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In View Of The Likely Bank Strike From 28.09.26 To 30.09.26, The Ipos/Primary Offers That Are Falling Between These Three Days, Ipos Schedule Time Line May Change And The Revised Dates Will Get Effective For Opening And / Or Closing Schedules, As The Case May Be. Investors Are Requested To Make A Note Of This.
Issue Details / Capital History
The firm is popping out with its maiden e book constructing route IPO of 16800000 fairness shares value Rs. 218.40 cr. on the higher cap. The firm has introduced a worth band of Rs. 123 – Rs. 130 per fairness shares of Rs. 5 every. The situation opens for subscription on September 28, 2026, and can shut on September 30, 2026. The minimal software to be made is for 115 shares and in multiples thereon, thereafter. Post allotment, shares shall be listed on BSE and NSE. The situation constitutes 26.14% of the post-IPO paid-up fairness capital. From the web proceeds of the recent fairness situation, the corporate will make the most of Rs. 12.86 cr. for capex on modernization of current merchandise and redevelopment, Rs. 124.00 cr. for working capital, and the remainder for inorganic development by unidentified acquisitions / common company functions.
The sole Book Running Lead Manager (BRLM) to this situation is Choice Capital Advisors Pvt. Ltd., whereas KFin Technologies Ltd. is the registrar to the difficulty. Choice Equity Broking Pvt. Ltd., and NNM Securities Pvt. Ltd. are syndicate members.
Having issued/transformed preliminary fairness shares at par worth, the corporate has issued/transformed additional fairness shares within the worth vary of Rs. 9.25 – Rs. 95.00 per share (on the premise of Rs. 5 FV), between December 2001 and November 2025. The firm additionally issued bonus shares within the ratio of 5 for 1 in March 2005. The common value of acquisition of shares by the promoters/promoting stakeholders is Rs. 0.00, and Rs. 2.60 per share.
Post-IPO, its present paid-up fairness capital of Rs. 23.74 cr. (47471757 fairness shares) will stand enhanced to Rs. 32.14 cr. (64271757 fairness shares). Based on the higher cap of the worth band, the corporate is in search of a market cap of Rs. 835.53 cr.
On the monetary efficiency entrance, for the final three fiscals, the corporate has (on a consolidated foundation) posted a complete revenue/web revenue, of Rs. 282.22 cr. / Rs. 29.08 cr. (FY24), Rs. 400.50 cr. / Rs. 33.60 cr. (FY25), and Rs. 462.54 cr. / Rs. 43.29 cr. (FY26). The firm posted development in its high and backside traces for the reported durations.
Its contingent liabilities stood at Rs. 63.38 cr. as of March 31, 2026., and surge in commerce receivables to Rs. 234.75 cr. as of March 31, 2026 elevate concern.
For the final three fiscals, the corporate has posted a mean EPS of Rs. 8.03 and a mean RoNW of 35.39 %. The situation is priced at a P/BV of three.19 based mostly on its NAV of Rs. 40.71 as of March 31, 2026, and at a P/BV of two.03 based mostly on its post-IPO NAV of Rs. 64.05 per share on the higher cap.
If we attribute FY26 tremendous earnings to its post-IPO totally diluted paid-up fairness capital, then the asking worth is at P/E of 19.29. Based on FY25 earnings, the P/E stands at 24.86. The situation seems aggressively priced based mostly on its latest common efficiency.
For the reported durations, the corporate has reported PAT Margins of 10.73% (FY24), 8.63% (FY25), 9.62% (FY26), and RoCE margins of 47.52%, 37.42%, 28.79%, respectively, for the referred durations.
The firm has not paid any dividends for the reported durations of the supply doc. It has already adopted a dividend coverage in December 2025, based mostly on its monetary efficiency and future prospects.
Comparison with Listed Peers
As per the supply doc, the corporate has proven Mastek Ltd., Railtel corp., Protean eGov, Allied Digital, Aurionpro, as its listed friends. They are at the moment buying and selling at a P/E of 11.2, 22.5, 32.8, 16.8, and 17.7 (as of September 25, 2026). However, they aren’t actually comparable on an apple-to-apple foundation. This comparability seems to be an eyewash.
SRIT India Ltd. (SIL) is a Bengaluru-headquartered Information Technology and Information Technology enabled Services (“IT/ITeS”) options firm providing digital options and automations of methods by customized software growth and integration companies. It has a monitor file of twenty-six years in designing, implementing and working digital platforms for Government entities and Enterprises in India and choose abroad markets. The Company has efficiently applied large-scale, mission-critical tasks for each central and state authorities our bodies throughout India (Source: D&B Report).
SIL’s actions are organised throughout three verticals: (i) healthcare, (ii) digital governance, and (iii) telecommunications and broadband. Through these verticals, it offers technology-enabled options, system integration, operations and upkeep companies to Government shoppers and Enterprises.
The firm can be strengthening its capabilities in synthetic intelligence by the event and deployment of AI-enabled options as a way to strengthen service choices. It is within the strategy of enterprise tasks and stay targeted to ship and embrace AI-enabled options. Its supply processes are appraised at Capability Maturity Model Integration (“CMMI”) Level 5 and Systems Security Engineering – Capability Maturity Model (“SSE-CMM”), and are licensed to ISO 27034-1:2011, ISO/IEC 27001:2022, ISO 45001:2018.
Owing to its constant service supply and execution capabilities, SIL’s income from operations has elevated from Rs. 389.35 cr. in Fiscal 2025 to Rs. 450.00 cr. in Fiscal 2026 at a CAGR of 15.58%. Its revenue after tax has elevated from Rs. 33.60 cr. in Fiscal 2025 to Rs.43.29 cr. in Fiscal 2026 at a CAGR of 28.82%. The firm designs and delivers project-specific options in addition to gives merchandise which are configurable and customizable based mostly on shopper necessities, and could also be built-in with different merchandise or third-party merchandise. These merchandise are deployed within the method required by the shopper and could also be used on a standalone foundation or together with its broader resolution suite, and assist integration with third-party platforms and merchandise. This helps its skill to service custom-made necessities by configurable deployments, whereas additionally providing standardized product choices the place applicable. As of June 30, 2026, it had 177 staff on its payroll. Its order e book stood at Rs. 1204.72 cr.as of June 30, 2026.
Merchant Banker’s Track Record
The sole BRLM related to this situation has dealt with 12 IPOs within the final three fiscals and out of which 4 IPOs closed beneath the difficulty worth on itemizing date.
Conclusion
SIL is engaged in IT, and IT enabled companies resolution supplier. The firm gives digital options, automations of system by custom-made purposes. The firm is working in a extremely aggressive and fragmented section. It had orders value Rs. 1204.72 cr., readily available as of June 30, 2026. Based on its latest common monetary knowledge, the difficulty seems aggressively priced. Well-informed buyers might park average funds for medium time period.
Dilip Davda is a veteran monetary journalist related to the Indian inventory market since 1978. He has been contributing to print and digital media on capital markets, insurance coverage, and finance since 1985.
He is well known for reviewing public points and non-convertible debentures (NCDs) within the major market. Drawing on over three a long time of market expertise and shut interplay with service provider bankers, his opinions concentrate on detailed elementary and monetary evaluation of corporations, with a particular emphasis on SME public points.
Disclaimer: The data supplied herein is solely for instructional and informational functions and doesn’t represent a suggestion, solicitation, or suggestion to purchase or promote any securities. Readers are suggested to seek the advice of a professional monetary advisor earlier than making any funding choices. Investments within the securities market are topic to market dangers. The creator doesn’t intend to put money into the securities mentioned.
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