SRIT India Limited

SRIT India Limited is a Bengaluru-headquartered Information Technology and Information Technology-enabled Services (IT/ITeS) solutions enterprise with an established operational track record of twenty-six years. Originally incorporated in 1999 as Sobha Renaissance Information Technology Private Limited, the company provides digital transformation, custom application development, automation, and system integration services. Its core value proposition lies in conceptualizing, architecting, deploying, and operating large-scale, mission-critical digital platforms through collaborative, long-term public-private partnership (PPP) and managed service delivery models. The company operates across three strategic business verticals: healthcare, electronic governance (e-governance), and telecommunications and broadband. Through these divisions, SRIT offers a combination of proprietary, in-house software product suites, third-party software integration, infrastructure management, and lifecycle maintenance services.

The company’s customer base comprises two principal segments: government entities (including central, state, and local municipal bodies) and private commercial enterprises. In FY26, government projects generated 89.41% of total revenue from operations (₹402.34 Cr), while enterprise clients accounted for the remaining 10.59% (₹47.65 Cr). Within its sectoral verticals, e-governance constituted the largest revenue contributor in FY26 at 68.39% (₹307.75 Cr), followed by telecommunications and broadband at 24.27% (₹109.19 Cr), and healthcare at 7.34% (₹33.05 Cr). Geographically, SRIT maintains an extensive footprint across India, having executed projects in states including Karnataka, Kerala, Maharashtra, Odisha, Chhattisgarh, Madhya Pradesh, Tamil Nadu, Andhra Pradesh, Telangana, West Bengal, Assam, and Gujarat. Internationally, it operates through a branch office in Qatar and has executed assignments across the United Arab Emirates, Bahrain, Oman, Nigeria, Zambia, and Myanmar.

As a specialized software development, IT-enabled services, and system integration company, SRIT does not operate physical manufacturing plants. Consequently, quantitative capacity utilization metrics are not applicable to its business model. Its operational infrastructure relies heavily on technology engineering, human capital, software platforms, and secure data facilities. The company’s corporate and operational headquarters are situated at SRIT House, a leased facility in Kundalahalli, Bengaluru, Karnataka. To support digital service delivery, SRIT has established a dedicated Cyber Security Operations Centre (C-SOC) to deliver Security Operations Centre-as-a-Service (SOCaaS) and cybersecurity management. Additionally, the company utilizes white-labeled cloud infrastructure, branded as "SRIT Cloud," and maintains a regional branch in Qatar to execute multi-divisional technology and national health insurance projects.

SRIT’s intellectual property and research & development capabilities are reflected in its proprietary software suites developed in-house over the past two decades:

Healthcare: Its flagship offering is the Renaissance Health Enterprise Suite (RHES)—a web-based hospital information system covering clinical, administrative, and financial functions. Other products include AbHIS (a lightweight EMR for polyclinics and primary health centers), Revenue Cycle Management (RCM) engines, and the OP Live outpatient aggregator platform.

e-Governance: Its suite includes e-District (a G2C citizen service delivery platform), e-Civic (municipal ERP), PlanPermit (automated building plan approval), and AgniPermit (fire safety compliance).

Telecommunications: It offers R-Converge (BSS/OSS network management and billing for broadband ISPs like RailWire) and RConnect (inter-operator billing).

The company continuously advances its technical capabilities by integrating emerging artificial intelligence (AI) and machine learning (ML) technologies into its software portfolio. Active R&D and product development initiatives include AI-enabled video analytics for intelligent traffic management and toll monitoring, AI-driven voice chat interfaces for e-district portals, automated fraud and abuse detection modules for health insurance claims, and track-and-trace supply chain solutions. SRIT holds multiple quality and security accreditations, including CMMI Development V3.0 Maturity Level 5, SSE-CMM Level 5, ISO 9001:2015, ISO/IEC 20000-1:2018 (IT Service Management), ISO/IEC 27001:2022 (Information Security), and ISO/TS 82304-2:2021 (Health & Wellness Apps).

Based on its historical financial data, SRIT India Limited posted total income and net profits of ₹282.22 Cr / ₹29.08 Cr in FY24, ₹400.50 Cr / ₹33.60 Cr in FY25, and ₹462.54 Cr / ₹43.29 Cr in FY26. The company has demonstrated consistent top-line and bottom-line growth, with Total Income expanding at a CAGR of 28.01% and PAT at a CAGR of 22.02%. Total debt (borrowings and leases) moved from ₹24.83 Cr in FY24 to ₹61.84 Cr in FY25 before moderating to ₹44.81 Cr in FY26, maintaining a low Debt-to-Equity ratio of 0.23x. It boasts an average EPS of ₹8.03 and an average RoNW of 35.39% for the last three fiscals. Based on the pre-issue book value, the issue is priced at a Pre-Issue P/BV of 3.19 against a NAV of ₹40.71 (as of March 31, 2026). Factoring in the fresh issue proceeds, the Post-Issue P/BV stands at 2.03. Attributing the latest earnings to the expanded post-issue equity base, the asking price translates to a Post-Issue P/E of approximately 28.74x (FY24), 24.87x (FY25), and 19.30x (FY26). According to the RHP, a comparison between listed peers is shown in above table.

On the Book Running Lead Manager (BRLM) front, the issue is managed by Choice Capital Advisors Private Limited, which has handled 10 IPOs (4 Mainboard IPOs and 6 SME IPOs) in the last three fiscal years. KFin Technologies Limited is acting as the Registrar to the Offer.

• 1 Dr. Nambiar Raghavan Madhusoodan
• 2 Prasaktha Vakkiyl Nambiar
• 3 Martin Poovakkulam Chacko