SRIT India IPO

SRIT India Limited is a Bengaluru-­based IT/ITeS company with 26 years of legacy. The company specializes in digital transformation and system automation in the form of custom application development and systems integration. It is strategically ͏positioned in three major verticals: ͏healthcare, electronic governance, and telecommunications & broadband. Having a ͏good track record of having executed 103+ projects worth ₹12, 347.16 million, SRIT India has a wide-ranging client base including government bodies, public sector organisations, and private enterprises both in the country and in e across the globe.

SRIT India Limited IPO Overview

SRIT India IPO is a bookbuilding issue of ₹218.40 crore, comprising an entirely fresh issue of 1.68 crore equity shares. The IPO will open for subscription on September 28, 2026, and close on September 30, 2026, with allotment expected to be finalised on October 1, 2026. The shares are proposed to be listed on both the NSE and BSE, with a tentative listing date of October 6, 2026. The IPO has a price band of ₹123 to ₹130 per share, while the lot size is 115 shares. Retail investors need to invest a minimum of ₹14,950 for one lot of 115 shares at the upper price band. Choice Capital Advisors Pvt. Ltd. is the book-running lead manager, while Kfin Technologies Ltd. is the registrar of the issue.

SRIT India Limited Upcoming IPO Details

Category	Details
Issue Type	Book Built Issue IPO
Total Issue Size	Up to 1,68,00,000 shares (aggregating up to ₹218.40 Cr)
Fresh Issue	Up to 1,68,00,000 shares (aggregating up to ₹218.40 Cr)
Offer for Sale (OFS)	Nil
IPO Dates	September 28–30, 2026
Price Band	₹123–₹130 per share
Lot Size	115 shares
Face Value	₹5 per share
Listing Exchange	BSE, NSE
Shareholding Pre-Issue	4,74,71,757 shares
Shareholding Post-Issue	6,42,71,757 shares

IPO Lots

Application	Lots	Shares	Amount
Retail (Min)	1	115	₹14,950
Retail (Max)	13	1,495	₹1,94,350
S-HNI (Min)	14	1,610	₹2,09,300
S-HNI (Max)	66	7,590	₹9,86,700
B-HNI (Min)	67	7,705	₹10,01,650

SRIT India Limited IPO Reservation

Investor Category	Shares Offered
QIB Shares Offered	Not more than 50% of the Net Issue
Retail Shares Offered	Not less than 35% of the Net Issue
NII (HNI) Shares Offered	Not less than 15% of the Net Issue

SRIT India Limited IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS) – Basic	₹9.12
Price/Earnings (P/E) Ratio	14.25
Return on Net Worth (RoNW)	30.23%
Net Asset Value (NAV)	₹40.71
Return on Equity (RoE)	30.23%
Return on Capital Employed (RoCE)	28.79%
EBITDA Margin	14.39%
PAT Margin	9.62%
Debt to Equity Ratio	0.23

Objectives of the IPO Proceeds

The Net Proceeds are intended to be utilised as per the details provided in the table below:

Particulars	Amount (in ₹ million)
Funding of capital expenditure requirements towards modernization of existing products and redevelopment	128.6
Funding working capital requirements of our Company	1240
Achieving inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes*	[●]

*To be finalised upon determination of the Issue Price and updated in the Prospectus prior to filing with RoC.

SRIT India Limited Financials (in crore ₹)

Period Ended	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	614.16	496.64	428.96
Total Income	462.54	400.50	282.22
Profit After Tax	43.29	33.60	29.08
Reserves and Surplus	169.54	72.93	53.52
Total Borrowing	36.15	51.30	22.28

SRIT India Limited IPO Strengths

Established Track Record with End-to-End Capabilities

With a legacy of twenty-six years, SRIT India Limited has established a proven track record in designing, implementing, and operating digital platforms. Its full-service delivery stack, from architecture to ongoing maintenance, is backed by CMMI Level 5 and multiple ISO certifications, enabling the company to serve as a one-stop solution provider for complex projects in healthcare, governance, and telecom sectors.

Diverse and Robust Order Book

SRIT India Limited boasts a diversified order book across its three principal verticals, mitigating sector-specific risks. As of September 30, 2025, the company’s outstanding order book stood at a robust ₹12,806.21 million. This diverse and healthy pipeline of projects ensures consistent future revenue, financial stability, and reflects strong market demand for its integrated solutions.

Strong Financial Performance and Healthy Balance Sheet

SRIT India Limited has demonstrated consistent and strong financial growth. Its revenue from operations increased at a CAGR of 36.87% from Fiscal 2023 to Fiscal 2025, while PAT grew at a CAGR of 30.73%. With a healthy balance sheet, a PAT margin of 8.63% in Fiscal 2025, and a strong Return on Net Worth of 38.76%, the company is financially robust and well-positioned for future growth.

Experienced Promoters with Domain Expertise

The company’s growth is driven by the leadership of its experienced promoters. Dr. Nambiar Raghavan Madhusoodan, Chairman and Managing Director, has over 26 years of experience in the IT/ITeS sector. His strategic direction, along with the expertise of the other promoters and senior management, provides the company with deep industry insights and strong operational capabilities.

More About SRIT India Limited

SRIT India Limited is a premier IT/ITeS company with a 26-year history of delivering digital transformation projects. The company’s core strength lies in its ability to provide end-to-end, integrated solutions across the entire project lifecycle.

Business Verticals:

I. Healthcare: Delivering modular, standards-based healthcare platforms that enable secure data integration and scalable digital health workflows.

II. Electronic Governance: Developing digital platforms for public service delivery, including supply management and e-Prescription systems.

