SAI URJA INDO VENTURES LIMITED IPO

SAI URJA INDO VENTURES LIMITED IPO closed on 29 Sept 2026. Allotment 30 Sept 2026, listing 5 Oct 2026. Price band ₹107–₹113, lot 1200 shares, GMP +₹11 (9.73%). Track allotment on Allotly.

About SAI URJA INDO VENTURES LIMITED

Sai Urja Indo Ventures is an operation and maintenance (O&M) services company for industrial plants, primarily in the power generation industry, as well as the iron and steel and agrochemical industries. Its services cover electrical, mechanical, and control and instrumentation maintenance, along with operations of boiler-turbine-generator units, coal handling plants, and merry-go-round systems in power plants. The company also provides industrial housekeeping, equipment overhauls, and skilled and unskilled manpower supply. Its services are provided through annual maintenance contracts, performance-based contracts, manpower supply contracts, and short-term bill of quantity contracts. Over the last three years, the company has served 21 locations across nine states and executed more than 45 projects as of June 15, 2026. It holds valid electrical licences in Maharashtra, Uttar Pradesh…

Strengths

• The company has a diversified range of O&M services covering electrical, mechanical, control and instrumentation maintenance, plant operations, repairs, overhauls, housekeeping, and manpower supply. Its work spans power generation, iron and steel, and agrochemical plants.
• The company has a high proportion of repeat business from existing clients. Repeat orders accounted for 99.65% of revenue from operations in FY26 and 100% in FY25 and FY24. Its average realisation per project also increased from Rs 1.20 crore in FY24 to Rs 2.36 crore in FY26.
• The company had an order book of Rs 159.67 crore as of June 15, 2026. This included unexecuted part of ongoing projects with an unexecuted value of Rs 71.65 crore and projects worth Rs 25.37 crore that were yet to commence.
• Its order book includes contracts across large power generation and industrial facilities. These include electrical and control and instrumentation maintenance, CHP operations, housekeeping, and other services for plants with capacities ranging from 1,320 MW to 4,760 MW, as well as projects in iron and steel and agrochemicals.
• The company has experience across multiple plant functions beyond conventional maintenance. It has undertaken operations of boiler-turbine-generator units, coal handling plants, ash handling plants, and connected rail networks, along with maintenance of rail mills, rotary machines, laboratories, and townships.
• The company has a sizeable workforce for executing projects across locations. As of March 31, 2026, it had 2,058 personnel comprising highly skilled, skilled, semi-skilled, and unskilled workers. According to the RHP, promoter Harsh Ajaykumar Mittal has over 13 years of experience in mechanical engineering and has been involved in the company’s business strategy and development.
• The company is ISO 9001:2015 and ISO 45001:2018 certified. ISO 9001:2015 relates to its quality management system, while ISO 45001:2018 relates to its occupational health and safety management system.
• The company has witnessed a consistent increase in its revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 45.62 crore in FY24 to Rs 65.52 crore in FY25 and Rs 85.11 crore in FY26. PAT increased from Rs 1.38 crore to Rs 3.13 crore and Rs 4.19 crore during the same period.

Risks

• The company is highly dependent on its top 10 clients, which contributed Rs 85.09 crore (99.97%), Rs 65.52 crore (100.00%), and Rs 45.62 crore (99.98%) to revenue from operations in FY26, FY25, and FY24, respectively. The largest client alone contributed Rs 63.63 crore (74.77%) in FY26, Rs 46.18 crore (70.49%) in FY25, and Rs 22.80 crore (49.99%) in FY24. Any loss of key clients, reduction in business volumes, or inability to secure orders from them on commercially viable terms could adversely affect the company’s revenue, margins and profitability.
• The company is heavily dependent on contracts from public sector undertakings (PSUs), which contributed Rs 78.53 crore (92.27%), Rs 59.71 crore (91.13%), and Rs 37.08 crore (81.28%) to revenue from operations in FY26, FY25, and FY24, respectively. Any failure to qualify for PSU tenders, secure new contracts, or retain existing contracts could adversely affect the company’s revenue and profitability. Further, changes in government policies, tender conditions, funding availability, or delays in payments from government entities could affect its cash flows and financial condition.
• The company’s operations are manpower-intensive, with employee benefit expenses accounting for Rs 74.30 crore (87.31%), Rs 56.57 crore (86.34%), and Rs 37.79 crore (82.84%) of revenue from operations in FY26, FY25, and FY24, respectively. Employee attrition also increased significantly to 45.01% in FY26, with 1,019 employees leaving the company compared with 98 in FY25 and 399 in FY24. Any inability to retain or replace skilled and unskilled personnel, or an increase in employee costs due to recruitment, training, and wage requirements, could adversely affect the company’s operations and profitability.
• The company is heavily dependent on the power generation sector, which contributed Rs 80.90 crore (95.06%), Rs 61.33 crore (93.64%), and Rs 40.54 crore (88.92%) to revenue from operations in FY26, FY25, and FY24, respectively. Revenue from iron and steel and agrochemicals remained comparatively limited during the same periods. Any operational or market challenges affecting its power-sector clients, or failure to diversify into other industries, could adversely affect the company’s revenue, cash flows and financial condition.
• The company, its promoters, directors, and key managerial personnel may become subject to legal proceedings in the future. Any adverse judgment or outcome in such proceedings could adversely affect the company’s business, financial condition, and results of operations.
• The company’s net working capital requirements increased from Rs 1.79 crore in FY24 to Rs 5.75 crore in FY25 and Rs 11.66 crore in FY26, while trade receivables also increased from Rs 6.64 crore in FY24 to Rs 10.51 crore as of March 31, 2026. Despite the increase in revenue from operations, operating cash flows remained negative at Rs 2.10 crore and Rs 0.95 crore in FY25 and FY26, respectively, primarily due to increased working capital requirements and higher operating expenses. Continued growth without a corresponding improvement in collections could further tie up funds in receivables and constrain the company’s cash flows.
• As of March 31, 2026, the company had total outstanding borrowings of Rs 7.18 crore. Inability to service or repay these borrowings, or an increase in borrowing costs, could adversely affect the company’s cash flows and financial condition.

See all IPOs · Apply for your family on Allotly