SRIT India Limited
RHP · filed 23 Sept 2026
SRIT India Limited is a company that provides services to government entities, which accounted for over 80% of its revenue and order book in recent years. The company reported a revenue of Rs 450 crore and a profit after tax of Rs 43 crore in the latest fiscal year, with a revenue CAGR of 28.84%. The offer is structured as a fresh issue of shares, and the company's financial trajectory is subject to material fluctuations depending on the timing of contract awards. A key risk is that the company's revenue and order book are heavily dependent on tenders from government entities, and the company cannot assure that its bids will be successful or that it will meet pre-qualification criteria.
What stands out
Criminal proceedings disclosed. The litigation section discloses criminal proceedings involving the company, promoters or directors.
Risk factor. The Company's revenue from operations is heavily dependent on tenders from Government entities, accounting for approximately 89.41%, 91.34%, and 81.84% of revenue from operations for Fiscals 2026, 2025, and 2024, respectively.
Risk factor. The Company's Order Book is heavily dependent on Government entities, accounting for approximately 86.28%, 93.88%, and 93.29% of the Order Book value for Fiscal 2026, Fiscal 2025, and Fiscal 2024, respectively.
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 | ||
| 2025 | ₹389 Cr | ₹33.6 Cr | ₹81.1 Cr | |
| 2026 | ₹450 Cr | ₹43.3 Cr | ₹93.7 Cr |
Promoters, litigation & related parties
Promoter (pre)
84.7%
Proceedings
438
Risks the company discloses
The Company's revenue from operations is heavily dependent on tenders from Government entities, accounting for approximately 89.41%, 91.34%, and 81.84% of revenue from operations for Fiscals 2026, 2025, and 2024, respectively.(Customer Concentration)
The Company's Order Book is heavily dependent on Government entities, accounting for approximately 86.28%, 93.88%, and 93.29% of the Order Book value for Fiscal 2026, Fiscal 2025, and Fiscal 2024, respectively.(Customer Concentration)
The Company's bid to win ratio has been 13.95%, 20.00%, and 15.91% for Fiscal 2026, Fiscal 2025, and Fiscal 2024, respectively, and the Company cannot assure that it will be able to meet pre-qualification criteria or that its bids will be successful.(Execution Risk)
The Company cannot assure that it will be able to find a suitable consortium counterparty on acceptable terms or at all if it is not able to qualify for bidding for larger projects.(Execution Risk)
Government clients are placing increased emphasis on past implementation track records, cybersecurity readiness, and data localization capabilities.(Regulatory Risk)
Government and Government-owned customers typically have the right to change the scope of work to include additional work, and the recovery of compensation for termination is typically a time-consuming process.(Contractual Risk)
The Company's future results of operations and cash flows can fluctuate materially from period to period depending on the timing of contract awards.(Market Risk)
Material delays in execution of projects may attract penalties, cost overruns, or termination of contracts.(Execution Risk)
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.