- Price band
- ₹123 – ₹130
- Issue size
- ₹218 Cr
- Lot size
- 115 sh
- Bidding
- 28 – 30 Sep
- Grey market
- —
Face value ₹5.00
100% fresh capital
Lists 6 Oct 2026
No quote recorded
Market data to 30 Oct 2026. Company figures are as filed, sourced 15 Oct 2026. Every figure’s origin is listed under Sources.
The question this issue poses
In one sentence
SRIT India raised Rs 218.40 crore entirely as a fresh issue — the record carries no offer-for-sale component — in a book built at Rs 123-130 that opened on 28 September 2026, closed on 30 September 2026 and listed on 6 October 2026. Revenue from operations was Rs 271.09 crore in Fiscal 2024, Rs 389.35 crore in Fiscal 2025 and Rs 450.00 crore in Fiscal 2026, with profit after tax of Rs 29.08 crore, Rs 33.60 crore and Rs 43.29 crore over the same three years. The record states that government customers produced 89.41% of revenue from operations in Fiscal 2026 and that the electronic governance vertical supplied 68.39% of that year's revenue. The book finished 125.16 times subscribed; the shares listed at Rs 148 and last traded at Rs 109.14 on 23 October 2026.
IPOVista score
How this issue scores, and why
Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.
IPOVista score
Broadly well-balanced
63% of the scoring model was backed by disclosed data for SRIT India, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.
How this score is builtBelow the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.
The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.
The company
What the business actually does
Founded 1999 · Bengaluru, Karnataka, India · 177 employees
SRIT India builds and runs custom software and network systems for Indian government bodies and, to a smaller extent, private enterprises. Incorporated in Bengaluru in 1999 as Sobha Renaissance Information Technology, it works across three verticals. Its electronic governance unit delivers e-governance platforms, cybersecurity and automated traffic enforcement, and is migrating roughly 15,000 ATMs of a state-owned bank from VSAT to 4G connectivity. Its telecom and broadband unit lays optical fibre, builds state-wide area networks and installs last-mile equipment. Its healthcare unit supplies hospital information systems, radiology and imaging archives and revenue cycle management; one project ran a hosted health and insurance stack across about 2,200 hospitals and dispensaries. Government customers produced 89.41% of revenue from operations in Fiscal 2026.
Revenue comes from competitively bid, mostly tender-driven contracts billed either on completed milestones or as recurring annual maintenance and operations fees. Revenue from operations was ₹450.00 crore in Fiscal 2026, with EBITDA of ₹64.77 crore (14.39% margin) and profit after tax of ₹43.29 crore. Electronic governance supplied 68.39% of Fiscal 2026 revenue. Turnkey work bundles third-party hardware with in-house software, which caps margins. The structural constraint is working capital: milestone payments require inspection and certification before release, so trade receivable days ran 176 in Fiscal 2026, down from 233 in Fiscal 2024, and bids require earnest money deposits and 5-10% performance guarantees. ₹124.00 crore of the ₹191.98 crore net proceeds was earmarked for working capital.
The company on paper
- Legal name
- SRIT India Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 9 Sep 1999
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U72200KA1999PLC025692
- Sector
- Information Technology · IT systems integration and digital platforms for government healthcare, e-governance and telecom projects
- Employees
- 177
- Registered office
- Bengaluru, Karnataka, India
- Promoters
- Dr. Nambiar Raghavan Madhusoodan, Prasaktha Vakkiyl Nambiar, Martin Poovakkulam Chacko
- Promoter holding, pre-issue
- 84.9%
- Promoter holding, post-issue
- 62.7%
- Website
- sritindia.com
The numbers
Financial performance
Revenue has compounded at 28.8% a year across the 3 reported financial years.
Revenue and profit
Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.
- Revenue
- Profit after tax
Margin trend
Profit and operating margin as a percentage of revenue
- Net margin
- EBITDA margin
Net worth and borrowings
At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.
- Net worth
- Total borrowings
The price
Valuation
What the issue asks for the business, set against what the business earns.
No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.
The terms
How the issue is structured
100% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.
- Fresh issueNew shares — proceeds go to the company
- ₹218 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹0
- Total issue size
- ₹218 Cr
- Shares offered in the OFS
- —
- Pre-issue shares outstanding
- —
- Employee discount
- —
What the issue does to ownership
Share of paid-up equity before and after the offer. The promoters give up 22.2% of the company.
- Promoters
- Everyone else
Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.
Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.
Demand
What the market is bidding
Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.
Subscription by category
Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.
Hover or focus a category to see who bids in it.
A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.
Grey market premium
Unofficial over-the-counter sentiment
No grey-market quotes have been recorded for this issue.
