Inprogress
Valuation
Market Cap
₹86.32 Cr
P/E Ratio
15.50x
P/B Ratio
5.38x
Sai Urja IPO Dates
Open
Close
Allotment
Refunds
Credit
Listing
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Business Overview
Sai Urja Indo Ventures Limited is an certified provider of Operation and Maintenance (O&M) services to industrial plants, primarily in power generation and also serving iron & steel and agrochemical industries. Incorporated in 2012, the company holds electrical licenses across 5 states and has served 21 locations across 9 states in the last three years. Its services span Maintenance (electrical, instrumentation and mechanical), Operations (BTG, coal handling and MGR systems) and Other support services (housekeeping, equipment overhauls and manpower supply). With over 2,000 personnel, clients include Adani Infrastructure Management Services, GMR Warora Energy and MAHAGENCO.
Lots & IPO Size
Sai Urja IPO Lot Size
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Ind (Min) | 2 | 2,400 | ₹2,71,200 |
| Ind (Max) | 2 | 2,400 | ₹2,71,200 |
| S-HNI (Min) | 3 | 3,600 | ₹4,06,800 |
| S-HNI (Max) | 7 | 8,400 | ₹9,49,200 |
| B-HNI (Min) | 8 | 9,600 | ₹10,84,800 |
Market Maker
₹2.16 L
Employee
₹0.00
Shareholder
₹0.00
Sai Urja IPO Size
Total
₹25 Cr
Fresh Issue
₹21 Cr
(0.18 Cr
Shares)
Offer For Sale
₹4 Cr
(0.04 Cr
Shares)
Promoters₹4 Cr
Objects of the Issue
Funding the working capital requirements of the Company
Repayment/prepayment,of certain loans availed by the Company
General Corporate Purposes & Issue Expenses
Total
Key Risk Factors
The company derived 99.97%, 100% and 99.98% of revenue in Fiscals 2026, 2025 and 2024 from its top 10 clients; loss of a key client could adversely affect its business and cash flows.
Key Risk Factors
The company derived 99.97%, 100% and 99.98% of revenue in Fiscals 2026, 2025 and 2024 from its top 10 clients; loss of a key client could adversely affect its business and cash flows.
The company depends on contracts with Public Sector Undertakings (PSUs) for a significant share of revenue and cannot assure continued award of such contracts in future.
Inability to attract and retain skilled personnel, or rising employee benefit costs which are a major share of overall expenses, could adversely affect the company's operations and profitability.
The company has experienced significant working capital requirements in the past and may continue to, and insufficient cash flows or inability to borrow could materially affect its business.
The company's revenue from operations is primarily driven by Power Generation industry clients; unfavourable market developments in this sector could adversely impact its operational and financial performance.
The company's current order book does not guarantee full realization of future income, which may adversely affect its business, results of operations, cash flows and financial performance.
The company's Promoters, Directors and Key Managerial Personnel may face legal proceedings that could adversely affect its business, financial condition and results of operations.
Inability to effectively manage project execution and operations could result in delays, increased costs, and adversely affect the company's operations, cash flows and financial performance.
The company's contracts and agreements contain liquidated damages clauses that could adversely affect its business, cash flows and financial performance.
The company has experienced negative cash flows in the past and may continue to, which could adversely affect its ability to operate its business and implement future plans.
