Company Profile: Sai Urja Indo Ventures Limited

1. Business Overview & Core Operations

Incorporated in 2012, Sai Urja Indo Ventures Limited is an integrated Operation and Maintenance (O&M) and industrial support services provider based in Chandrapur, Maharashtra. The company specializes in delivering comprehensive engineering, operational, and maintenance solutions to heavy industrial plants, primarily within the power generation sector, as well as adjacent process industries including iron & steel and agrochemicals.

The company’s core focus is to ensure the uninterrupted operational availability, plant safety, efficiency, and peak performance of thermal and industrial power infrastructure.

COMPANY DRHP

2. Detailed Service Portfolio

The company’s O&M service delivery spans three primary functional streams:

A. Operation Services

Coal Handling Plants (CHP): Managing, operating, and monitoring bulk coal transport, crushing, screening, and feeding systems into power boilers.
Merry-Go-Round (MGR) Systems: Operating dedicated internal rail transport networks used for bulk raw material movement (coal/minerals) within large industrial plant complexes.
Boiler-Turbine-Generator (BTG) Operations: Control room and field operations for critical power generation equipment, monitoring thermal efficiency, steam pressure, and turbine output.

B. Maintenance Services

Electrical Systems Maintenance: Servicing and maintaining high-voltage switchgears, transformers, motors, sub-stations, and power distribution panels.
Control & Instrumentation (C&I): Calibration, testing, and troubleshooting of field sensors, control valves, automated PLC/DCS systems, and safety interlocks.
Mechanical Maintenance: Repairing, overhauling, and maintaining heavy machinery, pumps, turbines, piping networks, and conveyor belts.

C. Specialized & Support Services

Plant Overhaul Works: Executing scheduled Annual Overhauls (AOH) and Capital Overhauls (COH) for complete plant restoration.
Industrial Housekeeping & Safety: Comprehensive cleaning, ash and waste handling, and maintaining stringent environmental and safety standards across plant yards.
Technical Manpower Supply: Deployment of skilled engineers, technicians, and specialized labor for short-term and project-based industrial needs.

3. Business & Contracting Models

Sai Urja Indo Ventures executes projects through four primary tender-based contractual frameworks:

Annual Maintenance Contracts (AMC): Multi-year agreements (typically 1 to 3 years) for continuous plant maintenance and operational support.
Performance-Based Contracts: Service agreements where revenue and margins are directly linked to plant availability, power output, or system reliability targets.
Manpower Supply Contracts: Provision of skilled technical staff for routine plant maintenance, accounting, HR, and facility operations.
Short-Term Bill of Quantity (BoQ) Contracts: On-demand, scope-specific contracts executed for emergency breakdown repairs or temporary operational spikes.

4. Order Book & Operational Scale

Ongoing Projects (as of June 15, 2026): 17 active projects with an unexecuted pending order pipeline valued at ₹7,165.10 Lakhs (₹71.65 Crore).
New/Upcoming Projects (as of June 15, 2026): 4 projects awarded with execution yet to commence, valued at ₹2,536.74 Lakhs (₹25.37 Crore).
Total Order Pipeline: Cumulative order visibility standing at ₹9,701.84 Lakhs (₹97.02 Crore).
Workforce Scale (as of June 30, 2026): 1,969 permanent and contract personnel managing on-site plant operations, maintenance engineering, safety audits, HR, and financial administration.

5. Management & Key Promoters

Promoters: Harsh Ajaykumar Mittal and Santosh Ajay Kumar Mittal.
Leadership Track Record: Driven by experienced industry professionals with extensive technical domain expertise in thermal power plant mechanics and industrial project management.

6. Key Competitive Strengths

Diversified O&M Solutions: Comprehensive single-window execution capability covering mechanical, electrical, C&I, and operational verticals across multiple process industries.
High Repeat Business: Proven track record of contract renewals and repeat orders from major industrial clients with progressively higher contract values.
Robust Order Book: Strong pending order pipeline providing long-term revenue visibility and sustainable financial growth.
Skilled Workforce & Scalability: Sizable, experienced technical workforce capable of managing multi-site heavy industrial operations simultaneously.

Here is the step-by-step breakdown of the Sai Urja Indo Ventures Limited SME IPO data lined up logically:

1. Important Dates (Timetable)

IPO Opening Date: Wednesday, September 23, 2026
IPO Closing Date: Friday, September 25, 2026
Basis of Allotment: Monday, September 28, 2026
Initiation of Refunds: Tuesday, September 29, 2026
Credit of Shares to Demat: Tuesday, September 29, 2026
Tentative Listing Date: Wednesday, September 30, 2026

2. Issue & Offer Details

Issue Type: Book Building SME IPO
Listing At: BSE SME
Face Value: ₹10 per share
Price Band: ₹107 to ₹113 per share
Lot Size: 1,200 Shares
Total Issue Size: 22,08,000 Equity Shares (aggregating up to ₹24.95 Cr)
Fresh Issue Portion: 18,28,800 Shares (aggregating up to ₹20.67 Cr)
Offer for Sale (OFS): 3,79,200 Shares (aggregating up to ₹4.28 Cr)
Reserved for Market Maker: 2,16,000 Shares (aggregating up to ₹2.44 Cr)
Net Issue to Public: 19,92,000 Shares (aggregating up to ₹22.51 Cr)