Outcome
How it actually listed
- Issue price
- ₹130.00
- Listed at
- ₹148.00
- Listing gain
- up 13.8%
- Since listing
- down 27.2%
- Against the issue price
- down 17.2%
Trading at ₹107.67 on 30 Oct 2026
What an allotment is worth now, before costs
Work it out
What this means for one application
Three calculations, each stating the assumption it rests on.
What one application costs
Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.
- Shares applied for
- 115
- At cut-off price
- ₹130.00
- Amount blocked
- ₹14,950
One lot is 115 shares at ₹14,950. Retail applications are capped at ₹2,00,000, which allows up to 13 lots here — apply for more and you are bidding as a non-institutional investor instead.
Odds of getting an allotment
When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.
~2%
chance of one lot, per application
- Retail subscription
- 63.70×
- Applicants per share available
- 63.7× the retail quota
This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.
What it actually did
This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.
₹148.00
listed at, 13.8% against the issue price
- Issue price
- ₹130.00
- Premium said
- —
- If allotted 115 shares
- ₹2,070
Listing-day figures are as reported by the exchanges.
Our read
The case for and against
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
What works
- Revenue from operations rose 43.62% in Fiscal 2025 (Rs 271.09 crore to Rs 389.35 crore) and 15.58% in Fiscal 2026 (Rs 389.35 crore to Rs 450.00 crore). Profit after tax rose 15.54% (Rs 29.08 crore to Rs 33.60 crore) and then 28.84% (Rs 33.60 crore to Rs 43.29 crore).
- EBITDA was Rs 40.99 crore in Fiscal 2024, Rs 49.81 crore in Fiscal 2025 and Rs 64.77 crore in Fiscal 2026, higher in each of the two years the record allows to be compared. The EBITDA margin on revenue from operations did not move in one direction across those years: 15.12% (40.99/271.09), 12.79% (49.81/389.35) and 14.39% (64.77/450.00).
- Net worth was Rs 80.47 crore, Rs 93.17 crore and Rs 193.27 crore from Fiscal 2024 to Fiscal 2026, while total borrowings were Rs 22.28 crore, Rs 51.30 crore and Rs 36.15 crore. Borrowings against net worth therefore work out at 0.28x, 0.55x and 0.19x over the three years on record.
- The issue was subscribed 125.16 times in total on its closing day, 30 September 2026, with the non-institutional category at 312.99 times, qualified institutional buyers at 91.84 times and retail at 63.70 times.
What to weigh against it
- Revenue is concentrated on the record's own figures: government customers produced 89.41% of revenue from operations in Fiscal 2026, and electronic governance supplied 68.39% of Fiscal 2026 revenue. The record names no individual customer, so no single-name exposure can be sized from it.
- Working capital is the constraint the filing itself names. Trade receivable days ran 176 in Fiscal 2026 against 233 in Fiscal 2024 (the record does not carry a Fiscal 2025 figure); the filing describes milestone payments as requiring inspection and certification before release and bids as requiring earnest money deposits and 5-10% performance guarantees; and Rs 124.00 crore of the Rs 191.98 crore net proceeds was earmarked for working capital.
- The shares listed at Rs 148 against a band top of Rs 130 and closed the first day at Rs 155.09. On 23 October 2026 the last traded price on record was Rs 109.14 — 16.05% below the Rs 130 issue price and 26.26% below the Rs 148 listing price.
Easy to miss in the prospectus
- Net worth rose by Rs 100.10 crore in Fiscal 2026 (Rs 93.17 crore to Rs 193.27 crore) while profit after tax for that year was Rs 43.29 crore. The record does not itemise the remaining Rs 56.81 crore.
- The record carries no valuation block, no peer set, no anchor book, no allocation split and no pre- or post-issue share count, so no per-share earnings or multiple against the Rs 123-130 band can be computed from it.
- Operating cash flow, total assets and total expenses are empty for all three financial years on record, so the Rs 43.29 crore of Fiscal 2026 profit after tax cannot be traced to cash on these figures.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.
The paperwork
Who is running the issue
- Lead managers
- Choice Capital Advisors Private Limited
- RegistrarAllotment status is checked on the registrar's own site
- KFin Technologies Limited
How these figures were checked
Reconciled to SRIT India's own prospectus and to exchange disclosures, then cross-checked against 4 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.
- SRIT India Limited — Prospectus dated October 01, 2026 (filed with RoC, hosted on NSE archives) · read 15 Oct 2026
- NSE — SRIT IPO issue information and final consolidated bid details (updated 30-Sep-2026 19:00) · read 15 Oct 2026
- NSE — official bhavcopy for 06-Oct-2026 (listing-day OHLC for SRIT / INE307K01028) · read 15 Oct 2026
The prospectus is the authoritative document. Check anything that matters against it before you act.
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