| Price | 107 to 113 |
|---|---|
| GMP Rumors | ₹5 |
| Lot size | 1200 |
| Issue size | ₹24.95 Cr |
| Allotment | 30-09-2026 |
| Refund | 01-10-2026 |
| Listing | 05-10-2026 |
| Stars |
★☆☆☆☆ |
| ISIN | INE1LLG01019 |
| Allotment Status | Maashitla |
| Video |  |
BSE List Price : ₹133.80
| Category | Times |
|---|---|
| QIBs | 2.8x |
| HNIs | 10.62x |
| Retail | 4.04x |
| Total : 5.11x | |
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 | 2,400 | ₹271,200 |
| Retail Maximum | 2 | 2,400 | ₹271,200 |
| S - HNI Minimum | 3 | 3,600 | ₹406,800 |
| S - HNI Maximum | 7 | 8,400 | ₹949,200 |
| B - HNI Minimum | 8 | 9,600 | ₹1,084,800 |
Sai Urja Indo Ventures Limited is an Operation & Maintenance (O&M) service provider primarily serving the power generation industry, along with iron & steel and agrochemical industries. The company provides technical and support services for industrial plants, with operations covering electrical, mechanical, control & instrumentation and plant-operation activities.
Core Business: The company undertakes operation, maintenance and industrial support contracts, mainly for power plants. Its services include plant operations, preventive and predictive maintenance, breakdown maintenance, equipment monitoring and manpower-related services.
Power Plant Expertise: Its scope includes Boiler-Turbine-Generator (BTG), Coal Handling Plants (CHP), Merry-Go-Round (MGR), Ash Handling and FGD systems, along with electrical, mechanical and control & instrumentation maintenance.
Geographical Presence: The company has executed projects across multiple Indian states. As of 15 June 2026, it had executed more than 45 projects across 21 locations in 9 states. Its order book stood at approximately 159.67 crore as of the same date.
Workforce: As of 30 June 2026, the company had approximately 1,969 employees, supporting execution of its industrial O&M contracts.
Electrical Maintenance: Maintenance of electrical systems and equipment used in industrial and power-generation facilities.
Mechanical Maintenance: Preventive, predictive and breakdown maintenance of mechanical equipment.
Control & Instrumentation: Calibration, testing and maintenance of field instruments and control systems.
Power Plant Operations: Operation of BTG units, coal handling plants and MGR systems.
Industrial Housekeeping: Plant housekeeping and operational support services for industrial facilities.
Equipment Overhauling: Overhauling and maintenance of industrial and power-generation equipment.
Manpower Services: Deployment of technical and operational manpower for industrial projects.
| Period Ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2024 | ₹45.88 | ₹43.63 | ₹1.39 | ₹13.95 |
| 2025 | ₹65.82 | ₹61.54 | ₹3.13 | ₹21.11 |
| 2026 | ₹85.64 | ₹80.08 | ₹4.19 | ₹24.25 |
Harsh Ajaykumar Mittal
Santosh Ajay Kumar Mittal
Established O&M Track Record: The company has experience in providing O&M and support services to power-generation and other industrial facilities.
Large Order Book: The company had an order book of approximately 159.67 crore as of 15 June 2026, providing visibility for future project execution.
Repeat Customer Business: 100% of revenue in FY24 and FY25 came from repeat orders from existing customers, according to IPO disclosures.
Diversified O&M Capabilities: The company provides services across electrical, mechanical, C&I, BTG, CHP, MGR, ash handling and FGD systems, along with industrial support services.
Multi-Industry Presence: Although power generation is the main business, the company also serves iron & steel and agrochemical industries, providing some diversification beyond power plants.
Experienced Management & Technical Workforce: The business is promoter-led and supported by a large technical workforce for execution of multi-disciplinary industrial contracts.
Very High Customer Concentration: The top 10 customers contributed 99.97% of revenue in FY26, 100% in FY25 and 99.98% in FY24. Losing a major customer could materially affect business and cash flows.
High PSU Dependence: A significant portion of revenue comes from Public Sector Undertaking contracts. Future business depends partly on successfully securing and renewing such contracts.
Thermal Power Dependence: Thermal power generation contributed 81.71% of FY25 revenue, creating significant exposure to the thermal power sector.
Working Capital Requirement: The business has significant working-capital requirements because billing and collection cycles can create a gap between project execution, receivables and payments to suppliers/employees.
Labour Dependence: O&M activities require a large technical and operational workforce. Employee availability and retention are important for timely project execution.
Contract & Tender Risk: A significant part of the business is secured through competitive bidding. Failure to win new tenders or renew existing contracts could affect future revenue.
Payment Delay Risk: Contracts with government and PSU customers may involve longer approval and payment cycles, which can increase pressure on working capital.
The IPO comprises 18,28,800 fresh equity shares aggregating up to 20.67 crore at the upper price band and 3,79,200 equity shares through Offer for Sale, aggregating up to 4.28 crore. The total issue size at the upper band is approximately 24.95 crore.
Working Capital Requirements — 8.00 crore: The company proposes to utilise 8.00 crore from the fresh issue to fund its working-capital requirements.
Repayment / Prepayment of Borrowings — 6.60 crore: 6.60 crore is proposed to be used for repayment or prepayment, in full or part, of certain loans availed by the company.
General Corporate Purposes: The balance amount from the fresh issue, after the above utilisation and issue-related expenses, will be used for permitted general corporate purposes.
Offer for Sale — 4.28 crore: The OFS portion is being sold by promoter selling shareholders Santosh Ajay Kumar Mittal and Harsh Ajaykumar Mittal. These proceeds will go to the selling shareholders and will not be received by the company.
Sai Urja Indo Ventures Ltd.
UG-2 Office Floor,
J. K. Complex,
Nanaji Nagar Nagpur Road,
Chandrapur, Maharashtra, 442401
Phone: +919960815166
Email: headoffice@suiv.co.in
Website: https://suiv.co.in/
Maashitla Securities Pvt. Ltd.
Phone: 011-45121795
Email: investor.ipo@maashitla.com
Website: https://maashitla.com/allotment-status/public-issues