Sai Urja Indo Ventures IPO
Sai Urja Indo Ventures LtdSME
This IPO is now Live.
- Open date
- 25 Sep 2026
- Close date
- 29 Sep 2026
- Min. Investment
- ₹2,71,200
- Lot Size
- -
- Fresh Issue
- ₹20.67 Cr
- Price Range
- -
- Face Value
- -
- IPO Document
- DRHP - PDF(opens in a new tab)
Subscription rate
- Qualified Institutional Buyers0.00x
- Non-Institutional Investors0.05x
- Retail-Individual Investors0.43x
- Total0.20x
Schedule
- Completed: IPO open date25 Sep 2026
- Current step: IPO close date29 Sep 2026
- Upcoming: Allotment date30 Sep 2026
- Upcoming: Funds unblock or debit1 Oct 2026
- Upcoming: Tentative listing date5 Oct 2026
About
Promoter shareholding in Sai Urja Indo Ventures Ltd, before and after the issue.
| Promoter | Pre-issue shares | Pre-issue % | Post-issue shares | Post-issue % |
|---|---|---|---|---|
| Harsh Ajaykumar Mittal | 25,83,126 | 44.46% | 23,93,526 | 31.33% |
| Santosh Ajay Kumar Mittal | 28,11,500 | 48.39% | 26,21,900 | 34.32% |
| Mohan Radheshyam Chandak | 581 | 0.01% | 581 | 0.01% |
| Abhai Kumar Mittal | 581 | 0.01% | 581 | 0.01% |
Financials of Sai Urja Indo Ventures IPO
| Key Performance Indicators | Mar 2024 | Mar 2025 |
|---|---|---|
| Operating Revenue | - | - |
| Other Income | - | - |
| Total Income | 45.62 | 65.52 |
| Total Expenses | 43.63 | 61.54 |
| Profit Before Tax | - | - |
| Total Profit | 1.37 | 3.14 |
Sai Urja Indo Ventures IPO Strengths & Risks
- Diversified O&M service solutions for power and other industries.
- Increase in repeat orders from existing clients with larger project values.
- Large orderbook facilitating sustainable growth in financial performance.
- Leadership with a track record, powered by a sizable team.
- Risks Relating to the Business: The company derived 99.97%, 100% and 99.98% of its revenue from operations in Fiscals 2026, 2025 and 2024 respectively, from the company's top 10 clients. Loss of any of its key clients, or reduction in revenue earned from such key clients, may have an adverse effect on the company's business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: The company depends on contracts entered into with Public Sector undertakings (PSU) that account for a significant portion of its revenues. The company cannot assure that such contracts will continue to be awarded to the company in future. Failures to be awarded such contracts may adversely affect its business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: If the company is unable to attract and retain qualified, experienced personnel, as well as skilled and unskilled labour, it may negatively impact its business conditions including operations, and financial condition. Additionally, employee benefit expenses make up a significant portion of the company's overall costs, and any substantial increase in these expenses could adversely affect its business including financial condition and profitability.
- Risks Relating to the Business: The company has experienced significant working capital requirements in past and may continue to experience in future also. If its experience insufficient cash flows from the company operations or are unable to borrow to meet its working capital requirements, it may materially and adversely affect the company's business, cash flows and results of operations.
- Risks Relating to the Business: The company revenue from operations is primarily driven by Industries and companies in Power Generation. Any challenges in maintaining relationships with these or unfavorable market developments affecting these services could have an adverse impact on the company's business, operational performance, cash flows, and overall financial health.
- Risks Relating to the Business: The company current Order Book does not guarantee full realization of future income. Orders in its Order Book may be delayed, modified or cancelled, and letters of intent may be withdrawn or may not translate to confirmed orders. Any such instance may have an adverse impact on the company's business, results of operations and cash flows.
- Risks Relating to the Business: The company may faces legal proceedings involving its, Promotors, Directors and KMP which may adversely affect the company's business, financial condition and results of operations.
- Risks Relating to the Business: Inability to effectively manage project execution and operations may result in delays, increased costs, and adversely affect the company's business, financial condition and results of operations.
- Risks Relating to the Business: The company's contracts and agreements contain liquidated damages clauses that could adversely affect its business operations, cash flows, and financial performance.
- Risks Relating to the Business: The company has experienced negative cash flows in the past and may continue to do so in the future and the same may adversely affect its cash flow requirements, which in turn may adversely affect the company's ability to operates its business and implement the company's growth plans, thereby affecting its financial condition.
- Risks Relating to the Business: The value of the company awarded contracts or order book may not translate into equivalent revenue or billings, and any material shortfall between the tender value and the actual invoiced value may adversely affect its business, results of operations and cash flows.
- Risks Relating to the Business: The company has a large workforce deployed across various project locations and its may be exposed to service-related claims and losses, or employee disruptions that could have an adverse effect on the company's business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: The company is subject to several labour legislations and regulations governing welfare, benefits and training of its employees. Any increase in wage and training costs could adversely affect the company's business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: The company has encountered challenges in meeting the designated timelines for filing statutory returns, which may subject the company to penalty under the relevant laws.
