Sai Urja Indo Ventures
- Sai Urja Indo Ventures is coming out with an initial public offering (IPO) of 22,08,000 shares in a price band of Rs 107-113 per equity share.
- The issue will open for subscription on September 25, 2026 and will close on September 29, 2026.
- The shares will be listed on SME Platform of BSE.
- The face value of the share is Rs 10 and is priced 10.70 times of its face value on the lower side and 11.30 times on the higher side.
- Book running lead manager to the issue is Shannon Advisors.
- Compliance officer for the issue is Nikesh Subhash Zade.
Profile of the company
Sai Urja Indo Ventures is an ISO 9001:2015 and ISO 45001:2018 certified company offering Operation and Maintenance (O&M) and other support services in industrial plants, primarily in power generation industry and other industries like iron & steel and agrochemicals. The company’s work includes managing electrical, mechanical, and instrumentation systems, operating coal handling and merry-go-round systems in power plants, as well as ensuring plant cleanliness and safety through industrial housekeeping, equipment overhauls, and manpower supply.
In the last 3 years, the company has served 21 locations in 9 states, in coal-based power plants, steel plants, and fertilizer plants. Among the top 10 states in India based on installed capacity of coal power plants, the company has already worked in 6 states for electrical (Maharashtra, Uttar Pradesh, & Madhya Pradesh) and other works (Chhattisgarh, Tamil Nadu & Karnataka). Further, it has also worked in Jharkhand, Odisha and Bihar apart from the above mentioned 6 states. The company’s services are delivered through four types of contracts based on the tenders which include: Annual Maintenance Contracts (for one to three years), Performance-Based Contracts (linked to plant output or reliability), Manpower Supply Contracts and Short-Term Bill of Quantity Contracts (for temporary needs).
With a team of over 1,969 employees, the company customize its services to meet each client's specific needs. For instance, the company has been handling control and instrumentation services for the biggest power plant in India, a 4,760 MW thermal power plant in Central India and another 3,000 MW plant in Northern India. The company’s clients include major public and private sector companies in power, iron & steel, and agrochemical industries. It operates from its registered office in Chandrapur and its corporate office in Nagpur, which help it to manage projects and client relationships efficiently. In the past 3 years, the company has executed more than 45 projects, as of June 15, 2026. The company has built long-term relationships with key clients and continue to receive repeat business across multiple locations.
Proceed is being used for:
- Funding the working capital requirements of the company
- Repayment/ prepayment, in full or part, of certain loans availed by the company
Industry overview
Operation and maintenance (including overhaul) encompass the processes, services and materials involved in ensuring the continued functionality, safety and efficiency of equipment, infrastructure and facilities. Maintenance, Repair and Operations (MRO) is integral to operations across various industries, supporting the upkeep of machinery, electrical systems and physical environments. The operation and maintenance (including overhaul) market consists of revenues earned by entities (organisations, sole traders and partnerships) that include goods such as spare parts, consumables, tools and equipment, as well as services such as inspection, diagnostics and repair. O&M activities are crucial for minimising downtime, extending the lifecycle of assets and maintaining compliance with safety and operational standards. O&M is used by businesses and organisations in diverse sectors, including manufacturing plants, construction sites, commercial buildings and specialised industries such as aerospace and defence. Its uses range from routine maintenance to emergency repairs, ensuring equipment reliability and operational continuity.
O&M products and services are often complementary to operational technologies and substitute certain capital expenditures by extending the lifespan of existing assets. Regular maintenance helps avoid unscheduled equipment failures that can halt production. O&M practices can significantly reduce operational costs by minimising waste and optimising resource use. Well-maintained equipment reduces the risk of accidents and injuries in the workplace. Effective MRO contributes to longer asset lifespans and reduces environmental impact through better resource management.
The O&M market includes sales of products and services that support maintenance, repair, and operational activities across various sectors, including industrial, electrical, facility and other types. The O&M market consists of maintenance, repair and operational support for industrial equipment and facilities, like bearings, motors and pumps, as well as services such as equipment diagnostics and part replacements, catering to industries like power, manufacturing, mining and utilities. The global O&M (including overhaul) market was valued at approximately $721.12 billion in 2025 and is projected to reach around $972.17 billion by 2034, with a compound annual growth rate (CAGR) of 3.37%. The O&M market in India too grew at CAGR 4% in the last five years and estimated to reach $34.7 billion by 2030.
