadband connectivity
- Smart-city infrastructure
- Network-equipment installation
- Network integration
- Network maintenance
One disclosed project is the Kerala Fibre Optic Network, or KFON.
SRIT says its R-Converge software is used for functions involving subscribers, partners, revenue cycles, operations, accounting, customer service, reconciliation and settlements.
The telecom vertical therefore combines software, networking and system-integration capabilities.
SRIT India's restated consolidated financial statements show expansion in revenue and profitability between FY2024 and FY2026.
Revenue from operations increased from ₹271.09 crore in FY24 to approximately ₹450 crore in FY26, while profit after tax increased from ₹29.08 crore to ₹43.29 crore during the same period.
FY2024 Financial Performance
| Financial Metric |
FY24 |
| Revenue from operations |
₹271.09 crore |
| Total income |
₹282.22 crore |
| EBITDA |
₹40.99 crore |
| Profit after tax |
₹29.08 crore |
| Total assets |
₹428.96 crore |
| Net worth |
~₹80.5 crore |
| Borrowings |
~₹22-24 crore |
FY2025 Financial Performance
| Financial Metric |
FY25 |
| Revenue from operations |
₹389.35 crore |
| Total income |
₹400.50 crore |
| EBITDA |
₹49.81 crore |
| Profit after tax |
₹33.60 crore |
| Total assets |
₹496.64 crore |
| Net worth |
₹93.17 crore |
| Borrowings |
₹51.30 crore |
FY2026 Financial Performance
| Financial Metric |
FY26 |
| Revenue from operations |
~₹450.00 crore |
| Total income |
₹462.54 crore |
| EBITDA |
₹64.77 crore |
| Profit after tax |
₹43.29 crore |
| Total assets |
₹614.16 crore |
| Net worth |
₹193.27 crore |
| Borrowings |
₹36.15 crore |
The reported financial trajectory shows that revenue from operations expanded by approximately ₹179 crore between FY24 and FY26.
PAT increased from ₹29.08 crore in FY24 to ₹33.60 crore in FY25 and further to ₹43.29 crore in FY26.
FY26 PAT growth was approximately 28.8% year-on-year, while revenue from operations grew by roughly 15.6% year-on-year.
The company reported FY26 EBITDA of approximately ₹64.77 crore, equivalent to an EBITDA margin of around 14.4%.
Published issue-prospectus financial data also reports FY24, FY25 and FY26 sales of ₹271.09 crore, ₹389.35 crore and ₹450 crore respectively, alongside PAT of ₹29.08 crore, ₹33.60 crore and ₹43.29 crore.
What the Financial Trend Shows
The important point is not simply that SRIT is profitable. Its FY24-FY26 numbers indicate growth in both the scale of operations and absolute profitability.
However, reported profit should be considered alongside cash conversion because SRIT operates a project-based business with significant receivables and contract assets.
SRIT entered the IPO process with positive return ratios and relatively modest financial leverage based on its FY26 disclosures.
| FY26 KPI |
Reported Level |
| RoNW / ROE |
30.23% |
| ROCE |
28.79% |
| Debt-to-equity |
~0.23x |
| EBITDA margin |
~14.39% |
| PAT margin |
~9.62% |
| NAV per share |
₹40.71 |
A 30.23% return on net worth and 28.79% ROCE indicate that the company reported relatively high accounting returns going into the IPO.
The balance sheet also shows borrowings of approximately ₹36.15 crore in FY26 compared with net worth of ₹193.27 crore.
One important qualification is the substantial rise in net worth from ₹93.17 crore in FY25 to ₹193.27 crore in FY26. This increase needs to be viewed alongside capital raised before the IPO rather than being interpreted entirely as an accumulation of retained operating profits.
SRIT's sizeable outstanding order book is one of the key features of its business profile.
The company's outstanding order book was approximately ₹1,182.82 crore as of March 31, 2026.
It subsequently increased to approximately ₹1,204.72 crore as of June 30, 2026.
Compared with FY26 revenue from operations of around ₹450 crore, the June 2026 order book is multiple times the company's latest annual revenue.
Why the Order Book Matters
A large order book can provide visibility over future project execution because it represents contracts and projects already secured by the company.