III. Telecommunications & Broadband: Providing managed services and system integration for internet service providers.

Operational Excellence:

SRIT India’s execution model is underpinned by world-class certifications, including CMMI Level 5 and ISO 27001, ensuring high standards of quality, security, and service management.

Geographic Footprint:

I. Domestic: A strong presence across 12+ states in India, including Maharashtra, Tamil Nadu, Kerala, and Karnataka.

II. International: Successfully executed projects in the Middle East (Qatar, UAE, Bahrain, Oman) and Africa (Nigeria, Zambia), demonstrating its capability to meet international quality standards.

Key Differentiators:

I. Strong Financials: The company has shown a consistent track record of revenue and profit growth, with a healthy order book.

II. Experienced Leadership: The promoters and senior management team possess deep domain knowledge and decades of experience in the IT sector.

III. Diverse Client Base: While serving both government and enterprises, the company has built long-standing relationships with various prestigious clients, enabling efficient project execution.

Industry Outlook

Indian IT/ITeS Industry

The Indian IT/ITeS industry is a cornerstone of the nation’s economy, poised for robust growth driven by global digital transformation. According to industry reports, the sector is expected to reach a market size of USD 350 billion by 2026, growing at a CAGR of approximately 8-10%. This growth is fueled by the rapid adoption of AI, cloud computing, and automation across sectors.

Focus on E-Governance and Healthcare

The Government of India’s focus on digital infrastructure is a major catalyst. Initiatives like the Ayushman Bharat Digital Mission (ABDM) are creating significant opportunities for healthcare IT solutions. Similarly, e-governance projects, including the rollout of e-District services and smart metering, are driving demand for sophisticated IT/ITeS services. The government’s increased capital expenditure on infrastructure and technology, with a strong push for ‘Digital India’, is expected to create a favorable environment for companies specializing in these domains. The market for e-governance alone is projected to grow significantly, with a focus on citizen-centric service delivery and data security.

How Will SRIT India Limited Benefit

I. The government’s increased capex on digital infrastructure and technology, as highlighted in the Union Budget, will open up new, larger-scale projects in e-governance and smart metering, aligning with SRIT India’s core capabilities.

II. The growing adoption of Ayushman Bharat Digital Mission (ABDM) will create a massive market for secure, interoperable healthcare platforms, an area where SRIT India has proven expertise.

III. The company’s strategic plan to develop AI-enabled products for fraud detection and supply chain integrity will allow it to tap into high-growth niche markets within its existing verticals.

IV. By expanding its SaaS-based healthcare suite and leveraging its new “SRIT Cloud” white-label partnership, the company can build recurring revenue streams, enhancing financial stability.

V. SRIT India’s international footprint in the Middle East and Africa positions it to benefit from similar digital transformation trends in those regions, allowing for geographic revenue diversification.

VI. The company’s strong order book of over ₹12,800 million provides a solid revenue foundation, insulating it from short-term market fluctuations and ensuring sustained business activity.

Peer Group Comparison

Name of Company	Revenue (₹ million)	Face value (₹ )	EPS Basic (₹)	NAV (₹)	P/E	RoNW (%)
SRIT India Limited	3,893.47	5	7.20	23.02	[●]	38.76
Peer Group
Mastek Limited	34,552.30	5	121.78	795.85	17.50	16.53
Railtel Corporation of India Limited	34,775.00	10	9.34	62.31	35.99	15.67
Protean eGov Technologies Ltd	8,407.00	10	22.83	246.32	28.31	9.61
Allied Digital Services Limited	8,070.70	5	4.98	106.73	25.22	4.71
Aurionpro Solutions Limited	11,729.67	10	34.72	279.89	27.76	15.30

Key Strategies for SRIT India Limited

Enhance Service Offerings and Leverage Emerging Technologies

SRIT India Limited is focused on enhancing its service portfolio by investing in infrastructure upgrades and deploying AI-enabled tools. These tools are aimed at improving operational efficiency in areas like supply chain management and documentation. The company is also developing new AI products for health insurance fraud detection and clinical trial management to stay ahead of dynamic client needs.

Accelerate Growth by Entering New and Emerging Markets

The company intends to pursue strategic acquisitions in high-growth sectors like smart metering, AI, and health-tech. This strategy is designed to accelerate time-to-market, expand technical capabilities, and strengthen its solution portfolio. By acquiring or partnering with technology providers, SRIT India aims to access new customer segments and drive long-term, sustainable growth.

Expanding into Newer Geographies Domestically and Internationally

SRIT India Limited is strategically expanding its geographic footprint to mitigate regional concentration risks. Domestically, it is strengthening its presence across more states. Internationally, it is targeting the Middle East, Africa, and Southeast Asia. A branch office in Qatar has been established to pursue technology-intensive projects, allowing the company to tap into global markets.

Leveraging Collaborations with Government and Other Enterprises

A key strategy is leveraging strategic collaborations to strengthen its offerings. A recent teaming agreement with a technology innovation hub for a sovereign database engine and a consortium agreement with a global professional service entity exemplify this approach. These partnerships enable SRIT India to jointly pursue large-scale, secure digital infrastructure opportunities with enhanced capabilities.

Expanding Recurring Revenue Streams and Strengthening Cloud Capabilities

To enhance revenue visibility, SRIT India is transitioning its healthcare suite to a Software-as-a-Service (SaaS) model. It has partnered with a multinational company to white-label cloud services as “SRIT Cloud,” allowing it to offer bundled solutions. This move is intended to build a stable, recurring revenue base and accelerate the commercialization of its advanced digital solutions.