SRIT India Limited is set to launch its initial public offering on September 28, 2026, marking the public-market debut of a Bengaluru-based information technology and IT-enabled services company focused on digital transformation, system integration and technology platforms for government entities and enterprises. The company has fixed the IPO price band at ₹123 to ₹130 per equity share and plans to raise ₹218.40 crore at the upper end of the price band through a fresh issue of 1.68 crore equity shares. The IPO will remain open until September 30, with the shares proposed to be listed on both BSE and NSE on October 6, 2026.
SRIT India IPO Details
| IPO Details | Information |
|---|---|
| Company Name | SRIT India Limited |
| IPO Type | Mainboard IPO |
| Issue Type | Book Built Issue |
| IPO Open Date | September 28, 2026 |
| IPO Close Date | September 30, 2026 |
| Price Band | ₹123–₹130 per share |
| Face Value | ₹5 per share |
| Issue Size | ₹218.40 crore |
| Fresh Issue | 1.68 crore shares |
| Offer for Sale | None |
| Lot Size | 115 shares |
| Minimum Investment | ₹14,950 |
| Listing | BSE & NSE |
| Anchor Investor Date | September 25, 2026 |
| Basis of Allotment | October 1, 2026 |
| Refund Initiation | October 5, 2026 |
| Demat Credit | October 5, 2026 |
| Expected Listing Date | October 6, 2026 |
| Lead Manager | Choice Capital Advisors |
| Registrar | KFin Technologies |
The SRIT India IPO is entirely a fresh issue, with no offer for sale by existing shareholders. At the upper price band, the issue is valued at ₹218.40 crore and the company is seeking a post-issue valuation of approximately ₹835.5 crore. Retail investors have been allocated 35% of the issue, while qualified institutional buyers have a 50% reservation and non-institutional investors receive 15%. Investors can apply for a minimum of 115 shares, requiring ₹14,950 at the upper price band.
Business Model and Services
Established in 1999, SRIT India operates in the IT and ITeS sector and specialises in designing, implementing and operating digital platforms for government organisations and enterprises. Its capabilities include custom application development, system integration, digital transformation, automation and technology-led managed services. The company has more than two decades of experience in executing large-scale and mission-critical technology projects.
The company’s business is organised around three major verticals: healthcare, electronic governance, and telecommunications and broadband. In healthcare, SRIT provides hospital information systems, revenue-cycle management, digital health platforms, radiology information systems, picture archiving and communication systems, integration, implementation and maintenance services. These solutions are designed to connect different operational and clinical processes within healthcare institutions.
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The e-governance business focuses on technology platforms and system integration for government clients and enterprises. SRIT works on digital governance, automation, cybersecurity, enterprise software and integrated digital service-delivery systems. Its projects include technology platforms designed to improve operational efficiency, automate processes and support large-scale public infrastructure initiatives.
Telecommunications and broadband is another important area for the company. SRIT provides software and managed services covering subscriber management, partner management, billing, revenue-cycle management, network operations, customer service and related functions. Its RConverge and RConnect product suite has been deployed for projects involving organisations such as BSNL, RailTel and the Kerala Fibre Optic Network.
SRIT has also been increasing its focus on artificial intelligence. The company says it is developing AI-enabled solutions across its core verticals to automate business processes, improve decision-making and strengthen integrations between systems. This creates an opportunity to expand the company’s existing technology offerings as government and enterprise customers increasingly adopt automation and AI-led digital infrastructure.
Government-Focused Business
Government projects form a significant part of SRIT India’s revenue base. During FY2026, the government segment contributed approximately 89.41% of the company’s revenue, while the enterprise segment accounted for 10.59%. This provides the company with exposure to India’s ongoing digitalisation and public technology infrastructure spending, but it also means that government contracts and project execution are particularly important to its financial performance.
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SRIT has executed more than 100 projects over the past decade, with cumulative order value exceeding ₹1,235 crore according to IPO-related disclosures. Its projects include large digital platforms and technology systems where long-term implementation, integration and managed-service capabilities can create recurring relationships with customers.
The company’s order book stood at approximately ₹1,182.8 crore as of March 2026. While this provides visibility into future revenue, the order book had declined from ₹1,476.9 crore in FY2025. Investors therefore need to consider both the size of the existing order pipeline and the company’s ability to replenish it through new project wins.
SRIT India Financial Performance
SRIT India has reported strong growth in revenue and profit over the last few financial years. Revenue from operations increased from ₹271.09 crore in FY2024 to ₹389.35 crore in FY2025 and ₹450 crore in FY2026. Profit after tax increased from ₹29.08 crore in FY2024 to ₹33.60 crore in FY2025 and ₹43.29 crore in FY2026.
