Sai Urja Indo Ventures IPO

SME • BSE SME • Fresh capital cum OFS

LISTEDSMEBSE SME

Sai Urja Indo Ventures

Price band

₹107 – ₹113

Lot size

1200 shares

Min investment

₹1,35,600

Issue size

₹24.95 Cr

About the company

Sai Urja Indo Ventures Limited was started in 2012. It provides operation and maintenance services, usually shortened to O&M, along with other support services inside industrial plants. Most of its work is in power generation, and it also serves iron and steel and agrochemical plants. Its services fall into three groups. Maintenance covers electrical systems, control and instrumentation, and mechanical jobs. Operation covers running coal handling plants, merry-go-round systems, which are the dedicated rail loops that bring coal into a power station, and boiler turbine generator units. Other services cover industrial housekeeping, overhaul work, and the annual and capital overhauls that a plant shuts down for. The work is won through tenders and comes under four kinds of contract. Annual maintenance contracts run for one to three years. Performance based contracts are linked to how much the plant produces or how reliably it runs. Manpower supply contracts provide staff. Short term bill of quantity contracts cover temporary needs. As on 15 June 2026 it had 17 ongoing projects with about Rs 71.65 crore of work still to be executed.

Sai Urja Indo Ventures Limited provides operation and maintenance services to industrial plants, mainly power stations and also iron and steel and agrochemical units. Its work covers electrical, mechanical and instrumentation maintenance, running coal handling and merry-go-round systems, overhauls, industrial housekeeping and manpower supply.

IPO details

Issue price: ₹113
Price band: ₹107 – ₹113
Face value: ₹10
Lot size: 1200
Min investment: ₹1,35,600
Issue size: ₹24.95 Cr
Sale type: Fresh capital cum OFS
Listing on: BSE SME
BSE scrip code: 7996
NSE symbol: SAIURJA.BO

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	1,200	₹1,35,600
Retail (Max)	1	1,200	₹1,35,600
HNI (Min)	2	2,400	₹2,71,200

Investor reservation

CATEGORY	RESERVED
QIB	9,79,200 shares (49.16% of the Offer)
NII	3,02,400 shares (15.18% of the Offer)
Retail	7,10,400 shares (35.66% of the Offer)

Objects of the issue

1Funding the working capital requirements of the Company8.00

2Repayment/prepayment, in full or part, of certain loans availed by the Company6.60

3General Corporate Purposes

Financials

Rs. Crore • restated

METRIC	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	24.25	21.11	13.95
Total Income	85.64	65.82	45.88
Profit After Tax	4.19	3.13	1.39
EBITDA	6.51	5.14	2.93
NET Worth	12.20	7.76	4.72
Reserves and Surplus	6.39	1.95	4.71
Total Borrowing	7.18	5.35	2.15

Key performance indicators

P/E Ratio

27.56

EPS (₹)

4.10

RoE

42.44%

RoCE

50.66%

RoNW

42.44%

PAT Margin

4.98%

EBITDA Margin

7.65%

Debt / Equity

0.59

NAV (₹)

20.99

✓ Strengths

• Sales have nearly doubled in two years, from Rs 45.88 crore in FY2024 to Rs 65.82 crore in FY2025 and Rs 85.64 crore in FY2026.

• Profit has tripled over the same period, from Rs 1.39 crore to Rs 4.19 crore.

• Return ratios are very high, with RoCE of 50.66% and RoNW of 42.44%, because the business needs little fixed capital.

• EBITDA improved from Rs 2.93 crore in FY2024 to Rs 6.51 crore in FY2026.

• There is visible work in hand, with 17 ongoing projects and about Rs 71.65 crore still to be executed as on 15 June 2026.

• Annual maintenance contracts running one to three years give repeat income rather than one-off jobs.

• Working across four contract types, from annual maintenance to performance based and manpower supply, spreads the risk of any single model.

• Debt is manageable at Rs 7.18 crore against a net worth of Rs 12.20 crore.

⚠ Risks

• The issue is priced at about 27.56 times earnings on an EPS of Rs 4.10, which is high for a manpower led services business.

• The profit margin is thin at 4.98%. This is largely a people business, so wage increases feed straight through to margin.

• There is little to differentiate the service. Operation and maintenance contracts are won on price through tenders, and a competitor can bid the same work.

• Customers are power plants and industrial units, many of them public sector, where payment is slow and rates are set by tender.

• Borrowing has more than tripled in two years, from Rs 2.15 crore in FY2024 to Rs 7.18 crore in FY2026.

• The company is small, with a net worth of Rs 12.20 crore.

• The whole business rests on contract renewals. Losing one annual maintenance contract removes that revenue immediately.

• This is a fresh issue combined with an offer for sale, and promoter holding falls from 92.87% to 65.67%.

• This is an SME issue. One lot is 1,200 shares, which is about Rs 1.36 lakh at the upper band of Rs 113, and SME shares usually trade in low volume after listing.

Promoters & holding

Harsh Ajaykumar Mittal and Santosh Ajay Kumar Mittal

Pre-issue promoter holding

92.87%

Post-issue promoter holding

65.67%

Promoters hold 92.87% before the issue and will hold 65.67% after it.

Data refreshed 07 Nov 2026, 04:51 pm IST. GMP is unofficial market sentiment, not investment advice.