Sai Urja Indo Ventures Limited

Sai Urja Indo Ventures Limited is an ISO 9001:2015 and ISO 45001:2018 certified enterprise specializing in Operation and Maintenance (O&M) and industrial support services, primarily for the power generation industry as well as the iron & steel and agrochemical sectors. Founded in 2012, the company’s core value proposition lies in providing specialized, customized O&M solutions across critical power plant systems—including Boiler-Turbine-Generator (BTG) units, Coal Handling Plants (CHP), Merry-Go-Round (MGR) railway networks, Control & Instrumentation (C&I), Ash Handling Plants, and electrical switchyards. The underlying business model relies on B2B tender-driven service contracts categorized into Annual Maintenance Contracts (1 to 3 years), Performance-Based Contracts (linked to plant output and reliability), Manpower Supply Contracts, and Short-Term Bill of Quantity (BOQ) Contracts.

The company caters to major Public Sector Undertakings (PSUs) and leading private sector power producers, steel manufacturers, and fertilizer enterprises. Its key client portfolio includes industry majors such as Adani Infrastructure Management Services Limited, Maharashtra State Power Generation Company Limited (MAHAGENCO), and GMR Warora Energy Limited. Geographically, Sai Urja Indo Ventures Limited maintains an expansive nationwide operational presence, having executed projects across 21 locations in 9 states (including Maharashtra, Uttar Pradesh, Madhya Pradesh, Bihar, Jharkhand, Chhattisgarh, Odisha, Tamil Nadu, and Karnataka) and holding valid electrical contractor licenses in 5 core states (Maharashtra, Uttar Pradesh, Bihar, Jharkhand, and Madhya Pradesh).

As a specialized power plant O&M and industrial support service enterprise rather than an original equipment manufacturer (OEM), Sai Urja Indo Ventures Limited operates an asset-light, labor-intensive service model and does not own or operate manufacturing plants or factory infrastructure. Instead, the company deploys a trained technical workforce of over 1,969 personnel across client power stations and industrial facilities. In terms of service capacity metrics, the company serviced a cumulative installed power generation capacity of 28,220 MW across 15 distinct plant locations in FY26, handling control and instrumentation for India's largest thermal power plant (a 4,760 MW facility in Central India) as well as a 3,000 MW thermal power plant in Northern India.

Operational highlights demonstrate strong execution capabilities and client retention. The company has executed more than 45 projects over the last 3 fiscal years. As of June 15, 2026, the company’s active project pipeline stands at 17 ongoing projects with ₹71.65 Cr worth of execution pending, along with 4 projects worth ₹25.36 Cr yet to commence execution (representing an aggregate order book of ₹159.67 Cr). Demonstrating exceptional customer satisfaction, 99.65% of FY26 revenue from operations was derived from repeat orders. The company was also featured in the January 2024 issue of Industry Outlook Magazine as "one of the top 10 Power Plant O&M Services 2024" in recognition of its industrial contributions.

Based on its historical financial data, Sai Urja Indo Ventures Limited posted total income and net profits of ₹45.88 Cr / ₹1.37 Cr in FY24, ₹65.82 Cr / ₹3.14 Cr in FY25, and ₹85.64 Cr / ₹4.24 Cr in FY26. The company has shown consistent top-line and bottom-line expansion, with revenue from operations growing at a CAGR of 36.59% over the FY24–FY26 period, while total borrowings increased from ₹2.15 Cr in FY24 to ₹7.18 Cr in FY26. It boasts an average EPS of ₹5.84 and an average RoNW of 43.71% for the last three fiscals. Based on the pre-issue book value, the issue is priced at a Pre-Issue P/BV of 5.38 against a NAV of ₹20.99 (as of March 31, 2026). Factoring in the fresh issue proceeds, the Post-Issue P/BV stands at 2.63. Attributing the latest earnings to the expanded post-issue equity base, the asking price translates to a Post-Issue P/E of approximately 62.92x (FY24), 27.51x (FY25), and 20.38x (FY26). According to the RHP, a comparison shows that listed peer Lakshya Powertech Limited trades at a higher P/E multiple (~24.5x) with a significantly lower Return on Net Worth (9.82%), making Sai Urja Indo Ventures Limited attractively priced relative to its financial growth and return profile.

On the Book Running Lead Manager (BRLM) front, the issue is managed by Shannon Advisors Private Limited, which has handled 2 public issues to date. Out of its last 2 managed IPOs, both listed below their issue price. As of September 19, 2026, both of these past issues are currently trading below their respective issue prices.

• 1 Harsh Ajaykumar Mittal
• 2 Santosh Ajay Kumar Mittal