SRIT India (SRIT) is aninformation technology and information technology enabled services (IT/ITeS) solutions company providing digital solutions, custom application development and system integration services.

SRIT designs, implements and operates digital platforms for government entities and enterprises in India and select overseas markets.The company has successfully implemented large-scale, mission-critical projects for both central and state government bodies across India.

SRIT operates across three verticals: healthcare, electronic governance, and telecommunications and broadband. Its offerings include healthcare information systems, digital health platforms, e-governance solutions, cybersecurity, enterprise software, networking, connectivity, fibre optic infrastructure, system integration, automation and managed services. SRIT also provides configurable and customised solutions that can be integrated with third-party platforms and has commenced developing artificial intelligence(AI)-enabled solutions across its key verticals.

In the last decade, SRIT has executed more than 103 projects with an aggregate order value of approximately Rs 1234.72 crore for government and enterprise customers. Its projects include healthcare platforms, nationwide banking connectivity, state-wide fibre networks, AI-driven traffic management and power transformer monitoring solutions.

SRIT has presence across multiple Indian states and also operates internationally through its Qatar operations. In FY2026, 94% of the total revenues were contributed from domestic operations and the balance 6% was from international operations.

The company‘s delivery processes are appraised at CMMI Level 5 and SSE-CMM and are certified to ISO 27034-1:2011, ISO/IEC 27001:2022 and ISO 45001:2018.

SRIT’s growth strategy focuses on strengthening its proprietary technology platforms, expanding healthcare and digital transformation solutions, increasing recurring revenue streams through cloud-enabled offerings, pursuing strategic acquisitions, and expanding its domestic and international footprint. The company also aims to capitalise on growing demand for AI, digital governance, cybersecurity, healthcare digitisation, and enterprise technology modernisation initiatives.

Object of the offer

The IPO is entirely a fresh issue of shares worth Rs 218.40 crore at the upper price band of Rs 130. There is no OFS component. At the upper end of the price band, the company is expected to be valued at Rs 835.5 crore post listing.

The funds raised to the tune of Rs 124.0 crore will be used for funding working capital requirements, Rs 12.87 crore will be used towards funding of capital expenditure requirements towards modernization of existing products and redevelopment. The balance will be utilised for inorganic growth through unidentified acquisitions and general corporate purposes.

Strengths

Diversified technology portfolio spanning software development, healthcare technology, telecommunications, e-governance, cloud, and managed services.

The company has delivered projects across 12 Indian states and seven overseas markets, including Qatar, UAE, and Nigeria.

Beneficiary of increasing digital transformation spending by enterprises and government organisations.

As of June 30, 2026, SRIT’s outstanding order book size stood at Rs 1204.72 crore.

Experienced promoter group and senior management team with extensive industry knowledge and operational expertise.

Weaknesses

SRIT is dependent on orders from the government entities. In FY2026, more than 89.4% of the revenue was derived from government entities. Additionally, the loss of or inability to qualify for such orders may affect the prospects of the company.

In FY2026 revenue from top 10 customers constituted 89.36% of the total revenues as such the company faces customer concentration risk.

SRIT relies on third parties, including contractors and sub-contractors, to complete specific projects or specific portions of its projects. Sub-contractor cost constituted 78.92% of the total revenues in FY2026. The company will be liable for delay or default by such sub-contractor.

Operations of the company are working capital intensive with significant portion of the current asset tied up in trade receivables and contract asset. Trade receivables and contract assets together constituted 63.27% of the total assets as on March 31,2026.

The company operates in a highly competitive IT services and technology solutions market with pressure on pricing and margins.

Failure to keep pace with rapid technological changes, including artificial intelligence and emerging digital technologies, could affect competitiveness.

Cybersecurity threats, data breaches, and information security incidents may adversely impact business operations and reputation.

Dependence on skilled technology professionals exposes the company to employee retention and talent acquisition risks.

Economic slowdowns or reduced technology spending by clients could adversely impact revenue growth and profitability.

Valuation

Consolidated sales were up by 15.6% to Rs 450.08 crore in FY2026.Operating profit margin (OPM) expanded from 12.79% to 14.39%, leading to a 30% increase in operating profit to Rs 64.77 crore. Other income inclined 12.4% to Rs 12.54 crore. Interest cost inclined 14.4% to Rs 13.76 crore and depreciation cost inclined by 213.5% to Rs 8.60 crore. PBT was higher by 19.0% to Rs 54.95 crore as against Rs 46.19 crore. PAT was higher by 28.8% to Rs 43.29 crore as against Rs 33.60 crore in FY2025. Tax expenses was 11.66 crore in FY2026 as against Rs 12.59 crore.

During August 2025 to October 2025, the company issued 30,00,000 equity shares of Rs 5 each at Rs 95 to various investors including Fortune Hands Growth Fund Scheme I and SB Opportunities Fund.

At the higher price band of Rs 130, the offer is made at a P/E of 19.30 times FY2026 EPS (of Rs 6.74).

Close listed peer is Allied Digital and Trigyn Technologies.Allied Digital trades at 14.2times TTM P/E and Trigyn Technologies trades at 15.2 times its P/ FY2026 EPS.