# Iris Global Services Limited: IPO analysis > Iris Global Services Limited (CIN U72900DL2009PLC189527) has filed a Draft Red Herring Prospectus with SEBI for an IPO comprising an offer for sale of 5 Cr shares. In FY26 it reported revenue of ₹4,156 Cr (+28.7% on FY25) and a net profit of ₹80 Cr. Promoters hold 1.0% before the IPO. Our fact-check of its claims found no medium or high concerns across 39 claims checked. - Page: https://ipo.innerkore.com/company/U72900DL2009PLC189527/iris-global-services-limited/ - CIN: U72900DL2009PLC189527 - Last updated: 28 Sep 2026 ## Key facts - **Company:** Iris Global Services Limited - **CIN:** U72900DL2009PLC189527 - **Filing stage:** DRHP - **Latest SEBI filing:** 28 Sep 2026 - **Offer for sale:** 5,00,00,000 shares - **Listing on:** BSE, NSE - **Revenue FY26:** ₹4,156 Cr - **Revenue growth:** +28.7% - **Net profit FY26:** ₹80 Cr - **Revenue CAGR FY24 to FY26:** 24.4% - **Promoter holding (pre-IPO):** 1.0% - **Lead managers:** Pantomath Capital Advisors Private Limited - **Registrar:** KFin Technologies Limited - **Fact-check flags:** 0 high, 0 medium, 0 low ## Key signals (read from the filing; not investment advice) - **Growth** (looks fine): 24.4% a year. Sales FY24 to FY26; latest year +28.7%. - **Profitability** (concern): 1.9% net margin. FY26; operating margin steady. - **Profit into cash** (look closer): 79% of profit. Operations brought in ₹62.5 crore against ₹79.5 crore of profit in FY26. - **One-off income** (look closer): 29% of profit. Other and one-off income is 29% of pre-tax profit; management describes 2 one-off items. - **Where the money goes** (concern): All for sale. Entirely an offer for sale: the company receives nothing. - **Red flags** (looks fine): None serious. 39 claims checked: 0 high, 0 medium concern. ## Financial snapshot (₹ crore unless stated; unspecified) | | FY24 | FY25 | FY26 | |---|---:|---:|---:| | Sales | 2,685 | 3,229 | 4,156 | | Sales growth | – | 20.3% | 28.7% | | Operating profit | 79 | 97 | 131 | | Operating margin | 2.9% | 3.0% | 3.2% | | Net profit | 53 | 62 | 80 | | Net margin | 2.0% | 1.9% | 1.9% | ## Non-recurring items (as described by management) - Equity instruments designated at FVTOCI may have subsequent changes in fair value recognized in other comprehensive income, excluding dividends, with no recycling of amounts from OCI to P&L even on sale of investment. (p.320) - A one-time, non-recurring incentive was paid to one of the director in Fiscal 2024, which caused a decrease in director’s remuneration in Fiscal 2025. (p.329) ## Use of proceeds (fresh issue) - Funding the working capital requirements of our Company: ₹156 crore - General corporate purposes(2): amount not fixed yet ## Fact-checked claims - **NONE** (PromoterBackground): Sanjiv Krishen is the Chairman and Managing Director of the Company.. No current web search results were found to corroborate, contradict, or provide any information regarding the claim that Sanjiv Krishen is the Chairman and Managing Director of Iris Global Services Limited. - **NONE** (PromoterBackground): The Board comprises six Directors, including three Executive Directors and three Independent Directors, with one Independent Director being a woman.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim about the composition of the Board of Directors of Iris Global Services Limited. - **NONE** (PromoterBackground): The Audit Committee was constituted by a Board meeting held on May 11, 2026.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that the Audit Committee was constituted by a Board meeting held on May 11, 2026. - **NONE** (PromoterBackground): No remuneration was paid to Manu Awasthy as he was appointed in Fiscal 2027.. No web search results were found for the claim regarding remuneration paid to Manu Awasthy. Therefore, no corroboration, contradiction, or update could be determined from the provided search results. - **NONE** (PromoterBackground): The total remuneration paid to Executive Directors in Fiscal 2026 includes Sanjiv Krishen (₹65.30 Lakh), Kamini Talwar (₹41.60 Lakh), and Pankaj Dhingra (₹21.30 Lakh).. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim about the total remuneration paid to Executive Directors in Fiscal 2026 for Iris Global Services Limited. - **NONE** (PromoterBackground): Pankaj Dhingra was appointed as a Whole-Time Director and holds office in the company for five years starting from March 07, 2026.