| Annual Financials | Mar 2024 | Mar 2025 | Mar 2026 |
| Revenue | 45.62 | 65.52 | 85.11 |
| Expenses | 43.63 | 61.54 | 80.08 |
| Other Income | 0.26 | 0.30 | 0.53 |
| Total Revenue | 45.88 | 65.82 | 85.64 |
| Profit Before Tax | 2.25 | 4.28 | 5.55 |
| Net Profit | 1.37 | 3.14 | 4.24 |
Sai Urja Indo Ventures
Sai Urja Indo Ventures IPO
₹2,56,800
0.02 xOver-subscribedBidding Dates 25 Sept, 26 -29 Sept, 26
Min Investment ₹2,56,800
Lot Size1,200
Price Range ₹107 – ₹113
Issue Size ₹24.95 Cr.
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IPO Subscription Details
Retail Subscription Details
0.03 x
Non-Institutional Buyers (sHNI)
0.04 x
Non-Institutional Buyers (bHNI)
0.05 x
Qualified Institutional Buyers (QIB)
0 x
Total0.02 x
0.02 x IPO Timeline
IPO Offer Start
25 Sept,26
IPO Offer Ends
29 Sept,26
Allotment Finalisation
30 Sept,26
Refund Initiation
01 Oct,26
Listing of Shares
05 Oct,26
IPO Analysis
Strengths
The company offers a wide range of O&M services covering maintenance contracts, operations, repairs, overhauls, and upkeep for power generation, iron & steel, and agrochemical industries, including core elements like Boiler-Turbine-Generator, Coal Handling Plants, and Ash Handling Plants across various parts of India.
The company has recorded 99.65% of revenue from repeat sales in FY2026 and 100% in FY2025 and FY2024, with average realization per project growing from Rs. 119.99 Lakhs (FY2024) to Rs. 236.25 Lakhs (FY2026) and average realization per plant rising from Rs. 268.21 Lakhs to Rs. 566.99 Lakhs over the same period.
As of June 15, 2026, the company holds a total order book worth Rs. 15,967.04 Lakhs, comprising ongoing projects worth Rs. 13,430.30 Lakhs with an unexecuted portion of Rs. 7,165.11 Lakhs, and projects yet to commence worth Rs. 2,536.73 Lakhs, supporting sustainable revenue visibility.
Risks
The company derived 99.97%, 100%, and 99.98% of its revenue from operations in Fiscals 2026, 2025, and 2024 respectively from its top 10 clients, with the single largest client accounting for up to 74.77% of revenue. Loss of any key client or reduction in business volume could have a severe adverse impact on revenue, cash flows, and financial condition.
Approximately 92.27%, 91.13%, and 81.28% of the company's revenue in Fiscals 2026, 2025, and 2024 respectively came from PSU contracts, which are subject to stringent pre-qualification criteria, policy changes, and payment delays. Failure to win future PSU tenders or adverse changes in government procurement policies could materially affect the company's business and financial performance.
The company has experienced negative net cash flows from operating and investing activities in FY 2025–26 and FY 2024–25, driven by increased working capital requirements and higher operating expenses. Net working capital requirements grew from Rs. 179.19 lakhs in Fiscal 2024 to Rs. 1,165.97 lakhs in Fiscal 2026, and any inability to secure adequate financing could materially disrupt business operations and growth plans.
Objectives
The company intends to utilize a portion of the Net Proceeds to fund its incremental working capital requirements, arising from trade receivables, other current assets, and operational funding needs, to support its growing business activities.
The company proposes to utilize a portion of the Net Proceeds towards full or partial repayment/prepayment of certain borrowings, including term loans, overdraft facilities, business loans, and vehicle loans availed from various lenders, to reduce outstanding indebtedness and debt servicing costs.
The company intends to deploy the balance Net Proceeds towards general corporate purposes, including meeting operating expenses, initial development costs, strengthening business development and marketing capabilities, and meeting unforeseen exigencies, subject to applicable regulatory limits.
Yearly Financial Results
Balance Sheet
| Balance Sheet | Mar 2024 | Mar 2025 | Mar 2026 |
| Total Assets | 13.95 | 21.11 | 24.25 |
| Current Assets | 8.84 | 13.63 | 16.36 |
| Fixed Assets | 5.11 | 7.47 | 7.89 |
| Total Equity & Liabilities | 13.95 | 21.11 | 24.25 |
| Total Liabilities | 9.23 | 13.34 | 12.05 |
| Current Liabilities | 9.16 | 12.06 | 10.61 |
| Non Current Liabilities | 0.07 | 1.28 | 1.44 |
| Total Equity | 4.72 | 7.76 | 12.20 |
Cash Flow
| Cash Flow | Mar 2024 | Mar 2025 | Mar 2026 |
| Net Cash Flow | 0.12 | 0.04 | -0.06 |
| Investing Activities | 0.04 | -0.52 | -0.23 |
| Operating Activities | 3.35 | -2.10 | -0.95 |
| Financing Activities | -3.27 | 2.66 | 1.11 |
About Sai Urja Indo Ventures
Sai Urja Indo Ventures Limited is an ISO 9001:2015 and ISO 45001:2018 certified company providing Operation & Maintenance (O&M) and support services primarily to the power generation industry, as well as iron & steel and agrochemical sectors. The company's service portfolio spans electrical, mechanical, and control & instrumentation maintenance, BTG/CHP/MGR...more
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Managing DirectorHarsh Ajaykumar Mittal
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