Sai Urja Indo Ventures IPO
Sai Urja Indo Ventures IPO is a BSE SME book-built issue of ₹24.95 crore, comprising a Fresh Issue of 18,28,800 equity shares aggregating to ₹20.67 crore and an Offer for Sale of 3,79,200 equity shares aggregating to ₹4.28 crore. The price band is ₹107 to
Sai Urja Indo Ventures IPO Details
Sai Urja Indo Ventures IPO bidding is scheduled to start on September 23, 2026 and end on September 25, 2026. The basis of allotment is expected to be finalized on September 28, refunds are expected to be initiated on September 29, and shares are expected to be credited to successful applicants' Demat accounts on the same day. The shares are scheduled to list on BSE SME on September 30, 2026.
Sai Urja Indo Ventures IPO GMP
Sai Urja Indo Ventures IPO GMP is currently reported at ₹0 by available grey-market tracking sources. At a GMP of ₹0 against the upper IPO price of ₹113, the indicative grey-market price would be ₹113. GMP is an unofficial and unregulated market indicator and does not guarantee the actual listing price.
Sai Urja Indo Ventures IPO Timeline (Tentative)
Sai Urja Indo Ventures IPO is scheduled to open for subscription on September 23, 2026 and close on September 25, 2026. The basis of allotment is expected to be finalized on September 28, refunds are expected to be initiated on September 29, and shares are expected to be credited to successful applicants' Demat accounts on the same day. The shares are scheduled to list on BSE SME on September 30, 2026.
| Event | Tentative Date |
|---|---|
| IPO Open Date | Wed, Sep 23, 2026 |
| IPO Close Date | Fri, Sep 25, 2026 |
| Basis of Allotment | Mon, Sep 28, 2026 |
| Initiation of Refunds | Tue, Sep 29, 2026 |
| Credit of Shares to Demat | Tue, Sep 29, 2026 |
| Listing Date | Wed, Sep 30, 2026 |
| IPO Opens | September 23, 2026 |
| IPO Closes | September 25, 2026 |
| Basis of Allotment | September 28, 2026 |
| Refund Initiation | September 29, 2026 |
| Credit of Shares to Demat | September 29, 2026 |
| Listing Date | September 30, 2026 |
Sai Urja Indo Ventures IPO Lot Size
The Sai Urja Indo Ventures IPO lot size is 1,200 shares. Individual investors need to apply for a minimum of 2 lots, or 2,400 shares, requiring ₹2,71,200 at the upper price band of ₹113. Small HNI investors can apply for a minimum of 3 lots, while the reported maximum S-HNI application is 7 lots. B-HNI applications start from 8 lots.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 2 | 2,400 | 2,71,200 |
| Retail (Max) | 2 | 2,400 | 2,71,200 |
| S-HNI (Min) | 3 | 3,600 | 4,06,800 |
| S-HNI (Max) | 7 | 8,400 | 9,49,200 |
| B-HNI (Min) | 8 | 9,600 | 10,84,800 |
Sai Urja Indo Ventures IPO Reservation
The Sai Urja Indo Ventures IPO includes reservations for Anchor Investors, QIBs, NIIs and Retail Individual Investors, along with a market-maker portion. Current issue data reports 5,86,800 shares for Anchor Investors, 3,92,400 shares for QIBs, 3,02,400 shares for NIIs and 7,10,400 shares for Retail investors.
Sai Urja Indo Ventures IPO Subscription
Sai Urja Indo Ventures IPO subscription has not started yet. The issue is scheduled to open on September 23, 2026. Category-wise QIB, NII and Retail subscription figures will be updated after bidding begins.
| Category | Subscription (times) |
|---|---|
| QIB | N.A. |
| NII | N.A. |
| RII | N.A. |
| Total | N.A. |
About Sai Urja Indo Ventures
Sai Urja Indo Ventures Limited provides Operation and Maintenance (O&M) and industrial support services, primarily to the power-generation sector. The company also serves industries such as iron and steel and agrochemicals. Its services include electrical, mechanical and control-and-instrumentation maintenance, power-plant operations, coal-handling systems, housekeeping, equipment overhauls, safety-related services and manpower supply.
The company was incorporated as Sai Urja Indo Ventures Private Limited on May 17, 2012 and was subsequently converted into a public limited company in 2025. Its registered office is located in Chandrapur, Maharashtra. The company has expanded its operations across several states and has undertaken maintenance work for power plants and other industrial facilities.
Its service portfolio covers electrical systems, control and instrumentation, mechanical maintenance, Boiler-Turbine-Generator operations, coal handling plants and merry-go-round systems. It also undertakes industrial housekeeping, fabrication, erection, EPC and related support activities.
As of June 2026, the company reportedly had 1,969 employees and a number of ongoing and awarded projects across its operating segments. Its business model is primarily service-oriented, with revenue generated from industrial maintenance, operations and related contracts.
Strengths
- Established operating history in industrial Operation and Maintenance services since 2012.
- Diversified O&M capabilities covering electrical, mechanical, instrumentation and plant-operation requirements.
- Exposure to multiple industrial sectors, including power generation, iron and steel and agrochemicals.
- Presence across multiple states through contracts and project operations.
- Large employee base supporting execution of maintenance and industrial-service contracts.
- The company has reported growth in revenue and profitability between FY2024 and FY2026.
Risks to Consider
- The company's revenue depends significantly on securing, renewing and executing industrial maintenance and O&M contracts.
- Delays in project execution, client approvals or commencement of awarded projects may affect revenue recognition and cash flows.
