SRIT India Ltd is raising ₹218.40 crore through a mainboard IPO that opened on September 28, 2026.
SRIT India was incorporated in 1999 as Sobha Renaissance Information Technology Private Ltd. It was renamed SRIT India in 2014 and converted into a public company in 2025.
The company designs, implements and operates technology platforms for government bodies, public-sector organisations and private enterprises in India and overseas.
Its services include healthcare information systems, digital health platforms, e-governance applications, cybersecurity, enterprise software, networking, connectivity, fibre infrastructure, system integration, automation and managed services.
SRIT’s healthcare business includes hospital information and management systems that connect clinical, administrative and financial functions. Its government-related work includes digital platforms, surveillance and traffic-management systems, telecommunications infrastructure and automation projects.
The company has CMMI Level 5 certification along with multiple ISO certifications. These credentials are important when competing for large government and enterprise technology contracts.
SRIT has a presence across more than 12 Indian states and eight countries. Its overseas expansion plans cover the Middle East, Africa and Southeast Asia.
SRIT India IPO details
| Particulars | Details |
|---|---|
| IPO opens | September 28, 2026 |
| IPO closes | September 30, 2026 |
| Basis of allotment | October 1, 2026 |
| Refunds and demat credit | October 5, 2026 |
| Listing date | October 6, 2026 |
| Listing exchanges | BSE and NSE |
| Price band | ₹123–₹130 |
| Face value | ₹5 |
| Total issue size | ₹218.40 crore |
| Fresh issue | ₹218.40 crore |
| Offer for sale | Nil |
| Shares offered | 1.68 crore |
| Lot size | 115 shares |
| Minimum retail investment | ₹14,950 |
| Post-issue market capitalisation | About ₹835.53 crore |
| Lead manager | Choice Capital Advisors |
| Registrar | KFin Technologies |
The IPO consists entirely of newly issued shares. There is no offer-for-sale component, so the proceeds will go to the company after deducting issue expenses.
SRIT placed 50.40 lakh shares with anchor investors at ₹130 apiece before the IPO, raising ₹65.52 crore.
Minimum investment
| Investor category | Shares | Investment at ₹130 |
|---|---|---|
| Retail minimum | 115 | ₹14,950 |
| Retail maximum | 1,495 | ₹1,94,350 |
| Small HNI minimum | 1,610 | ₹2,09,300 |
| Big HNI minimum | 7,705 | ₹10,01,650 |
SRIT plans to use the fresh capital to modernise and redevelop its existing products. The company also intends to fund its working-capital requirements.
The remaining proceeds will support acquisitions, strategic initiatives and general corporate purposes.
Working capital is an important part of the issue. Government and large technology projects often require the vendor to incur costs before receiving payment against project milestone.
Financial performance
| Particulars | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | ₹271.09 crore | ₹389.35 crore | ₹450.00 crore |
| EBITDA margin | 15.12% | 12.79% | 14.39% |
| Net profit | ₹29.08 crore | ₹33.60 crore | ₹43.29 crore |
| Net worth | ₹80.47 crore | ₹93.17 crore | ₹193.27 crore |
| Equity share capital | ₹26.95 crore | ₹20.24 crore | ₹23.74 crore |
Revenue grew by 43.6% in FY25 and another 15.6% in FY26. Over the two years, revenue recorded a compound annual growth rate of approximately 28.84%.
Net profit increased by 15.5% in FY25 and 28.8% in FY26, resulting in a two-year compound annual growth rate of about 22.02%.
The EBITDA margin fell from 15.12% in FY24 to 12.79% in FY25 before recovering to 14.39% in FY26.
The PAT margin was approximately 10.73% in FY24, 8.63% in FY25 and 9.62% in FY26. Profitability recovered in the latest year but did not return to the FY24 margin.
Net worth more than doubled to ₹193.27 crore in FY26. The company’s return on net worth stood at 30.23%, the highest among the peers listed in the offer document, although it was below the 44.11% reported in FY24.
Return on capital employed was 28.79% in FY26. Borrowings declined to ₹36.15 crore from ₹51.30 crore in FY25, although they remained above the ₹24.12 crore reported in FY24.
Price-band analysis
At the upper price of ₹130, SRIT’s pre-issue equity is valued at approximately ₹617.24 crore. After issuing 1.68 crore new shares, the post-issue market capitalisation will be about ₹835.53 crore.
The post-issue P/E is therefore about 19.3 times
This is still below RailTel’s indicated multiple of about 36 times and Protean eGov Technologies’ multiple of around 23.5 times. But it is above Mastek’s roughly 17.5 times and must be viewed alongside SRIT’s smaller scale, working-capital intensity and customer concentration.
Comparison with listed peers
| Company | EPS | P/E | Revenue | RoNW |
|---|---|---|---|---|
| SRIT India | ₹9.47 pre-issue | 14.25 pre-issue | ₹450.00 crore | 30.23% |
| Mastek | ₹130.45 | About 17.5 | ₹3,698.75 crore | 14.81% |
| RailTel Corporation | ₹14.25 | About 36.0 | ₹4,277.48 crore | 16.25% |
| Protean eGov Technologies | ₹12.59 | About 23.5 | ₹997.75 crore | 9.69% |
| Allied Digital Services | ₹40.71 | About 6.3 | ₹967.91 crore | 5.85% |
| Aurionpro Solutions | ₹38.90 | About 19.8 | ₹1,411.09 crore | 13.06% |
RailTel has a significant role in public-sector telecommunications infrastructure, Protean operates digital public infrastructure, and Mastek is a larger IT services company with substantial overseas exposure.
SRIT’s return on net worth is stronger than that of the peer group, but its revenue base is considerably smaller. The company also depends more heavily on project execution and government-related contracts.
GMP
The SRIT India IPO GMP stood at approximately ₹33 per share on September 29, 2026.
Based on the upper issue price of ₹130, this indicated an estimated listing price of around ₹163 and a possible gain of approximately 25.4%.
The GMP rose from ₹13 on September 24 to ₹22 on September 25, touched ₹32–₹33 before the issue opened and remained near ₹33 on the second day of bidding.
GMP is nevertheless unofficial and can change quickly based on final-day institutional demand and broader market conditions.
Risks to consider
The top 10 customers contribute a significant portion of revenue. The loss of a major customer, project cancellation or delay in awarding follow-on work could affect performance.
Government and public-sector projects involve tendering, technical qualifications, administrative approvals and payment milestones. Delays at any stage can affect revenue recognition and cash flow.
Trade receivables and contract assets account for a large part of current assets. Delayed collections may force the company to use additional borrowings or IPO funds to finance ongoing projects.
Employee attrition increased from 19.10% in FY25 to 33.63% in FY26. This is a concern for a technology-services business that depends on retaining people with project and domain knowledge.
Subcontracting and technical fees account for around 71–74% of total expenses. Dependence on outside parties can affect project costs, execution schedules and service quality.
