IPO Overview
Incorporated in May 2012 and headquartered in Chandrapur, Maharashtra, Sai Urja Indo Ventures Limited (SUIVL) is a diversified Operations & Maintenance (O&M) services provider primarily serving the power generation sector. The company provides electrical, mechanical, and control & instrumentation maintenance services, along with boiler-turbine-generator (BTG) operations and manpower supply to power plants, iron & steel units, and agrochemical facilities. The company operates across nine states in India with a workforce of approximately 1,969 employees and has executed more than 45 projects over the last three years. Its key clients include major names like Adani Infrastructure Management Services, GMR Warora Energy, and MAHAGENCO (Maharashtra State Power Generation Company).
The company is now launching its SME IPO on the BSE SME platform to raise ₹24.95 crore. The IPO comprises a fresh issue of 18,28,800 equity shares and an OFS of up to 3,79,200 shares by the promoters. The price band is ₹107–₹113 per share with a lot size of 1,200 shares. The IPO opens on 23 September 2026 and closes on 25 September 2026, with listing expected on 30 September 2026.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | BSE SME |
| Anchor Investor Date | 22 September 2026 |
| IPO Open Date | 23 September 2026 |
| IPO Close Date | 25 September 2026 |
| Allotment Date | 28 September 2026 (Expected) |
| Refund Initiation | 29 September 2026 |
| Credit to Demat | 29 September 2026 |
| Listing Date | 30 September 2026 (Tentative) |
| Price Band | ₹107 – ₹113 per share |
| Face Value | ₹10 per share |
| Lot Size | 1,200 shares |
| Minimum Investment (Retail) | ₹1,35,600 (1 lot = 1,200 shares) |
| Issue Size | ₹24.95 crore |
| Fresh Issue | 18,28,800 shares (₹20.67 crore) |
| Offer For Sale (OFS) | 3,79,200 shares (₹4.28 crore) |
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | ~50% |
| Non-Institutional Investors (NII/HNI) | ~15% |
| Retail Individual Investors (RII) | ~35% |
| Anchor Investors | 5,86,800 shares (reserved) |
| Market Maker | 2,16,000 shares (reserved) |
OFS / Selling Shareholders
The IPO includes an Offer for Sale of up to 3,79,200 equity shares by the promoters — Mr. Harsh Ajaykumar Mittal and Mr. Santosh Ajay Kumar Mittal. The OFS proceeds will go directly to the selling promoters and not to the company.
Objects of the Issue (Fund Utilization)
The company plans to use the net fresh issue proceeds as follows:
- Working capital requirements — ₹8 crore (₹800 lakh)
- Repayment / prepayment of existing borrowings — ₹6 crore (₹600 lakh)
- General corporate purposes — remaining proceeds
Lead Managers & Registrar
- Book Running Lead Manager: Shannon Advisors Private Limited
- Registrar to the Issue: Maashitla Securities Private Limited
Promoters & Management
The company is promoted by Mr. Harsh Ajaykumar Mittal and Mr. Santosh Ajay Kumar Mittal. Both promoters are part of the OFS, partially exiting through this IPO. The promoters bring domain expertise in power sector O&M operations and have built a client base spanning major PSU and private sector power companies across India.
Company Details
Sai Urja Indo Ventures Limited provides operation, maintenance, and manpower support services for power plants and other industrial facilities. The company customizes its service delivery to meet each client’s specific operational requirements across electrical, mechanical, and instrumentation verticals. It also provides BTG (Boiler-Turbine-Generator) operation services and contract-based manpower deployment.
Sectors Served:
- Power Generation (~95.06% of FY26 revenue)
- Iron & Steel
- Agrochemicals
Key Clients:
- Adani Infrastructure Management Services Limited
- GMR Warora Energy Limited
- MAHAGENCO (Maharashtra State Power Generation Company)
Key Capabilities:
- Electrical, mechanical, and C&I maintenance across industrial facilities
- BTG operations and manpower supply services
- Pan-India presence across nine states
- Order book of ₹159.67 crore as of June 15, 2026
Certifications:
- ISO 9001:2015
- ISO 45001:2018
Financial Snapshot
| Period | Total Income (₹ Cr) | PAT (₹ Cr) |
| FY24 | ₹45.88 | ₹1.39 |
| FY25 | ₹65.82 | ₹3.13 |
| FY26 | ₹85.64 | ₹4.19 |
Key Financial Metrics
- Revenue CAGR of ~36.59% over FY24–FY26 — one of the strongest growth rates among recent SME IPOs
- PAT more than tripled from ₹1.39 crore in FY24 to ₹4.19 crore in FY26
- P/E Ratio: ~20.96x (at upper price band)
- Order book of ₹159.67 crore (as of June 15, 2026) — approximately 1.86x FY26 revenue, providing strong near-term revenue visibility
- ~92.27% of FY26 revenue from PSU contracts — stable but concentrated
Company Strengths
- Strong revenue CAGR of ~36.59% over FY24–FY26, with consistent PAT growth across all three years
- Healthy order book of ₹159.67 crore providing solid revenue visibility for the next 12–18 months
- Established relationships with large PSU and private power sector clients such as Adani, GMR, and MAHAGENCO
- Pan-India operational footprint spanning nine states with over 1,969 trained employees
- Certified under ISO 9001:2015 and ISO 45001:2018 — enabling qualification for large government and PSU contracts
- Diversified contract formats with repeat orders from key clients, reducing dependence on new client acquisition
Key Risks & Challenges
- Extreme customer concentration: Top 10 clients contributed 99.97% of FY26 revenue, with the single largest client alone accounting for up to 74.77% — any loss of a major client could severely impact revenue
- PSU dependence: ~92.27% of FY26 revenue came from PSU contracts, making the business vulnerable to government policy changes, delayed payments, and budget constraints
- Negative operating cash flows: The company reported negative operating cash flows in both FY25 and FY26, indicating working capital stress despite growing revenues
- High employee attrition: Attrition rate surged to 45.01% in FY25–26 — a significant operational risk for a manpower-intensive business
- Regulatory compliance history: The company has a history of delayed statutory filings under GST, ESI, EPF, and the Companies Act
- Promoter partial exit via OFS: Both promoters are selling shares through the IPO, which may signal limited confidence in near-term valuation upside
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