However, an order book is not equivalent to guaranteed future revenue or cash flow.
Actual revenue recognition can be affected by:
- Project schedules
- Execution milestones
- Customer approvals
- Scope changes
- Contract extensions
- Delays
- Cancellations
Investors evaluating the SRIT India IPO should therefore distinguish between the headline order-book value and the company's ability to convert that order book into revenue, profit and cash.
Because there is no offer for sale, the fresh-issue proceeds are intended for SRIT India itself, subject to issue expenses.
The company plans to deploy the IPO proceeds primarily towards product modernisation, working capital and strategic corporate requirements.
| Use of proceeds |
Amount |
| Product modernisation |
₹12.86 crore |
| Working capital |
₹124.00 crore |
| Inorganic growth & strategic initiatives |
Balance as applicable |
| General corporate purposes |
Balance as applicable |
The largest specifically quantified allocation is ₹124 crore for working-capital requirements.
The allocation is particularly significant because working-capital intensity is one of the most important features of SRIT's business model.
SRIT's requirement for working capital is closely connected to the nature of large system-integration and government technology contracts.
Such projects can require expenditure on employees, technology, equipment, vendors and subcontractors before the entire amount due from the customer has been collected.
SRIT's balance sheet consequently contains substantial trade receivables and contract assets.
For FY26, trade receivables plus contract assets represented roughly 63% of total assets.
This helps explain why ₹124 crore, a significant portion of the IPO proceeds, has been earmarked specifically for working capital.
How Fresh Capital Could Affect Project Execution
Additional working capital can support the execution of a larger project pipeline without requiring every project to be financed entirely through internal cash generation or incremental debt.
But this characteristic also creates an important risk.
If customer payments, certifications or milestone approvals are delayed, SRIT can report revenue and accounting profits while cash remains locked in receivables or contract assets.
For this reason, operating cash flow and cash conversion are important metrics to track alongside PAT.
Government entities represent a dominant share of SRIT India's revenue.
Approximately 89.4% of FY26 revenue from operations came from government entities. Government dependence was even higher in FY25 at roughly 91%.
This concentration provides SRIT with exposure to large and potentially long-duration public digitalisation and infrastructure projects.
It also creates specific risks.
Government-related revenue can be affected by:
- Tender eligibility requirements
- Timing of government tenders
- Administrative approvals
- Budget allocations
- Project extensions
- Government payment cycles
- Competitive bidding
- Tender pricing
- Changes in public policy
Investors should therefore analyse not only the value of SRIT's order book but also the identity and concentration of customers and the speed at which completed work is converted into cash receipts.
SRIT's revenue is also concentrated among a relatively small number of customers.
The top 10 customers accounted for approximately 89.36% of FY26 revenue from operations.
This means the company's revenue profile is not highly dispersed across a large number of customers.
A loss, postponement, reduction or non-renewal of a major customer contract could consequently have a disproportionate effect on overall revenue.
Government dependence and customer concentration should also be considered together. A company can have exposure to multiple projects while still deriving a significant portion of its overall business from a relatively concentrated customer group.
Large technology and system-integration projects often require expertise, manpower, procurement and implementation capabilities from multiple parties.
SRIT relies on third-party contractors, subcontractors and vendors for portions of project execution and procurement.
Subcontracting expenses represented a substantial portion of FY26 expenses.
This model can allow SRIT to undertake large projects without maintaining every required capability internally.
However, outsourcing does not remove SRIT's responsibility to its end customer.
Failures or delays by subcontractors can potentially result in:
- Project delays
- Higher costs
- Execution difficulties
- Contractual disputes
- Customer dissatisfaction
- Contractual consequences for SRIT
Subcontractor costs and execution performance are therefore important factors when assessing future margins.
SRIT India raised equity capital in the period preceding its public issue.
During August to October 2025, the company issued 30 lakh equity shares at ₹95 per share to investors including Fortune Hands Growth Fund Scheme I and SB Opportunities Fund.
The IPO upper price of ₹130 per share is approximately 36.8% higher than the ₹95 pre-IPO issuance price.
This comparison should be interpreted carefully.
The pre-IPO placement and IPO occurred at different dates, and the company's financial position, capital structure and circumstances can change between a private capital raise and the public issue.
