Sai Urja Indo Ventures IPO Day 1: Subscribed 0.02x; sHNI leads early demand at 0.04x
- Overall subscription stands at 0.02x on Day 1
- sHNI category leads with 0.04x subscription
- Retail category subscribed at 0.03x
- QIB and bHNI categories have zero bids so far
- Price band set at ₹107 – ₹113 per share
*this image is generated using AI for illustrative purposes only.
Sai Urja Indo Ventures IPO opened on Day 1 — 25 September 2026 — with a muted start, logging an overall subscription of 0.02x. The sHNI sub-category within NII led early demand at 0.04x, with Retail ticking in at 0.03x, while QIB and bHNI categories had yet to register any bids as of the 11:15 IST snapshot.
Subscription Status
The IPO has made a slow start on its opening day, with total subscription standing at 0.02x. Neither QIB nor bHNI participation has been recorded so far, leaving sHNI as the most active category on Day 1.
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 25-09-2026 | 0.00x | 0.00x | 0.04x | 0.03x | 0.02x |
Category-wise Breakdown
Among all categories, sHNI is leading at 0.04x, followed closely by Retail at 0.03x. QIB and bHNI (large HNI) have not placed any bids as of the available snapshot. Employee quota subscription stands at 0.00x.
| Category | Subscription (Day 1) |
|---|---|
| QIB | 0.00x |
| NII (bHNI) | 0.00x |
| NII (sHNI) | 0.04x |
| Retail | 0.03x |
| Employee | 0.00x |
| Total | 0.02x |
Intra-day Timeline on 25-09-2026
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.00x | 0.04x | 0.03x | 0.02x |
| 12:15 | 0.00x | 0.04x | 0.03x | 0.02x |
Offer Details
| Parameter | Details |
|---|---|
| Price Band | ₹107 – ₹113 per share |
| Issue Size | 2,56,800 – 5,00,000 shares |
| Minimum Bid Quantity | 2,400 shares |
| IPO Open Date | 25 September 2026 |
| IPO Close Date | 29 September 2026 |
| Allotment Date | 28 September 2026 |
| Listing Date | 30 September 2026 |
About the Company
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. Founded in 2012 and headquartered in Chandrapur, Maharashtra, the company's service portfolio spans electrical, mechanical, and control & instrumentation maintenance, BTG/CHP/MGR operations, industrial housekeeping, equipment overhauls, and manpower supply across 9 states in India.
The company employs approximately 1,969 personnel and holds an order book of ₹15,967 lakhs as of 15 June 2026. Key clients include Adani Infrastructure Management Services, GMR Warora Energy, and MAHAGENCO. Approximately 99.65% of FY2026 revenue was derived from repeat orders. The company is led by MD Harsh Ajaykumar Mittal, who brings over 13 years of mechanical engineering experience.
Financial Highlights
| Metric | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue from Operations (₹ crore) | 45.62 | 65.52 | 85.11 |
| Total Revenue (₹ crore) | 45.88 | 65.82 | 85.64 |
| Total Expenses (₹ crore) | 43.63 | 61.54 | 80.08 |
| Profit Before Tax (₹ crore) | 2.25 | 4.28 | 5.55 |
| Net Profit / Total Profit (₹ crore) | 1.37 | 3.14 | 4.24 |
| Total Assets (₹ crore) | 13.95 | 21.11 | 24.25 |
| Total Equity (₹ crore) | 4.72 | 7.76 | 12.20 |
The company has delivered revenue CAGR of 36.59% over FY2024–FY2026, with net profit growing from ₹1.37 crore in FY2024 to ₹4.24 crore in FY2026.
Objects of the Issue
- Working Capital Requirements (₹8.00 crore): To fund incremental working capital needs arising from trade receivables, other current assets, and operational funding requirements.
- Debt Repayment (₹6.60 crore): Full or partial repayment/prepayment of borrowings including term loans, overdraft facilities, business loans, and vehicle loans to reduce outstanding indebtedness.
- General Corporate Purpose: Meeting operating expenses, initial development costs, business development and marketing capabilities, and unforeseen exigencies.
Risk Factors
- High Customer Concentration: The top 10 clients accounted for 99.97% of revenue in FY2026, with the single largest client contributing up to 74.77% of revenue. Loss of any key client could severely impact financials.
- Heavy PSU Dependence: Approximately 92.27% of FY2026 revenue came from PSU contracts, which are subject to stringent pre-qualification criteria, policy changes, and payment delays.
- Negative Operating Cash Flows: The company recorded negative net cash flows from operating activities in FY2025 and FY2026, with net working capital requirements growing from ₹179.19 lakhs in FY2024 to ₹1,165.97 lakhs in FY2026.
- High Employee Costs and Attrition: Employee benefit expenses constitute approximately 87.31% of revenue from operations in FY2026, and the attrition rate surged to 45.01% in FY2025–26.
- Sector Concentration in Power Generation: Approximately 95.06% of FY2026 revenue is derived from the power generation sector, creating significant exposure to sector-specific risks.
What's Next
The IPO remains open until 29 September 2026. Allotment is scheduled for 28 September 2026, with listing on the exchange expected on 30 September 2026.
Will QIB participation increase significantly in the final two days to prevent the IPO from closing undersubscribed?
How might the 74.77% revenue concentration with a single client impact the company's post-listing valuation stability?
Can the company effectively mitigate its 45% employee attrition rate while managing rising labor costs post-IPO?
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