Bengaluru-headquartered SRIT India, a 26-year-old IT and IT-enabled Services (IT/ITeS) firm, has filed its DRHP with the Securities and Exchange Board of India (SEBI). SRIT India IPO is a fresh issue of up to 16.8 million equity shares with a face value of INR 5 each. Choice Capital Advisors is the book running lead manager (BRLM), with KFin Technologies appointed as registrar of the issue.
SRIT India IPO: Business Overview
Founded in 1999, SRIT India is a Bengaluru-based IT and IT-enabled services firm providing digital transformation, system integration, and managed services to government and enterprise clients. The company operates across three key verticals:
- Electronic Governance – Develops citizen-service and municipal automation platforms like e-District and PlanPermit, delivering projects such as the Maharashtra Forensic Lab Integration and e-Nagarpalika 2.0.
- Healthcare IT – Offers the Renaissance Health Enterprise Suite (RHES), an integrated hospital system aligned with the Ayushman Bharat Digital Mission, serving 2,200 hospitals and powering the National Health Insurance System (Qatar).
- Telecom & Broadband – Provides network and billing platforms through projects like Kerala’s 30,000 km fibre network and nationwide ATM connectivity with RailTel Corporation of India.
Certified at CMMI Level 5 and ISO 27001:2022, SRIT combines software IP with infrastructure execution under long-term service contracts. With an order book of INR 1,280.6 crore (Sept 2025), it has positioned itself as a core digital backbone for India’s public-sector modernization and overseas e-governance initiatives.
SRIT India IPO: Use of Funds
| Purpose | Amount (INR Cr) |
|---|---|
| Modernization and redevelopment of existing products | 15.36 |
| Working capital requirements | 124.00 |
| To be finalised | To be finalized |
SRIT India IPO: Key Projects
Some standout projects include:
- AI-driven traffic enforcement systems across 14 districts (INR 151.2 crore)
- Computerization of a state-owned beverage distribution system – (INR 256.9 crore)
- Nationwide healthcare network for the Employees’ State Insurance Corporation (INR 83.5 crore)
- National Health Insurance System (Qatar) (INR 111.7 crore)
- Statewide fiber optic network in Kerala (INR 555.7 crore)
- 4G ATM network for a public sector bank via RailTel Corporation of India Limited (INR 250.8 crore)
This project mix demonstrates SRIT’s deep engagement with digital governance, connectivity infrastructure, and healthcare digitisation — sectors critical to India’s digital economy narrative.
SRIT India IPO: Financial Performance
SRIT India’s financials reveal a robust growth trajectory.
| Metric | FY23 | FY24 | FY25 | H1 FY26 |
|---|---|---|---|---|
| Revenue from Operations | 151.84 | 271.09 | 389.35 | 232.62 |
| PAT | 15.04 | 29.08 | 33.60 | 19.92 |
| EBITDA Margin (%) | 14.82 | 15.12 | 12.79 | 13.79 |
| PAT Margin (%) | 9.91 | 10.73 | 8.63 | 8.57 |
| ROE (%) | 24.61 | 44.11 | 38.76 | 16.04 |
| Debt-Equity Ratio (x) | 0.34 | 0.31 | 0.66 | 0.29 |
Revenue Mix: Government Dominance and Vertical Spread
Government projects account for over 90% of total revenues, a testament to SRIT’s deep entrenchment in public digital infrastructure.
Revenue by Vertical (FY25):
- Electronic Governance – 61.29%
- Telecom & Broadband – 23.38%
- Healthcare – 15.33%
Geographical Revenue (FY25):
- Domestic: INR 365.0 croer (93.74%)
- International: INR 24.4 crore (6.26%), with Qatar as the largest contributor.
Operational Strength: Execution Breadth and Repeat Business
Operational KPIs highlight both scale and stickiness:
- 93 active orders (FY25) with 70% recurring engagements
- 80% repeat clients, reflecting strong customer retention
- Average revenue per client: INR 6.38 crore (FY25)
Competitive Edge: Deep Integration Capabilities and Partnerships
SRIT’s CMMI Level 5 framework and multi-domain integration capabilities underpin its value proposition. The company’s partner ecosystem spans product, consortium, and service alliances — including recent collaborations:
- Technology innovation hub for developing a “Sovereign Data Layer – ShaktiDB”, an indigenous database engine.
- Consortium with a global professional services firm (January 2026) for joint delivery of enterprise digital projects.
- Partnership with an Indian MNC to launch the “SRIT Cloud” platform, marking its transition into SaaS and cloud services.
Strategic Priorities: AI, SaaS, and Global Expansion
SRIT India’s forward strategy revolves around:
- AI-driven solutions for healthcare, supply chain, and fraud detection.
- Smart metering and cybersecurity vertical expansions.
- SaaS migration of its healthcare suite (AbHIS and RHES).
- Geographic expansion in the Middle East, Africa, and Southeast Asia.
The company plans to deploy IPO proceeds to scale R&D, strengthen balance sheet flexibility, and pursue acquisitions in AI, analytics, and health-tech.
Final Words
SRIT India IPO story aligns with India’s public-sector digital transformation and global e-governance trends. Its strong track record, consistent financial performance, and sticky government relationships position it as a mid-cap digital systems integrator with scalable potential.
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