The ₹95 pre-IPO issuance price should therefore be viewed as relevant historical transaction information rather than a standalone measure of whether the ₹130 IPO price is appropriate.
The promoters identified in SRIT India's SEBI-filed DRHP are:
-
Dr. Nambiar Raghavan Madhusoodan
-
Prasaktha Vakkiyl Nambiar
-
Martin Poovakkulam Chacko
These promoter names are disclosed in the company's January 29, 2026 DRHP.
Promoter and promoter-group ownership was approximately 84.9% before the IPO and will be diluted following the issuance of new equity shares.
Importantly, the promoters are not selling shares through an OFS as part of this IPO.
All 1.68 crore shares being offered are fresh shares issued by the company.
The SRIT India IPO valuation needs to be considered on a post-issue basis because issuing 1.68 crore new shares increases the total equity share count.
At the upper SRIT India IPO price of ₹130, the company's post-issue market capitalisation works out to approximately ₹835.5 crore, based on roughly 6.43 crore post-issue shares. Contemporary issue information also reports an upper-band valuation of approximately ₹835.5 crore.
SRIT India IPO Valuation Metrics
| Valuation Metric |
Approximate Value |
| Upper IPO price |
₹130 |
| Post-issue market capitalisation |
₹835.5 crore |
| FY26 PAT |
₹43.29 crore |
| Pre-issue EPS |
₹9.12 |
| Post-issue diluted EPS |
₹6.74 |
| Post-issue P/E at ₹130 |
~19.3x |
| Price-to-book |
~3.19x |
Why Post-Issue EPS Matters
The difference between pre-issue and post-issue EPS is important when analysing the SRIT India IPO.
The company reported FY26 PAT of approximately ₹43.29 crore. After accounting for the larger post-IPO equity base, diluted EPS works out to approximately ₹6.74.
Therefore:
₹130 ÷ ₹6.74 = approximately 19.3 times FY26 earnings
Published prospectus-based financial information similarly reports post-issue EPS of ₹6.74.
The approximately 19.3x post-issue P/E therefore provides a clearer representation of the public-issue valuation than calculating the multiple solely from pre-issue EPS.
The company's offer documents use listed businesses operating across overlapping areas of IT services, digital infrastructure, e-governance and system integration as comparable companies.
The peer group includes:
- Mastek
- RailTel Corporation of India
- Protean eGov Technologies
- Allied Digital Services
- Aurionpro Solutions
Direct P/E comparisons require caution.
SRIT's government exposure, customer concentration, project structure, revenue mix, subcontracting model and working-capital requirements can differ materially from those of other listed technology companies.
A lower or higher P/E relative to a peer therefore does not, by itself, capture differences in business quality, growth, cash conversion or operating risk.
An analysis of SRIT India's disclosed business and financial information highlights several operating characteristics relevant to prospective investors.
1. Long Operating History
SRIT has been operating since 1999, giving the company more than two decades of experience in technology and system-integration projects.
2. Exposure to Multiple Digitalisation Segments
The company operates across healthcare IT, electronic governance and telecommunications and broadband infrastructure.
These verticals require capabilities across software development, digital platforms, system integration, networking, implementation and maintenance.
3. Revenue Growth
Revenue from operations increased from approximately ₹271.09 crore in FY24 to ₹450 crore in FY26.
4. Profit Growth
Profit after tax increased from ₹29.08 crore in FY24 to ₹43.29 crore in FY26.
FY26 PAT growth was approximately 28.8% year-on-year.
5. Large Order Book
The outstanding order book reached approximately ₹1,204.72 crore as of June 30, 2026, substantially exceeding one year's FY26 revenue.
6. Entirely Fresh Issue
The IPO consists entirely of fresh shares.
There is no promoter or shareholder OFS, meaning the issue proceeds, after expenses, are intended for the company.
7. Reported Technology and Process Certifications
SRIT reports certifications including CMMI Level 5, ISO 27001, ISO 20000 and ISO 9001.
These certifications form part of the company's disclosed corporate credentials.
A balanced SRIT India IPO review also requires close attention to the risks disclosed around the company's business model.
1. Government Dependence
Approximately 89.4% of FY26 revenue from operations came from government entities.
