SRIT India Limited
PROSPECTUS · filed 01 Oct 2026
SRIT India Limited is a government tender-based infrastructure company with a revenue CAGR of 28.84% and a latest revenue of Rs 450 crore, while the IPO consists solely of a fresh issue of Rs 218.4 crore. The company is profitable with a high return on equity of 46.18% and a low debt-to-equity ratio of 0.11. The draft prospectus highlights high risks regarding dependence on government clients for the majority of revenue and the declining bid-to-win ratio of 13.95% in Fiscal 2026. Additionally, the company faces execution risks, including the inability to meet pre-qualification criteria or secure projects, which could lead to penalties and adversely impact cash flows.
What stands out
Criminal proceedings disclosed. The DRHP states that there are 437 criminal proceedings filed against the company. It also states that except as disclosed in the section, there are no outstanding criminal proceedings, actions by regulatory authorities, tax claims, or other outstanding litigation involving the company, subsidiaries
Risk factor. Majority of revenue (81.84% to 91.34%) is derived from tenders released by Government entities, creating dependence on government clients.
Risk factor. The Company cannot assure that it will meet pre-qualification criteria or find suitable consortium partners for large projects.
Primarily fresh capital. 100% of the offer is fresh issue, so most proceeds fund the company.
Low leverage. Debt-to-equity of 0.11x.
Strong revenue growth. Restated revenue CAGR of 28.8%.
Healthy return on equity. ROE of 46.2%.
How the offer is structured
Fresh issue
₹218 Cr
New capital into the company
OFS share
0%
- Funding of capital expenditure requirements towards modernization of existing products and redevelopment₹12.9 Cr
- Funding working capital requirements of our Company₹124 Cr
- Achieving inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes₹55.1 Cr
Restated financials
Revenue
₹450 Cr
Latest fiscal year
Profit after tax
₹43.3 Cr
Revenue CAGR
28.8%
Return on equity
46.2%
Debt / equity
0.11
EBITDA margin
14.4%
P/E at upper band
13.73
Only in a priced RHP
PAT CAGR
22.0%
| Fiscal year | Revenue | EBITDA | PAT | Net worth |
|---|---|---|---|---|
| 2024 | ₹271 Cr | ₹29.1 Cr | ₹81.1 Cr | |
| 2025 | ₹389 Cr | ₹33.6 Cr | ₹93.2 Cr | |
| 2026 | ₹450 Cr | ₹43.3 Cr | ₹93.7 Cr |
Promoters, litigation & related parties
Promoter (pre)
84.7%
Proceedings
437
The DRHP states that there are 437 criminal proceedings filed against the company. It also states that except as disclosed in the section, there are no outstanding criminal proceedings, actions by regulatory authorities, tax claims, or other outstanding litigation involving the company, subsidiaries, promoters, and directors. It further states there are no outstanding litigation involving the group company that would have a material impact on the company.
Risks the company discloses
Majority of revenue (81.84% to 91.34%) is derived from tenders released by Government entities, creating dependence on government clients.(Customer Concentration)
The bid to win ratio has declined to 13.95% in Fiscal 2026 from 20.00% in Fiscal 2025.(Operational Performance)
The Company cannot assure that it will meet pre-qualification criteria or find suitable consortium partners for large projects.(Operational Execution)
The Company cannot assure that bids submitted will be successful, as project owners may only invite a select group of contractors.(Operational Execution)
Failure to secure projects or complete execution within predetermined timelines may lead to penalties and adversely impact business and cash flows.(Operational Execution)
Government clients may change the scope of work, requiring mobilization of additional resources that may not be readily available on reasonable terms.(Operational Execution)
Recovery of compensation for contract termination is typically a time-consuming process and the amount paid may not be adequate to recover incurred costs.(Contractual)
The Company is subject to execution risks, including material delays in project execution that may attract penalties or cost overruns.(Operational Execution)
How this document reads, dimension by dimension
Each bar is a fixed formula applied to the figures shown above, scored 0–100. This is a reading of what the company disclosed — not a recommendation to apply or avoid, not a price target, and not a prediction of listing performance. Dimensions that could not be extracted are excluded rather than assumed, so coverage varies between documents.