Sai Urja Indo Ventures IPO Analysis & Review

Quick Answers

What is the Sai Urja Indo Ventures IPO GMP today? The Sai Urja Indo Ventures IPO GMP is ₹0 as of 23/9/2026, 5:09:34 am. The IPO price band is ₹107 - ₹113. GMP represents an unofficial grey-market indication and does not guarantee the listing price.

When does Sai Urja Indo Ventures IPO open? The Sai Urja Indo Ventures IPO opens on 2026-09-25 and closes on 2026-09-29.

What is the Sai Urja Indo Ventures IPO subscription status? The overall subscription is 0x.

Key IPO Information

ViewIPO AI Analysis Score

The Sai Urja Indo Ventures IPO scored 59/100 (High Risk) in our deep analysis.

Frequently Asked Questions

What is the main business of Sai Urja Indo Ventures?

Sai Urja Indo Ventures provides operation and maintenance (O&M) services for industrial plants, primarily in power generation, as well as iron and steel and agrochemical sectors, covering electrical, mechanical, control and instrumentation maintenance, plant operations, repairs, overhauls, housekeeping, and manpower supply.

How has the company's revenue performed over the last three fiscal years?

Revenue grew from ₹45.62 crore in FY24 to ₹65.52 crore in FY25 and ₹85.11 crore in FY26, reflecting a compound annual growth rate of about 36.6% over the two‑year period.

What proportion of revenue comes from repeat customers?

Repeat orders accounted for 99.65% of revenue from operations in FY26, and 100% in both FY25 and FY24, indicating a highly loyal customer base.

What is the size of the company's order book as of mid‑2026?

As of June 15, 2026, the order book stood at ₹159.67 crore, comprising unexecuted parts of ongoing projects and new contracts yet to commence.

How dependent is the company on its top clients?

The top 10 clients contributed 99.97% of FY26 revenue, with the single largest client alone accounting for 74.77% of revenue in that year, showing significant concentration risk.

What is the company's exposure to public sector undertakings (PSUs)?

PSUs contributed 92.27% of FY26 revenue, 91.13% in FY25 and 81.28% in FY24, making the company highly reliant on government‑sector contracts.

What are the key employee‑related challenges highlighted in the prospectus?

Employee benefit expenses represent 87.31% of FY26 revenue, and employee attrition rose to 45.01% in FY26, with 1,019 employees leaving the company during that year.

What has been the trend in operating cash flows?

Operating cash flows were negative at ₹2.10 crore in FY25 and ₹0.95 crore in FY26, primarily due to rising working capital requirements and higher operating expenses.

What is the level of the company's debt as of March 31, 2026?

Total outstanding borrowings amounted to ₹7.18 crore as of March 31, 2026, which is relatively low compared to revenue (about 8.4% of FY26 revenue).

Does the company hold any notable certifications?

Yes, Sai Urja Indo Ventures is ISO 9001:2015 certified for quality management and ISO 45001:2018 certified for occupational health and safety management.

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Sai Urja Indo VenturesNSE SME / BSE SME:

Analyzed by ViewIPO Financial Research Team
Industrial Operation and Maintenance ServicesIndiaFiled 2026-09-25Listing 2026-10-05Size ₹24.9Cr
Lot Size 1200
Live GMP
(0%)
Check Allotment
Status Link

Is Sai Urja Indo Ventures IPO Good? Quick Verdict

Sai Urja Indo Ventures IPO scored 59/100 (High Risk) in our deep analysis. The strongest pillar is Financial at 75/100, while Competition is the primary concern at 35/100. Sai Urja Indo Ventures exhibits strong revenue growth and a robust order book, but faces significant risks from high client concentration, dependence on PSU contracts, and negative operating cash flows.

IPO Score
59/100
High Risk

Quick Verdict

High repeat business with 99.65% of FY26 revenue from existing clients.
Order book of ₹159.67 crore provides near‑term revenue visibility.
Top 10 clients account for 99.97% of revenue, creating significant concentration risk.
Operating cash flows were negative at ₹2.10 crore in FY25 and ₹0.95 crore in FY26, indicating working capital strain.

Company Snapshot

Revenue (TTM)
₹85.11Cr↑ 29.9% YoY
Profitability
PositiveNet Income ₹4.19Cr
Gross Margin
— 
Market Cap
—Pending Data
IPO Size
₹24.9Cr 
Industry
Industrial Operation and Maintenance Services 
P/E Ratio
—Pending Data

Risk Breakdown

Governance
65
Moderate
Financial
75
Moderate
Valuation
50
Expensive
Competition
35
High Risk
Dilution
60
Moderate
Promoter / Mgmt
60
Moderate

AI Summary

Sai Urja Indo Ventures Ltd is an operation and maintenance services provider primarily serving power generation, iron and steel, and agrochemical plants across India. The company has demonstrated consistent revenue growth, rising from ₹45.62 crore in FY24 to ₹85.11 crore in FY26, supported by a high proportion of repeat business and an expanding order book of ₹159.67 crore as of mid‑2026. However, its financials are strained by elevated employee costs, negative operating cash flows, and a heavy reliance on a small group of clients and public sector undertakings, which pose material risks to future performance.