Sai Urja IPO Live Subscription
Live
Updated as on 9/25/2026 5:00:00 PM
| Category | Sub (x) | Offered | Bids | Amount(Cr) |
|---|---|---|---|---|
| QIB | 0.00x | 3,92,400 | 0 | - |
| NII | 0.07x | 3,02,400 | 20,400 | 0.23 |
| bHNI | 0.05x | 2,01,600 | 9,600 | 0.11 |
| sHNI | 0.11x | 1,00,800 | 10,800 | 0.12 |
| Individual | 0.05x | 7,10,400 | 38,400 | 0.43 |
| Total | 0.04x | 14,05,200 | 58,800 | 0.66 |
Subscription figures exclude Anchor investor and Market Maker portions. Data is sourced from NSE and BSE on an "AS IS" and "AS AVAILABLE" basis without any warranty
Updated as on 9/25/2026 5:00:00 PM
Sai Urja IPO Details Live GMP
GMP
₹0
Est. Price
₹113
Est. Gain
0.00%
| Date | GMP (₹) | Est. Price |
|---|---|---|
| 25 Sep | ₹0 (0%) | ₹113 |
| 24 Sep | ₹0 (0%) | ₹113 |
| 23 Sep | ₹0 (0%) | ₹113 |
Sai Urja IPO Peer Comparison
(Rs. in crores)
| Particulars | Sai Urja Indo | Lakshya Powertech |
|---|---|---|
| Revenue | 85.11 | 179.93 |
| PAT | 4.24 | 10.02 |
| EPS (₹) | 7.29 | 9.94 |
| NAV (₹) | 20.99 | 101.17 |
| RONW | 42.44% | 9.82% |
| EBITDA | 7.65% | 11.07% |
| PAT Mrgn | 4.98% | 5.57% |
| PE Ratio | 15.50 | 11.27 |
| Debt to Equity | 0.59 | 0.06 |
All information pertains to FY 2025-26. PE ratio is calculated using the Upper Price Band for the Issuer and the closing price as of June 24, 2026 for Peers
Sai Urja IPO Financial Performance
(Rs. in crores)
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Revenue | 85.11 | 65.52 | 45.62 |
| Profit | 4.24 | 3.14 | 1.37 |
| Net Worth | 12.20 | 7.76 | 4.72 |
| Borrowings | 7.18 | 5.35 | 2.15 |
| Assets | 24.25 | 21.11 | 13.95 |
| NAV (₹) | 20.99 | 13.36 | 8.12 |
| EPS (₹) | 7.29 | 5.40 | 2.36 |
Key Performance Indicators (KPIs)
Debt to Equity
0.59
All the data pertains to FY 2025-26. PE, PB, and market capitalization are calculated based on the Upper Price Band.
Financial Margin Trends
Sai Urja IPO Financial Statements
(Rs. in crores)
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Revenue from Ops | 85.11 | 65.52 | 45.62 |
| Other Income | 0.57 | 0.30 | 0.25 |
| Total Income | 85.68 | 65.83 | 45.86 |
| Cost of Revenue | 2.28 | 1.75 | 1.87 |
| Changes in Inventories | 0.00 | 0.00 | 0.00 |
| Employee Expense | 74.31 | 56.58 | 37.79 |
| Finance Costs | 0.72 | 0.55 | 0.43 |
| Depreciation | 0.77 | 0.61 | 0.51 |
| Other Expenses | 2.01 | 2.06 | 3.03 |
| Total Expenses | 80.08 | 61.54 | 43.63 |
| Profit Before Tax | 5.60 | 4.28 | 2.23 |
| Tax Expense | 1.36 | 1.14 | 0.86 |
| Profit After Tax | 4.24 | 3.14 | 1.37 |
| EPS — Basic (₹) | 7.29 | 5.40 | 2.36 |
| EPS — Diluted (₹) | 7.29 | 5.40 | 2.36 |
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Equity Share Capital | 5.81 | 5.81 | 0.01 |
| Reserves & Surplus | 6.39 | 1.95 | 4.71 |
| Total Equity | 12.20 | 7.76 | 4.72 |
| Total Borrowings | 7.18 | 5.35 | 2.15 |
| Trade Payables | 0.75 | 0.60 | 2.36 |
| Other Current Liab | 2.36 | 5.62 | 3.77 |
| Other Liabilities | 1.76 | 1.77 | 0.96 |
| Total Equity & Liab | 24.25 | 21.11 | 13.95 |
| Fixed Assets | 1.68 | 1.41 | 1.26 |
| Other Financial Assets | 10.60 | 6.96 | 5.20 |
| Trade Receivables | 10.52 | 11.38 | 6.64 |
| Cash & Bank Balances | 0.35 | 0.41 | 0.38 |
| Other Assets | 1.11 | 0.95 | 0.48 |
| Total Equity & Liab | 24.25 | 21.11 | 13.95 |
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Cash Flow from Operating Activities | -0.95 | -2.10 | 3.35 |
| Cash Flow from Investing Activities | -0.23 | -0.52 | 0.04 |
| Cash Flow from Financing Activities | 1.11 | 2.66 | -3.27 |
| Net Change in Cash & Equivalents | -0.06 | 0.04 | 0.12 |
| Cash & Equivalents at End of Period | 0.35 | 0.41 | 0.38 |
Promoter Holding
Promoter
92.87%
Public
7.13%
Santosh Ajay Kumar Mittal
48.39%
Harsh Ajaykumar Mittal
44.46%
Abhai Kumar Mittal
0.01%
Mohan Radheshyam Chandak
0.01%
Management
Harsh Ajaykumar Mittal
Age: 44
MD
Remuneration
₹Up to Rs.27.00 Lakhs p.a. + perquisites (medical reimbursement, leave travel concession, personal accident insurance up to Rs.0.25 Lakh p.a., gratuity, car & telephone). FY25-26 actual: Rs.24.00 Lakhs.
