The SRIT India IPO opens for subscription on September 28, 2026, with a price band of ₹123 to ₹130 per share. The ₹218.40 crore IPO has attracted attention ahead of its opening, with the grey market quoting a premium and investors looking closely at the company’s financial performance and government-focused business.
SRIT India works across healthcare, e-governance, and telecom, with government entities accounting for a large share of its revenue. Here’s everything you need to know about the SRIT India IPO, including its price, GMP, financials, key risks, and important dates.
SRIT India IPO: Key Details
| Detail | Information |
| IPO opening date | September 28, 2026 |
| IPO closing date | September 30, 2026 |
| Price band | ₹123 to ₹130 per share |
| Lot size | 115 shares |
| Minimum investment | ₹14,950 (at the upper price band) |
| Issue size | ₹218.40 crore (at the upper price band) |
| Fresh issue | 1.68 crore shares, worth up to ₹218.40 crore |
| OFS | None |
| Allotment date | October 1, 2026 (tentative) |
| Refund/unblocking date | October 5, 2026 (tentative) |
| Demat credit date | October 5, 2026 (tentative) |
| Listing date | October 6, 2026 (tentative) |
The IPO opens on September 28 and closes on September 30, with a price band of ₹123 to ₹130 per share. Allotment, refund, demat credit, and listing dates are tentative and can shift.
The issue size is ₹206.64 crore at the lower end of the price band and ₹218.40 crore at the upper end. Choice Capital Advisors is the lead manager and KFin Technologies is the registrar. The face value of each share is ₹5.
SRIT India IPO GMP Today
GMP stands for grey market premium. It is the extra amount some traders are willing to pay for IPO shares in the unofficial market before they list on the stock exchange.
As of the morning of September 28, SRIT India IPO GMP was being reported around ₹15 to ₹33 per share, depending on the source and time of the update. At the upper IPO price of ₹130, that works out to roughly 12% to 25%.
GMP can change quickly, and it is not an official price published by NSE or BSE. It should not be treated as a guaranteed listing price or profit.
What Does SRIT India Do?
SRIT India was incorporated in 1999 and is headquartered in Bengaluru. It builds digital platforms and software and connects systems for government bodies and businesses. Put simply, it is a technology contractor. A government department or hospital needs a software platform or a network, and SRIT designs, builds, and often runs it.
The company works across three areas: healthcare, electronic governance (e-governance), and telecommunications and broadband.
- Healthcare: hospital information systems and digital health platforms.
- E-governance: software that helps government offices deliver services digitally. Its projects include AI-driven traffic management.
- Telecom and broadband: networking and connectivity work, including nationwide banking connectivity and state-wide fibre networks.
The company says it has executed more than 103 projects in the last decade, and it also operates in Qatar.
Why Is SRIT India Raising Money?
The IPO is entirely a fresh issue, with no offer for sale.
A fresh issue means the company creates new shares and sells them, so the money goes into the company. An offer for sale (OFS) is when existing shareholders sell their own shares, and the company receives nothing. Here, all the money raised goes to SRIT India, not to the people who own it today.
The company has laid out its planned use of the money as follows:
- ₹12.86 crore for upgrading existing software products and rebuilding technology platforms.
- ₹124 crore for working capital, meaning the day-to-day cash needed to run projects.
- The remainder is for acquisitions that have not yet been identified, and general corporate purposes.
The total planned use of net proceeds is ₹136.86 crore. The bulk of the money is meant to fund working capital. Government projects often involve long gaps between doing the work and getting paid.
After the IPO, the promoters’ holding is expected to fall from about 84.91% to about 62.71%.
SRIT India IPO Financial Performance
Revenue from operations rose from ₹389.35 crore in FY2025 to ₹450 crore in FY2026, and profit after tax (PAT), the profit left after all costs and taxes, rose from ₹33.60 crore to ₹43.29 crore. Profit therefore grew faster than revenue in FY26.
Total income, which includes revenue plus other income, went from ₹282.22 crore in FY2024 to ₹400.50 crore in FY2025 and ₹462.54 crore in FY2026. The larger jump came in FY25, about 42%. Growth slowed in FY26.
Profit went from ₹29.08 crore in FY24 to ₹33.60 crore in FY25 and ₹43.29 crore in FY26. Profit rose every year, but the share of revenue kept as profit did not move in a straight line. The PAT margin was 10.73% in FY24, fell to 8.63% in FY25, and recovered to 9.62% in FY26.
EBITDA is a measure of operating profit before interest, tax, and wear-and-tear costs. It grew from ₹40.99 crore in FY24 to ₹49.81 crore in FY25 and ₹64.77 crore in FY26. The FY26 EBITDA margin was 14.39%.
On debt, total borrowings were ₹22.28 crore in FY24, rose to ₹51.30 crore in FY25, and fell to ₹36.15 crore in FY26. The debt-to-equity ratio was 0.23 at the end of FY26. That means the company owed about 23 paise in debt for every ₹1 of shareholders’ money.
How Much Business Comes From Government Clients?
