Sai Urja Indo Ventures Ltd
SAIURJA Sai Urja Indo Ventures Ltd
BSE IPO
Bidding dates25 Sep 2026 - 29 Sep 2026
Price range₹107 - ₹113
Min. investment₹2,71,200
Issue size24.95 Cr
Lot size1200 Shares
IPO DocRHP
IPO Timeline
Start date
25 Sep 2026
End date
29 Sep 2026
Allotment date
30 Sep 2026
Refund initiation
01 Oct 2026
Share credit
01 Oct 2026
Deactivate mandate
05 Oct 2026
About company
Incorporated in 2012, Sai Urja Indo Ventures Limited is 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 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.
Services:
Maintenance Services: Electrical systems, Control & Instrumentation (C&I), Mechanical Jobs
Operation Services: Coal Handling Plants (CHP), Merry-Go-Round (MGR), Boiler-Turbine-Generator (BTG),
Other Services: Industrial Housekeeping, Overhaul Works, Annual Overhaul (AOH) and Capital Overhaul (COH).
The 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).
As on June 15, 2026, they have 17 on-going projects for which Rs. 7,165.10 Lakhs worth project execution is pending and 4 projects worth Rs. 2,536.74 Lakhs whose execution is yet to commence.
They offer a wide range of operation & maintenance services, including breakdown, predictive and preventive maintenance, condition monitoring, all field instruments calibration and testing, and other related activities for power plants and other industries.
As on June 30, 2026, they have 1969 employees, who look after day-to-day business operations, HR & accounting functions.
Founded in 2012
Managing director Mr. Harsh Ajaykumar Mittal
Parent organisation Sai Urja Indo Ventures IPO
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Strengths and Risks
Strengths
The company provides targeted Operation & Maintenance (O&M) solutions across crucial infrastructure sub-systems—including Boiler-Turbine-Generator (BTG), Coal Handling Plant (CHP), and other supporting units for power generation and heavy industrial plants.
Sai Urja has demonstrated strong expansion, with total revenue rising to ?85.64 crore and Net Profit growing to ?4.19 crore, backed by strong return ratios (RoNW exceeding 40%).
The company benefits from high client stickiness, with a strong history of repeat orders from existing institutional partners. Furthermore, average realization per project has scaled up steadily.
Risks
The business is closely tied to the health and capital expenditure cycles of the power generation sector. Any structural slowdown, policy shifts, or operational setbacks in this industry directly affect demand for O&M services.
O&M contracting and industrial execution require substantial working capital management to handle large deployments of skilled/unskilled labor and receivable cycles.
Project delays or operational bottlenecks carry exposure to liquidated damages clauses embedded in client contracts, which can penalize margins.
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