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim about Pankaj Dhingra's appointment and tenure in Iris Global Services Limited. - **NONE** (PromoterBackground): Kamini Talwar is eligible for 5% of net profit for Fiscal 2027.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that Kamini Talwar is eligible for 5% of net profit for Fiscal 2027. - **NONE** (SubsidiaryPerformance): Clause V of the Memorandum of Association was amended on June 22, 2020 to change the authorized share capital from ₹ 5,50,0 to ₹ 10,00,0.. No web search results were found to corroborate, contradict, update, or provide any information regarding the claim that Clause V of the Memorandum of Association of Iris Global Services Limited was amended on June 22, 2020 to change the authorized share capital from ₹ 5,50,0 to ₹ 10,00,0. - **NONE** (SubsidiaryPerformance): The company filed form INC-22 with the Registrar of Companies, Delhi & Haryana on May 05, 2026, for rectifying clerical and typographical errors in the original agreement.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the filing of form INC-22 by Iris Global Services Limited on May 05, 2026, for rectifying errors. - **NONE** (SubsidiaryPerformance): The registered office address was changed effective July 27, 2020, from E-69, Vasant Marg, Vasant Vihar, New Delhi, 110 057, Delhi, India to 1, Bypass Road, Mahipalpur, New Delhi – 110037.. No web search results were found to corroborate, contradict, update, or provide any information regarding the claimed change in the registered office address for Iris Global Services Limited. - **NONE** (SubsidiaryPerformance): A fresh certificate of incorporation was issued on February 20, 2026, to reflect the name change.. No current web search results were found to corroborate, contradict, or provide any information regarding the claim that a fresh certificate of incorporation was issued on February 20, 2026. - **NONE** (SubsidiaryPerformance): The conversion to a public limited company occurred via a Board resolution dated November 20, 2025, and a special resolution passed on December 22, 2025.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim about the conversion of Iris Global Services Limited to a public limited company via board and special resolutions in November and December 2025. ## Common questions ### How big is the Iris Global Services Limited IPO? Iris Global Services Limited's IPO comprises an offer for sale of 5 Cr shares, according to its Draft Red Herring Prospectus. The price band has not been announced yet: draft filings leave it blank and it is set in the Red Herring Prospectus. ### What are Iris Global Services Limited's revenue and profit? Iris Global Services Limited reported revenue from operations of ₹4,156 Cr in FY26, +28.7% versus FY25. Net profit was ₹80 Cr (FY25: ₹62 Cr). Revenue grew at a compound rate of 24.4% a year from FY24 to FY26. Figures are read from the DRHP, as printed there. ### How much do promoters own in Iris Global Services Limited? Promoters hold 1.0% of Iris Global Services Limited before the IPO. ### How will Iris Global Services Limited use the IPO money? The fresh-issue proceeds are earmarked for: Funding the working capital requirements of our Company (₹156 Cr); General corporate purposes (amount not fixed yet). The offer-for-sale portion goes to the selling shareholders, not the company. ### What are the red flags in Iris Global Services Limited's DRHP? We fact-checked 39 claims from the filing against the open web: 0 raised a high concern, 0 medium and 0 low. This is an automated screen, not a verdict; each finding links to its sources. ### What does Iris Global Services Limited do? Here’s a detail about Iris Global Services Limited that almost nobody notices: there is zero current record linking Sanjiv Krishen to the role of Chairman and Managing Director. That’s a significant gap in the public record, and it raises serious questions about the company's leadership structure. ### Who manages the Iris Global Services Limited IPO? Book running lead managers: Pantomath Capital Advisors Private Limited. Registrar to the offer: KFin Technologies Limited. Shares are proposed to list on BSE and NSE. ### Where can I read the original Iris Global Services Limited IPO documents? All 1 filing for Iris Global Services Limited (DRHP) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document. ## Source documents - [Iris Global Services Limited - DRHP](https://www.sebi.gov.in/sebi_data/attachdocs/sep-2026/1790743844411.pdf) (Draft Red Herring Prospectus, filed 28 Sep 2026) --- Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.