Minerva Capital Research Solutions

SRIT India

RHP
ListedListed 6 Oct 2026MainboardNSE: SRITCheck allotment
Current price₹ 103.91−20.07% since issue
Listing day+13.85%
Issue price
₹ 130
Issue size
₹ 218.4 Cr.
Min. investment
₹ 14,950
Listing price
₹ 148
Subscribed
125.16x
Lot size
115 shares
P/E
19.29
RoNW
30.23%
RoCE
28.79%
Debt / Equity
0.23
PAT margin
9.62%
EBITDA margin
14.39%
RoE
30.23%
EPS
₹ 6.74
NAV
₹ 40.71
Promoter stake
62.71%

About

SRIT India Limited was started in September 1999 and is headquartered in Bengaluru. It is an IT and IT-enabled services company providing digital solutions, custom software development and system integration. It designs, implements and runs digital platforms for government bodies and enterprises in India and some overseas markets. It works across three areas. In healthcare it builds hospital and health information systems and digital health platforms. In electronic governance it builds e-governance solutions for government departments. In telecom and broadband it handles networking, connectivity and fibre optic infrastructure. Its wider range covers cybersecurity, enterprise software, system integration, automation and managed services. It also offers solutions that can be configured and connected with third-party platforms, and has started developing AI enabled solutions across its main areas. With 26 years in the industry, it has built a long record of executing government technology projects.

Timeline

  1. Opens
    28 Sep
    done
  2. Closes
    30 Sep
    done
  3. Allotment
    1 Oct
    done
  4. Refunds
    5 Oct
    done
  5. Demat credit
    5 Oct
    done
  6. Listing
    6 Oct
    done

Grey market premium (GMP)

GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Highest
₹ 62 on 5 Oct 2026
Lowest
₹ 12 on 23 Sep 2026
First quoted
₹ 12 on 23 Sep 2026

Subscription

How many times each investor group bid for its share, as of 06 Oct 2026, 06:30 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type
Retail (Min)1115₹ 14,950
Retail (Max)131,495₹ 1,94,350
S-HNI (Min)141,610₹ 2,09,300
B-HNI (Min)677,705₹ 10,01,650

Company overview

Financials

Financials by year
Assets614.16496.64428.96
Total Income462.54400.5282.22
Profit After Tax43.2933.629.08
EBITDA64.7749.8140.99
NET Worth193.2793.1780.47
Reserves and Surplus169.5472.9353.52
Total Borrowing36.1551.322.28

Strengths

  • Sales have grown strongly, from Rs 282.22 crore in FY2024 to Rs 400.50 crore in FY2025 and Rs 462.54 crore in FY2026.
  • Profit has grown every year, from Rs 29.08 crore in FY2024 to Rs 33.60 crore in FY2025 and Rs 43.29 crore in FY2026.
  • EBITDA improved from Rs 40.99 crore in FY2024 to Rs 64.77 crore in FY2026.
  • Return ratios are healthy, with RoNW of 30.23% and RoCE of 28.79%.
  • The company has a long record of 26 years, having started in September 1999.
  • It works in three different areas, healthcare, e-governance and telecom, so it is not dependent on one type of project.
  • Net worth more than doubled in FY2026, from Rs 93.17 crore to Rs 193.27 crore, and borrowing came down from Rs 51.30 crore to Rs 36.15 crore.
  • The whole issue is fresh capital with no offer for sale.

Risks

  • Most of the work is for government bodies, which award projects through tenders, pay slowly and can delay or cancel spending with budget changes.
  • Rs 124 crore of the Rs 218.4 crore issue goes into working capital, which shows how much cash government projects tie up before payment arrives.
  • A part of the money is kept for inorganic growth through unidentified acquisitions, so investors do not know where that money will go.
  • The issue is priced at about 19.29 times earnings on an EPS of Rs 6.74.
  • The profit margin is moderate at 9.62%, and IT project work is priced competitively.
  • Net worth doubled in a single year, so earlier year ratios are not directly comparable with the latest year.
  • Technology projects carry execution risk, and a delayed or disputed government contract can hold up payment for a long time.
  • Promoter holding will come down from 84.91% to 62.71% after the issue.

What the money is for

Objects of the issue
Funding of capital expenditure requirements towards modernization of existing products and redevelopment12.86
Funding working capital requirements of the Company124
Achieving inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes—

Promoters

  • Nambiar Raghavan Madhusoodan
  • Prasaktha Vakkiyl Nambiar
  • Martin Poovakkulam Chacko
Promoter holding84.91%→62.71%before → after the issue · down 22.2 points

Registrar, lead managers and documents

Listing on
BSE, NSE
Face value
₹ 5 a share
Registrar
KFin Technologies Limited
Lead managers
Choice Capital Advisors Pvt.Ltd.
Red herring prospectus (RHP)
Open
Draft prospectus (DRHP)
Open
Basis of allotment
Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.