Overall Verdict: Sai Urja Indo Ventures exhibits strong revenue growth and a robust order book, but faces significant risks from high client concentration, dependence on PSU contracts, and negative operating cash flows.

Key Highlights

  • •Revenue grew from ₹45.62 crore in FY24 to ₹85.11 crore in FY26, with PAT increasing from ₹1.38 crore to ₹4.19 crore over the same period.
  • •The company enjoys a high proportion of repeat business, contributing 99.65% of FY26 revenue from existing clients.
  • •As of June 15, 2026, the order book stood at ₹159.67 crore, comprising unexecuted ongoing projects and new contracts across large power and industrial facilities.
  • •Sai Urja Indo holds ISO 9001:2015 and ISO 45001:2018 certifications, reflecting its commitment to quality and occupational health and safety.
  • •Employee benefit expenses represent a substantial 87.31% of FY26 revenue, and employee attrition rose to 45.01% in FY26.
  • •The firm is highly dependent on public sector undertakings, which supplied 92.27% of FY26 revenue.
  • •Top 10 clients contributed nearly the entirety of revenue (99.97%) in FY26, highlighting concentration risk.

Financial Performance

Revenue (Annual)

↑ +29.9% YoY

INR in Crores

Net Income (Annual)

↑ +33.9% YoY

INR in Crores

Cash Flow vs Profit

↑ +54.8% YoY

INR in Crores

CF
NP

EBITDA vs PAT

EBITDA YoY

INR in Crores

EBITDA
PAT

IPO Timeline

IPO Opens2026-09-25
IPO Closes2026-09-29
Basis of Allotment2026-09-30
Refunds & Demat2026-10-01
Listing Date2026-10-05

Valuation Analysis

IPO Price₹107 - ₹113
Estimated Fair Value
Pending Data
Valuation Premium
Pending
vs Fair Value

IPO DNA

Growth
55
Governance
65
Profitability
75
Valuation
50
Competition
35
Execution
60

Pros vs Cons

Pros

  • Strong revenue growth with a CAGR of approximately 36.6% from FY24 to FY26.
  • High repeat business, contributing 99.65% of FY26 revenue from existing clients.
  • Substantial order book of ₹159.67 crore providing near‑term revenue visibility.
  • ISO 9001:2015 and ISO 45001:2018 certifications underscoring quality and safety standards.
  • Consistent increase in profit after tax, rising from ₹1.38 crore in FY24 to ₹4.19 crore in FY26.

Cons

  • Extreme client concentration: top 10 clients accounted for 99.97% of FY26 revenue.
  • Heavy reliance on public sector undertakings, which contributed 92.27% of FY26 revenue.
  • Elevated employee benefit expenses (87.31% of FY26 revenue) and high attrition rate of 45.01% in FY26.
  • Negative operating cash flows of ₹2.10 crore in FY25 and ₹0.95 crore in FY26, indicating working capital pressure.
  • Dependence on the power generation sector for ~95% of revenue, limiting diversification.

Financial Health

Revenue Growth
Revenue increased from ₹45.62 crore in FY24 to ₹85.11 crore in FY26, representing a CAGR of approximately 36.6% over the two‑year period. (Excellent)
Debt Level
Total outstanding borrowings of ₹7.18 crore as of March 31, 2026, equivalent to roughly 8.4% of FY26 revenue. (Excellent)
Cash & Equivalents
Cash balance not disclosed in the prospectus. (Moderate)
Interest CoverageInterest coverage ratio not disclosed.

Institutional Signals

Anchor Investors
Undisclosed
VC Backing Tier
None
Strategic Partners
None

Sai Urja Indo Ventures IPO Reddit Pulse & Sentiment

Real-time Reddit discussions & retail sentiment

No Public Data Available

We couldn't find any significant public discussions or retail sentiment threads for this IPO at the moment.

Disclaimer: These are raw community discussions aggregated from public forums. The AI summary and Reddit comments do not constitute financial advice. Always conduct your own independent research.

Sai Urja Indo Ventures IPO — Frequently Asked Questions

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IPO Terminology Explained

Confused by terms like GMP, Kostak, or Subject to Sauda? Read our detailed guides in the IPO Glossary to understand the terminology before you invest.

Grey Market Premium (GMP)Subject to SaudaASBAOffer for Sale (OFS)
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Source Citation: All financial data and risk metrics are derived from the official prospectus filed with the regulator (SEBI DRHP/RHP). ViewIPO algorithms process this public data for informational purposes. Not financial advice.

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Frequently Asked Questions about Sai Urja Indo Ventures

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The expected listing price depends on the live Grey Market Premium. Check the live GMP and expected listing price for Sai Urja Indo Ventures on our Live GMP Tracker.