SRIT India IPO Review: Price Band, Dates, Lot Size, Financials and Risks

The SRIT India IPO opens on September 28 and closes on September 30, 2026. SRIT India Limited is a Bengaluru-based IT and IT-enabled services company that develops bespoke digital-transformation and systems-automation solutions for government agencies and enterprise clients.

IPO Snapshot

The issue is a book-built fresh issue; there is no offer-for-sale component, so the net proceeds will accrue to SRIT India rather than existing shareholders. The company’s shares are proposed to list on both BSE and NSE.

Price Band and Lot Size

At the upper price band, the entire fresh issue aggregates to ₹218.40 crore. Chittorgarh lists pre-issue equity shares of 4,74,71,757, which would increase to 6,42,71,757 shares after the fresh issue.

What Does SRIT India Do?

SRIT India is an IT/ITeS company headquartered in Bengaluru that specializes in digital transformation, bespoke application development, systems integration, and the management of digital platforms. Its operations are organized around three main verticals: healthcare, electronic governance, and telecommunications and broadband.

Its work includes AI-enabled public-safety and transportation solutions, computerisation of core and ancillary operations for a state-owned beverage distribution and retail corporation, and the development, maintenance and support of Supply Management Information Systems, Health Management Information Systems, e-prescription platforms and online licensing systems.

As of September 30, 2025, SRIT India reported an outstanding order book of ₹1,280.62 crore. Over the preceding decade, it had completed more than 103 projects with a cumulative order value of ₹1,234.72 crore across its three key business verticals.

The company serves government and public-sector entities as well as private enterprises. Its government-facing portfolio makes it exposed to public procurement processes, tender schedules, project execution, and receivable cycles.

The Money Numbers

All financial figures are from Chittorgarh’s restated consolidated financials.

Total income increased from ₹282.22 crore in FY24 to ₹462.54 crore in FY26, up 63.9% over two years. Revenue grew 15% from ₹400.50 crore in FY25 to ₹462.54 crore in FY26. Profit after tax increased from ₹29.08 crore in FY24 to ₹43.29 crore in FY26, up 48.9%. PAT grew 29% from ₹33.60 crore in FY25 to ₹43.29 crore in FY26.

EBITDA stood at ₹64.77 crore in FY26, up from ₹49.81 crore in FY25. Total assets increased from ₹428.96 crore to ₹614.16 crore, while net worth more than doubled from ₹80.47 crore to ₹193.27 crore over the same period. Total borrowings stood at ₹36.15 crore in FY26, down from ₹51.30 crore in FY25.

Objects of the Issue

The company proposes to use ₹15.36 crore for product modernization and redevelopment, and ₹124 crore for working-capital requirements. The balance of net proceeds is proposed to be used for inorganic growth through unidentified acquisitions, other strategic initiatives, and general corporate purposes.

Strengths

• Established IT/ITeS business with more than 26 years of operating experience in digital transformation and systems integration.
• Presence in government-led healthcare, e-governance, telecom and broadband projects, which can provide access to large digital-public-infrastructure opportunities.
• Outstanding order book of ₹1,280.62 crore as of September 30, 2025, offering a measure of revenue visibility.
• Track record of executing more than 103 projects over the preceding decade, with cumulative order value of ₹1,234.72 crore.
• Revenue increased 63.9% from FY24 to FY26, with 15% growth in FY26 alone.
• PAT increased 48.9% from FY24 to FY26, with 29% growth in FY26.
• EBITDA increased from ₹40.99 crore in FY24 to ₹64.77 crore in FY26.
• Strong return ratios: ROE of 29.05%, ROCE of 28.50%, and RoNW of 29.05% in FY26.
• Debt-to-equity improved to 0.19 times in FY26 from 0.55 times in FY25.
• Net worth more than doubled from ₹80.47 crore to ₹193.27 crore between FY24 and FY26.
• Fresh-issue proceeds are directed largely toward working capital and product modernization rather than an exit by existing shareholders.

Risks

• A significant ₹124 crore of the IPO proceeds is allocated to working capital, indicating that continued business growth requires material funding support.
• Government and public-sector projects may involve long sales cycles, tender dependence, implementation milestones, and delayed collections.
• The order book was reported at ₹1,280.62 crore as of September 30, 2025; conversion depends on execution capability, customer approvals and project timelines.
• Revenue is exposed to technology shifts, cybersecurity requirements and competitive pressure from domestic and international IT-services firms.
• Borrowings increased from ₹22.28 crore in FY24 to ₹51.30 crore in FY25 before declining to ₹36.15 crore in FY26.
• Unidentified acquisitions and other strategic initiatives may carry valuation, integration, and execution risks.
• Geographic and customer concentration risk given the focus on government and public-sector projects.
• The IT services sector is highly competitive with pressure on pricing and margins.

How to Apply

You can apply for the SRIT India IPO through Alice Blue by selecting the investor category, choosing the desired number of lots, and submitting the application between September 28 and September 30, 2026.

Visit Alice Blue IPO, select SRIT India when the issue is available, enter the quantity or number of lots, confirm the UPI ID linked to your demat account, and approve the UPI mandate before the applicable deadline. Funds remain blocked until the allotment process is completed.

Frequently Asked Questions