| Annual Financials | Mar 2024 | Mar 2025 | Mar 2026 |
| Revenue | 271.09 | 389.35 | 450.00 |
| Expenses | 243.88 | 354.31 | 407.59 |
| Other Income | 11.13 | 11.16 | 12.54 |
| Total Revenue | 282.22 | 400.50 | 462.54 |
| Profit Before Tax | 38.34 | 46.19 | 54.95 |
| Net Profit | 29.08 | 33.60 | 43.29 |
SRIT
SRIT IPO
₹14,145
0.61 xOver-subscribedBidding Dates 28 Sept, 26 -30 Sept, 26
Min Investment ₹14,145
Lot Size115
Price Range ₹123 – ₹130
Issue Size ₹218.40 Cr.
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IPO Subscription Details
Retail Subscription Details
1.04 x
Non-Institutional Buyers (sHNI)
0.85 x
Non-Institutional Buyers (bHNI)
0.22 x
Qualified Institutional Buyers (QIB)
0 x
Total0.61 x
0.61 x IPO Timeline
IPO Offer Start
28 Sept,26
IPO Offer Ends
30 Sept,26
Allotment Finalisation
01 Oct,26
Refund Initiation
05 Oct,26
Listing of Shares
06 Oct,26
IPO Analysis
Strengths
The company has a 26-year legacy of designing, implementing, and operating digital platforms across healthcare, electronic governance, and telecom sectors, with CMMI Level 5 appraisal, ISO/IEC 27001:2022 certification, and over 103 projects worth ₹12,347.16 million executed in the last decade.
The company maintains a robust Order Book of ₹12,047.17 million (as of June 30, 2026) across healthcare, electronic governance, and telecom verticals, offering modular, configurable solutions to diverse Government and Enterprise clients domestically and internationally.
The company operates across multiple Indian states and international markets including Qatar, UAE, Nigeria, Zambia, Bahrain, Oman, and Myanmar, with domestic revenue of ₹4,246.05 million (94.03%) and international revenue of ₹253.94 million (5.97%) in Fiscal 2026.
Risks
The company derives approximately 89.41%, 91.34%, and 81.84% of its revenue from operations from government entity tenders in Fiscals 2026, 2025, and 2024, respectively. Failure to qualify for, win, or complete new contracts could materially impact financial condition, operational results, growth prospects, and cash flow stability.
The top ten customers accounted for approximately 89.36%, 92.68%, and 84.54% of total revenue from operations in Fiscals 2026, 2025, and 2024, respectively. Loss of one or more key customers, or their failure to award new projects, could significantly and adversely affect the company's revenue, profitability, and financial condition.
Sub-contracting and technical fees represented 78.92%, 80.87%, and 75.42% of total expenses in Fiscals 2026, 2025, and 2024, respectively, with 59% of Fiscal 2026 revenue executed through third-party subcontractors. Any delay, default, or deficiency in sub-contractor performance could result in cost overruns, contractual liabilities, penalties, and reputational harm.
Objectives
The company proposes to utilize Net Proceeds towards modernization and redevelopment of its existing software products — R-Converge, RHES, and healthcare insurance/RCM platforms — including IT infrastructure upgrades and hiring of skilled technical manpower to enhance scalability, performance, and competitiveness.
The company intends to utilize Net Proceeds to fund incremental working capital requirements arising from its working-capital-intensive operations, particularly due to milestone-based payment structures in government contracts and the strategic shift towards executing larger projects independently.
The company proposes to deploy a portion of Net Proceeds (not exceeding a specified percentage of Gross Proceeds) towards strategic acquisitions and inorganic growth initiatives in verticals such as smart metering, AI, analytics, e-education, and health-tech to expand capabilities, enter new geographies, and access new customer bases.
The company intends to utilize the balance Net Proceeds (not exceeding a specified percentage of Gross Proceeds) towards general corporate purposes including marketing, salaries, rent, administration expenses, technology upgrades, advisory services, and other ordinary course business requirements.
Yearly Financial Results
Balance Sheet
| Balance Sheet | Mar 2024 | Mar 2025 | Mar 2026 |
| Total Assets | 428.96 | 496.64 | 614.16 |
| Current Assets | 297.30 | 342.88 | 498.01 |
| Fixed Assets | 131.66 | 153.76 | 116.15 |
| Total Equity & Liabilities | 428.96 | 496.64 | 614.16 |
| Total Liabilities | 347.87 | 402.90 | 420.31 |
| Current Liabilities | 230.12 | 281.62 | 349.36 |
| Non Current Liabilities | 117.75 | 121.28 | 70.95 |
| Total Equity | 81.09 | 93.74 | 193.84 |
Cash Flow
| Cash Flow | Mar 2024 | Mar 2025 | Mar 2026 |
| Net Cash Flow | 21.01 | -9.04 | -9.87 |
| Investing Activities | -15.22 | -27.30 | -31.47 |
| Operating Activities | 34.16 | 17.97 | -12.10 |
| Financing Activities | 2.07 | 0.29 | 33.71 |
About SRIT
SRIT India Limited is a Bengaluru-headquartered IT/ITeS solutions company with a 26-year track record in designing, implementing, and operating digital platforms for Government entities and Enterprises across India and select overseas markets. The company operates across three verticals: healthcare, electronic governance, and telecommunications & broadband, offering custom application development, system...more
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Managing DirectorDr. Nambiar Raghavan Madhusoodan
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