- Risks Relating to the Business: The company enters into certain related party transactions in the ordinary course of its business and the company cannot assure you that such transactions will not have an adverse effect on its results of operation and financial condition.
- Risks Relating to the Business: The company may not be able to qualify for, compete and win projects, which could adversely affect its business and results of operations.
- Risks Relating to the Business: The company's Registered Office and Corporate Office are located on leased premises. Its cannot assure you that the Leave and License Agreement governing the company premises will be renewed upon termination or that its will be able to obtain other premises on same or similar commercial terms.
- Risks Relating to the Business: The company has projects in diverse geographical regions which may expose it to various challenges.
- Risks Relating to the Business: The company does not have long term contracts with its suppliers. Also, any rise in costs or a deficiency in the availability of the materials its procure could impact on the company's sales, profitability and operational results in an adverse manner.
- Risks Relating to the Business: The company's insurance coverage may be insufficient to protect against certain operational risks, which could materially and adversely affect its business, financial condition, cash flows, and results of operations.
- Risks Relating to the Business: The company operations may cause injury to people or property and therefore could subject it to significant disruptions in the company's business, legal and regulatory actions, costs and liabilities.
- Risks Relating to the Business: The company is required to maintain certain licenses, approvals, registrations, consents and permits in the ordinary course of business. Failures to obtain the requisite approvals result in non-compliance and therefore, affect the company's business operations, financial condition, result of operations and prospects.
- Risks Relating to the Business: The Company has in the past made certain inadvertent erroneous filings under the Companies Act, 2013 with the RoC in its statutory filings. Any penalty or action taken by any regulatory authorities in future, for non-compliance with provisions of corporate and other law could impact the reputation and financial position of the Company to that extent.
- Risks Relating to the Business: The company current partnership firms or any future acquisitions, joint ventures, partnerships, strategic alliances, tie-ups or investments could fails to achieve expected synergies and may disrupt the company's business and harm the results of operations and its financial condition.
- Risks Relating to the Business: The company may not be able to adequately protect or continue to uses its intellectual property.
- Risks Relating to the Business: The company is subject to various laws and regulations, including those related to occupational health and safety and labour compliance in the jurisdictions in which the company operates. Compliance with such regulations may increase its operational costs and non-compliance may adversely affect the company's business and financial condition.
- Risks Relating to the Business: In addition to the company existing for its existing operations, the company may incur further indebtedness during the course of business. Its cannot assure that the company would be able to service its existing and/ or additional indebtedness.
- Risks Relating to the Business: The company's inability to identify and adapt to evolving trends, technologies, and client requirements in the power sector, particularly in operation and maintenance services, may adversely affect the company's business.
- Risks Relating to the Business: An inability to manage the company's growth and successfully implement its strategies may disrupt the company operations and adversely affect its business and future financial performance.
- Risks Relating to the Business: The company has Contingent Liabilities as on March 31, 2026 and it may further change or materialize in future, and it may affect the company's financial condition and results of operations
- Risks Relating to the Business: The company's customers may fails to meet their contractual commitments or may become subject to insolvency or liquidation proceedings, in which case, may materially and adversely affect its business, results of operations, financial condition and cash flow.
- Risks Relating to the Business: The company enters into fixed-price O&M contracts for thermal power projects, and any deviation in cost estimates or project execution timelines may adversely affect its profitability and financial condition.
- Risks Relating to the Business: The company's Promoters, Directors and Key Managerial Personnels play a key role in its functioning and the company heavily relies on their knowledge and experience in operating its business and therefore, it is critical for the company's business that they remain associated with the company. The loss of the Promoters may adversely affect its business and result of operations.
- Risks Relating to the Business: The company's Promoters, Directors and Key Managerial Personnel may have an interest in the Company other than reimbursement of expenses incurred or normal remuneration or benefits.
- Risks Relating to the Business: The company's Promoters and members of the Promoter Group have significant control over the Company and have the ability to direct its business and affairs; their interests may conflict with your interests as a shareholder.
- Risks Relating to the Business: The company has in past entered into related party transactions and its may continue to do so in the future.
- Risks Relating to the Business: If the company fails to maintain an effective system of internal controls, its may not be able to successfully manage or accurately report the company's financial risk.
- Risks Relating to the Business: The company's Promoter has extended personal guarantees with respect to various loan facilities availed by the Company. Revocation of any or all of these personal guarantees may adversely affect its business operations and financial condition.
- Risks Relating to the Business: Maintaining the Company image and reputation among existing and potential clients as it is critical to the company's success, and any failures to do so could damage its reputation and brand.
- Risks Relating to the Business: The company faces competition from both organized and unorganized domestic players. This competitive pressure could negatively impact its business operations and financial condition.
- Risks Relating to the Business: The company's actual results could differ from the estimates and projections used to prepare its Restated Consolidated financial statements.