Government tender schedules, eligibility requirements, administrative approvals, payment delays, budget changes and public-policy decisions can therefore materially affect the business.
2. High Customer Concentration
The top 10 customers contributed approximately 89.36% of FY26 revenue from operations.
The postponement, reduction or loss of a large customer contract could have a disproportionately large impact.
3. Working-Capital Intensity
Trade receivables and contract assets represented approximately 63% of total FY26 assets.
The decision to allocate ₹124 crore of IPO proceeds towards working capital further demonstrates the capital requirements associated with the company's project model.
4. Project Execution Risk
Large, multi-year technology and infrastructure projects can face delays, cost escalation, implementation challenges and milestone disputes.
Execution problems could affect revenue recognition, profitability and cash flows.
5. Subcontractor Dependence
SRIT depends on external contractors, subcontractors and vendors for portions of its projects.
Problems experienced by these parties can still affect SRIT because the company remains accountable to its customers.
6. Technology Risk
Cybersecurity, cloud infrastructure, artificial intelligence and digital-platform technologies continue to evolve.
SRIT needs to maintain and modernise its technology capabilities and products to remain relevant to customers.
7. Order-Book Conversion Risk
A large order book does not automatically guarantee that revenue, profit or cash flow will be generated according to a fixed schedule.
Execution milestones, approvals, project changes and cancellations can influence actual conversion.
8. Tender and Client Risk
SRIT's future project pipeline depends partly on successfully meeting tender requirements and competing for contracts.
Competitive pricing can also affect project economics and margins.
9. Cybersecurity and Data Risk
SRIT works with technology systems involving government, telecommunications and healthcare operations.
Cybersecurity incidents, data-security failures or technology disruptions could therefore have operational and contractual consequences.
Prospective investors should consider these factors alongside the detailed risk disclosures in the company's offer documents.
The SRIT India IPO offers exposure to an established IT and system-integration company with growing revenue and profits and a sizeable order book. Investors considering whether to apply should focus on the following factors:
-
Financial growth: Revenue from operations increased from ₹271.09 crore in FY24 to approximately ₹450 crore in FY26, while PAT rose from ₹29.08 crore to ₹43.29 crore.
-
Order-book execution: SRIT had an outstanding order book of approximately ₹1,204.72 crore as of June 30, 2026. The key consideration is how efficiently these orders translate into revenue, profits and operating cash flow.
-
IPO structure and use of funds: The issue is entirely fresh, with no OFS. Of the IPO proceeds, ₹124 crore is earmarked for working-capital requirements, which could support execution of the company's project pipeline.
-
Revenue concentration: Government entities accounted for approximately 89.4% of FY26 revenue, while the top 10 customers contributed around 89.36%. This makes contract continuity, project approvals and customer payments particularly important.
-
Cash conversion: Trade receivables and contract assets represented roughly 63% of FY26 total assets. Investors should therefore look beyond reported PAT and consider how effectively the company converts earnings into operating cash flow.
-
IPO valuation: At the upper price band of ₹130, the SRIT India IPO valuation is approximately 19.3x FY26 post-issue earnings, based on diluted EPS of around ₹6.74. This valuation can be assessed alongside the company's growth, return ratios, cash conversion and relevant listed peers.
For investors evaluating whether to apply for the SRIT India IPO, the central consideration is the balance between SRIT's growth and large project pipeline on one side and its government dependence, customer concentration and working-capital intensity on the other.
The final decision should depend on an investor's own risk tolerance, investment horizon and assessment of SRIT's ability to convert its order book into sustainable earnings and cash flows.
Planning to apply for the SRIT India IPO? Apply online through Zerodha and submit your IPO application with ease.
SRIT India IPO GMP, or grey market premium, is an unofficial market indicator and is not part of the company's fundamental financial disclosures.
Grey market premiums can change rapidly and do not represent an exchange-traded price, guaranteed listing price or fundamental valuation measure.
For that reason, this SRIT India IPO analysis does not use GMP to calculate the company's valuation or assess its financial performance. The fundamental valuation discussed here is based on the ₹123 to ₹130 official price band and the company's disclosed FY26 financial information.
SRIT's reported revenue and PAT will remain important after listing, but they will not provide a complete picture of the company's operating performance.