- The business is exposed to working-capital requirements because contracts may involve significant receivables and project-related expenditure.
- Dependence on industrial and power-sector customers exposes the company to changes in capital expenditure, plant operations and industry conditions.
- The company operates in a competitive industrial-services market where pricing and execution capabilities can affect margins.
- The business requires skilled manpower and effective deployment of employees across geographically dispersed project locations.
Sai Urja Indo Ventures Financials (₹ Cr)
Sai Urja Indo Ventures reported growth in revenue and profit over the last three financial years. Total income increased from ₹45.88 crore in FY2024 to ₹65.82 crore in FY2025 and ₹85.64 crore in FY2026. Profit after tax increased from ₹1.39 crore to ₹3.13 crore and ₹4.19 crore during the same period. Net worth also increased from ₹4.72 crore in FY2024 to ₹7.76 crore in FY2025 and ₹12.20 crore in FY2026.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| FY2024 | ₹45.88 Cr | ₹1.39 Cr | ₹13.95 Cr | ₹4.72 Cr |
| FY2025 | ₹65.82 Cr | ₹3.13 Cr | ₹21.11 Cr | ₹7.76 Cr |
| FY2026 | ₹85.64 Cr | ₹4.19 Cr | ₹24.25 Cr | ₹12.20 Cr |
KPIs & Valuation
At the upper IPO price band of ₹113, Sai Urja Indo Ventures reported FY2026 basic EPS of ₹7.29, resulting in a pre-IPO P/E of approximately 15.50x. The reported post-issue EPS is ₹4.10 and post-issue P/E is approximately 27.56x. The company reported RoNW of 42.44%, ROE of 42.44%, ROCE of 50.66%, PAT margin of 4.98%, debt-to-equity of 0.59 and NAV of ₹20.99 per share.
Objects of the Issue
The ₹24.95 crore Sai Urja Indo Ventures IPO comprises a Fresh Issue of 18,28,800 equity shares and an Offer for Sale of 3,79,200 equity shares. The net proceeds from the Fresh Issue are proposed to be used primarily for funding working-capital requirements, repayment or prepayment of certain loans and general corporate purposes.
- The company proposed to utilise the IPO proceeds for:
- Funding the working capital requirements of the company — ₹8.00 crore.
- Repayment/prepayment, in full or part, of certain loans availed by the company — ₹6.60 crore.
- General corporate purposes — balance net proceeds.
Promoters, Lead Managers & Registrar
Sai Urja Indo Ventures Limited is promoted by Harsh Ajaykumar Mittal and Santosh Ajay Kumar Mittal. Shannon Advisors Private Limited is the Book Running Lead Manager, while Maashitla Securities Private Limited is the Registrar to the Issue.
Promoters
Lead Managers (BRLM)
Registrar
| Name | Maashitla Securities Private Limited |
|---|---|
| Phone | 011-45121795 |
| investor.ipo@maashitla.com | |
| Website | https://maashitla.com/ |
Sai Urja Indo Ventures IPO Review
Sai Urja Indo Ventures operates in the industrial Operation and Maintenance services segment, with a primary focus on power-generation facilities and additional exposure to sectors such as iron and steel and agrochemicals. Its service portfolio covers electrical, mechanical and instrumentation maintenance, plant operations, coal handling, housekeeping and related industrial services.
The company's financial performance has improved over the last three reported financial years. Total income increased from ₹45.88 crore in FY2024 to ₹65.82 crore in FY2025 and ₹85.64 crore in FY2026. Profit after tax increased from ₹1.39 crore in FY2024 to ₹3.13 crore in FY2025 and ₹4.19 crore in FY2026.
A significant part of the IPO proceeds is earmarked for working capital and debt repayment. The ₹8 crore working-capital allocation is relevant to the company's contract-based operating model, while ₹6.60 crore is proposed for repayment or prepayment of certain borrowings.
At the upper price band of ₹113, the company's FY2026 basic EPS of ₹7.29 implies a pre-IPO P/E of approximately 15.50x. The reported post-issue EPS is ₹4.10, implying a post-issue P/E of approximately 27.56x. The company reported RoNW of 42.44%, ROE of 42.44%, ROCE of 50.66%, PAT margin of 4.98% and debt-to-equity of 0.59 for FY2026.
Investors should also consider the company's dependence on industrial contracts, working-capital requirements, customer concentration, project execution, skilled manpower and the risks associated with SME-listed companies. The RHP should be reviewed for the complete risk factors and issue disclosures before making an investment decision.
How to Apply
Sai Urja Indo Ventures IPO applications can be made through ASBA or UPI during the IPO bidding period. The IPO is scheduled to open on September 23, 2026 and close on September 25, 2026. The minimum application for individual investors is 2 lots of 1,200 shares each, or 2,400 shares, requiring ₹2,71,200 at the upper price band of ₹113.
Through UPI
- Log in to your stockbroker app or website.
- Go to the IPO section.
- Select Sai Urja Indo Ventures IPO.
- Enter the number of lots you want to apply for.
- Select the bid price. Retail investors can generally choose Cut-off when available.
- Enter your valid UPI ID.
- Submit the IPO application.
- Open your UPI app when the mandate request arrives.
- Approve the mandate using your UPI PIN.
- The application amount will be blocked in your bank account. If shares are allotted, the required amount will be debited; otherwise, the blocked amount will be released.
Prospectus & Documents
Investors can refer to the company's DRHP and RHP for detailed information about the business, financial performance, risk factors, IPO structure and utilisation of the issue proceeds. The offer documents should be reviewed for the final issue terms and complete disclosures.
Last updated Sep 23, 2026.