Sai Urja Indo Ventures IPO: Allotment Status, GMP, Listing Date and Review
Chandrapur-based contractor that runs and maintains power plants, steel plants and agrochemical units: electrical and mechanical upkeep, coal handling, boiler and turbine operations and manpower.
Steady growth and a healthy order backlog, but a thin-margin, manpower-heavy business priced at about 27.6 times post-issue earnings.
Our own view, not investment advice.
Subscription by category
Final subscription, 29 Sep 2026, 6:53 PM
Key numbers
FY26, restated consolidated
| Revenue | ₹85.64 cr |
| Net profit | ₹4.19 cr |
| Net margin | 4.9% |
| Workforce | 1,969 |
| Pending orders | ₹71.65 cr |
| Anchor money | ₹6.63 cr |
IPO timeline
Allotment was finalised on 30 Sep and refunds and demat credits went out on 1 Oct. Shares list on Monday 5 Oct.
Sai Urja Indo Ventures provides the people and know-how that keep power plants, steel mills and chemical units running: maintenance crews, coal handling, boiler and turbine operations and housekeeping. Its ₹24.95 crore SME issue was subscribed 4.95 times, led by HNIs at 9.9 times.
Allotment is done and shares list on BSE SME on 5 October. The grey market premium of about ₹10 points to a modest gain of around 9%.
Sai Urja Indo Ventures IPO at a glance
| Detail | Sai Urja Indo Ventures IPO |
|---|---|
| Issue size | ₹24.95 crore (₹20.67 crore fresh + ₹4.28 crore OFS) |
| Issue price | ₹113 per share (face value ₹10) |
| Lot size | 1,200 shares |
| Individual investor minimum | 2 lots, 2,400 shares (₹2,71,200) |
| Quota | QIB 49.16%, Retail 35.66%, NII 15.18% |
| Anchor round | ₹6.63 crore on 24 Sep 2026 |
| Bidding dates | 25 Sep to 29 Sep 2026 |
| Allotment | 30 Sep 2026 |
| Refund and demat credit | 1 Oct 2026 |
| Listing | 5 Oct 2026 on BSE SME |
| Market cap | About ₹86.32 crore post-issue |
| Promoter holding | 92.87% before, 65.67% after |
| Lead manager | Shannon Advisors |
| Registrar | Maashitla Securities |
| Market maker | Prabhat Financial Services |
Retail was subscribed 4.04 times, so roughly one in four retail applicants will have received the minimum two lots (2,400 shares).
What Sai Urja Indo Ventures actually does
Sai Urja Indo Ventures Ltd was incorporated in 2012 and is promoted by Harsh Ajaykumar Mittal and Santosh Ajay Kumar Mittal. It is based in Chandrapur, Maharashtra, an industrial belt with large coal-fired power stations and steel plants.
It offers operation and maintenance (O&M) services: electrical, mechanical and instrumentation maintenance, coal handling, boiler-turbine-generator operations, industrial housekeeping and manpower supply. It had a workforce of 1,969 as of June 2026. The company reported ₹71.65 crore of orders pending execution and a further ₹25.37 crore yet to start.
The IPO money goes to working capital (₹8 crore), loan repayment (₹6.6 crore) and general purposes.
The numbers behind the business
Here are the figures from the offer documents, in ₹ crore, as reported by IPO data sites.
| ₹ crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Total income | 45.88 | 65.82 | 85.64 |
| EBITDA | 2.93 | 5.14 | 6.51 |
| Net profit | 1.39 | 3.13 | 4.19 |
| Net worth | 4.72 | 7.76 | 12.2 |
| Borrowings | 2.15 | 5.35 | 7.18 |
| Total assets | 13.95 | 21.11 | 24.25 |
What these numbers tell us, in plain language:
- Growth is steady. Total income rose from ₹45.9 crore in FY24 to ₹65.8 crore in FY25 and ₹85.6 crore in FY26. Profit grew from ₹1.4 crore to ₹4.2 crore.
