Severeoperationalpage 66
97.95% of assets are uninsured
Uninsured Assets (in ₹ million) (B) ... 5,619.95 ... 97.95
ListedMainboardIT - SoftwareSRIT
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.
₹130
Issue price
₹108
Price now
−16.9%
Since issue price
6 Oct 2026
Listed on
125×Subscribed (final) · all exchanges
125.2 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What the prospectus says could go wrong
Read from the 540-page prospectus. Indian prospectuses list hundreds of risk factors, most of them generic boilerplate. These are the 13 specific to this company; 222 generic ones were skipped. Every one is quoted verbatim with its page, so you can check it against the document.
Severefinancialpage 50
Operating cash flow turned negative in FY26 after two positive years
Net cash flow from/ (used in) Operating Activities (121.01) 179.66 341.61
Severefinancialpage 46
Auditor flagged struck-off subsidiaries and ₹568.35M liability write-off
SRIT Enterprises Private Limited and SRIT Healthcare Solutions Private Limited, subsidiary of the Group, was struck off by the Registrar of Companies during the year... the Group has created provision for extinguishment of liability of Rs. 568.35 million against inter corporate deposit liability
Severeconcentrationpage 31
Extreme concentration of revenue from government tenders
Majority of our projects have been awarded through competitive bidding process, which is heavily dependent on tenders from Government entities, accounting for approximately 89.41%, 91.34%, and 81.84% of our revenue from operations for Fiscals 2026, 2025, and 2024, respectively.
Severeconcentrationpage 34
Top 10 customers contribute ~89% of revenue
A significant portion of our revenue from operations is attributable to our top ten customers accounting for approximately 89.36%, 92.68%, and 84.54% of our total revenue from operations, for the Fiscals 2026, 2025, and 2024, respectively
Severeconcentrationpage 53
Heavy dependence on top 10 suppliers (60-79% of total expenses)
For the Fiscals 2026, 2025, and 2024, the cost of supplies from our top ten suppliers represented 60.03%, 78.63%, and 79.41%, of our total expenses, respectively.
Severelitigationpage 56
Aggregate outstanding litigation of ~₹1,172 million against/by company
By our Company ... 3 ... 1,172.84 ... Against our Company ... 2 ... 97.29 ... Against our Subsidiaries ... 1 ... 52.17
Severelitigationpage 88
Contempt petition against Group and directors in Bombay HC
A contempt petition has been filed against the Group and certain of its directors before the Hon'ble Bombay High Court in connection with an interim order dated 04 February 2025 passed in a contractual dispute arising out of a service agreement relating to supply, installation and maintenance of routers for SBI ATMs.
Severepromoterpage 62
Promoter personal guarantees of ₹953.30 million for company borrowings
Certain of our Promoters, namely Dr. Nambiar Raghavan Madhusoodan, Prasaktha Vakkiyl Nambiar and Martin Poovakkulam Chacko, have provided personal guarantees as security for certain facilities availed by our Company, which amounted to ₹ 953.30 million as of June 30, 2026.
Highfinancialpage 37
Trade receivables plus contract assets form 63% of total assets
Current portion of Trade Receivables and Contract Asset... Total 3,855.53 (63.27% of Total Assets) for Fiscal 2026
Highlitigationpage 37
Sub-contractor ASB defaulted causing client SLA breaches and ongoing arbitration
Advantage SB Communications Private Limited ("ASB"), a sub-contractor engaged by our Company failed to supply routers and complete site implementations for ATM locations... our Company entered into a memorandum of understanding dated June 20, 2024 to extend an equipment finance loan of ₹ 40.50 million... which ASB subsequently defaulted on, leading our Company to issue a termination notice on April 8, 2025 and initiate recovery actions. The arbitration proceedings are currently ongoing.
Highoperationalpage 44
Employee attrition spiked to 33.63% in FY26
During Fiscals 2026, 2025, and 2024, the attrition rate of the employees of our Company was 33.63%, 19.10%, and 24.05%, respectively
Highoperationalpage 36
Heavy reliance on sub-contractors driving 76-81% of expenses
Sub-contractor costs were 78.92%, 80.87%, and 75.42%, as a percentage of total expenses in the Fiscals 2026, 2025, and 2024, respectively
Extracted from the issuer’s own prospectus and ranked by how specific and material each risk is to this company. Severity is our assessment of the disclosure, not a prediction — and nothing here is a recommendation to apply to this issue.
What’s in court
The issuer’s own summary of outstanding legal proceedings — SEBI requires this table in every prospectus. Counts and amounts are as disclosed.
| Against | Criminal | Tax | Other material | Amount at stake |
|---|---|---|---|---|
| The company | 0 | 7 | 5 | ₹8.0 Cr |
| Subsidiaries | 0 | 8 | 1 | ₹1.9 Cr |
| Directors | 1 | 3 | 0 | ₹0.7 Cr |
| Promoters | 0 | 0 | 0 | — |
case₹76 Crpage 448
Company filed statement of claim (Nov 24, 2025) in arbitration against AdvantageSB Communication seeking ₹764.60 million + 18% p.a. interest for breach of 4G LTE ATM connectivity service agreement (Bombay HC appointed arbitrator by consent)
case₹30 Crpage 448
Company filed WP(C) No. 17963/2026 before Kerala HC against State of Kerala / KELTRON / KRSA for release of ₹303.55 million in unpaid quarterly instalments (8th–10th) under Safe Kerala Project; interim order directing release
case₹6.2 Crpage 450
Legal notice (Aug 5, 2025) to Dr. Chandan Dash (Non-Executive Director) from Shivashree Souhardha Patthina Sahakari Sangha for ₹62.30 million cheque dishonour as guarantor of mortgage loan; classified under criminal proceedings against Directors
case₹3.4 Crpage 449
Phoneme Solutions filed MSMED claim petition ED-2026-0035500 against subsidiary RICT India for ₹33.59 million (₹28.11M principal + ₹5.48M interest @ 19.5% p.a.) for unpaid IT/managed services
case₹1.8 Crpage 448
Company filed complaint leading to FIR No. 111/2026 (PS Vasant Vihar) against VPVV Techno Construction for cheating/criminal breach of trust over ₹17.50 million earnest money deposit for fake 'Indo-US Pacific Peace Treaty' project; ₹20 million settlement agreed (₹10M paid, balance by Nov 1, 2026)
Amounts converted from ₹million to ₹crore (1 crore = 10 million). Tax aggregate amounts are explicitly stated in summary tables; civil/criminal case amounts are stated individually but not aggregated. Sum of stated tax aggregates across parties = ₹105.59M (~₹10.559 crore). Group companies: per prospectus, no outstanding material litigation (p445). KMP CFO Manesh M George faces motor accident compensation claim of ₹1.33M before MACT Kozhikode (p451) — not within standard bucket categories.. Outstanding means unresolved — a listed case is an exposure, not a verdict.
Source documents
What the issuer and the exchanges published. Everything else on this tab is read out of these.
Prospectus on SEBI ↗
The full prospectus — business, financials, risk factors and litigation.
Anchor investor allocation ↗
Which institutions were allotted shares before bidding opened, and how many.
Bidding centres ↗
Where physical applications could be submitted.
Basis of issue price (peer ratios) ↗
The issuer's own "basis of issue price": the earnings multiples it is asking for, and the peer companies it chose to compare itself against.
Red Herring Prospectus ↗
The full prospectus — business, financials, risk factors and litigation.