Several indicators can provide additional context.
1. Order Inflows and Order-Book Execution
The company will need to replenish and execute its order book as existing projects move towards completion.
2. Receivables
Given the importance of government customers and project-based billing, changes in trade receivables can provide insight into cash collection.
3. Contract Assets and Unbilled Revenue
A sustained increase in contract assets relative to revenue may require closer examination of project milestones and cash conversion.
4. Operating Cash Flow Versus PAT
This is particularly important for SRIT.
A project-based company can report accounting profits while cash remains tied up in receivables or unbilled work.
Persistent divergence between PAT and operating cash generation would therefore warrant attention.
5. Government Revenue Concentration
FY26 government exposure stood at approximately 89.4%. Future disclosures will show whether this concentration remains at similar levels or changes over time.
6. Top-Customer Concentration
The top 10 customers represented approximately 89.36% of FY26 revenue. Changes in this ratio can help indicate whether the revenue base is becoming more or less concentrated.
7. EBITDA Margin
SRIT reported an FY26 EBITDA margin of approximately 14.39%. Investors can monitor whether margins remain stable as the order book is executed.
8. Subcontracting Costs
Given SRIT's reliance on outside contractors and vendors, changes in subcontracting expenses can affect project profitability.
9. Use of IPO Proceeds
The deployment of the ₹124 crore earmarked for working capital will be especially important given the size of receivables and contract assets on the balance sheet.
SRIT India enters the public market with a long operating history, growing revenue and profits, and a sizeable order book across healthcare IT, e-governance and telecom infrastructure. The IPO is entirely a fresh issue, with a significant portion of the proceeds intended to support working-capital requirements.
At the same time, high government dependence, customer concentration and significant receivables and contract assets remain important considerations. At the upper price of ₹130, the IPO is valued at approximately 19.3x FY26 post-issue earnings.
Overall, the SRIT India IPO brings together an established operating business, recent financial growth and a large project pipeline, alongside concentration, execution and cash-conversion risks. How effectively SRIT converts its order book into sustainable earnings and cash flows will be central to its performance as a listed company.
Want to compare SRIT India with other recent mainboard issues across technology, infrastructure and other sectors? Use the IPO dashboard to track issue details, pricing and listing information.
This article is for informational purposes only and is intended to help readers understand the disclosed facts, financials, valuation and risks. It is not a recommendation to subscribe to or avoid the SRIT India IPO.
1. What are the SRIT India IPO dates, price band and lot size?
The SRIT India IPO opens on September 28, 2026 and closes on September 30, 2026. The price band is ₹123 to ₹130 per share, and the lot size is 115 shares. At the upper price of ₹130, the minimum investment for one lot is ₹14,950. The shares are tentatively scheduled to list on the BSE and NSE on October 6, 2026.
2. What is the SRIT India IPO issue size?
The SRIT India IPO consists of a fresh issue of 1.68 crore equity shares. The issue is worth ₹206.64 crore at the lower price of ₹123 and up to ₹218.40 crore at the upper price of ₹130. There is no offer for sale, so existing shareholders are not selling shares through the IPO.
3. What is the SRIT India IPO valuation?
At the upper price band of ₹130, SRIT India's post-issue market capitalisation is approximately ₹835.5 crore. Based on FY26 PAT of ₹43.29 crore and post-issue EPS of approximately ₹6.74, the IPO is valued at roughly 19.3 times FY26 post-issue earnings. The price-to-book ratio is approximately 3.19x.
4. What are the major risks in the SRIT India IPO?
The key risks include high government dependence, customer concentration, working-capital intensity, large receivables and contract assets, project-execution risk, dependence on subcontractors, tender competition, technology changes, cybersecurity exposure and uncertainty over the timing of order-book conversion. Government entities generated approximately 89.4% of FY26 revenue, while the top 10 customers contributed approximately 89.36%.
5. What will SRIT India use the IPO proceeds for?
SRIT India plans to use ₹12.86 crore for modernisation and redevelopment of existing products and ₹124 crore for working-capital requirements. The remaining applicable proceeds are intended for inorganic growth through unidentified acquisitions and other strategic initiatives, as well as general corporate purposes. Since the IPO is entirely a fresh issue, there is no OFS component.