Sai Urja
What they do: The company provides operation and maintenance services for industrial plants, focusing on power generation, iron & steel, and agrochemicals. It offers maintenance, operations, and support services through various contract types, including annual maintenance and performance-based contracts.
By IPO Milega Research · Published · Updated
The company has shown strong revenue growth with a 3-year CAGR of 36.4%, indicating robust expansion.
- GMP (unofficial)
- +8.85%
- ₹10 a share
- Subscribed
- 0.04x
- Total
- Retail odds
- 100%
- 1 in 1
GMP is an unofficial grey market indication.
- Price band
- ₹107-113
- Lot size
- 2400 shares
- Min. investment
- ₹2,71,200
- Issue size
- 24.95 Cr.
- Open23 Sept 2026
- Close25 Sept 2026
- Allotment28 Sept 2026
- Listing30 Sept 2026
Overview
Estimated from the current subscription figures. Tap a category to work it out for your application size.
- QIB
- 0x
- NII
- 0.07x
- Retail
- 0.05x
₹123 (+8.85%)
GMP trend
Unofficial grey market quotes, times in IST
Outer ring: estimated gain
How the score adds up
The overall score is the average of these five, nudged by QIB demand once bidding closes.
- Financials8.0
- Performance7.0
- Flexibility7.0
- Timing7.0
- Risk3.0
The Grey Market Premium (GMP) is 0.00%, indicating no expected gains on listing. Despite strong financial fundamentals and strategic timing, the lack of GMP suggests limited immediate market enthusiasm.
Strengths3
- Transition from private to public company
- Alignment with India's renewable energy goals
- Establishment of corporate governance committees
Concerns5
- High client concentration with top 10 clients contributing 99.97% of revenue.
- 92.27% revenue dependency on public sector undertakings (PSUs).
- High employee attrition rate of 45.01%.
- Significant working capital requirements of Rs. 1,165.97 Lakhs.
- Contingent liabilities of Rs. 111.29 Lakhs with no provisions.
Who gets shares
- QIB50%
- NII15%
- Retail35%
- Retail Minimum2,71,2002 lots, 2400 shares
- Retail Maximum2,71,2002 lots, 2400 shares
- S-HNI Minimum4,06,8003 lots, 3600 shares
- S-HNI Maximum9,49,2007 lots, 8400 shares
- B-HNI Minimum10,84,8008 lots, 9600 shares
| Application | Lot size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 | 2400 | 2,71,200 |
| Retail Maximum | 2 | 2400 | 2,71,200 |
| S-HNI Minimum | 3 | 3600 | 4,06,800 |
| S-HNI Maximum | 7 | 8400 | 9,49,200 |
| B-HNI Minimum | 8 | 9600 | 10,84,800 |
Timing
7.0/10The timing appears favorable given the company's recent transition to a public entity and the choice of the SME platform, which is less volatile and competitive compared to main exchanges. This could provide a stable environment for the IPO, attracting investors interested in smaller, growth-oriented companies.
- Time to market
- The company's conversion to a public limited entity in early 2025 indicates a strategic move to access public capital markets. This timing suggests readiness and alignment with market conditions that favor SME listings, potentially enhancing investor confidence.
- How allotment works
- Basis of allotment finalized and shares credited to demat
- Market timing
- Favourable
- Time to market
- 8.0
- Listing on
- BSE SME
Key milestones
- 23 Sept 2026IPO Opens
- 25 Sept 2026IPO Closes
- 28 Sept 2026Basis of Allotment
- 29 Sept 2026Refunds Initiated
- 29 Sept 2026Credit to Demat Account
- 30 Sept 2026Listing Date
Financials
8.0/10- Revenue
- ₹85.64 Cr
- +30.1%
- Profit after tax
- ₹4.19 Cr
- +33.9%
- Net margin
- 4.9%
- +0.1 pts
- Assets
- ₹24.25 Cr
- +14.9%
- Return on equity
- 42.44%
- Debt to equity
- 0.59
- Revenue CAGR
- 36.4%
- ROCE
- 50.66%
- Return on net worth
- 42.44%
- NAV per share (₹)
- 20.99
Financial performance trend
Amount ₹ in croresThe company has shown strong revenue growth with a 3-year CAGR of 36.4%, indicating robust expansion. Profitability is also improving, with a net profit margin of 4.9% in FY2025. The company's assets have grown significantly, and it maintains a healthy debt-to-equity ratio of 0.59, suggesting prudent financial management. However, the presence of negative liabilities in some years requires further investigation.
Risk
3.0/10Read this score as a safety rating: 10/10 means the lowest risk, 1/10 the highest.
Where the risks sit
- Financial risks4
- Market risks1
- Operational risks2
- Regulatory risks1
High client concentration, PSU dependency, and legal issues pose significant risks. Mitigation includes diversifying client base and enhancing compliance.
How the company offsets these
Diversify client base, enhance compliance, and manage working capital efficiently.
Financial risks4
- High client concentration with top 10 clients contributing 99.97% of revenue.
- 92.27% revenue dependency on public sector undertakings (PSUs).
- Significant working capital requirements of Rs. 1,165.97 Lakhs.
- Contingent liabilities of Rs. 111.29 Lakhs with no provisions.
Market risks1
- Exposure to geopolitical and macroeconomic risks.
Operational risks2
- High employee attrition rate of 45.01%.
- Potential legal claims and compliance issues under CLRA.
Regulatory risks1
- Changes in regulatory frameworks, such as new Labour Codes and amendments to the Income Tax Act 2025.
Performance
7.0/10Sai Urja Indo Ventures Limited is transitioning from a private to a public company, focusing on diversifying into renewable energy and expanding service offerings. The company has a stable financial history with no auditor qualifications and is aligned with India's growing renewable energy sector. However, it faces risks from geopolitical tensions and reliance on thermal power clients.
- Historical growth
- The company has shown steady growth in its core business of power plant maintenance, with plans to diversify into renewable energy., Moderate
- Market comparison
- The company is positioned in a growing sector with government support for renewable energy, but faces competition from established players in the renewable sector.
- Future potential
- Positive, due to alignment with government renewable energy targets and diversification plans.
- Operational consistency
- The company has maintained stable operations in power plant maintenance and is expanding into new sectors to ensure future growth.
- Experience
- The management has experience in the power sector, particularly in maintenance contracts for power plants.
- Track record
- The management has successfully transitioned the company to a public entity and aligned its strategy with national energy goals.
Key achievements
- 01Transition from private to public company
- 02Alignment with India's renewable energy goals
- 03Establishment of corporate governance committees
Flexibility
7.0/10The company is expanding into renewable energy and new industries like Iron & Steel and Agrochemical, but still relies heavily on power generation, which constitutes over 90% of its revenue.
The company has a structured tender process and is expanding its geographical reach, having served 21 locations in 9 states. It is also enhancing its service offerings to include higher value segments like EPCC.
The company demonstrates moderate flexibility and adaptability, with a focus on diversification and expansion into renewable energy. However, it remains heavily reliant on a few key customers and sectors, which may limit its adaptability.
- Product diversification
- The company is diversifying into renewable energy and new industries such as Iron & Steel and Agrochemical, but power generation remains its primary revenue source.
- Future adaptability
- The company has potential for future adaptability through its expansion into renewable energy and higher value service segments, but its current heavy reliance on a few customers and sectors may pose challenges.
The data on this page has been reviewed manually by the IPO Milega research team. It is not investment advice, and IPO Milega accepts no responsibility for losses arising from any investment decision. Investments in the securities market are subject to market risks. Read all the related documents, including the full prospectus, carefully before investing.