1. Company Overview
Sai Urja Indo Ventures Limited (incorporated in May 2012 as Sai Urja Indo Ventures Private Limited and converted to a public limited company in February 2025) is an ISO 9001:2015 and ISO 45001:2018 certified provider of industrial operations, maintenance, and support services. Headquartered in Nagpur with registered office operations in Chandrapur, Maharashtra, the company specializes in integrated engineering and facility management for heavy process industries.
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Core Services & Offerings: Provides comprehensive Operation & Maintenance (O&M) services, including Electrical, Mechanical, and Control & Instrumentation (C&I) operations, Coal Handling Plant (CHP) maintenance (wagon tippler, conveyor belts, loco and heavy motor vehicle operations), equipment overhauling, safety management, and technical manpower deployment.
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Key Industry Verticals: Serves thermal power generation facilities, iron & steel plants, agrochemical units, fertilizer processing facilities, and civil infrastructure sites.
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Geographic Execution Reach: Operates projects across major industrial corridors in Maharashtra, Rajasthan, Karnataka, Telangana, Chhattisgarh, Madhya Pradesh, Uttar Pradesh, and Bihar.
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Clientele: Works with major private and public sector industrial clients, including long-term maintenance contracts for Adani Power, NTPC, and state utility projects.
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Promoters: Founded and led by Harsh Ajaykumar Mittal (Chairman & Managing Director) and Santosh Ajay Kumar Mittal (Executive Director).
2. Performance
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Revenue Trajectory: Total income expanded from ₹45.88 crore in FY24 to ₹65.82 crore in FY25, reaching ₹85.64 crore in FY26 (~30.1% YoY growth in FY26).
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Earnings Expansion: Net profit (PAT) increased by ~33.8% from ₹3.13 crore in FY25 to ₹4.19 crore in FY26, supported by higher-margin long-term O&M contracts.
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Profitability Margins: Maintained an EBITDA margin of 8.22% and a net profit margin (NPM) of 4.92% in FY26.
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Return Metrics: Delivered an Return on Equity (ROE) of 34.7% in FY26.
3. IPO Details
| Parameter |
Details |
| IPO Bidding Dates |
September 25, 2026 – September 29, 2026 |
| Tentative Listing Date |
October 5, 2026 (BSE SME Platform) |
| Issue Price Band |
₹107 to ₹113 per share |
| Face Value |
₹10 per equity share |
| Total Issue Size |
22,83,200 Shares (aggregating up to ₹25.80 Crore) |
| Fresh Issue Portion |
~19,04,000 Shares (~₹20.70 Crore) |
| Offer for Sale (OFS) |
3,79,200 Shares (~₹4.30 Crore) |
| Market Maker Quota |
2,16,000 Shares (~9.46% of issue) |
| Allocation Structure |
QIB: Up to 50% | Retail: Min 35% | NII: Min 15% |
| Minimum Retail Lot Size |
1 Lot (1,200 shares) = ₹1,35,600 (at upper price band) |
| Book Running Lead Manager |
Shannon Advisors Private Limited |
| Registrar to the Issue |
Maashitla Securities Private Limited |
Objects of the Issue
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Funding working capital requirements of the company.
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Full or partial repayment/prepayment of certain outstanding borrowings.
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General corporate purposes.
4. Financial Details
Financial Summary (Amounts in ₹ Crore)
| Financial Metric |
FY24 |
FY25 |
FY26 |
| Total Income |
₹45.88 |
₹65.82 |
₹85.64 |
| Operating Revenue |
₹45.60 |
₹65.50 |
₹85.10 |
| EBITDA |
~₹3.50 |
₹5.40 |
₹7.00 |
| Profit After Tax (PAT) |
₹1.39 |
₹3.13 |
₹4.19 |
Key Valuation Ratios & Metrics (FY26)
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Post-Issue Promoter Holding: ~70.7%
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Implied Market Capitalization: ~₹86.30 Crore (at upper price band of ₹113/share)
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Earnings Per Share (EPS): ₹5.50
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P/E Ratio: ~20.5x (at ₹113 cutoff price)
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Return on Equity (ROE): 34.7%
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EBITDA Margin: 8.22%
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PAT Margin: 4.92%
