Sai Urja Indo Ventures IPO

Status: Upcoming
DRHP:
BSE SME

₹ 256,800 / 2400 shares
Minimum Investment

Sai Urja Indo Ventures IPO Details

Open Date
23 Sep 2026
Close Date
25 Sep 2026
IPO Price Range
₹ 107 to ₹113
IPO Size
₹ 24.95 Cr

Open Free Demat Account

+91

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Sai Urja Indo Ventures IPO Timeline

Bidding starts
23 Sep 2026
Bidding ends
25 Sep 2026
Allotment finalisation
28 Sep 2026
Refund initiation
29 Sep 2026
Demat transfer
29 Sep 2026
Listing
30 Sep 2026

About Sai Urja Indo Ventures

Last Updated: 17 September 2026 5:07 PM by 5paisa

Sai Urja Indo Ventures Limited provides operation and maintenance (O&M) and allied support services for industrial plants, primarily across the power generation, iron and steel, and agrochemical sectors. The company is ISO 9001:2015 and ISO 45001:2018 certified.

Its services cover electrical, mechanical and control and instrumentation maintenance, Boiler-Turbine-Generator (BTG) operations and maintenance, Coal Handling Plant (CHP) operations, Merry-Go-Round (MGR) systems, industrial housekeeping, equipment overhauls and manpower supply. The company operates through B2B and B2G models and undertakes contracts including annual maintenance and performance-based assignments.

Sai Urja has expanded its operating footprint across multiple states and has served projects at coal-based power plants, steel plants and fertiliser plants. Its customer base has included public and private-sector organisations such as Adani Infrastructure Management Services Limited, GMR Warora Energy Limited and Maharashtra State Power Generation Company Limited.

Established in: 2012

Chairman and Managing Director: Harsh Ajaykumar Mittal

Peers:

Power Mech Projects Limited

Sai Urja Indo Ventures Objectives

1. Funding the company's working capital requirements

2. Repayment or prepayment, in full or in part, of certain borrowings and related repayment/prepayment charges

3. General corporate purposes

4. Offer-related expenses

Sai Urja Indo Ventures IPO Size

Types	Size
Total IPO Size	₹24.95 Cr
Offer For Sale	₹4.28 Cr
Fresh Issue	₹20.67 Cr

Sai Urja Indo Ventures IPO Lot Size

Application	Lots	Shares	Amount (₹)
Retail (Min)	2	2400	256800
Retail (Max)	2	2400	271200
S-HNI (Min)	3	3600	385200
S-HNI (Max)	7	8400	949200
B-HNI (Min)	8	9600	1027200

Sai Urja Indo Ventures Financial Status

Balance Sheet

Total Liabilities
Share Capital
Total Assets

Particulars (In ₹ Crores)	FY24	FY25	FY26
Revenue	45.61	65.52	85.11
EBITDA	2.92	5.13	6.51
PAT	2.41	4.52	4.24

Particulars (In ₹ Crores)	FY24	FY25	FY26
Total Assets	13.95	21.10	24.25
Share Capital	0.10	5.81	5.81
Total Liabilities	9.24	13.34	12.05

Particulars (In ₹Crores.)	FY24	FY25	FY26
Net Cash Generated From / (used in) Operating Activities	3.35	(2.10)	(0.95)
Net Cash Generated From / (used in) Investing Activities	0.04	(0.52)	(0.23)
Net Cash Generated From / (used in) Financing Activities	(3.27)	2.66	1.11
Net Increase (Decrease) in Cash and Cash Equivalents	0.12	0.04	(0.06)

Sai Urja Indo Ventures IPO SWOT Analysis

Strengths

1. Sai Urja provides a broad range of O&M services covering electrical, mechanical and control and instrumentation systems, BTG units, coal handling plants and MGR systems.

2. The company has developed experience across power generation and adjacent industrial sectors such as iron and steel and agrochemicals.

3. Its operating footprint has expanded across multiple states, supported by electrical licences in Maharashtra, Uttar Pradesh, Bihar, Jharkhand and Madhya Pradesh.

4. Revenue from operations increased from ₹28.39 crore in FY23 to ₹65.52 crore in FY25, alongside improvement in EBITDA and PAT.

5. Repeat business has contributed materially to operations, reflecting continued relationships with existing customers.

Weaknesses

1. Customer concentration is significant, with a substantial portion of revenue dependent on a limited number of customers. Loss or reduction of business from major clients could materially affect operations.

2. The company's business is working-capital intensive, and increased working-capital requirements contributed to negative operating cash flow of ₹2.10 crore in FY25.

3. O&M activities depend on a sizeable workforce and the company's ability to recruit, deploy and retain skilled and semi-skilled personnel at project locations.

4. Operations at industrial and power-plant sites expose employees to occupational hazards, equipment failures and other site-related risks.

5. The company has recorded instances of delayed or erroneous statutory filings in earlier periods, although corrective filings were subsequently made.

Opportunities

1. India's expanding power-generation infrastructure can create additional requirements for outsourced plant operation, maintenance and technical-support services.

2. Ageing thermal-power assets require regular maintenance, overhaul and efficiency-related services, supporting demand for specialised O&M providers.

3. The company's presence in iron and steel and agrochemicals provides scope to diversify further beyond its core power-generation customer base.

4. Expansion into additional states and industrial locations can broaden its addressable customer base and reduce dependence on individual projects.

5. Fresh-issue funding for working capital can support the execution of additional contracts and larger operating assignments.

Threats

1. Competition from established O&M contractors and specialised engineering service providers can affect contract wins, pricing and margins.

2. Delays, termination or non-renewal of large customer contracts could materially affect revenue because of customer concentration.

3. Changes in environmental, safety, labour and power-sector regulations can increase compliance costs for industrial O&M operators.

4. Workplace accidents, equipment failures and inadequate insurance coverage can lead to operational disruption, liabilities and reputational impact.

5. Delays in customer payments can increase working-capital requirements and place pressure on operating cash flows.

Why Invest in Sai Urja Indo Ventures IPO?

1. Revenue from operations increased from ₹28.39 crore in FY23 to ₹65.52 crore in FY25, while EBITDA rose from ₹0.73 crore to ₹5.13 crore.

2. The company provides multiple O&M and support services across electrical, mechanical, instrumentation, BTG, coal-handling and industrial-support functions.

3. Operations span the power sector as well as iron and steel and agrochemical industries, providing exposure to multiple industrial end markets.

4. Existing relationships and repeat assignments provide an established operating base, while expansion into additional customers and locations can broaden the business.

5. A portion of the fresh proceeds is earmarked for working capital and debt repayment/prepayment, addressing two important funding requirements of the business.

Sai Urja Indo Ventures Industry Landscape and Growth Potential

India's power sector has a large installed generation base that requires continuous operation, preventive maintenance, equipment overhauls and technical manpower. Thermal power continues to form an important part of the country's generation infrastructure, supporting demand for specialised O&M services across boilers, turbines, generators, electrical systems, instrumentation and coal-handling facilities.

The broader O&M market is also being shaped by utilities and industrial operators increasingly using specialist service providers to improve plant availability, manage technical manpower and control operating costs. Ageing generation assets, additions to power capacity and rising electricity demand can support recurring maintenance requirements.

Sai Urja operates within this ecosystem through services covering BTG systems, coal handling, electrical and instrumentation maintenance, MGR operations and industrial support. Its presence in iron and steel and agrochemicals provides an additional avenue for diversification. Expansion across more customers and industrial segments could reduce concentration over time, although execution capacity, working-capital management and customer retention remain important factors for growth.