3. Investment Breakdown (Lot Size & Investment Categories)

Retail Individual Investor (IND) Min/Max: 2 Lots (2,400 Shares) – ₹2,71,200
Small HNI (S-HNI) Minimum: 3 Lots (3,600 Shares) – ₹4,06,800
Small HNI (S-HNI) Maximum: 7 Lots (8,400 Shares) – ₹9,49,200
Big HNI (B-HNI) Minimum: 8 Lots (9,600 Shares) – ₹10,84,800

4. Category Share Reservations

Qualified Institutional Buyers (QIB): 9,79,200 Shares (49.16% of Net Offer)
- Anchor Portion: 5,86,800 Shares (26.58% of Total Issue)
- Net QIB: 3,92,400 Shares (17.77% of Total Issue)
Non-Institutional Investors (NII/HNI): 3,02,400 Shares (15.18% of Net Offer)
- bNII (> ₹10L): 2,01,600 Shares (9.13%)
- sNII (< ₹10L): 1,00,800 Shares (4.57%)
Retail Individual Investors (RII): 7,10,400 Shares (35.66% of Net Offer)
Market Maker Portion: 2,16,000 Shares (9.78%)

5. Capital Structure & Shareholding Pattern

Pre-Issue Share Capital: 58,10,000 Shares
Post-Issue Share Capital: 76,38,800 Shares
Company Promoters: Harsh Ajaykumar Mittal and Santosh Ajay Kumar Mittal
Promoter Shareholding: Pre-IPO: 92.87% | Post-IPO: 65.67%
Public Shareholding: Pre-IPO: 7.13% | Post-IPO: 34.33%

Offer For Sale (OFS) – Selling Shareholders

Santosh Ajay Kumar Mittal (Promoter): 1,89,600 Shares (₹2.14 Cr)
Harsh Ajaykumar Mittal (Promoter): 1,89,600 Shares (₹2.14 Cr)

6. Company Overview & Business Model

Incorporation Year: 2012
Core Business: Operation and Maintenance (O&M) and support services for industrial plants, primarily in power generation, iron & steel, and agrochemicals.
Services Offered:
- Maintenance: Electrical systems, Control & Instrumentation (C&I), Mechanical.
- Operations: Coal Handling Plants (CHP), Merry-Go-Round (MGR), Boiler-Turbine-Generator (BTG).
- Other Services: Industrial Housekeeping, Annual Overhaul (AOH), Capital Overhaul (COH), equipment overhauls, and manpower supply.
Contract Models: Annual Maintenance Contracts (AMC), Performance-Based Contracts, Manpower Supply Contracts, and Short-Term Bill of Quantity Contracts.
Order Book (as of June 15, 2026):
- 17 Ongoing Projects: Pending execution worth ₹7,165.10 Lakhs (₹71.65 Cr).
- 4 Upcoming Projects: Execution yet to commence worth ₹2,536.74 Lakhs (₹25.37 Cr).
Workforce: 1,969 employees as of June 30, 2026.

7. Company Financials (Restated Consolidated)

(Amount in ₹ Crore)

Financial Metric	FY 2023-24 (Mar 31, 2024)	FY 2024-25 (Mar 31, 2025)	FY 2025-26 (Mar 31, 2026)
Total Income	₹45.88 Cr	₹65.82 Cr	₹85.64 Cr
EBITDA	₹2.93 Cr	₹5.14 Cr	₹6.51 Cr
Profit After Tax (PAT)	₹1.39 Cr	₹3.13 Cr	₹4.19 Cr
Net Worth	₹4.72 Cr	₹7.76 Cr	₹12.20 Cr
Reserves and Surplus	₹4.71 Cr	₹1.95 Cr	₹6.39 Cr
Total Borrowing	₹2.15 Cr	₹5.35 Cr	₹7.18 Cr
Total Assets	₹13.95 Cr	₹21.11 Cr	₹24.25 Cr

Growth Performance: Revenue increased by 30% and PAT grew by 34% between FY25 and FY26.

8. Key Performance Indicators (KPIs) & Valuation Metrics

ROE (Return on Equity): 42.44% (FY26)
ROCE (Return on Capital Employed): 50.66% (FY26)
PAT Margin: 4.98% (FY26)
EBITDA Margin: 7.65% (FY26)
Debt / Equity Ratio: 0.59
NAV per Share: ₹20.99
Price to Book Value: 8.46
Pre-IPO EPS: ₹5.39 | Post-IPO EPS: ₹4.10
Pre-IPO P/E Ratio: 20.96x | Post-IPO P/E Ratio: 27.56x
Market Capitalization: Pre-IPO: ₹65.65 Cr | Post-IPO: ₹86.32 Cr (at upper band)

9. Objects of the Issue (Use of Net Proceeds – Total: ₹14.60 Cr)

Working Capital: Funding working capital requirements (₹8.00 Cr)
Debt Repayment: Full or partial repayment/prepayment of certain loans (₹6.60 Cr)
General Corporate Purposes: Remaining balance.

10. Key Intermediaries & Contact Details

Book Running Lead Manager: Shannon Advisors Pvt. Ltd.
Registrar of the Issue: Maashitla Securities Pvt. Ltd. (Phone: 011-45121795 | Email: investor.ipo@maashitla.com)
Market Maker: Prabhat Financial Services Ltd.
Company Registered Office: UG-2 Office Floor, J. K. Complex, Nanaji Nagar Nagpur Road, Chandrapur, Maharashtra, 442401 (Phone: +91 9960815166 | Email: headoffice@suiv.co.in)

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