A Nagpur-based industrial O&M services provider opens its Rs 24.95 crore BSE SME issue on September 25
Sai Urja Indo Ventures Ltd (SUIVL) is an ISO 9001:2015 and ISO 45001:2018 certified company offering Operation and Maintenance (O&M) and other support services to industrial plants — primarily in the power-generation industry, and also iron & steel and agrochemicals.
SUIVL manages electrical, mechanical and instrumentation systems; operates Boiler-Turbine-Generator (BTG) units, Coal Handling Plants (CHP) and Merry-Go-Round (MGR) systems in power plants; and provides industrial housekeeping, equipment overhauls, plant cleanliness and safety, and manpower supply.
SUIVL’s journey began in 2012 with its first electrical licence in Maharashtra, and it has since built valid electrical licences across five states — Maharashtra, Uttar Pradesh, Bihar, Jharkhand and Madhya Pradesh — for electrical works.
These state licences are a barrier to entry that few small competitors hold, and underpin its expansion as a multi-state O&M provider.
With a team of over 1,969 employees, SUIVL customises services to each client, and counts major public and private companies among its clients — Adani Infrastructure Management Services, GMR Warora Energy and MAHAGENCO (Maharashtra State Power Generation).
As of June 15, 2026, its order book stood at Rs 159.67 crore — meaningful revenue visibility relative to its scale. The promoters are Santosh Ajay Kumar Mittal and Harsh Ajaykumar Mittal.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | September 25, 2026 |
| Issue Closes | September 29, 2026 |
| Listing | BSE SME |
| Listing Date | October 5, 2026 |
| Issue Type | Book Built |
| Price Band | Rs 107 – Rs 113 per share |
| Face Value | Rs 10 |
| Issue Size | Rs 24.95 crore (22,08,000 shares) |
| Fresh Issue | Rs 20.67 crore (18,28,800 shares) |
| Offer for Sale | Rs 4.28 crore (3,79,200 shares) |
| Min. Application | 1,200 shares (2 lots; multiples of 1,200 thereafter) |
| Min. Retail Investment | Rs 2,71,200 |
| Post-IPO Market Cap | Rs 86.32 crore |
| IPO as % of Post-IPO Capital | 28.91% |
| Lead Manager | Shannon Advisors Pvt. Ltd. |
| Market Maker | Prabhat Financial Services Ltd. |
| Registrar | Maashitla Securities Pvt. Ltd. |
The issue is majority fresh (Rs 20.67 crore) with a Rs 4.28 crore OFS. From the net proceeds, SUIVL will utilise Rs 8.00 crore for working capital, Rs 6.60 crore for repayment or prepayment of certain borrowings, and the rest for general corporate purposes — a working-capital-and-deleveraging use of proceeds.
Post-IPO, paid-up equity capital rises from Rs 5.81 crore to Rs 7.64 crore — a tiny base implying a longer gestation before mainboard migration.
Price Band
At the upper band of Rs 113, on FY26 earnings the issue is valued at a P/E of about 20.58x, with a P/BV of 5.38 on the March 31, 2026 NAV of Rs 20.99 (post-IPO NAV disclosure is missing; some data providers cite P/BV as high as ~8.46x).
GMP Watch
Grey-market interest has been flat. As of the days around opening, the Sai Urja Indo Ventures IPO GMP stood at ₹0
Financial Performance
| Particulars (Rs cr) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Total Income | 45.88 | 65.82 | 85.64 |
| Net Profit (PAT) | 1.39 | 3.13 | 4.19 |
| PAT Margin (%) | 3.01 | 4.79 | 4.98 |
| RoCE (%) | 52.51 | 65.43 | 50.66 |
Total income nearly doubled from Rs 45.88 crore in FY24 to Rs 85.64 crore in FY26 (up ~30% in FY26), and PAT tripled from Rs 1.39 crore to Rs 4.19 crore (up ~34% in FY26), with PAT margin improving from 3.01% to 4.98%. Return ratios are eye-catching — RoCE in the 50–65% band and average RoNW of 43.71% — reflecting the asset-light, manpower-led O&M model.
Margins remain thin at ~5% — characteristic of the labour-and-manpower-intensive O&M business. The company reported an average EPS of about Rs 5.84. Two flags: rising trade receivables year-on-year (a cash-quality concern, and why working capital dominates the raise) and rising borrowings over three years; contingent liabilities were modest at Rs 1.11 crore. The company has no dividend history.
Peer Comparison
The offer document lists only Lakshya Powertech as a listed peer, trading at a P/E of about 11.2x (as of September 25, 2026). SUIVL’s ~20.6x FY26 (27.6x FY25) P/E is roughly double its lone listed peer’s multiple — a key reason analysts call the pricing exorbitant, especially alongside a P/BV of 5.4–8.5x.
Risks to Consider
At ~20.6x FY26 (27.6x FY25) and a P/BV of 5.4–8.5x — roughly double its lone listed peer — the issue offers little to no valuation cushion, the standout red flag.
Trade receivables are rising year-on-year (a cash-conversion concern), and borrowings have increased over three years — both monitorables for a working-capital-heavy services model, with much of the raise plugging these.
Revenue is concentrated in power-generation O&M and a set of large clients (Adani, GMR, MAHAGENCO) — so the loss of a key contract, or a slowdown in power-sector maintenance spending, could hit revenue.
Shannon Advisors’ last two listings both opened at a discount, and the business depends on maintaining its state electrical licences and regulatory compliances.
The small post-IPO equity base signals a long migration gestation; SME-platform liquidity and the large Rs 2.71 lakh minimum retail ticket, alongside a flat grey market, add to the risk profile.
