SRIT India Limited IPO

SRIT India Limited IPO closed on 30 Sept 2026. Allotment 1 Oct 2026, listing 6 Oct 2026. Price band ₹123–₹130, lot 115 shares, GMP +₹59 (45.38%). Track allotment on Allotly.

About SRIT India Limited

SRIT India Limited is a Bengaluru-headquartered information technology and IT-enabled services company providing digital solutions, system integration, and automation services. Its operations are organised across healthcare, electronic governance, and telecommunications and broadband. In healthcare, the company provides hospital information systems, revenue cycle management, digital health platforms, system integration, implementation, data migration, and maintenance services. Its electronic governance services include e-governance platforms, cybersecurity solutions, enterprise software and digital service delivery systems for government clients and enterprises. In telecommunications and broadband, it provides networking, connectivity, system integration, and managed services, including fibre optic networks, broadband infrastructure, IP-MPLS networks, and smart city infrastructure. The…

Strengths

• SRIT India has a 26-year track record of designing, implementing, and operating digital platforms for government clients and enterprises. In the last decade, it has executed more than 103 projects with a total order value of Rs 1,234.72 crore across healthcare, electronic governance, and telecommunications and broadband.
• As of June 30, 2026, the company had an order book of Rs 1,204.72 crore and 102 ongoing orders across its three business verticals. Its projects cover multiple sectors, government departments, and geographies.
• The company provides services covering software development, system integration, data migration, cloud or on-premise deployment, telecommunications and broadband solutions, and operations and maintenance. It also offers in-house software products alongside third-party and OEM technologies based on client requirements.
• The company is certified to ISO/IEC 27001:2022 for information security, ISO/IEC 20000-1:2018 for IT service management, ISO 9001:2015 for quality management, and ISO 14001:2015 for environmental management. Its service delivery processes are also appraised at CMMI Level 5 and SSE-CMM.
• SRIT India operates across multiple Indian states and has executed projects in countries like Qatar, the UAE, Nigeria, Zambia, Bahrain, Oman and Myanmar. In FY26, domestic operations accounted for 94.03% of revenue from operations, while international operations contributed 5.97%.
• The company has undertaken projects in areas beyond its three primary verticals, including power transformer monitoring and digital monitoring solutions for thermal power stations. It is also developing AI-enabled solutions, including AI-based video analytics and conversational AI applications.
• The company witnessed a consistent increase in revenue from operations and profit after tax (PAT). The revenue from operations increased from Rs 271.09 crore in FY24 to Rs 389.35 crore in FY25 and Rs 450.00 crore in FY26. Profit after tax increased from Rs 29.08 crore to Rs 33.60 crore and finally to Rs 43.29 crore during the same period.

Risks

• A significant portion of SRIT India’s revenue is derived from government entities, which contributed Rs 402.34 crore (89.41%), Rs 355.63 crore (91.34%), and Rs 221.87 crore (81.84%) to revenue from operations in FY26, FY25, and FY24, respectively. Government entities also accounted for Rs 1,020.50 crore (86.28%), Rs 1,141.67 crore (93.88%), and Rs 1,377.81 crore (93.29%) of the company’s order book in FY26, FY25, and FY24. Failure to qualify for or win government tenders, or a reduction in tenders released by government customers, could adversely affect the company’s business, financial condition, cash flows, and growth prospects.
• A significant portion of SRIT India’s revenue from operations is derived from its top 10 customers, which contributed Rs 402.12 crore (89.36%), Rs 360.89 crore (92.68%), and Rs 229.14 crore (84.54%) in FY26, FY25, and FY24, respectively. The company’s dependence on these customers, combined with its reliance on competitive bidding to secure projects, means that the loss of one or more major customers, lower demand, unsuccessful bids, or failure to retain existing projects could adversely affect its revenue, profitability, cash flows, and financial condition.
• A significant portion of SRIT India’s order book and revenue from operations is concentrated in the electronic governance sector, which accounted for 58.40%, 63.86%, and 65.33% of its order book and 68.39%, 61.29%, and 50.13% of its revenue from operations in FY26, FY25, and FY24, respectively. Any slowdown in activity or expenditure, adverse policy or funding changes, or reduced project opportunities in the electronic governance sector could adversely affect the company’s business, profitability, cash flows, and growth prospects.
• SRIT India relies significantly on third-party subcontractors for project execution, with subcontracted projects contributing Rs 265.61 crore (59.00%), Rs 257.66 crore (66.18%), and Rs 156.25 crore (57.64%) of revenue from operations in FY26, FY25, and FY24, respectively. Subcontracting and technical fees also accounted for 78.92%, 80.87%, and 75.42% of total expenses during the same periods, while a subcontractor default in an ATM implementation project had resulted in service-level breaches, delays, proposed penalties, and ongoing arbitration. Any delay, default, quality deficiency, price escalation, or non-compliance by subcontractors could adversely affect the company’s project execution, costs, contractual liabilities, and financial performance.
• SRIT India has experienced high employee attrition, with 57 employees exiting in FY26 and its attrition rate increasing to 33.63% from 19.10% in FY25 and 24.05% in FY24. The company depends on skilled engineering, IT, management and sales personnel to execute projects and secure new contracts, and continued high attrition could increase hiring and training costs, lead to resource constraints, and affect its ability to complete projects and maintain customer engagements.
• The company had contingent liabilities of Rs 63.38 crore as of March 31, 2026, comprising bank guarantees of Rs 30.15 crore, guarantees and surety bonds of Rs 21.48 crore, and other tax and civil litigation matters. If these contingent liabilities materialize, the company may incur additional financial obligations, which could adversely affect its cash flows, financial condition, and results of operations.
• SRIT India reported negative net cash flow from investing activities of Rs 31.47 crore, Rs 27.30 crore and Rs 15.22 crore in FY26, FY25 and FY24, respectively, primarily due to investments in fixed assets and other investing outflows. The company also reported negative net cash flow from operating activities of Rs 12.10 crore in FY26, compared with positive cash flows in FY25 and FY24, resulting in a net decrease in cash and cash equivalents of Rs 9.87 crore in FY26. Continued negative cash flows could constrain its ability to fund operations and implement growth plans, adversely affecting its financial condition and results of operations.
• The company had trade receivables of Rs 23.47 crore as of March 31, 2026, indicating a significant amount of funds outstanding from its customers. Any delay or failure in recovering these receivables could adversely affect the company’s cash flows, working capital position, and financial condition.
• The company had consolidated outstanding borrowings of Rs 98.56 crore as of June 30, 2026. The company’s indebtedness and related financing obligations could increase its financial costs and affect its cash flows and financial condition.

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