Sai Urja Indo Ventures Limited is an ISO-certified company providing O&M and support services to industrial plants, mainly in the power generation sector, as well as iron & steel and agrochemical industries. Its services include electrical, C&I and mechanical maintenance, along with CHP, MGR and BTG operations.
Services:
- Maintenance: Electrical, C&I and mechanical maintenance.
- Operations: CHP, MGR and BTG operations.
- Other: Industrial housekeeping, AOH/COH overhaul works and manpower supply.
The company delivers its services through Annual Maintenance Contracts, Performance-Based Contracts, Manpower Supply Contracts and Short-Term Bill of Quantity Contracts. Over the last three years, it has served 21 locations across 9 states and executed more than 45 projects.
As of June 15, 2026, the company had 17 ongoing projects with ₹7,165.10 lakh of pending execution and 4 projects worth ₹2,536.74 lakh yet to commence. Key clients include Adani Infrastructure Management Services, GMR Warora Energy and MAHAGENCO.
As of June 30, 2026, the company had 1,969 employees supporting its operations across different projects and locations.
Sai Urja Indo Ventures IPO – Details
| IPO Opening Date | 23 September 2026 |
| IPO Closing Date | 25 September 2026 |
| Issue Type | Book Building IPO |
| Issue Size | Total Issue: 23,25,000 Shares Worth ₹24.95 Crore Fresh Issue: 18,28,800 Shares Worth ₹20.67 Crore Offer For Sale: 3,79,200 Shares Worth ₹4.28 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹107 – ₹113 per share |
| Market Lot | 1,200 Shares |
| Min Order | 1,200 Shares [ 1 Lot ] |
| Listing At | BSE SME |
| Registrar | Maashitla Securities Pvt. Ltd. |
| QIB Shares Offered | 50% |
| NII Shares Offered | 15% |
| Retail Shares Offered | 35% |
Sai Urja Indo Ventures IPO – Date Schedule
| IPO Open Date | 23 September 2026 |
| IPO Close Date | 25 September 2026 |
| Basis of Allotment | 28 September 2026 |
| Initiation of Refund | 29 September 2026 |
| Credit of Shares to Demat | 29 September 2026 |
| IPO Listing Date | 30 September 2026 |
| Cut-off time for UPI mandate confirmation | 5 PM on September 25, 2026 |
Sai Urja Indo Ventures IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 2400 | ₹2,71,200 |
| Retail (Max) | 2 | 2400 | ₹2,71,200 |
| S-HNI (Min) | 3 | 3600 | ₹4,06,800 |
| S-HNI (Max) | 7 | 8400 | ₹9,49,200 |
| B-HNI (Min) | 8 | 9600 | ₹10,84,800 |
Competitive Strength
- Diversified O&M service solutions for power and other industries.
- Increase in repeat orders from existing clients with larger project values.
- Large orderbook facilitating sustainable growth in financial performance.
- Leadership with a track record, powered by a sizable team.
Company Promoters
- Harsh Ajaykumar Mittal
- Santosh Ajay Kumar Mittal
Company Financials
| Period | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2024 | ₹45.88 Cr | ₹43.63 Cr | ₹1.39 Cr | ₹2.15 Cr |
| 31 March 2025 | ₹65.82 Cr | ₹61.54 Cr | ₹3.13 Cr | ₹5.35 Cr |
| 31 March 2026 | ₹85.64 Cr | ₹80.08 Cr | ₹4.19 Cr | ₹7.18 Cr |
Key Performance Indicator
| KPI | Values (Mar 31, 2026) |
|---|---|
| ROE | 42.44% |
| ROCE | 50.66% |
| Debt/Equity | 0.59 |
| RoNW | 42.44% |
| PAT Margin | 4.98% |
| EBITDA Margin | 7.65% |
| NAV | 20.99 |
| Price to Book Value | 8.46 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 5.39 | 4.10 |
| P/E (x) | 20.96 | 27.56 |
Object Of The Issue
| Objects of the Issue | Expected Amount (in Crore) |
|---|---|
| Funding the working capital requirements of the Company. | ₹8.00 |
| Repayment/prepayment, in full or part, of certain loans availed by the Company. | ₹6.60 |
| General Corporate Purposes. |
✅Strengths
- Strong Revenue Growth with 36.59% CAGR in FY2024–FY2026.
- Diversified Services across electrical, C&I, mechanical, CHP, MGR and BTG.
- Established Client Base including Adani, GMR and MAHAGENCO.
- Strong Order Pipeline with ₹7,165.10 lakh pending execution.
- Wide Presence across 21 locations in 9 states.
⚠️Risks
- High Customer Concentration with top 10 clients contributing 99.97% of FY2026 revenue.
- Key Client Dependence could impact revenue if major customers are lost.
- License Compliance Risk from various required approvals and permits.
- No Dividend History during the last three financial years.
- License Transfer Risk as some approvals remain in the former company’s name.
Sai Urja Indo Ventures IPO Promoter Holding
| Pre-Issue Share Holding | 92.87% |
| Post Issue Share Holding | 65.67% |
Sai Urja Indo Ventures IPO Prospectus
Company Contact Information
| Sai Urja Indo Ventures Limited UG-2 Office Floor, J. K. Complex, Nanaji Nagar Nagpur Road, Chandrapur, Maharashtra, 442401 Phone: +919960815166 Email: headoffice@suiv.co.in Website: https://suiv.co.in/ |
Sai Urja Indo Ventures IPO Registrar
| Maashitla Securities Pvt. Ltd. Phone: 011-45121795 Email: Investor.ipo@maashitla.com Website: https://maashitla.com/allotment-status/public-issues |
Sai Urja Indo Ventures IPO Lead Manager(s)
| 1. Shannon Advisors Pvt. Ltd. |
Sai Urja Indo Ventures IPO FAQ
| What is the Sai Urja Indo Ventures IPO? Sai Urja Indo Ventures IPO is an SME IPO. The issue is priced at ₹107 – ₹113 per equity share. The IPO is to be listed on BSE SME. |
| When will Sai Urja Indo Ventures IPO open? The IPO is to open on 23 September 2026 for QIB, NII and Retail Investors. |
| What is Sai Urja Indo Ventures IPO Investors’ Portion? The Investors portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| What is the Sai Urja Indo Ventures IPO Size? Sai Urja Indo Ventures IPO size is ₹24.95 Crore. |
| What are the Sai Urja Indo Ventures IPO Minimum and Maximum Lot Sizes for Retail Investors? The minimum bid is 2400 Shares for ₹2,71,200, while the maximum bid is 2400 Shares for ₹2,71,200. |
| What is the Sai Urja Indo Ventures IPO Allotment Date? Sai Urja Indo Ventures IPO allotment date is 28 September 2026. |
| What is the Sai Urja Indo Ventures IPO Listing Date? Sai Urja Indo Ventures IPO listing date is 30 September 2026. The IPO is to be listed on the BSE SME. |