- Risks Relating to the Business: Industry information included in the Red Herring Prospectus has been derived from industry reports from various websites. There can be no assurance that such financial and other industry information is either complete or accurate.
- Risks Relating to the Business: If the company is unable to source business opportunities effectively, its may not achieve the company's financial objectives.
- Risks Relating to the Business: The Company has not paid any dividend in past 3 financials years and its ability to pay dividends in the future may be affected by any material adverse effect on the company's future earnings, financial condition or cash flows.
- Risks Relating to the Business: The company has in this Red Herring Prospectus included certain non-GAAP financial measures and certain other industry measures related to its operations and financial performance. These non-GAAP measures and industry measures may vary from any standard methodology that is applicable across the industry, and therefore may not be comparable with financial or industry related statistical information of similar nomenclature computed and presented by other companies.
- Risks Relating to the Business: Rights of shareholders under Indian laws may be more limited than under the laws of other jurisdictions.
- Risks Relating to the Business: The company propose to repay or prepay all or a portion of certain outstanding borrowings availed by the Company, However, no assurance can be made that the Company will not requires further funding and that such funding will be available at attractive rates or that by repaying the borrowings, will in fact improve its available funding alternatives.
- Risks Relating to the Business: The company's Promoters will retain majority shareholding in the Company following the Offer, which will allow them to exercise significant influence over the company and may cause it to take actions that are not in the company or your best interest.
- Risks Relating to the Business: The company's Promoters will be able to exercise substantial control over the Company.
- Risks Relating to the Business: The requirements of being a listed company may strain its resources and impose additional requirements.
- Risks Relating to the Business: The average cost of acquisition of Equity Shares of face value of Rs.10/- each held by the company's Promoters could be lower than the Offer Price.
- Risks Relating to the Business: The company's future fund requirements, in the form of further issue / offer of capital or securities and/or loans taken by the company, may be prejudicial to the interest of the Shareholders depending upon the terms on which they are eventually raised.
- Risks Relating to the Business: The requirement of funds in relation to the objects of the Offer has not been appraised.
- Risks Relating to the Business: The company will not receive any proceeds from the Offer for Sale. The Promoter Selling Shareholders will receive the proceeds of offer from the Offer for Sale.
- Risks Relating to the Business: The Offer Price, market capitalization to revenue from operations multiple and price to earnings ratio based on the Offer Price of the Company, may not be indicative of the market price of the Equity Shares of face value of Rs.10/- each on listing.
- Risks Relating to the Business: The deployment of funds is entirely at the company discretion and as per the details mentioned in the chapter titled "Objects of the Offer". Further, any variation in the deployment of funds as disclosed in this Red Herring Prospectus shall be subject to certain compliance requirements, including prior approval of the shareholders of the Company.
- Risks Relating to the Business: The company's Equity Shares of face value of Rs.10/- each have not been traded on any public exchange prior to this offer, and it is uncertain whether an active trading market for its Equity Shares will develop. Further, the Offer Price may not be indicative of the market price of the company's Equity Shares after this offer.
- Risks Relating to the Business: There is no guarantee that the Equity Shares of face value of Rs.10/- each of the Company will be listed on the Stock Exchange in a timely manner or at all.
- Risks Relating to the Business: You will not be able to sell immediately on the Stock Exchange any of the Equity Shares of face value of Rs.10/- each you purchase in the Offer.
- Risks Relating to the Business: There are restrictions on daily movements in the trading price of the Equity Shares of face value of Rs.10/- each, which may adversely affect a shareholder's ability to sell Equity Shares or the price at which Equity Shares can be sold at a particular point in time.
- Risks Relating to the Business: The price of the Equity Shares of face value of Rs.10/- each may be volatile, which could result in substantial losses for investors acquiring the Equity Shares in the Offer.
- Risks Relating to the Business: Any future issuance of Equity Shares of face value of Rs.10/- each or securities linked to Equity Shares may dilute your shareholding, and the company's major shareholders sale of its Equity Shares may also adversely affect the company's Equity Shares trading prices.
- Risks Relating to the Business: Sale of Equity Shares of face value of Rs.10/- each by the company's Promoters or other significant shareholder(s) may adversely affect the trading price of the Equity Shares.
- Risks Relating to the Business: Investors may be subject to Indian taxes arising out of capital gains on the sale of the Equity Shares of face value of Rs.10/- each.
- Risks Relating to the Business: The determination of the Price Band is based on various factors and assumptions and the Offer Price of the Equity Shares of face value of Rs.10/- each may not be indicative of the market price of the Equity Shares of face value of Rs.10/- each after the Offer.
- Risks Relating to the Business: QIBs and Non-Institutional Bidders are not permitted to withdraw or lower their Bids (in terms of quantity of Equity Shares or the Bid Amount) at any stage after submitting a Bid, and Individual Bidders are not permitted to withdraw their Bids after Bid/Offer Closing Date.
- Risks Relating to the Business: Shareholders rights under Indian law may be more limited than under the laws of other jurisdictions.