Education
Diploma in Mechanical Engg. (MSBTE, 2001); B.E. Mechanical (Sant Gadge Baba Amravati Univ., 2005)
Prior Experience
13+ years in mechanical engineering/O&M; heads Business Strategy, Project & Fund Management, Client relations.
Santosh Ajay Kumar Mittal
Age: 72
ED
Remuneration
₹Rs.3.60 Lakhs p.a. (consistent FY24-FY26)
Education
Bachelor of Arts (Agra University)
Prior Experience
13+ years in Administration & HR; oversees admin operations, asset management and HR department.
Abhai Kumar Mittal
CFO
Remuneration
₹Rs.6.00 Lakhs p.a. (Board approved June 12, 2025)
Education
B.Com (Rohilkhand University, 1987); Ph.D. (1989)
Prior Experience
25+ years overall; Faculty of Commerce, Sahu Jain College, Najibabad, UP (Jan 1984-Jun 2023)
Registrar & Lead Managers
Registrar
Maashitla Securities
Lead Managers (1)
Company Details
Name: Sai Urja Indo Ventures Limited
Address: Shop No G 14 and G 15 Jayanti Nagari IV, Besa Road Manish Nagar, Besa Road, Nagpur, Maharashtra, India, 440037
Number: 07103-281633
Email: headoffice@suiv.co.in
Website: https://suiv.co.in
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Frequently Asked Questions (FAQs)
What is Sai Urja IPO?
Sai Urja IPO is a SME IPO having an issue size of
₹25 Crs.
Sai Urja IPO is priced at
₹107 - ₹113 per
share.
The
issue opens on 25 Sep 26
and
closes on 29 Sep 26.
When will Sai Urja IPO open?
Sai Urja IPO opens on
25 Sep 26 and closes on
29 Sep 26.
What is the GMP of Sai Urja IPO?
The estimated Grey Market Premium of Sai Urja IPO is
₹0 per share (0.00%).
What is the lot size of Sai Urja IPO?
The minimum lot size of Sai Urja IPO is
1200 shares & the minimum application amount
is
Rs.
135600.
When is the allotment of Sai Urja IPO?
The allotment date of Sai Urja IPO is
30 Sep 26.
What is the listing date of Sai Urja IPO?
The listing date of Sai Urja IPO is
05 Oct 26.
What is the subscription of Sai Urja IPO?
Sai Urja IPO is subscribed
0.04 times.
What is the price band of Sai Urja IPO?
Sai Urja IPO is priced at
₹107 - ₹113 per
share.
How to check allotment status of Sai Urja IPO?
Click the allotment link on Sai Urja IPO page of IPO360.
How to apply Sai Urja IPO in Zerodha?
- Go to Kite App → Tap on Bids → Tap on IPO
- Select the IPO → Tap on apply → Enter UPI ID
- Enter Qty and Price
- Submit the application
- Approve the UPI Mandate on your UPI app
How to apply Sai Urja IPO in Groww?
- Go to Groww App → Stocks Section → Select IPO option
- Select the IPO you want to apply
- Enter your bid details and price
- Enter UPI ID & submit
- Approve the UPI Mandate on your UPI app
How to apply Sai Urja IPO using ASBA?
- Log in to your bank's net banking portal.
- Navigate to the 'IPO' or 'ASBA' section.
- Select Sai Urja IPO from the list of available IPOs.
- Enter the required details: Bid quantity, Price, DP ID & Client ID, etc
- Submit the application.
- Money will remain blocked till the refund date
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