Minerva Capital Research Solutions

Sai Urja Indo Ventures

ListedListed 5 Oct 2026BSE SMENSE: SAIURJACheck allotment
Current price₹ 138.55+22.61% since issue
Listing day+18.41%
Issue price
₹ 113
Issue size
₹ 24.95 Cr.
Min. investment
₹ 1,35,600
Listing price
₹ 133.8
Subscribed
4.43x
Lot size
1,200 shares
P/E
27.56
RoNW
42.44%
RoCE
50.66%
Debt / Equity
0.59
PAT margin
4.98%
EBITDA margin
7.65%
RoE
42.44%
EPS
₹ 4.10
NAV
₹ 20.99
Promoter stake
65.67%

About

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.

Timeline

  1. Opens
    25 Sep
    done
  2. Closes
    29 Sep
    done
  3. Allotment
    30 Sep
    done
  4. Refunds
    1 Oct
    done
  5. Demat credit
    1 Oct
    done
  6. Listing
    5 Oct
    done

Grey market premium (GMP)

GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Highest
₹ 32 on 4 Oct 2026
Lowest
₹ 0 on 19 Sep 2026
First quoted
₹ 0 on 19 Sep 2026

Subscription

How many times each investor group bid for its share, as of 02 Oct 2026, 06:30 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type
Retail (Min)11,200₹ 1,35,600
Retail (Max)11,200₹ 1,35,600
HNI (Min)22,400₹ 2,71,200

Company overview

Financials

Financials by year
Assets24.2521.1113.95
Total Income85.6465.8245.88
Profit After Tax4.193.131.39
EBITDA6.515.142.93
NET Worth12.27.764.72
Reserves and Surplus6.391.954.71
Total Borrowing7.185.352.15

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.

What the money is for

Objects of the issue
Funding the working capital requirements of the Company8
Repayment/prepayment, in full or part, of certain loans availed by the Company6.6
General Corporate Purposes—

Promoters

  • Harsh Ajaykumar Mittal
  • Santosh Ajay Kumar Mittal
Promoter holding92.87%→65.67%before → after the issue · down 27.2 points

Registrar, lead managers and documents

Listing on
BSE SME
Face value
₹ 10 a share
Registrar
Maashitla Securities Private Limited
Basis of allotment
Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.