Pros and strengths
Diversified O&M service solutions for power and other industries: The company offers wide range of Operations and Maintenance (O&M) services for power generation industry and other industries. Its services include maintenance contracts, operations, repairs, overhauls, and upkeep. By understanding a majority part of the process, it provides customised services according to different plant technologies and infrastructure. It has experience in running core elements of power plants, such as the Boiler-Turbine-Generator (which produces electricity), and support systems like Coal Handling Plants, Ash Handling Plants, and the rail networks connected to them. It also provides maintenance for other units like rail mills, rotary machines, laboratories, and townships in various parts of India. With this wide range of services, plant owners can easily outsource important O&M work to the company.
Repeat orders from existing clients with larger project values: The company consistently receives repeat orders from existing clients, with larger project values, focusing on building long-term relationships across various industries and continuously improving its services. The company’s track record in these areas helps it to maintain a preference, leading to award of multiple projects at the same site with a wide range of services. The 99.65 percent of its revenue is from repeat sales in FY 2026 and 100 percent in FY 2025 and 2024, driven by successful project completions and favourable terms for all parties involved. The company has been engaged for over three years with several clients, working across multiple plant locations. These long-term relationships help it to better understand its clients' needs, improve resource use, control, and safety while adapting to changing environments.
Leadership with a track record, powered by a sizable team: As of March 31, 2026, the company has a team of 2,058 personnel, 2469 in 2025 and 1611 in 2024. The company’s workforce includes highly-skilled, skilled, semi-skilled, and unskilled workers across different sites and industries. Their practical knowledge plays an important role in the smooth execution of its annual maintenance contracts (AMCs). The company’s growth has been led by its promoter Harsh Ajaykumar Mittal, who brings over 13 years of experience in mechanical engineering. He currently heads business strategy and development, helping shape the company’s direction since its early days.
Risks and concerns
Significant dependence on a limited number of clients: The company has derived 99.97%, 100% and 99.98% of its revenue from operations in Fiscals 2026, 2025 and 2024 respectively, from its 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 its business, financial condition, cash flows and results of operations.
Significant revenue dependence on PSU clients: The company depends on contracts entered into with Public Sector undertakings (PSU) that account for a significant portion of its revenues. The company has garnered 92.27%, 91.13% and 81.28% of its revenue from operations in FY26, FY25 and FY24 respectively from PSU. The company cannot assure that such contracts will continue to be awarded to it in future. Failure to be awarded such contracts may adversely affect its business, results of operations, cash flows and financial condition.
High working capital requirements: The company has experienced significant working capital requirements in past and may continue to experience in future also. If it experiences insufficient cash flows from its operations or are unable to borrow to meet its working capital requirements, it may materially and adversely affect its business, cash flows and results of operations.
Outlook
Sai Urja Indo Ventures offers Operation and Maintenance (O&M) and other support services in industrial plants, primarily in power generation industry and other industries like iron & steel and agrochemicals. The company has diversified O&M service solutions for power and other industries. It has increase in repeat orders from existing clients with larger project values. On the concern side, the company generates a substantial portion of its revenues from, and are therefore dependent on, certain key clients for a substantial portion of its business. Loss of any of its key clients, or reduction in revenue earned from such key clients, may have an adverse effect on its business, financial condition, cash flows and results of operations. Moreover, its revenues are significantly dependent on contracts awarded by public sector undertakings for the operation and maintenance and other services.
The company is coming out with a maiden IPO of 22,08,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 107-113 per equity share. The aggregate size of the offer is around Rs 23.63 crore to Rs 24.95 crore based on lower and upper price band respectively. On performance front, the company has reported 29.89% rise in its revenue from operations at Rs 8,510.97 lakh in FY26 as compared to Rs 6,552.42 lakh in FY25. Moreover, the company has reported 33.83% rise in its net profit at Rs 419.13 lakh in FY26 as compared to Rs 313.18 lakh in FY25 in FY25.
Meanwhile, the company intends to grow its business by moving into new industries that require similar types of work as thermal power plants. This will help it to reduce its dependence on just one kind of customer and give it experience in different industries. In the financial years 2026, 2025 and 2024, it undertook projects in the Iron & Steel and Agrochemical industry. The company also plans to expand into the fast-growing renewable energy sector, which includes solar, wind, and hydro power. The Indian government is encouraging a shift from coal-based power to cleaner energies, with a target to secure 500 gigawatts of energy from non-fossil fuel sources by 2030. Many of its existing clients already have renewable energy plants commissioned. So far, it has mainly worked on their thermal power plants, but it is trying to support their renewable plants as well. Using its current team and technical knowledge, it is ready to take on new opportunities in this sector and grow its business further.
