SRIT India IPO
SRIT India IPO is a mainboard IPO raising ₹218 Cr at ₹123 – ₹130 a share. It listed on 6 Oct 2026 at ₹148, +13.8% against its issue price of ₹130, and trades at ₹108 today (−16.9% since issue). It was subscribed 125× in total.
125.2 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
SRIT India Limited is a Bengaluru-headquartered IT/ITeS company that designs, implements, and operates digital platforms for Government bodies and Enterprises, with 26 years of operating history. It works across three verticals: healthcare (hospital information systems, digital health platforms, revenue cycle management), electronic governance (e-governance platforms, cybersecurity, IT infrastructure), and telecommunications and broadband (state-wide networks, fibre optic and smart city digital infrastructure). It has executed over 103 projects in the last decade across multiple Indian states and select international markets including Qatar, UAE, Nigeria, Zambia, Bahrain, Oman and Myanmar, with a branch office in Qatar.
How it earns
Revenue comes from project-based contracts — turnkey system integration, custom application development, deployment and ongoing maintenance of IT systems — billed largely on milestone completion, alongside recurring annual maintenance and managed services contracts; Government clients contributed 89.41% of Fiscal 2026 revenue.
Who buys
Government clients contributed 89.41% of Fiscal 2026 revenue (₹4,023.43 million ≈ ₹402.34 crore) and Enterprises contributed 10.59% (₹476.56 million ≈ ₹47.66 crore). Named customers mentioned include SEEPZ SEZ Authority, Madhya Pradesh Textbook Corporation (MPTBC), CK Birla Hospital, Telecommunications Consultants India Limited, and Ebixcash World Money Limited. Specific large ongoing projects are for a Government of India-owned public sector bank (migrating ~15,000 ATMs from VSAT to 4G; project cost ~₹250.82 crore) and a Karnataka state power generation corporation (transformer monitoring; project cost ~₹59.76 crore). No specific customer-concentration percentage (top-customer share) is stated.
Scale
Average 1,153 employees in Fiscal 2026; revenue from operations of ₹4,499.99 million (~₹450.00 crore) in Fiscal 2026; Order Book of ₹12,047.17 million (~₹1,204.72 crore) as of June 30, 2026; over 103 projects executed in the last decade with total order value of ₹12,347.16 million (~₹1,234.72 crore); 102 ongoing orders; branch office in Qatar.
What it says sets it apart
- 26-year track record delivering end-to-end IT/ITeS solutions — software products, system integration and managed services — across healthcare, e-governance and telecom/broadband, with execution process appraised at CMMI Level 5 and SSE-CMM.
- Multiple certifications: ISO/IEC 27001:2022 (information security), ISO/IEC 27034-1:2011, ISO/IEC 20000-1:2018 (IT service management), ISO 9001:2015 (quality), ISO 14001:2015 (environment) and ISO 45001:2018.
- Order Book of ₹12,047.17 million (~₹1,204.72 crore) as of June 30, 2026, with 102 ongoing orders spread across electronic governance (₹690.81 crore), telecom and broadband (₹449.59 crore) and healthcare (₹42.42 crore).
- Geographic spread across 12+ Indian states (Maharashtra, Kerala, Tamil Nadu, Karnataka, Madhya Pradesh, Chhattisgarh, Andhra Pradesh, West Bengal, Gujarat, Telangana, Odisha, Goa, Delhi, Jharkhand and others) plus 7+ international markets (Qatar, UAE, Nigeria, Zambia, Bahrain, Oman, Myanmar), with a branch office in Qatar.
- Strong financial trajectory — revenue from operations grew from ₹271.09 crore (Fiscal 2024) to ₹450.00 crore (Fiscal 2026), a 28.84% CAGR; PAT grew from ₹29.08 crore to ₹43.29 crore (22.02% CAGR); debt-to-equity ratio improved from 0.31 to 0.23.
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs130 / stated EPS Rs9.47 (FY2026 diluted EPS, restated consolidated (face value ₹5)). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
The last few years in numbers
From the prospectus’s own summary financial table (Restated Consolidated). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| FY2026 | ₹450 Cr+16% | ₹43 Cr+29% | 9.6% | ₹194 Cr | ₹36 Cr |
| FY2025 | ₹389 Cr+44% | ₹34 Cr+16% | 8.6% | ₹94 Cr | ₹51 Cr |
| FY2024 | ₹271 Cr | ₹29 Cr | 10.7% | ₹81 Cr | ₹22 Cr |
Where the money goes
The offer →Most of this issue is new shares — the money raised goes to the company, not to exiting shareholders.
How its cohort has done
101 mainboard issues listed in 2026 that we can price today. This is the group this issue belongs to.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
How the book finished
The category split is the number worth reading, not the total.
Non-institutional: 313× their allocation. Retail: 64×.
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
What could go wrong
All 13 risks & documents →From the register read out of the issuer’s own prospectus — each item is quoted verbatim with its page on the risks tab.
Led by Choice Capital Advisors Private Limited — median +0.3% across the 13 of its issues we can price. All lead managers →
What happens when
Next: the UPI mandate expires on 11 Nov 2026.
What to watch
- Priced at 13.7× earnings — 26% below the median of the peers the issuer itself names.
- The register's top risk: 97.95% of assets are uninsured (prospectus page 66).
- Its cohort's record: median +9.4% since issue price, 36.6% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track SRIT INDIA LIMITED
Results, orders, board decisions and every other filing — summarised and sent to your WhatsApp the minute they are out.
Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.