A very large share. Government entities accounted for 89.41% of FY26 revenue, with enterprises making up the remaining 10.59%. Key customers include RailTel Corporation of India, Telecommunications Consultants India and SEEPZ SEZ Authority.
The company’s order book is the value of work it has been awarded but not yet completed. As of June 30, 2026, it stood at about ₹1,204.72 crore. E-governance made up 58.40% of it, telecom and broadband 38.01%, and healthcare 3.59%. That is a little under three times the company’s FY26 revenue, which gives some visibility on upcoming work.
However, the company’s own offer document says the order book can be affected by delays, changes in scope, cancellations, and early termination, and should not be treated as assured revenue.
Government dependence matters because government spending depends on budgets, policy priorities, and approval cycles. A change in any of these can slow down or cancel projects, and payments can take longer to arrive.
SRIT India IPO: Key Risks
These risks come from the company’s offer document as reported by research platforms. Read the RHP for the full list.
Dependence on government spending. E-governance provided 68.39% of FY26 revenue and 58.40% of the order book. In FY25, that share of revenue was 61.29%, and in FY24 it was 50.13%. The company has become more concentrated in this one segment, not less. The company itself says a fall in government activity in this area could affect its business.
Reliance on subcontractors. Subcontracting and technical charges were 78.92% of FY26 cost of goods sold, and subcontracted projects provided 59% of revenue. SRIT stays responsible to the client even when someone else does the work. If a subcontractor delivers late or badly, SRIT bears the blame and possibly the penalties.
Money stuck in receivables. Trade receivables were ₹234.75 crore and contract assets were ₹153.80 crore at the end of FY26. Receivables are money customers owe. Contract assets are work done but not yet certified for payment. Receivables alone are more than half of a year’s revenue.
Operating cash flow, the cash a business generates from its day-to-day work, also turned negative in FY26, at minus ₹12.10 crore. It was positive at ₹17.97 crore in FY25 and ₹34.16 crore in FY24. This suggests that more cash was tied up in receivables and unbilled work during FY26.
Delays in certification and collection can squeeze the company’s cash, which is why a large part of the IPO money is earmarked for working capital.
Order book uncertainty. As noted above, the order book is not guaranteed revenue.
Competition and technology change. Analysts also point to intense competition in IT services, fast-changing technology, and the challenge of retaining skilled staff. Most of its projects are won through competitive bidding for government tenders, so pricing pressure is a constant factor.
SRIT India IPO Subscription Status
Subscription shows how many shares investors have applied for compared with the shares on offer. A subscription of 2x means applications are for twice the shares available.
As of September 28, the IPO had not yet recorded meaningful subscription across categories. Bids usually build up later in the issue, and institutional investors (QIB) and big non-institutional investors (NII) often bid closer to the last day. Final numbers will be published on the NSE and BSE websites after the issue closes on September 30.
A high subscription figure only shows demand for the shares. It says nothing about the quality of the business or what happens after listing.
SRIT India IPO Allotment and Listing
Allotment is when the registrar decides who gets shares. It is scheduled for October 1, 2026, and applicants can check status on the KFin Technologies website or the exchange websites using their PAN or application number.
Money is unblocked in the bank accounts of people who did not get shares, and the allotted shares reach demat accounts around October 5. Shares are proposed to list on BSE and NSE on October 6, 2026. All of these dates are tentative.
What Should Investors Watch?
- The final subscription numbers after September 30
- The allotment outcome on October 1
- The listing on October 6
- Future quarterly financial results
- Changes in the order book
- How much revenue continues to come from government clients
- Whether projects are delivered on time and payments are collected
- Any business or regulatory developments after listing
Key Takeaway
SRIT India is a Bengaluru-based IT company that builds digital platforms mainly for government bodies in e-governance, telecom, and healthcare. It is raising ₹218.40 crore through a fresh issue at ₹123 to ₹130 per share, and it is in the news because the issue opened on September 28 with early grey market activity. Revenue and profit rose in FY26 and debt fell, but nearly 90% of revenue comes from government clients, most work is subcontracted, and large sums are tied up in unpaid bills. The company’s own filing says its order book is not guaranteed revenue.
FAQs
What is SRIT India IPO?
It is a public issue of 1.68 crore fresh shares, worth ₹218.40 crore at the upper price band, by SRIT India Limited. The shares are proposed to list on NSE and BSE.
What is the SRIT India IPO price band?
The price band is ₹123 to ₹130 per share.
What is the SRIT India IPO lot size?
115 shares. The minimum investment for retail investors is ₹14,950 at the upper price band.
When does the SRIT India IPO open and close?
It opens on September 28, 2026, and closes on September 30, 2026.
What does SRIT India do?
It builds and runs digital platforms and IT systems for government bodies and enterprises across healthcare, e-governance, and telecom/broadband.
ARN Disclosure: Investik Future is an AMFI-registered Mutual Fund Distributor. ARN-341107 — Verify on AMFI ↗. Komal Thakur is the content author and digital marketer; the ARN registration belongs to Investik Future, not to the author personally.