The FY2026 numbers represent approximately 15.6% growth in revenue over FY2025, while PAT increased by roughly 29%. EBITDA rose to approximately ₹64.77 crore in FY2026 from ₹49.81 crore in FY2025. The company’s FY2026 EBITDA margin was around 14.39%, while PAT margin stood at approximately 9.62%.
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The balance sheet has also strengthened, with net worth rising to approximately ₹193.27 crore at March 31, 2026, compared with ₹93.17 crore a year earlier. Total borrowings were approximately ₹36.15 crore in FY2026. These figures indicate a relatively moderate debt position compared with the company’s equity base.
Use of IPO Proceeds
A significant portion of the IPO proceeds will be used to support SRIT India’s working-capital requirements. The company plans to allocate approximately ₹124 crore toward working capital, making this the largest identified use of funds.
Around ₹12.86 crore is planned for capital expenditure related to modernisation of existing products and redevelopment. The remaining proceeds will be used toward inorganic growth through unidentified acquisitions and other strategic initiatives, along with general corporate purposes.
The working-capital allocation is particularly important because SRIT operates in a project-oriented technology business where large contracts can require significant resources before corresponding revenue and cash collections are realised. Successfully managing this capital while continuing to grow the order book will be an important part of the company’s post-IPO strategy.
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Competitive Position and Growth Opportunities
SRIT operates in a technology market where demand for digital transformation, government technology infrastructure, healthcare digitisation, broadband networks and enterprise automation continues to create opportunities for specialised IT service providers. Its established relationships and experience in government-led technology projects provide an existing platform from which it can pursue new contracts.
The company’s presence across healthcare, e-governance and telecom also gives it exposure to multiple technology applications rather than relying on a single product category. Its experience in implementing large-scale digital platforms, combined with its AI initiatives, could support the development of newer technology solutions.
At the same time, SRIT competes with larger and established technology and digital-transformation companies. Listed companies identified as peers include Allied Digital Services, Aurionpro Solutions, Mastek and Protean eGov Technologies. The company’s ability to win large contracts, retain customers and scale its technology capabilities will therefore remain important in a competitive industry.
Key Risks
One of the key risks for SRIT India is its high dependence on government business. With approximately 89.41% of FY2026 revenue coming from the government segment, changes in government spending, tender cycles, contract awards, project execution or payment schedules could have a meaningful impact on the company’s operations.
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The decline in the order book from ₹1,476.9 crore in FY2025 to ₹1,182.8 crore in FY2026 is another factor to monitor. Although the order book remains substantially larger than annual revenue, sustained growth will depend on securing additional contracts and converting existing orders into revenue efficiently.
Competition is also significant. SRIT operates in a technology industry where established IT companies and specialised digital-transformation providers compete for government and enterprise contracts. Technology changes can also require continuous investment in products, cybersecurity, AI capabilities and skilled personnel.
The company’s working-capital requirements are another consideration. A large ₹124 crore allocation from the IPO proceeds is intended for working capital, highlighting the importance of cash-flow management as the business expands. Investors should also consider the risks associated with potential acquisitions because the IPO proceeds earmarked for inorganic growth may ultimately be deployed toward businesses or assets that are not yet identified.
SRIT India IPO GMP
The grey market premium for SRIT India has been reported at around ₹12, or approximately 9% of the upper price band, as of September 24, 2026, according to platforms tracking grey-market activity. GMP is unofficial and can change rapidly before listing, so it should not be treated as a guaranteed indicator of the eventual listing price or return.
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Conclusion
SRIT India IPO offers investors exposure to a Bengaluru-based technology company focused on digital transformation, system integration and managed technology services across healthcare, e-governance and telecom and broadband. The company’s government-focused business has helped it build a substantial project portfolio, while its healthcare and telecom capabilities provide exposure to large-scale digital infrastructure requirements.
Financially, SRIT has reported consistent revenue and profit growth through FY2026, with revenue reaching ₹450 crore and PAT rising to ₹43.29 crore. The IPO will provide substantial fresh capital, with the majority earmarked for working capital and additional funds planned for product modernisation and potential inorganic expansion.
However, the company’s high dependence on government revenue, competitive technology environment, changing order-book levels, working-capital requirements and execution of future acquisitions are important factors to consider when evaluating the IPO.
Financial Disclaimer: This article is for educational and informational purposes only and should not be considered investment advice, a recommendation to buy or avoid the IPO, or a guarantee of listing or future returns. Investors should read the company’s RHP and other official disclosures carefully and consult a qualified financial adviser before making investment decisions.
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