SRIT India Ltd.
PROSPECTUS · filed 28 Sept 2026
SRIT India Ltd. is a government tender-dependent IT services provider that reported a revenue of Rs 450 crore and a profit of Rs 43 crore in the latest fiscal year, with a revenue CAGR of 28.84% and a high return on equity of 46.18%. The company's offer consists of a fresh issue of shares and an offer for sale, with the net proceeds proposed to be used for general corporate purposes. The draft prospectus highlights high material risks, including a dependence on government tenders that accounted for over 80% of revenue and order book, a low bid-to-win ratio, and the potential for contract termination or scope changes by government clients.
What stands out
Risk factor. Dependence on tenders from Government entities, which accounted for approximately 89.41%, 91.34%, and 81.84% of revenue from operations for Fiscals 2026, 2025, and 2024, respectively.
Risk factor. Dependence on tenders from Government entities, which accounted for approximately 86.28%, 93.88%, and 93.29% of the Order Book for Fiscal 2026, 2025, and 2024, respectively.
Risk factor. Failure to qualify for, complete or win new tenders could negatively impact business, potentially affecting financial condition, operational results, growth prospects, and cash flow stability.
Low leverage. Debt-to-equity of 0.23x.
Strong revenue growth. Restated revenue CAGR of 28.8%.
Healthy return on equity. ROE of 46.2%.
How the offer is structured
- 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
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
0.23
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 | ₹80.5 Cr | |
| 2026 | ₹450 Cr | ₹43.3 Cr | ₹93.7 Cr |
Promoters, litigation & related parties
Promoter (pre)
84.7%
Proceedings
438
Risks the company discloses
Dependence on tenders from Government entities, which accounted for approximately 89.41%, 91.34%, and 81.84% of revenue from operations for Fiscals 2026, 2025, and 2024, respectively.(Customer Concentration)
Dependence on tenders from Government entities, which accounted for approximately 86.28%, 93.88%, and 93.29% of the Order Book for Fiscal 2026, 2025, and 2024, respectively.(Customer Concentration)
Failure to qualify for, complete or win new tenders could negatively impact business, potentially affecting financial condition, operational results, growth prospects, and cash flow stability.(Customer Acquisition)
The bid to win ratio was 13.95%, 20.00%, and 15.91% for Fiscal 2026, 2025, and 2024, respectively, and there is no assurance that future bids will be successful.(Customer Acquisition)
The competitive nature of the industry poses challenges, potentially putting pressure on profitability margins.(Competition)
Government clients are placing increased emphasis on past implementation track records, cybersecurity readiness, and data localization capabilities.(Regulatory)
If a Government or Government-owned customer terminates its agreement, the recovery of compensation is typically a time-consuming process and the amount paid may not be adequate to recover costs already incurred.(Contractual)
Government and Government-owned customers typically have the right to change the scope of work, and we may be required to mobilize additional resources, which may not be readily available on reasonable terms or within stipulated timelines.(Contractual)
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.