Sai Urja Indo Ventures IPO

About Sai Urja Indo Ventures IPO

The Sai Urja Indo Ventures IPO, an SME IPO, opens on Wednesday, September 23, 2026 and closes on Friday, September 25, 2026. The allotment of shares will take place on Monday, September 28, 2026. The listing of shares will take place on Wednesday, September 30, 2026.

The equity shares of the company are proposed to be listed on the BSE SME platform. Sai Urja Indo Ventures IPO's price band is set at ₹107 to ₹113 per share. The lot size for an application is 1,200. The minimum amount of investment required by a retail investor is ₹2,71,200 (2,400 shares) based on the upper price.

The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include 18,28,800 shares aggregating up to ₹20.67 crore. The offer for sale portion includes 3,79,200 shares of ₹10 aggregating up to ₹4.28 crore. The total number of shares and aggregate amount are 22,08,000 shares aggregating up to ₹24.95 crore.

Sai Urja Indo Ventures provides operation and maintenance services for industrial plants, primarily in the power generation industry, alongside the iron and steel and agrochemical sectors.

Objectives of Sai Urja Indo Ventures IPO

• Funding the working capital requirements of the company.
  
• Repayment or prepayment, in full or in part, of certain loans availed by the company.
  
• General corporate purposes.
  

Industry Outlook

Operation and maintenance is the backbone of industrial uptime. It spans inspection, diagnostics, routine repair, overhaul, and the day-to-day running of energy assets, keeping plants compliant and productive. India generated a record 1,824.21 billion kWh of electricity in FY2025, a 5.18% rise over FY2024, and installed power capacity reached roughly 475 GW as of March 2025. Demand keeps climbing. The Central Electricity Authority projects the country's power requirement will reach 817 GW by 2030, with renewable generation rising from 22.1% to 44.0% of the mix by FY2030.

Outsourced O&M grows alongside this build-out. The India O&M (including overhaul) market expanded at about a 4% CAGR over the last five years and is estimated to reach USD 34.7 billion by 2030, while the global O&M market was valued at approximately USD 721.12 billion in 2025 and is projected to reach USD 972.17 billion by 2034 at a 3.37% CAGR. Thermal assets still dominate installed capacity, and ageing plants require sustained servicing. That servicing is exactly the work Sai Urja Indo Ventures performs across power, iron and steel, and agrochemical plants.

About Sai Urja Indo Ventures Limited

Sai Urja Indo Ventures is an ISO 9001:2015 and ISO 45001:2018 certified operation and maintenance provider. It manages electrical, mechanical, and instrumentation systems, and operates coal handling and merry-go-round systems inside power plants. The company began in 2012 with its first electrical license in Maharashtra. It now holds valid electrical licenses in five states — Maharashtra, Uttar Pradesh, Bihar, Jharkhand, and Madhya Pradesh.

Its work is delivered through annual maintenance contracts, performance-based contracts, manpower supply contracts, and short-term bill-of-quantity contracts.

Strengths of Sai Urja Indo Ventures

• The company holds valid electrical licenses across five states, enabling it to deliver regulated electrical operation and maintenance work in Maharashtra, Uttar Pradesh, Bihar, Jharkhand, and Madhya Pradesh.
• As an ISO 9001:2015 and ISO 45001:2018 certified provider, the company services electrical, mechanical, and instrumentation systems across power, iron and steel, and agrochemical plants.
• Repeat orders accounted for 99.65% of revenue from operations in FY26 and 100% in both FY25 and FY24, reflecting long-standing client relationships.
• The order book stood at ₹159.67 crore as of June 15, 2026, comprising ongoing projects and projects yet to commence.
• The company runs control and instrumentation work at a 4,760 MW thermal plant in Central India and a 3,000 MW plant in Northern India.

Risks of Sai Urja Indo Ventures

• Public sector undertakings supplied 92.27% of FY26 revenue, exposing the company to a material income drop if such contracts are not renewed or newly awarded.
• The business is working-capital intensive because receivables are realised in about 60 days while wages are paid within 30 days, widening the funding gap as the business grows.
• The value of awarded contracts and the order book may not convert into equivalent revenue or billings, leaving projected income uncertain.
• The company enters fixed-price operation and maintenance contracts, so any cost overrun above estimates would erode margins on those projects.

Anchor Investor Bidding Date

Monday, September 22, 2026

IPO Registrar and Book Running Lead Managers

Registrar
Maashitla Securities Private Limited
Telephone: 011-47581432
E-mail: investor.ipo@maashitla.com

Book Running Lead Manager
Shannon Advisors Private Limited

Sai Urja Indo Ventures Contact Details
UG-2 Office Floor, J. K. Complex, Nanaji Nagar, Nagpur Road,
Chandrapur, Maharashtra, India, 442401.
Email: headoffice@suiv.co.in
Tel: +(91)9960815166

Sai Urja Indo Ventures Business Model

The company earns its revenue through operation and maintenance service contracts with industrial plants, primarily in power generation and also in the iron and steel and agrochemical sectors. Revenue is delivered through four contract types: annual maintenance contracts spanning one to three years, performance-based contracts linked to plant output or reliability, manpower supply contracts, and short-term bill-of-quantity contracts for temporary needs. Its customers are predominantly public sector undertakings, which contributed 92.27% of revenue from operations in FY26.

Sai Urja Indo Ventures Growth Trajectory

Sai Urja Indo Ventures Limited's Total Income for FY26 was ₹85.64 crore, whereas in FY25 and FY24 it was ₹65.82 crore and ₹45.88 crore, respectively.

The Profit After Tax for FY26 was ₹4.24 crore, whereas in FY25 and FY24 it was ₹3.14 crore and ₹1.37 crore, respectively.

Their EBITDA for FY26 was ₹6.51 crore, whereas in FY25 and FY24 it was ₹5.14 crore and ₹2.93 crore, respectively.

Sai Urja Indo Ventures Market Position

Sai Urja Indo Ventures operates from a registered office in Chandrapur and a corporate office in Nagpur, and has served 21 locations across nine states over the last three years. It holds valid electrical licenses in five states and is certified to ISO 9001:2015 and ISO 45001:2018. Its client base includes Adani Infrastructure Management Services Limited, GMR Warora Energy Limited, and Maharashtra State Power Generation Company (MAHAGENCO), and repeat orders made up 99.65% of FY26 revenue.

As of 31 March 2026, the company's Total Income, Profit After Tax, and EBITDA were ₹85.64 crore, ₹4.24 crore, and ₹6.51 crore, respectively.

How to apply for Sai Urja Indo Ventures IPO?

• Step 1: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details. Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification. Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.