- Margins are thin. EBITDA margin was 7.7% and net margin 4.9%, typical for a labour-intensive contracting business.
- Debt has risen. Borrowings grew to ₹7.2 crore; debt to equity was 0.59 in FY26.
- The valuation is full. Post-issue P/E is about 27.6x, high for a low-margin services contractor.
How the subscription ended
| Category | Final (29 Sep) |
|---|---|
| QIB | 2.80x |
| NII | 9.90x |
| Retail | 4.04x |
| Total | 4.95x |
Anchors put in ₹6.63 crore on 24 September. By the close on 29 September, QIBs had bid 2.80 times, NIIs 9.90 times and retail 4.04 times, for 4.95 times overall across 1,712 applications.
The GMP story so far
The grey market premium was about ₹10 on 4 October, roughly 9% over the ₹113 issue price, pointing to a listing near ₹123.
How to check Sai Urja Indo Ventures IPO allotment status
- Go to the Maashitla Securities IPO allotment page, or the BSE allotment status page.
- Select Sai Urja Indo Ventures from the list of issues.
- Enter your PAN, application number or DP/Client ID.
- Submit to see how many shares you were allotted.
The basis of allotment was finalised on 30 September 2026. Refunds for unsuccessful applicants and share credits to demat accounts were processed on 1 October. If shares were allotted, they should already show in your demat account and will be tradable from the listing on 5 October on BSE SME.
The listing outlook
A modest premium listing near ₹123 looks likely. Anchor lock-ins limit early selling by institutions.
What to weigh before you apply
A manpower business at a product-company price
Contractors like Sai Urja earn a thin slice on large labour costs. Wage inflation, client disputes or the loss of one big plant contract can quickly hit profits. A P/E near 28x leaves little margin of safety.
Tied to coal and steel
The core customer base is coal-fired power and steel. Their maintenance budgets are stable in the near term, but the long-run shift away from coal is a risk.
Strengths and risks
Strengths
- Revenue up 87% in two years
- ₹71.65 crore of pending orders
- Subscribed 4.95 times, with NIIs at 9.90 times
- Anchor book of ₹6.63 crore
- Long relationships in Chandrapur’s industrial belt
Risks
- Post-issue P/E of about 27.6x
- Thin margins: net margin about 4.9%
- Labour-intensive business exposed to wage costs
- Concentration in coal-fired power and steel clients
- Promoters selling ₹4.28 crore through the OFS
Scouter verdict: A steadily growing services contractor with a decent order book, but priced like a higher-margin business. A small listing gain looks likely; the long-term case is less compelling at this price. This is our own view, not investment advice.
Your chances of getting an allotment
- Retail investors bid 4.04 times their quota of about 592 lots. Each successful retail applicant gets the SME minimum of two lots, so roughly one in four retail applicants will have received shares.
What to watch from here
- Listing price on 5 October against ₹113
- Conversion of the ₹71.65 crore pending order book
- Margins in the first post-listing results
- New contract wins outside Chandrapur
Sai Urja Indo Ventures IPO: frequently asked questions
Allotment was finalised on 30 September 2026. You can check it on the Maashitla Securities website or the BSE allotment page using your PAN or application number.
Shares list on BSE SME on Monday, 5 October 2026.
The grey market premium was about ₹10 on 4 October 2026, roughly 9% over the issue price. GMP is unofficial and can change quickly.
It was subscribed 4.95 times overall, with QIB at 2.80x, NII at 9.90x and retail at 4.04x.
Disclaimer: This article is for information and education only and is not investment advice. GMP is unofficial and data may differ between sources. Read the RHP and consult a SEBI-registered adviser before investing. Data as of 4 October 2026.
On this page
Key valuation
| P/E (pre-issue) | 21.0x |
| P/E (post-issue) | 27.6x |
| ROE | 42.4% |
| EBITDA margin | 7.7% |
| Debt to equity | 0.59 |
| Anchor money | ₹6.63 cr |
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